HYMLF - Hyundai Motor Company

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  • Reuters

    Russia's November car sales fall 6.4% year-on-year - AEB

    Sales of new cars in Russia fell 6.4% year-on-year in November to 156,848 units, after a 5.2% decline in the previous month, the Association of European Businesses (AEB) said on Thursday. "November sales confirmed the prevailing negative trend in the Russian car market this year," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement. Schreiber said strong sales in the latter part of the previous year explained the decrease and meant a trend recovery is not expected in December sales.

  • British Icon MG Motor Unveils an Electric SUV in India
    Bloomberg

    British Icon MG Motor Unveils an Electric SUV in India

    (Bloomberg) -- MG Motor unveiled an electric sport utility vehicle in India, becoming just the second automaker to launch such a product in a market where clean-energy cars have yet to make a dent.The iconic British brand also known as Morris Garages, now owned by Chinese giant SAIC Motor Corp., showed off its ZS model Thursday in New Delhi. The vehicle can go as far as 340 kilometers (211 miles) on a single charge, Rajeev Chaba, president of MG Motor India, told reporters.The vehicle will take on South Korea’s Hyundai Motor Co., the only other brand with an electric SUV in India. The companies are trying to grab an early mover’s advantage in the world’s fourth-largest automobile market as Prime Minister Narendra Modi pushes the country to adapt cleaner energy.SAIC Motor is the first Chinese entrant in a notoriously difficult market where the likes of General Motors Co. and Ford Motor Co. have struggled. Electric cars have a particularly steep hill to climb to lure buyers away from more traditional offerings: the nation’s best-selling gas guzzler costs just $4,000, or about double of what an average Indian earns in a year.The ZS comes with a skyroof and an inbuilt air purifier, and it’ll initially be sold in five major cities, including New Delhi and Mumbai. While the price will be announced next month, MG has previously said it could be about 2.5 million rupees ($35,000).SAIC will be up against Hyundai, which launched its Kona electric SUV earlier this year, as well as Maruti Suzuki India Ltd., the local unit of Suzuki Motor Corp. Together, they control two-thirds of the market where 3.4 million passenger vehicles were sold in the year through March. In contrast, barely more than 8,000 EVs were sold locally during the past six years, according to data compiled by Bloomberg.Challenging Hyundai and Maruti, which have a strong network of dealers and maintenance facilities across the country, has proven difficult. Ford in October agreed to move most of its assets in India into a joint venture with Mahindra & Mahindra Ltd. after struggling for more than two decades, while GM pulled out of India two years ago, scrapping a $1 billion investment and stopping sales of Chevrolet models.To contact the reporter on this story: Anurag Kotoky in New Delhi at akotoky@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga

    Hyundai Motor Aims To Invest $52B On Electric Vehicles By 2025

    Hyundai has also planned to invest more than one third of its annual budget on future technologies, such as electric and autonomous vehicles. As for the other plans, Hyundai has a set a goal for them to sell 670,000 electric cars, which they believe will make them one of the world’s top three battery and fuel cell vehicle makers by 2025. Soon after Hyundai unveiled the “Strategy 2025,” the company’s shares rose up to 2%.

  • Hyundai's $52 billion plan focuses on electric, autonomous vehicles
    Autoblog

    Hyundai's $52 billion plan focuses on electric, autonomous vehicles

    Hyundai Motor plans to invest about $51.81 billion (61.1 trillion won) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver. "Its announcement of investment plan and goals is full of good words, but not real results yet," said Lee Han-joon, an analyst at KTB Investment & Securities. South Korea's top automaker is accelerating efforts to catch up in the race to bring self-driving cars to market.

