Stocks began November with gains, suggesting the seven-month rally in global equities may still have room to run amid strong tech earnings and easing US–China trade tensions. MSCI’s all-country world index advanced for the seventh time in eight sessions, with Asian shares climbing 0.6%. Contracts for the S&P 500 gained after the gauge rose Friday, as earnings optimism outweighed worries about a rally that’s heavily concentrated on tech giants. European shares were also set for a positive open. Markets in Japan and cash trading of Treasuries were closed on Monday due to a holiday. Commodity markets were in focus, with gold fluctuating after early declines following China’s scrapping of a long-standing tax incentive. West Texas Intermediate crude rose 0.6% after OPEC+ decided to pause output increases. Iron ore dropped on concerns about China’s economic outlook. Stocks have rallied to record levels, even after Federal Reserve Chair Jerome Powell warned that a December rate cut isn’t a foregone conclusion and megacap tech earnings were mixed. Trade tensions have also eased, with Beijing signaling plans to suspend new export controls on rare earth metals and end investigations into US firms in the semiconductor supply chain. From geopolitics to trade risks, a US government shutdown and high valuations, traders had a lot to consider in October. Ultimately, what prevailed was confidence in US companies and bets that rate cuts will keep momentum going for profits. The artificial intelligence theme also remained a key driver as several megacap tech firms reported earnings. Since its April slump, the S&P 500 has roared back nearly 40%, marking its longest monthly winning streak since 2021. The Nasdaq 100’s performance has been even more striking: a seven-month rally, its best run in eight years, powered by tech’s strong balance sheets and unrelenting AI optimism. The S&P 500 “will only pause running if something surprises meaningfully to the downside,” said Anna Wu, a cross-asset strategist at Van Eck. “In last week’s case, we had Xi-Trump talks disappoint moderately, but soon after, earnings took over again with Apple and Amazon reporting strongly. That strength is extending to this week, supporting overall risk sentiment.” In other corners of the market, Treasury futures inched higher while Australian yields rose ahead of an interest rate decision by the country’s central bank on Tuesday. An index of the dollar steadied as investors awaited speeches from Fed officials for more clues on the central bank’s policy path. Attention was also on commodities as China announced the scrapping of a long-standing gold tax incentive in a potential setback for consumers in one of the world’s top bullion markets. The precious metal surged to a record high in early October, aided by a buying frenzy among retail investors, before dropping sharply in the final two weeks of the month. Meanwhile, oil rose. OPEC+ said it will pause output increases after making another modest hike next month. The move came as the market faces the prospect of a ballooning oversupply that has seen Brent lose 10% over the past three months. Prices have pulled back from a five-month low after increased US sanctions on Russia created question marks about the supply prospects from the major exporter. Traders will also be watching a packed week for global central banks. Policymakers from Australia to Sweden and Brazil are expected to keep rates steady, while their counterparts in Mexico may deliver a cut. The Bank of England is expected to skip an interest rate cut on Thursday. In the US, the ongoing federal shutdown continued to cloud the outlook by disrupting key economic data releases.
Nikkei +2.12% Hang Seng +1.03% CSI +0.16% Shanghai +0.45% Shenzen +0.27%
Eur$ 1.1538 CNH 7.1172 CNY 7.1150 JPY 154.20 GBP 1.3147 CHF 0.8040 RUB 80.2500 TRY 42.0813 WTI$ 61.37 +0.64% Gold 4,017 +0.37% BTC 107,515 -2.26% ETH 3,713 -3.85%
S&P +0.10% Nasdaq +0.18% EuroStoxx +0.18% FTSE +0.15% Dax +0.25% SMI +0.35%
