Market Cafe: Global markets reacted as the U.S. credit rating was downgraded by a rating agency. JPMorgan Chase CEO dismissed its impact, attributing market influence over agencies. Experts highlighted the challenge of rising entitlement spending and healthcare costs, predicting future unsustainability. Economic concerns persisted, with a potential recession by early 2024 due to pandemic-related Federal Reserve actions. UBS laid off employees and closed its Houston office, shifting focus to New York. Ship maker Hyundai reported a 52% net income decline, while PayPal's Q3 operating margin disappointed. Singapore's DBS Bank saw an 8% profit increase, citing improved net interest margin outlook from U.S. rate hikes.
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