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Investors are waiting for the U.S. October inflation figures and earnings reports from retail chains like Home Depot to gain insight into the Federal Reserve's interest rate plans; U.S. stock futures are steady ahead of the inflation data, and Home Depot's earnings will reflect consumer spending trends leading up to the holiday shopping season.
The Federal Reserve's efforts to combat inflation have put the housing market at risk, and reversing their approach by buying mortgage securities could help stabilize the market without compromising their inflation-fighting goals.
Millennials are facing a challenging housing market reminiscent of what the baby boomers experienced in the 1980s, with high mortgage rates and rising home prices, making it difficult for them to break into homeownership despite their determination and higher income.
The yen is facing pressure as traders await U.S. inflation data that could either provide relief for the currency or push the dollar to its highest level against the yen since 1990.
Oil prices rise as the International Energy Agency (IEA) raises its demand growth forecasts, despite expected economic slowdown in major economies.
Dubai-based investment bank Shuaa Capital is liquidating its $100 million special purpose acquisition company listed on Nasdaq due to uncertain market conditions and a decision not to proceed with finding a target entity.
UK October payrolls changed by 33k, Germany and France's stock indices increased, Switzerland's producer and import prices rose, and Spain's final CPI remained unchanged; Denmark's GDP declined in Q3 2023, Sweden's annual inflation rate was 6.5% in October; Stoxx 600 rose, financial services stocks dropped, and US and Germany's 10-year yields decreased.
The UK's labor market has remained relatively stable, with the unemployment rate unchanged, a slight decrease in employment, and the strongest rise in inflation-adjusted pay in two years, according to the latest official figures from the Office for National Statistics.
The rapid growth and high home prices that Austin experienced during the pandemic have reversed, leading to a significant drop in prices and a correction in the housing market; however, experts believe the city will remain an attractive place to live in the long term.
Financial markets are relatively quiet as investors await the October Consumer Price Index (CPI) data from the US, while the US Dollar (USD) remains flat and stock index futures trade mixed.
U.S. stocks traded mixed, with the Dow Jones rising, while Asia-Pacific markets mostly saw gains as investors anticipated a meeting between Joe Biden and Xi Jinping; additionally, Exxon Mobil plans to produce lithium for EV batteries, and a major Asian stock index is projected to rise 11% in 2024, according to Morgan Stanley.
The US faces challenges in reducing its dependency on China for critical minerals needed in EV battery production, as China controls a significant portion of the global supply chain, making it difficult for the US to diversify its sources. The US is implementing strategies to remove reliance on Chinese resources by 2029, but concerns remain about the feasibility of this goal. Strengthening partnerships with Canada, which has abundant critical minerals, could help fortify North American supply chains and reduce reliance on China.
Investors are focused on U.S. inflation data while the battered yen continues to decline, with a cabinet reshuffle in Britain and corporate earnings also influencing the market.
The price of oil has fallen dramatically since September, leading the Saudi energy minister to accuse speculators of driving down prices, and the Saudi and Russian commitment to limit oil production may still hold strong despite the decline.
European markets are expected to open in mixed territory as investors await economic data and earnings reports, while Asian markets have had a tumultuous year with Chinese stocks being particularly volatile.
Hong Kong's property market is experiencing a slow adjustment to recent cooling measures introduced by the government, which is not unique to the city and is also a result of high interest rates; however, Chief Executive John Lee believes that buyers will take time to observe the situation and make decisions as purchasing property is a major commitment.
Pinterest reported strong Q3 results with notable user growth, increased revenues, and improved profit margins, leading to a surge in its stock. However, the company's inability to generate meaningful profits, particularly in emerging markets, remains a significant challenge. The stock's current valuation appears overvalued, and the profitability potential does not justify expectations, suggesting a bearish outlook for Pinterest.
The fall in oil prices could indicate concerns about the global economy and a market driven by fear rather than fundamentals, as the volume of long positions in crude oil has decreased due to macroeconomic fears overshadowing traditional supply and demand factors.
The yen remains at a three-decade low against the dollar due to the Bank of Japan's monetary policy conflicting with the prospect of higher rates elsewhere, while the US inflation figures will determine if the Federal Reserve will continue raising interest rates to control inflation.
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Goldman Sachs has upgraded India to the 'overweight' category, citing strong economic growth prospects driven by domestic demand, steady earnings growth, and the shift of supply chain from China, while downgrading Chinese stocks due to low earnings growth.
Asia-Pacific markets rise as investors look ahead to talks between the U.S. and China, and more economic data, with Japan's Nikkei 225 gaining 0.70% at the open, South Korea's Kospi opening 1.21% higher, and Australia's S&P/ASX 200 rising 0.83%, while Wall Street's S&P 500 index ended the previous session near the flat line as traders prepared for the release of key U.S. inflation data.
Lucid Group's stock price rose nearly 5% after signing a partnership deal with Saudi Arabian airline Riyadh Air at the Dubai Airshow, expanding its presence in Saudi Arabia and aligning with a shared vision for sustainable transportation.