  • Hyundai Commits $17 Billion to Add Electric, Driverless Cars
    Bloomberg

    Hyundai Commits $17 Billion to Add Electric, Driverless Cars

    (Bloomberg) -- Hyundai Motor Co. will spend 20 trillion won ($17 billion) over the next six years on new technology to help make the switch to electric and autonomous vehicles.Announcing its strategic plan to 2025, the South Korean company pledged to spend almost half the new money on electrification. Autonomous driving will soak up 1.6 trillion won of the total, Hyundai said Wednesday.The investment forms part of a surge in spending at Hyundai, which like rivals worldwide faces an expensive future of lower-emissions, battery-powered vehicles. Competitors such as Volkswagen AG have also pledged tens of billions of dollars in investments in electrification.If successful, the plan should create a more profitable business with a global market share of 5% in 2025, up from 4% in 2018, according to Hyundai. Yet most traditional carmakers are heading in the same direction, and all-electric rivals such as Tesla Inc. have a technological head start. That suggests competitive pressures aren’t likely to subside in the next era.German carmakers are set to invest $45 billion in electric vehicles over the next three years, while General Motors Co. is pushing ahead with a plan to sell 20 EV models by 2023.Shares of Hyundai rose 0.4% at 11:49 a.m. in Seoul as the company said it should be more than three times as profitable by the end of the six-year plan.Hyundai wants to widen its operating margin to 8% in 2025 -- up from 2.5% last year -- a level that would make the carmaker among the most profitable on the planet. BMW AG has a margin of 9.3% and Toyota Motor Corp. 8.2%, according to data compiled by Bloomberg, with most other global automakers in the 2%-6% range.Global SacrificeThe transformation will come at a price. Some 27.9 trillion won of costs, the equivalent of $23 billion, will be stripped out of the company in the next three years alone, Hyundai said.That’s part of the sacrifice being made at automakers across the world as the industry tackles a tectonic shift in vehicle technology. At the same time, trade-war tariffs hang over decades-old supply chains that serve a dwindling market.All told, carmakers are cutting more than 80,000 jobs in coming years, according to data compiled by Bloomberg News. The industry will produce 88.8 million cars and light trucks this year, an almost 6% drop from a year ago, according to researcher IHS Markit.Hyundai also said it plans to buy back 308 billion won of shares by early March.(Updates with rivals’ plans in fifth paragraph.)To contact the reporter on this story: Angus Whitley in Sydney at awhitley1@bloomberg.netTo contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 2-Hyundai Motor eyes thrust on electric vehicles in $52 bln investment plan

    Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver. Shares in Hyundai rose as much as 2% on the news, only to give up most of their gains by the close of trade, with analysts waiting to see how its intentions translate into action. "Its announcement of investment plan and goals is full of good words, but not real results yet," said Lee Han-joon, an analyst at KTB Investment & Securities.

  • Hyundai Motor eyes thrust on electric vehicles in $52 billion investment plan
    Reuters

    Hyundai Motor eyes thrust on electric vehicles in $52 billion investment plan

    Hyundai Motor plans to invest about 61.1 trillion won ($51.81 billion) between 2020 and 2025, the company said on Wednesday, with a third of the expenditure focused on electric and autonomous vehicles, but analysts want to see it deliver. Shares in Hyundai rose as much as 2% on the news, only to give up most of their gains by the close of trade, with analysts waiting to see how its intentions translate into action. "Its announcement of investment plan and goals is full of good words, but not real results yet," said Lee Han-joon, an analyst at KTB Investment & Securities.

  • Oilprice.com

    Tesla’s Largest Competitor Is Hidden In Plain Sight

    Tesla’s biggest competitor isn’t producing electric vehicles, but is at the center of a surge in support for hydrogen and fuel cell vehicles, a technology that’s quickly taking over the heavy trucking segment

  • Hyundai gets nod to build South Korea's tallest skyscraper for Gangnam HQ
    Reuters

    Hyundai gets nod to build South Korea's tallest skyscraper for Gangnam HQ

    The Seoul city government said on Tuesday that it has approved the long-delayed construction of Hyundai Motor Group's new headquarters in the affluent district of Gangnam, which is set to be South Korea's tallest skyscraper when completed in 2026. The 569-meter building will break ground in the first half of 2020, Seoul city said in a statement. The approval came more than four years after Hyundai Motor Group, South Korea's second-largest conglomerate, offered to purchase the site with $10 billion in 2014, more than triple its market price, outbidding Samsung Electronics Co Ltd and sparking a stock sell-off.

