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China advances towards ‘technology singularity’
Weekly investor research
07 December 2020
Chinese scientists said they have developed a super quantum computer which performs calculations up to 100 trillion times faster than existing technology. China also discussed policy changes to consider financial asset prices as a part of the overall inflation picture. In Asia, PMI surveys hit all-time highs. Brazilians shunned extremist politicians in recently concluded municipal elections. The result of the Romanian elections was inconclusive, resulting in a hung parliament. Poland appeared to signal room for compromise with European Union (EU) in Budget talks by not wanting to use its veto power against the EU. Parliaments in Chile and Peru voted to allow further withdrawals from local pension systems. Turkish GDP rebounded more than expected. Nigeria devalued the Naira marginally. The parliament in the Philippines cut company taxes in a bid to attract foreign investment. Argentina’s President Alberto Fernandez spoke to US President-elect Joe Biden and Brazilian President Jair Bolsonaro.