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Visa and Mastercard's high swipe fees in the U.S. are the largest cost for retailers after wages, resulting in higher prices for consumers and a lack of competition, but Congress is considering the Credit Card Competition Act to introduce more choice and competition into the market.
ChargePoint Holdings, Inc. saw a 1.48% increase in its stock price, outperforming the S&P 500, while the upcoming earnings release and positive analyst estimate revisions reflect optimism about the company's business and profitability.
OPEC has criticized the "overblown" negative sentiment in the oil market, stating that fundamentals remain strong and dismissing concerns over economic activity in China, while acknowledging potential downside risks.
The Dow Jones Industrial Average experienced its first "death cross" since March 2022, signaling potential bearishness for stocks, despite some arguing that it could present buying opportunities during bull markets.
The Japanese yen is expected to reach a fresh 33-year low as traders test whether Tokyo will intervene to prevent further depreciation.
Nvidia is expected to report strong Q3 fiscal 2024 earnings, reflecting substantial revenue growth driven by market demand and strategic insight, following their impressive performance in Q2 2024.
Stocks closed Monday's trading session mixed as investors turned their attention to the October CPI report, with the Dow Jones Industrial Average (^DJI) being the only index to close in the green, up just over 0.1%.
Stocks recover from early slump as Moody's downgrades U.S. credit outlook, Dow gains for second consecutive session ahead of earnings and inflation reports, ExxonMobil starts construction on lithium well, Nvidia heads for longest winning streak since 2016, Tyson shares fall on declining revenue, Novo Nordisk ADRs slip despite positive Wegovy data, and Boeing receives large order at Dubai Airshow.
Tech analyst Dan Ives believes that artificial intelligence (AI) will have a transformative impact on the tech industry, leading to a "tidal wave" of AI spending that could boost shares in companies like Apple by nearly 30% over the next year. He suggests that the market is underestimating the potential $1 trillion of AI spend over the next decade, which will benefit the chip and software sectors. Despite recent market setbacks, Ives remains bullish on the sector and sees it as a good time to invest in tech stocks.
Millennials' continued household formations and demand for housing, despite high prices and mortgage rates, help to prevent a housing market crash, while an insufficient supply of homes also contributes to the market's stability.
The US Dollar (USD) slides on Monday with the DXY index falling to 105.60 as investors take profits from last week's gains, while attention turns to upcoming CPI and Retail Sales data.
Market timing can be seen as a fool's game, but a study suggests that sidestepping both the best and worst trading days can lead to a risk-adjusted return that beats the market.
The NFT market is projected to nearly double in size from $1.6 billion in 2023 to $3.2 billion by 2027, with trends in 2024 including the integration of NFTs with real-world assets, the need for regulatory clarity, a shift towards value-based NFTs, environmental concerns, and brand and artist collaborations.
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Markets may be heading towards a decade of austerity as the economy normalizes under high interest rates, leading to tighter monetary policy and lower asset prices, according to Research Affiliates.
Mark Spitznagel, a bearish hedge fund manager, warns that the US is in the biggest credit bubble in history, predicting a "huge crash" in the financial markets.
Morgan Stanley predicts that the S&P 500 will reach 4,500 by the end of 2024, with stocks expected to remain almost flat, citing lackluster commentary from companies about the US economy and consumer health, along with the erosion of fiscal stimulus and the impact of the Federal Reserve's interest rate strategy.
Amidst high inflation and the possibility of higher interest rates, investors are anxious about the potential end of the era of ultra-low interest rates and the impact it could have on the global economy, drawing comparisons to past boom-and-bust cycles and highlighting the importance of addressing mounting consumer and government debt.
Norway's Johan Sverdrup crude, which was previously seen as the replacement for Russia's Urals, may be losing its status as markets adjust and its pricing weakens, prompting discussions about the decline of the field and the need for refiners to shift to lighter crudes.
There is a deadline of November 17 to avert a government shutdown, but it is expected that a shutdown will be avoided or be brief; however, if a shutdown does occur, it will result in delayed pay for government employees and disruption to various government functions.
Investors front-running an ETF's option expiration is expected to give a boost to the Nasdaq's November rally, with the ETF needing to buy thousands of futures contracts to cover its short position.
The natural gas industry predicts a decline in winter heating bills in 2024 due to increased production, lower demand, and warmer than average temperatures.
EQT Chief Executive Christian Sinding aims to bring the benefits of public markets to private equity by providing more transparency and liquidity to investors.
Fundstrat's Tom Lee notes that despite a strong year-to-date rally, investors maintain a persistently bearish sentiment towards the stock market, creating the only bubble in bearish investor sentiment, and he recommends continuing to buy any declines.
Stocks slipped Monday as investors prepared for a key US inflation reading and anticipated updates on consumer behavior, with the Nasdaq Composite leading the declines, while concerns regarding the US government's finances and Moody's negative outlook on its debt added to the cautious tone.