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Company NameCORE16 Inc.

CEODavid Cho

Business Registration Number762-81-03235

Address83, Uisadang-daero, Yeongdeungpo-gu, Seoul, 07325, Republic of KOREA

TIGER 차이나CSI300

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Caterpillar’s Fortunes Are Tied to Those of the Global Economy(Oct 29, 2019)

article

Sell

CAT

Caterpillar

+2

박재훈투영인

Caterpillar’s Fortunes Are Tied to Those of the Global Economy(Oct 29, 2019)

In Caterpillar’s 3Q 2019 earnings call, the company announced a 6% year-over-year drop in sales and revenues for the third quarter, the first quarterly decline in nearly three years. CEO Jim Umpleby attributed the decline to a sharp reduction in dealer inventories in anticipation of lower end-user demand. The company also cut its forecasts for 2019 annual results based on an assumption of continued reductions in dealer inventories and flat customer demand through the fourth quarter.Umpleby cited “uncertainty in the global economic environment” as the primary reason for the increased caution exhibited by both dealers and end-users. Caterpillar breaks down its revenue into four regions: North America, Latin America, EAME, and Asia Pacific. In the third quarter, only Latin America saw an increase in sales and revenues; however, this region accounts for less than 10% of CAT’s total revenues. Sales in the Asia Pacific region shrank by 14% during the quarter, which includes a 29% plummet in sales to construction industries. Umpleby noted that the weakness in the Asia Pacific is outside of their main markets in China and Japan.Caterpillar’s results confirm the most recent global analysis from the International Monetary Fund (IMF). The IMF’s October World Economic Outlook shows global GDP growth slowing from 3.6% in 2018 to 3.0% in 2019 and 3.4% in 2020; these projections are significantly lower than the organization’s July’s interim projections. A 3.0% growth rate would be the slowest global growth since the 2008-2009 global economic slowdown. According to the IMF, risks to the global growth outlook skew to the downside as trade barriers and heightened geopolitical tensions disrupt global supply chains and hamper confidence, investment, and growth. This is a negative sign for Caterpillar and other global companies.Persistent alarmist news about tariffs and potential trade wars over the last two years has hurt CAT’s stock. After peaking in early 2018, we have seen a general downward movement in Caterpillar’s stock price (CAT), characterized by dramatic swings in response to news events including the imposition of tariffs on steel and aluminum imports as well as the ups and downs of the U.S.-China trade war. CAT is one of the 30 companies in the Dow Jones Industrial Average and every time it moves, it brings the entire index with it. As of October 28, CAT is down 18% from its January 22, 2019 peak ($170.89).In 2018, foreign sales accounted for 58.5% of CAT’s total revenue, but this statistic only gives you part of the story. In Q3 2019, 21% of Caterpillar’s revenue was generated in the Asia Pacific region; in fact, FactSet estimates that 5.1% of total revenue is from China. After the United States and Canada, China is the company’s third-biggest market.We can take this global analysis even further. By extracting relationship disclosures from thousands of companies worldwide, FactSet has identified 159 suppliers, 65 customers, and 27 partners that do business with Caterpillar, representing 38 countries around the world. Digging deeper into these numbers, 60.4% of suppliers, 62.5% of customers, and 66.7% of partners are located outside of the United States. Caterpillar has developed a truly global supply chain.In addition, the company employs thousands of people around the world. According to Caterpillar, the company serves 193 countries through its dealer network. The company’s 2018 annual report states that, “we employed about 104,000 full-time persons of whom approximately 59,400 were located outside the United States.”Will Caterpillar Be Able to Weather This Storm?For a company selling large, expensive industrial machinery both domestically and abroad, a global slowdown in industrial activity is a concern. However, Caterpillar and its leadership are well-known for their ability to successfully navigate through troubled economic conditions. Despite the weak third quarter performance and downgrade to the outlook, Caterpillar saw a 1.2% increase in its stock price when it released 3Q earnings on October 23. Analysts appear to have been reassured by the company’s continued strong margins and focus on its cost structure. Undoubtedly, this global powerhouse will find a way to persevere despite growing business obstacles, but the next couple of years are likely to be challenging.

article

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CAT

Caterpillar

+2

박재훈투영인

Panicked Chinese mistakenly hoarding iodized salt(March 18, 2011)

article

Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

+4

박재훈투영인

Panicked Chinese mistakenly hoarding iodized salt(March 18, 2011)