  • Financial Times

    Hyundai bets on south-east Asia as China car market slows

    Hyundai Motor will pivot to south-east Asia with its largest investment in the region, as South Korea’s top carmaker seeks to soften the impact of a broad slowdown in the important Chinese market. The world’s fifth-biggest automaker by sales, which produces the Hyundai and Kia brands, on Tuesday signed a $1.55bn deal with the Indonesian government to build a factory east of Jakarta. The investment, which will be made over 10 years and eventually produce 250,000 vehicles annually, is targeting sales in south-east Asia’s most populous nation and other parts of the region.

  • Hyundai Motor to invest $1.55 billion in first Indonesia car plant
    Reuters

    Hyundai Motor to invest $1.55 billion in first Indonesia car plant

    South Korea's Hyundai Motor said on Tuesday it has signed a preliminary deal to build a new factory in Indonesia, which would be its first car plant in Southeast Asia and a crack at Japanese rivals that dominate the market. The deal comes as Hyundai and affiliate Kia Motors struggle with a prolonged sales downturn in China, where they suspended two factories this year. Hyundai Motor said it will invest about $1.55 billion in the Indonesia auto manufacturing plant from now until 2030, including product development and operation costs.

  • Aramco Sees Nearly Enough Early Orders to Pull Off IPO
    Bloomberg

    Aramco Sees Nearly Enough Early Orders to Pull Off IPO

    (Bloomberg) -- Saudi Aramco’s bankers are seeing sufficient early demand to pull off the state oil giant’s initial public offering just three days after launching the deal, people with knowledge of the matter said.The IPO arrangers are indicating in private discussions that they already have nearly enough orders to cover the institutional portion of the deal, the people said, asking not to be identified because the information is private. They still have more than two weeks to go, as fund managers can subscribe to the stock until Dec. 4, according to Aramco’s prospectus.Building early momentum is important in large equity offerings, as investors are encouraged to jump in when they see other institutions rushing to buy shares. The precise amount of real demand will only become clear later once underwriters compare the orders they’ve received, the people said.Saudi authorities have been pulling several levers to try and make the deal a success, pressuring the kingdom’s richest families to invest and loosening margin lending rules for banks. They’ve been negotiating commitments from the billionaire Olayan family, who own a major stake in Credit Suisse Group AG, and Saudi Prince Alwaleed Bin Talal, Bloomberg News reported earlier this month.Domestic PitchAramco representatives have also been seeking investments from the Almajdouie family, who distribute Hyundai Motor Co. vehicles in the kingdom, and members of the Al-Turki clan, people with knowledge of the matter have said. Saudi Arabia is seeking to sell about a 1.5% stake in Aramco at a valuation of as much as $1.71 trillion, with proceeds going to the country’s sovereign wealth fund. About a third of the offering has been set aside for retail investors. Aramco, officially known as Saudi Arabian Oil Co., declined to comment.The Wall Street banks working on the transaction are set to lose out on a highly anticipated fee windfall after the deal was pared back from a record global offering to a mainly domestic affair. The foreign underwriters will be compensated for costs but may not be paid enough to make a meaningful profit from the deal, people with knowledge of the matter said.Goldman Sachs Group Inc. and Morgan Stanley are among the banks that may miss out on the payday. Aramco was initially expected to pay $350 million to $450 million to the more than two dozen advisers on the deal, including banks, lawyers, marketing firms and advertising agencies, Bloomberg News reported in October.After senior bankers delivered pitches that Aramco would be able to the achieve Crown Prince Mohammed bin Salman’s $2 trillion target with a 5% sale, the Saudi government and Aramco management are frustrated Wall Street’s biggest names were unable to deliver on those ambitions.(Updates with chart.)To contact the reporters on this story: Archana Narayanan in Dubai at anarayanan16@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;Stefania Bianchi at sbianchi10@bloomberg.net, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Hyundai to make Santa Cruz pickups at Alabama plant in $410 mln expansion

    South Korean automaker Hyundai Motor will start making its Santa Cruz pickup trucks at its U.S. factory in 2021, with an investment of $410 million, as it seeks a foothold in the popular, but highly competitive, segment led by U.S. rivals. The Alamaba factory expansion was announced as President Donald Trump is expected this week to push back a self-imposed deadline on whether to put tariffs of up to 25% on imported cars and parts. Hyundai has invested more than $1.1 billion in the Montgomery region in the last 18 months, with the latest move expected to add 200 new jobs and 1,000 people employed by regional suppliers and logistics companies.

