S&P 500 rallied to reach a new high for 2023 on Friday, after the release of non-farm payroll employment report confirms a slowdown in the pace of job gains, in particular in the private sector. This supports the expectation of no rate hike when FOMC meets on Wed for the last time this year. 

China reported first YoY export growth since April 2023, though this was helped by low base.  Exports rose 0.5% YoY (Oct: -6.6%). However, imports contracted by 0.6% YoY, from 3.0% growth in Oct. A significant drag is crude oil imports, which had its first YoY decline since April, reflecting high inventory and a still weak domestic economy. Notably, growth of mobile phone exports rose 54% YoY, with increase in shipment volume. Other IT exports also turned in positive growth, and IT component imports returned to positive growth after 19 months of decline, lending weight to the view that a tech recovery is shaping up. This should support improvements in orders in the tech supply chain. 

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