- Futures on Wall Street are gaining in the morning; the Russell 2000 (US2000) stands out with a nearly 0.8% rise. The U.S. celebrates Veterans Day today, but equity markets will remain open during the day, in standard hours.
- European indices are trading higher, with almost all gaining in the 0.5 - 0.6% range. The Daily Mail reported over the weekend on the planned acquisition of British fashion company Burberry by Moncler, but shares of both companies are trading with little volatility following the reports
- Chinese stocks fell, with Switzerland's UBS lowering its forecast for China's GDP this year to 4% (below the party's target of 5%) and conveying that it expects a much weaker reading in 2025, in the wake of Donald Trump's win. PPI producer price inflation data published on Saturday showed a larger decline than expected. PPI inflation in October fell -2.9% in China, versus -2.5% forecast and -2.8% previously. CPI inflation, on the other hand, rose 0.3% y/y, 0.4% y/y growth was expected, after 0.4% in September
- The Hang Seng slid nearly -1.8%, with Tencent Holdings shares losing a lot. In contrast, the benchmark mainland CSI stock recovered losses and rose 0.6%. Beijing announced a 10 trillion yuan ($1.4 trillion) stimulus package to reduce debt risks for regional governments, but refrained from launching measures directly supporting consumer demand
- Japan's stock market rose slightly; the Topix and Nikkei indices saw little volatility. South Korea's KOSPI fell more than 1%, while India's Sensex consolidated and is losing nearly 8% from its highs. Japan's Economic Observer Index of the Japanese economy rose slightly to 47.5 versus 47.2 versus 49 previously
- Oil (OIL) loses slightly, pressured by weaker sentiment in China, while natural gas (NATGAS) gains more than 6% today. Among agricultural commodities, wheat (WHEAT) contracts are losing the most heavily (over -1.5%).
- Norway's CPI inflation came in slightly higher than expected at 2.6% y/y vs. 2.4% forecast and 3% previously. Month-on-month it rose 0.6%, 0.5% was expected after 0.3% previously. USDNOK gains almost 0.5%
- Cryptocurrency market sentiments are great, with Bitcoin trading at new historic highs at $81.5K. Last week's data indicated record inflows into ETFs. The market sees Trump's win and the chance for Republicans in Congress to rule as a chance to change regulations to benefit the industry
- The Fed's Neel Kashkari indicated that a one-time increase in tariffs on goods would likely raise their prices, but the impact on inflation is hard to estimate, as the response of other countries or consumers is unknown
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