  • Hyundai to make Santa Cruz pickups at Alabama plant in $410 million expansion
    Reuters

    Hyundai to make Santa Cruz pickups at Alabama plant in $410 million expansion

    The Alamaba factory expansion was announced as President Donald Trump is expected this week to push back a self-imposed deadline on whether to put tariffs of up to 25% on imported cars and parts. Hyundai has invested more than $1.1 billion in the Montgomery region in the last 18 months, with the latest move expected to add 200 new jobs and 1,000 people employed by regional suppliers and logistics companies. The factory, which began production in 2005, was Hyundai's first assembly and manufacturing plant in the United States and now has 2,900 full-time and 500 part-time employees.

  • Bloomberg

    Hyundai Plows Into Pickup Market by Expanding Alabama Plant

    (Bloomberg) -- Hyundai Motor Co. is entering the U.S. pickup market by building a new vehicle at an existing plant in Alabama, betting it can better appeal to American consumers ditching sedans for trucks and SUVs.The South Korean company said Wednesday it will invest $410 million at Hyundai Motor Manufacturing Alabama, its factory in Montgomery, adding 200 jobs to start making the vehicle in 2021. While Hyundai has billed the model, called Santa Cruz, a “compact utility vehicle,” it features an open truck bed.The U.S. manufacturing announcement is the second of the day by a major international automaker: Volkswagen AG broke ground Wednesday on a previously announced $800 million expansion of its production complex in Chattanooga, Tennessee. Perhaps not coincidentally, President Donald Trump gave himself a mid-November deadline to decide whether to put tariffs on impose levies on imported cars and auto parts. His administration is expected to delay a decision another six months.“Our hope is that the negotiations we’ve been having with individual companies about their capital investment plans will bear enough fruit that it may not be necessary” to put levies into effect, Commerce Secretary Wilbur Ross told Bloomberg Television earlier this month. “We’ve had very good conversations with our European friends, with our Japanese friends, with our Korean friends.”Hyundai debuted the Santa Cruz as a concept nearly five years ago and has hinted in recent months it planned to produce the vehicle in the U.S. The Alabama plant, which started producing cars in 2005, employs roughly 3,000 workers making Santa Fe SUVs and the Elantra and Sonata sedans.Adding the Santa Cruz could help make up for slack demand for the cars built in Montgomery. While sales have risen 11% for the Santa Fe this year, deliveries have dropped 16% for both the Elantra and Sonata.(Updates with trade background in the third paragraph)To contact the reporter on this story: Chester Dawson in Southfield at cdawson54@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Russia's October car sales fall 5.2% y/y - AEB

    Sales of new cars in Russia fell 5.2% year-on-year in October to 152,057 units, after a 0.2% decline in the previous month, the Association of European Businesses (AEB) said on Thursday. "Total market sales in October underachieved last year's result by 5.2%, firmly keeping the market on the path of a slow but continuous erosion of the much-needed volume gains secured in the years 2017-2018," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement. The AEB said last month it expected sales of new cars to fall 2.2% in Russia in 2019.

  • Bloomberg

    How Can the Land of K-Pop Fail to Innovate?

