The Teflon Tech Sector Is Leading a Chaotic MarketCommentary For the past month, the number and severity of risks to the bond and stock markets has risen, with some pundits wondering just how the market can trade so confidently higher when there are so many large-scale events unfolding that threaten to pose a systemic risk to the United States and global financial markets. Let’s start with an easy one—a “sleeper” that caught everyone off guard. At last week’s 30-year Treasury auction, in which a mere $26 billion in debt was being bid for, the Industrial and Commercial Bank of China (ICBC), the world’s largest lender by assets, said its financial services experienced a ransomware attack that reportedly disrupted their trading of Treasurys. That attack prevented the ICBC from settling trades and rendered the bank unable to clear commitments that forced the bank to send the settlement details to its counter parties by a messenger carrying a thumb drive—a heroic effort to limit the damage....

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Commerce Secretary Raimondo to Meet Chinese Counterpart During APECU.S. Commerce Secretary Gina Raimondo will meet her Chinese counterpart, Wang Wentao, at the Asia Pacific Economic Cooperation (APEC) forum in San Francisco this week, marking the third meeting between the pair since May. Ms. Raimondo first mentioned the meeting during an interview with CNN that aired on Nov. 12. A Commerce Department spokesperson later confirmed that two commerce chiefs’ planned meeting to Reuters, without providing details. The APEC summit, which runs until Nov. 17, is headlined by the highly-anticipated meeting between President Joe Biden and Chinese leader Xi Jinping on Wednesday. Ahead of the summit, Treasury Secretary Janet Yellen held two days of talks with Chinese Vice Premier He Lifeng in San Francisco last week....

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Newsom Defends Huge Clean up of San Francisco Ahead of Visit From China's Xi JinpingCalifornia Gov. Gavin Newsom has defended his decision to launch a huge cleanup effort in the state ahead of a visit from U.S. President Joe Biden and Chinese leader Xi Jinping, among other world leaders. Speaking to reporters during the unveiling of a new program to plant trees in urban neighborhoods on Nov. 13, the Democrat did not deny the clean-up efforts ahead of the visit from what he described as “fancy” world leaders. President Biden and Mr. Xi are among the senior officials set to visit San Francisco, California this week for the 21-member Asia-Pacific Economic Cooperation (APEC) group’s annual meeting....

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After Former Chinese Premier’s Suspicious Death, Party Princelings and Elders Begin to Show Defiance to Xi JinpingFormer Chinese premier Li Keqiang died of a heart attack on Oct. 27, with many questioning whether his sudden death was the result of an internal struggle within the Chinese Communist Party (CCP). Several CCP’s top retired officials absented themselves from Mr. Li’s funeral. However, a few days later, these party elders presented wreaths of flowers at another funeral for a provincial-level cadre, evidently signaling their discontent with the authorities’ handling of Mr. Li’s death. Political analysts believe that the sudden death of Mr. Li has become a trigger and that the authorities handling of his death and funeral has aroused the discontent of political seniors and party princelings (children of prominent founding figures of the CCP)....

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