Macro :
- Investors Eye Quick-Twitch Quant Strategies to Handle Next Shock
- China to Suspend Some Rare Earth Curbs, Probes on US Chip Firms
- China to Suspend Some Rare Earth Curbs, Probes on US Chip Firms
- Is OpenAI Becoming Too Big to Fail?, Sam Altman’s ability to intertwine the startup throughout major tech players puts it at the nexus of a vital part of the U.S. economy - WSJ
- What Investors Learned From Tech Earnings, in Charts - WSJ
- Stablecoin Issuer Tether Says 9-Month Profit Topped $10 Billion
- London becomes ‘quant’ powerhouse as traders rake in revenues - FT
Keep an eye on :
- AIR FP : Norway Close to Settling $3b NH90 Helicopter Claim: Reuters
- AMZN US : Amazon, SK to Explore Next-Gen Technology Including Chips
- ANTIN FP : Antin, EQT Said to Proceed in Bidding for DWS Data Center Firm
- AAPL US : How Tim Cook Evaded Disaster at Apple This Year - WSJ
- BAC US : Bank of America Has a Game Plan to Catch Up to Its Peers. It’s Time to Buy the Stock. - Barron's
- BFF IM : BFF Bank: Bans on Distribution of Profits Have Been Lifted
- BIRK/B US : BRK/A 3Q Operating Earnings $13.49B Vs. $10.09B Y/y, *BERKSHIRE HATHAWAY CASH PILE HITS RECORD $381.67B
- BA US : Boeing’s Road to Redemption—and a Higher Stock Price - Barron's
- BSX US : Looking to Diversify Out of the AI Trade? Buy Boston Scientific Stock. - Barron's
- GOOS US : Canada Goose Unveils Paris Flagship as the First of Its ‘2.0’ Luxury Retail Concept - WWD
- CPR IM : Lagfin to ‘Defend Itself Vigorously’ in Italian Tax Dispute
- CPR IM : Lagfin to ‘Defend Itself Vigorously’ in Italian Tax Dispute
- CPR IM : Italy Seizes €1.3b Campari Shares Held by Lagfin in Tax Probe
- CBK GY : Commerzbank could leave landmark Frankfurt HQ as it embarks on cost-cutting drive
- DTE GY : T-Mobile Taps Capital One for First Credit Card With No Fees
- DTE US : DTE Electric to Supply Energy for Oracle Data Center in Michigan
- ECX GY : ECARX Holdings May Issue, Sell up to $150M Convertible Notes
- ENI IM : Eni and Petronas Sign Binding Deal for JV in Indonesia, Malaysia
- EQT SS : EQT Says Private Capital Zombie Firms to Rise in Next 10 Yrs: FT
- RF FP : Eurazeo Completes Sale of CPK Group to Ferrara Holding Co.
- XOM US : Exxon Working With Mozambique to Resume LNG Project Work: CEO
- GBLB BB : GBL Agrees to Divest Part of GBP Capital Assets Worth €1.7B NAV
- 175 HK : Geely and Renault Deepen Brazil Partnership With Unit Stake Deal
- GTT FP : GTT Boosts FY Ebitda Forecast, Beats Estimates
- IMTX US : Immatics Gets FDA Orphan Drug Status for Anzutresgene autoleucel
- META US : Meta bought 1 GW of solar this week - TechCrunch
- MSTR US : Pfizer Sues to Block Novo’s Bid for Obesity Drug Startup Metsera
- Nerxperia : 600475 CH : Nexperia China Says It Has Sufficient Inventory to Meet Demand
- NIO US : NIO Inc. Oct. Deliveries 40,397 Vs. 34,749 M/M
- NOVOB DC : Pfizer Sues to Block Novo’s Bid for Obesity Drug Startup Metsera
- ORA FP : Orange to Take Control of MasOrange in $4.9 Billion Buyout
- ORCL US : DTE Electric to Supply Energy for Oracle Data Center in Michigan
- PEAN SW : Peach Property Completes Eurobond Repayment
- PFE US : Pfizer Sues to Block Novo’s Bid for Obesity Drug Startup Metsera
- PONY US : Pony AI Is Said to Be Poised to Raise $863 Million in HK Listing
- PNL NA : PostNL 3Q Revenue Misses Estimates
- RNO FP : Geely Takes 26.4% Stake in Renault do Brasil; No Terms
- ROG SW : Roche Phase 3 Gazyva/Gazyvaro Study in SLE Met Primary Endpoint
- RYA ID : Ryanair 2Q Profit After Tax Beats Estimates
- RYA ID : No new planes for UK if taxes keep rising, warn Ryanair and Wizz Air
- SEM PL : Semapa 9M Revenue EU2.15B Vs. EU2.14B Y/y
- TSLA US : Tesla Stock and Musk’s $1 Trillion Robo Ransom—What to Know - Barron's
- UCB BB : UCB’s Bimzelx Showed Skin Pain Improvements Sustained to 3 Years
- VONN SW : Vontobel's Christel Rendu de Lint: 'The co-CEO structure is pretty powerful'
- WIZZ LN : No new planes for UK if taxes keep rising, warn Ryanair and Wizz Air