    (Bloomberg Opinion) -- South Korea is the land of foldable phones, K-pop and beauty creams. But somehow its best and brightest are missing out on the hottest innovation trends.Take a look around. Where is Korea’s Uber Technologies Inc.? And there’s nothing close to China’s Ant Financial, the fintech giant backed by Alibaba Group Holding Ltd., which spans mobile payments to asset management. The few unicorns the country has birthed are baby-sized. Even Indonesia’s fledgling venture-capital scene, which Korean funds enthusiastically bought into, has churned out bigger startups.In that light, it’s little surprise that President Moon Jae-in is pushing for Korea’s second venture boom in the past two decades, vowing to infuse $12 billion over the next three years. Before billions are deployed, however, it’s worth asking why we’re here in the first place. In a word: regulation.Unicorns often operate in legal grey zones. Ride-hailing firms from Manila to Paris and San Francisco have battled entrenched local interests. There’s a big distinction in South Korea, however, because executives can be personally liable in labor disputes. Last month, prosecutors indicted Lee Jae-woong, a serial entrepreneur and founder of Korea’s answer to Uber, for operating a taxi service without a license — just when Moon was talking up innovation.Pinched by two trade wars and the highest level of youth unemployment in decades, you’d think Moon’s administration would be eager to slash the red tape that hinders its budding gig economy. In Indonesia, for example, taxi startup Go-Jek has become the nation’s largest private-sector employer. But while the government has voiced regret over Lee's indictment, it remains resistant to change.Consider, too, the hurdles faced by digital banks, which bear excessive capital requirements for such a nascent industry. In May, regulators rejected Viva Republica Ltd.’s bid for the nation’s third online banking license, questioning the startup’s ability to raise sufficient capital. Five months later, the unicorn is giving it another try — this time with powerful partners like KEB Hana Bank, one of the country’s biggest lenders — and will lower its stake to 34% from 60.8%.No doubt, capital is a critical factor that allows online banks to thrive. Kakao Corp.’s digital lender, for instance, is gaining users faster than smaller competitor KT Corp.-run K bank, after raising 1.8 trillion won ($1.6 billion) of capital within the first two years of operation. But in the banking world, it’s the capital ratio, not the absolute level, that should concern regulators. Startups should be able to grow assets at their own pace as long as their exposure to risky assets is in line with traditional commercial banks. So why not open the floor to competition?Meanwhile, there’s a sense that chaebol reform, which ushered Moon to office in 2017, has stalled. Rather than overhauling its sprawling family-run conglomerates, the administration has come crawling back to the likes of Samsung Electronics Co. for jobs and capital investment as the economy slows. Joh Sung-wook, who replaced “chaebol sniper” Kim Sang-jo at the helm of Korea’s antitrust watchdog in September, is instead setting her sights on data monopolies and tech giants such as Alphabet Inc. and Facebook Inc.This is bad news. Thanks to their exclusive contracts, chaebol can squeeze profits along the supply chain, which strains Korea Inc.’s will and ability to innovate, says Sangin Park, professor of economics at Seoul National University. By now, he sees no policy difference between this government and that of its predecessor, Park Geun-hye, who wound up getting impeached after investigations into her cozy relationships with chaebol, Samsung chief among them.South Korea’s secret sauce used to be process innovation, as Samsung made semiconductors better and quicker than international rivals and Hyundai Motor Co. streamlined auto manufacturing. Times have changed. These days, we want all the trappings of a sharing economy, complete with connected cars and technology-driven financing. Stiff regulation and rigid chaebol supply chains are cages that stifle unicorns. So President Moon, set them free.To contact the author of this story: Shuli Ren at sren38@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. She previously wrote on markets for Barron's, following a career as an investment banker, and is a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Oilprice.com

    The Death Of Cars Has Been Exaggerated

    Automotive giants are positioning themselves for a future where the production and sale of vehicles isn’t as profitable, but that change isn’t happening anytime soon

  • Benzinga

    Borderlands: Appetite For Avocados Stirs Gang Violence In Mexico; Corona Beer To Be Brewed In China

    Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. In the Mexican city of Uruapan, an avocado producer was recently shot to death in his car as he drove home.

  • Oilprice.com

    Flying Taxis Are About To Overcome Their Biggest Obstacle

    Flying taxis are coming to a city near you, and their biggest backers aren’t the hundreds of shiny startups that have captured the imagination of Silicon Valley

  • Benzinga

    Hyundai Looking For Opportunity In US Market

    The news this week that Hyundai Motor Company is planning a hydrogen-powered tractor for global markets, including the U.S., could be the beginning of a larger presence for the company into North America. Already a player in commercial vehicles elsewhere in the world, Hyundai is looking for new markets, and it is doing so by making its bet on the future of hydrogen. When asked by FreightWaves whether the HDC-6 Neptune concept truck would be the beginning of a larger Hyundai presence with additional truck models – either hydrogen or non-hydrogen – in North America, chief executive Edward Lee was cautious in his response.