China's economic agency told shoppers Thursday to stop panic buying salt, blaming baseless rumors that the iodine in it can stop radiation sickness.The Chinese government has repeatedly said the country's residents will not be exposed to radiation from a nuclear plant in northeastern Japan which engineers are frantically trying to bring under control after it was damaged by last Friday's earthquake and tsunami.But in a sign of increasing public worries about the risks, people across much of China have been buying large amounts of iodized salt, emptying markets of the usually cheap and plentiful product.The National Development and Reform Commission (NDRC), the country's economic policy agency, said price regulators could investigate and punish price gouging.Disaster sparks demand for potassium iodide"In recent days, some areas have been affected by rumors that have sparked intensive buying of salt, and some lawless merchants have leapt at the opportunity to raise prices," said the NDRC in an emailed statement."Don't believe rumors, don't spread rumors, and don't panic buy," said the notice.The spike in demand may be born of a misunderstanding of reports noting that the thyroid gland is susceptible to radioactive iodine — just one of several types of radiation that could be produced by the crippled reactors — and that potassium iodide tablets can block the radioactive iodine if taken before exposure. In the U.S., demand for potassium iodide has swamped manufacturers or suppliers approved by the federal Food and Drug Administration.Salt containing iodine, however, would not shield against the radiation, medical experts said in newspaper reports on Thursday, adding there was no reason for alarm in China, which is thousands of kilometers away from the reactors.Still, some Chinese residents formed long lines to buy salt, and the state distribution company has vowed to speed up supply.At a Hua Pu Supermarket in Beijing, shoppers bought salt faster than the staff could stock shelves with it.One woman carrying a package of salt was stopped and asked by others where she got it."This bag of salt was given to me by my friend who bought it this morning," said the woman, who declined to give her name. "I heard they queued for a long time, and each person was only allowed to buy five bags."

article

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133690

Mirae Asset TIGER NASDAQ100 ETF

+4

Economy & Strategy

박재훈투영인

Two of the world’s biggest economies are at risk of recession(Nov 10, 2019)

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133690

Mirae Asset TIGER NASDAQ100 ETF

+4

박재훈투영인

Two of the world’s biggest economies are at risk of recession(Nov 10, 2019)

Investors have recently put fears about the pace of global growth aside, opting for optimism on a “phase one” US-China trade deal. But muted economic data expected out of Europe this week could change the mood.Germany may post data Thursday indicating that it’s in recession. Economists surveyed by Reuters believe the world’s fourth largest economy shrank 0.1% between July and September — marking two straight quarters of negative growth.It’s possible that Germany — which has been hit by the trade war, as well as falling global demand for autos — just dodged a bullet. Exports unexpectedly rebounded in September, rising 1.5% compared to the previous month. August data was also revised upward.“With today’s data, a technical recession is not yet a done deal,” Carsten Brzeski, ING’s chief German economist, told clients, noting that Germany could have avoided another contraction “at the very last minute.”Recession or not, the reality is that Germany’s economy, the largest in Europe, looks very weak. A reminder of that could give investors a jolt.“The fact remains that the German economy has been in de facto stagnation for more than a year,” Brzeski said. “This is clearly nothing to become too cheerful about.”Not to be missed: Also on the calendar is Federal Reserve Chair Jerome Powell’s testimony before Congress on the US economy, which takes place Wednesday and Thursday.Expect Powell to get grilled on where the Fed goes after three straight “insurance” cuts to interest rates. But he’s also likely to face questions on weak manufacturing and business investment data — and what it tells us about the strength of the world’s biggest economy.Up first: The United Kingdom will report GDP data on Monday. The country’s economy shrank for the first time since 2012 in the second quarter as global growth and Brexit fears loomed large — but economists polled by Reuters think the country will narrowly avoid a recession by notching 0.4% growth between July and September.

article

Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

+4

박재훈투영인

What impending recession? New survey shows most people think they will be better off next year(Dec. 10, 2019)

article

Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

+5

박재훈투영인

What impending recession? New survey shows most people think they will be better off next year(Dec. 10, 2019)

Economists are beginning to predict a near-term economic future that, until recently, would have been considered inconceivable, or at the very least implausible: The idea that the more than decade-old bull market still has room to run.A new survey from the National Association for Business Economics found that economic experts think there is less than a 50 percent chance that a recession will take place next year, and a roughly one-in-three chance that the economy will remain positive at least through mid-2021.NABE survey panelists said there is a 21 percent of a recession taking place by the middle of next year, a 43 percent chance of recession by the end of next year, and a 34 percent chance that a recession won’t occur until after mid-2021 at the earliest.In an interview with CNBC, Fidelity Investments director of global macro Jurrien Timmer suggested that the current state of the expansion could be, “a mini-reflation wave within an ongoing late cycle."I think in many ways, the way the economy has evolved in the past 12 months has been more positive than expected,” said Mark Hamrick, senior economic analyst at Bankrate.com. “If you asked people at the beginning of the expansion if it would’ve lasted more than a decade, most people would have said not,” he said. “This is one of the consequences of slower growth for longer.”Hamrick said the Federal Reserve reversing its rate-hiking trajectory and choosing instead to lower rates three times over the course of 2019 played a big role in reversing the market plunge that took place last December. “I think that is one thing that is huge and in many ways it was an admission by the Fed that it was wrong,” he said.Another key component is the job market, according to experts. The NABE survey was conducted before Friday’s surprisingly strong jobs report, which found that the economy added a robust 266,000 jobs in November, higher than the 187,000 economists anticipated.“The one thing that people point to all the time is the hiring component,” said Jamie Cox, managing partner at Harris Financial Group. “I think that’s the real takeaway here. It’s more about the strength in hiring than anything else. As long as the labor market stays tight, then recession gets pushed off further and further,” he said.Studies show that ordinary Americans’ sense of financial security is tightly tied to the job market, and a new Fidelity Investments survey conducted in October found that people also feel optimistic: More than three out of four of the more than 3,000 surveyed, including 85 percent of millennial and Gen Z respondents, said they think they will be better off financially next year than they have been this year.

article

Sell

133690

Mirae Asset TIGER NASDAQ100 ETF

+5