Morning Brief – Wednesday, 30 November 2022

Garment factory workers. Image: Discovery

Good morning. Here’s what you need to know today:

  • SA’s job creation isn’t congruent with GDP. 
  • New Alzheimer’s drug hailed as ‘momentous’.
  • Alibaba founder Jack Ma is hiding out in Japan. 
  • US stocks flat as investors look to Powell’s speech. 

Slide in jobless rate defies economy’s sombre signals – Business Day

South Africa has added a record 1.48 million jobs over the past year, but employment levels are still not back to their pre-covid levels. Stats SA said the unemployment rate fell from 33.9% in the second quarter to 32.9% in the third quarter while unemployment by the expanded definition – those who have stopped looking for work – decreased from 44.1% to 43.1%. However, the job creation does not align with SA’s growth patterns with increases in jobs suggesting the country’s GDP should be booming but forecasts have been revised lower in recent months. Read more here. (for subscribers)

Alzheimer’s drug lecanemab hailed as momentous breakthrough – BBC News

During a highly monitored Alzheimer’s drug trial, Lecanemab showed that it could effectively slow down cognitive decline, but it may carry a risk of dangerous side effects for some patients. The drug, produced by Eisai and Biogen, reduced the rate of decline on a clinical dementia scale by 27%. However, the side effects included brain swelling in 12.6% of trial patients and various micro and macro haemorrhages in certain patients. Read more here.

Alibaba founder Jack Ma hiding out in Tokyo, reports say – The Guardian

After criticising the attitude of Chinese regulators towards tech firms in 2020, Alibaba founder Jack Ma all but disappeared from the face of the Earth, leading to speculation over his whereabouts. But a Financial Times report indicates that Ma has been living in Tokyo, Japan for the last six months and has maintained a relatively low public profile. Read more here.

Stock futures are flat as Wall Street awaits Fed Chair Powell’s speech – CNBC

The US stock exchanges in New York traded flat yesterday, awaiting US Federal Reserve chairperson Jerome Powell’s speech on Wednesday. Powell is expected to confirm lower interest rate hikes going forward but he will maintain that the fight for lower inflation is not over. The strong openings in Asia led to a rally in NY-listed Chinese stocks like Alibaba and Baidu, both closing 5.3% higher. Read more here.

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