  • Even the Quants Are Wary of the Stock Market
    Bloomberg

    Even the Quants Are Wary of the Stock Market

    (Bloomberg Opinion) -- The S&P 500 Index was little changed one day after setting a new record. That makes perfect sense. The market just capped one of its strongest periods of the year, having risen a little more than 5% over the previous three weeks. It’s as good a time as any to reassess the broad landscape. And when they do, traders will find that the primary drivers behind the rally remain firmly in place.To be clear, this has nothing to do with things like irrational exuberance or animal spirits. Rather, the most attractive aspect of the market is the fact that almost nobody believes in it, leaving a lot of cash on the sidelines to come pouring in when the traditional drivers of equities like rising earnings and a stronger economy come back into play. The latest evidence that there is no conviction in the market came in a report by Credit Suisse Group AG’s prime brokerage, which showed that market-neutral quantitative funds had cut their gross stock allocations to the lowest in almost five years. That dovetails with one of the more comprehensive measures of investor sentiment: State Street Global Markets’ monthly index, which is derived from actual trades and covers 15% of the world’s tradeable assets. It shows that investors this year have been less confident in the outlook for equities than even during the financial crisis. And despite this year’s big gains in equities, investors continue to put money into cash. Money-fund assets stood at $3.49 trillion as of last Wednesday, up from $2.88 trillion a year earlier, according to the Investment Company Institute.All this negative sentiment is about the only thing the stock market has going for it at the moment. UBS Group AG equity strategists led by Francois Trahan published a research note titled “If History Were a Perfect Guide … Stocks Would Be in a World of Trouble Here.” In that report, the strategists forecast that the expected rate of 12-month earnings growth will turn negative in coming months, reports Bloomberg News’s Vildana Hajric.A WARNING ON RATE FUTURESWhenever the Federal Reserve concludes a monetary policy meeting and announces its decision, the knee-jerk reaction is to look at the reaction in futures to gain a sense of where the market sees interest rates heading and trading accordingly. Doing so on Wednesday, though, could prove to be a costly mistake. Jim Bianco of Bianco Research pointed out in a note to clients on Tuesday that market-based measures calculating the probability of future Fed actions have become distorted and unusually volatile because of the disruptions in the repo markets. Things are so bad that the Fed has been forced to step in and provide daily liquidity injections. And U.S. Treasury Secretary Steven Mnuchin told Bloomberg News on Tuesday that he is open to loosening financial crisis-era regulations that have stiffened liquidity rules for big banks to relieve possible cash crunches in short-term funding markets. This all impacts the effective federal funds rate, which is heavily influenced by repo rates. Bianco figures that the number of Fed rate cuts implied by the futures markets has vacillated between 4.08 and 0.68 since mid-September. “The consensus forming in the market is the Fed will cut tomorrow and signal they are done,” Bianco wrote in the note. “While this seems a likely scenario, it is worth noting the market’s true odds of further cuts are likely understated due to the liquidity problems in the repo market.”DON’T FORGET ABOUT CANADAThere’s also a central bank meeting in Canada on Wednesday. Unlike the Fed, the Bank of Canada isn’t forecast to ease monetary policy, keeping its benchmark rate at 1.75%. If true, then Canada will be home to the highest policy rate among the world’s major economies, according to Bloomberg News’s Theophilos Argitis. (The Fed’s new rate will probably be in a range of 1.50% to 1.75% if it cuts.) One reason policy makers in Canada are unlikely to reduce rates is because core inflation has been stable near the Bank of Canada’s 2% target for more than a year. This helps account for the strength in Canada’s dollar. The so-called loonie has advanced about 7.50% this year to its strongest since early 2015 against a basket of nine developed-market peers. That gain is the strongest of the group. And traders are confident that it could rise further. The three-month risk reversal rate, which is a barometer of investor positioning and long-term sentiment, is the most bullish for the Canadian dollar against the U.S. dollar since 2009, according to Bloomberg News’ Robert Fullem. Even so, it’s not as if Canada’s economy is going gangbusters. Economists expect growth to slow to 1.5% over the next two years, slightly