Technology Finds Its Voice
OpenAI, the developers of ChatGPT, said it is “beginning to roll out new voice and image capabilities in ChatGPT. They offer a new, more intuitive type of interface by allowing you to have a voice conversation or show ChatGPT what you’re talking about.”
According to OpenAI, you can now use voice to engage in a back-and-forth conversation with your digital assistant (which is both interesting and weird at the same time).
LOGISTICS
Ocean rates continue to fall with prices below 2019 levels on most lanes, despite volumes having stabilized, per Freightos.
Demand ex-China is just starting to come online (after Golden Week) and bookings over the next 1-2 weeks will determine capacity for November. In Q4 expect to see a good number of blank sailings, but with overall capacity comparable to Q2/Q3 numbers, per Flexport.
Overcapacity is seen as the main driver of the current rate slumps, per Freightos.
Expect Asia-Europe rates to drop further if the current round of voided sailings doesn’t lead to general strengthening of the market, per Flexport.
Carriers who have announced November rate hikes on Asia – Europe routes might find it difficult to support those prices unless they can reduce capacity to demand levels, per Freightos.
Rising air cargo demand over the last three months has supported rates and helped to offset increasing capacity, per the Journal of Commerce.
Month-on-Month ocean and air rate changes … new services … seasonal outlook. Read More
INSIDE SOURCING
A growing number of sourcing nations are facing a debt crisis – the result of crushing external debt service and a stronger dollar.
Typically there’d be bailouts from international organizations that promote global economic growth and stability such as the Asian Development Bank or the International Monetary Fund.
However even they are concerned about the financial risks of lending to countries that are no where near meeting their economic targets. Read more
PODCAST
Why Manufacturers Need a Brand
We typically think of brands as something that only consumer-facing products need.
However in a competitive market, manufacturers who establish a brand can pull ahead of their competitors.
In the podcast Jim Huebner, Founder and CEO of Huebner Integrated Marketing, a company that helps manufacturing brands become more relevant to their customers, talks about how this can drive both sales and profits.
You’ll Learn
- What makes a manufacturing brand relevant to today’s consumers.
- The process for helping brands establish their most robust brand positioning.
- The 4 pillars of his “GIVE Manifesto” – and what that’s important.
CURRENCIES
Both the Japanese yen and the Chinese yuan weakened against the dollar. However the dollar fell against other key global currencies, in part due to expectations that the US will not have a further rate hike.
MARKETS
US inflation was 3.7% in September, higher than expected. This along with robust job market data could encourage the Federal Reserve bank to raise interest rates further, per The Financial Times.
The IMF’s projections for growth and inflation are “increasingly consistent with a ‘soft landing’ scenario… especially in the United States,” per IMF chief economist Pierre-Olivier Gourinchas.
Growth “remains slow and uneven,” with weaker recoveries now expected in much of Europe and China compared with predictions just three months ago.
Best Selling Fabric Directions for AW 2024-25
New fabric developments are giving brands an opportunity to elevate their collections – and create apparel that consumers want to buy!
MATERIALS
Materials prices faced downward pressure over uncertainties around demand as war broke out in the Middle East over the weekend.
Cotton prices fell to their lowest in three weeks, as the cotton industry globally is grappling with reduced production and consumption.
Oil prices rising on Monday was not due to supply disruption, but the potential for it, per Capital Economics. Prices settled down as Saudi Arabia and Russia showed they were working together to support oil market stability.
OPEC raised its estimate for medium- and long-term demand for oil pointing to demand growth in China and India, as well as other countries in Asia, Africa, and the Middle East.
You can find the current Month-on-Month and Year-on-Year prices here.
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