below potential. The bulls need to aware that the Bank of Canada will provide an update to its outlook on Wednesday, and any downbeat forecasts may hit the loonie especially hard given its recent gains.THE WON IS WINNINGIt was just a few months ago that many pundits were pointing to South Korea as proof the global economy was in serious trouble. The Asian nation is a bellwether for global trade and technology, with its economy heavily dependent on exports from such global giants as Samsung Electronics Co. and Hyundai Motor Co. And back then, exports were dropping fast, helping to push the won to its weakest level since early 2016. Now, though, the won is looking up in what may a sign that the global economy may not be in as bad a shape as thought. South Korea’s currency has appreciated 5.08% since mid-August, making it the best performer after the U.K. pound among 31 of the most widely traded currencies tracked by Bloomberg. But all these good vibes may be premature. The South Korean government is forecast to say Thursday that exports dropped 13.5% in October, the 11th consecutive monthly decline. So why is the won rising? According to Morgan Stanley, it may have more to do with a rapid jump in the nation’s bond yields, which have attracted foreign investment. Yields on the nation’s 10-year notes have jumped about 0.6 percentage point to 1.79%. Yields on government debt globally have only increased about 0.2 percentage point to 0.88% in the same period, according to the Bloomberg Barclays Global Aggregate Treasuries Index. In a world with about $14 trillion of negative yield debt, anything that pays a premium rate is going to attract capital.WINTER IS COMINGThe market for natural gas just strung together its best two-day period since January, soaring as much as 14.8%. That’s good for those who are long natural gas but not so much for those dreading the arrival of cooler weather in the U.S. The reason is because the rally has a lot to do with forecasts for a frigid start to November, according to Bloomberg News’s Kriti Gupta. This weekend in New York, for example, the temperature is forecast to dip below 40 degrees Farenheit (4.44 Celcius). As Gupta points out, the jump in natural gas prices offers some relief to long-suffering bulls. Even with the latest gains, prices are still down more than 20% from a year ago and have been mired below $3 per million British thermal units as record production refills storage caverns ahead of the winter. As such, the bulls may need a long stretch of below-average cold weather to keep gas prices aloft this winter. Stockpiles are above normal heading into the peak heating season, erasing a deficit that had widened to more than 30% below the five-year average earlier this year, according to Gupta. Production from shale basins is near an all-time high, buoyed by output from West Texas’s Permian Basin, where gas is extracted as a byproduct of crude oil.TEA LEAVESBefore the Fed announces its decision on interest rates Wednesday, market participants will get their first look at how the economy performed in the third quarter when the Commerce Department releases its estimate of gross domestic product for the three months ending Sept. 30. This will probably be one of those times when the headline numbers matter less than the report’s details. Most everyone is in agreement that growth slowed markedly last quarter, with the median estimate of economists surveyed by Bloomberg calling for a slowdown to 1.6% on an annualized basis from 2% in the second quarter. But what’s most likely to get the most attention is what the report says about personal consumption, which rose at an outsized 4.6% rate in the second quarter, underscoring the strength of the consumer as manufacturing began to falter. Economists are looking for an increase of 2.6% for the third quarter, which is more in line with the average of 2.4% since the economy emerged from the last recession. Any number that disappoints to the downside is likely to have investors rethinking their renewed appetite for equities are other risky assets.DON’T MISS Fed Wants a Break. Will Bond Traders Allow It?: Brian Chappatta Wealth Tax Would Make the U.S. Economy Less Dynamic: Karl Smith Tech and Manufacturing Look Ready to Trade Places: Conor Sen What the Pound is Saying About Jeremy Corbyn: Marcus Ashworth Italian Debt Risk Is Back With a Vengeance: Ferdinando GiuglianoTo contact the author of this story: Robert Burgess at bburgess@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Robert Burgess is an editor for Bloomberg Opinion. He is the former global executive editor in charge of financial markets for Bloomberg News. As managing editor, he led the company’s news coverage of credit markets during the global financial crisis.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.