November 2 - November 8 weekly major financial events at a glance, all times below are Beijing time:
The financial calendar highlights the following key items for next week:
On Friday of this week, Intel plunged 29%, marking its largest single-day drop in history, while the Nasdaq recorded its worst month in over a year. Amazon's capital expenditure hit a record high, Google's free cash flow turned negative, and Intel's gross margin guidance was sharply cut, dealing a heavy blow to confidence in AI trades and triggering a broad selloff across technology stocks.
Earnings: Apple and AMD Face the Music After the AI Selloff
Next week, Apple and Advanced Micro Devices will be the tech giants put to the test following this round of AI-driven selling 鈥?Apple's consensus revenue is approximately $113 billion, marking the debut of new CEO Ternus; AMD's guidance is around $13 billion, with the Helios rack and MI450 ramp determining whether its trillion-dollar market cap can hold. These two earnings reports will directly price whether market sentiment can stabilize. In addition, optical module giants Coherent and Lumentum, along with Qualcomm, Super Micro Computer, and Berkshire Hathaway, will also release earnings next week. Furthermore, reports indicate that Marvell is in negotiations to acquire Lumentum, with an announcement potentially coming as early as next week. Apple Intelligence will integrate Alibaba's Qwen model, with testing opening on November 4.
Elections and Geopolitics: US Midterms, Israel Vote, Russia-US-Ukraine Talks
On November 3, the US midterm elections will decide all 435 House seats and 35 Senate seats, with the outcome determining the difficulty for Trump in advancing fiscal policy, tariffs, and industrial subsidies over the next two years. Betting markets currently price the probability of a Democratic "sweep" of both chambers at 67%. On November 4, the final results of Israel's parliamentary elections will be announced, and Russia-US-Ukraine trilateral negotiations are planned to restart in Abu Dhabi the same week. If they proceed, it would be the highest-level contact since Istanbul, with oil, gas, and safe-haven assets fluctuating accordingly.
Economic Data: US Nonfarm Payrolls, China Forex Reserves, Central Bank Decisions
On the economic data front, US October nonfarm payrolls will be released. The September prior reading was only 29,000, with expectations at 65,000. The 10-year US Treasury yield has closed at 4.9%. A stronger reading will reinforce rate hike expectations, with the dollar, Treasuries, and gold moving in tandem, making it the heaviest macro data point globally next week. In China, October foreign exchange reserves will be published. Additionally, the 9th China International Import Expo and the Wuzhen Summit will open concurrently.
Economic Indicators
US October Nonfarm Payrolls and Unemployment Rate
On November 6, US October nonfarm payrolls data will be released. September saw only 29,000 jobs added, while the market expects 65,000 for October, with the unemployment rate also published the same day. This is the heaviest data release globally this week: the 10-year US Treasury yield closed at 4.9% this week, and White House's Hassett stated that if inflation remains elevated, there will be sufficient reason for another rate hike. A stronger reading will reinforce rate hike expectations, with the dollar, Treasuries, and gold fluctuating in sync, while US stocks swing back and forth between two narratives.
Bank of England Policy Rate, Reserve Bank of Australia Policy Rate
On November 3, the Reserve Bank of Australia will announce its policy rate, with the prior value at 4.60% and market expectations of a rise to 4.85%, which would be the fifth rate hike this year. On November 5, the Bank of England will announce its policy rate, with the prior value at 3.75% and market expectations of a 25 basis point hike to 4.00%. If a hike occurs, concerns are centered on services inflation and wage growth; the pound and UK gilts typically react more to the statement's wording than to the rate figure itself.
China October Foreign Exchange Reserves
On November 7, China's October foreign exchange reserves will be published. The previous figure at the end of September was $3.40025 trillion, and the central bank has increased its gold reserves for 23 consecutive months, with gold reserve holdings being a focus in recent years.
Earnings
Apple, AMD, Lumentum, Coherent, Qualcomm
On Monday after the close, Apple and Palantir report. For Apple, this is the first scorecard under new CEO Ternus, with consensus revenue of approximately $113 billion and EPS of $1.98; memory price increases and holiday quarter guidance are key points to watch. On Tuesday after the close, AMD guides revenue of approximately $13 billion with a 56% gross margin, with the Helios and MI450 ramp determining its trillion-dollar market cap. Qualcomm, Lumentum, Coherent, and Berkshire Hathaway will also release earnings.
A-Share Q3 Reports Concluded; Hong Kong Focus on Hua Hong Semiconductor
A-share Q3 official reports concluded disclosure on October 31, entering a gap period next week; the next密集 window will be the annual report preview period, with performance clues mainly coming from post-Q3 institutional research and industry data. In Hong Kong, attention is on Hua Hong Semiconductor's earnings on November 5.
Financial Events
US Midterm Elections on November 3
On November 3, the US holds midterm elections, deciding all 435 House seats and 35 Senate seats (including 2 special elections in Florida and Ohio). Republicans hold 218 House seats to 214, and 53 Senate seats to 47; Democrats need a net gain of 3 seats in the House and 4 in the Senate to flip control. If it ends 50:50, Vice President Vance casts the tie-breaking vote. The allocation of appropriations, tax legislation, and personnel confirmation powers will thus reshape the difficulty of advancing fiscal policy, tariffs, and industrial subsidies. Betting markets currently price the probability of a Democratic "sweep" of both chambers at 67%.
Israel Parliamentary Election Final Results on November 4
According to CCTV International News, voting in Israel's 26th Knesset elections ended on the evening of October 27. Central Elections Committee data shows a turnout of 74.3%, higher than 66.3% at the same period in 2022, the highest for that period since 1988. Parties must cross the 3.25% vote threshold to enter the Knesset and seats are allocated proportionally among 120 seats; the final results will be officially announced by the committee on November 4, after which the president will authorize a lawmaker to form a government.
Russia Willing to Resume Russia-US-Ukraine Trilateral Talks After November 4
According to Xinhua citing Russian media reports on the 25th, Russian presidential aide Ushakov said in an interview that Russia is willing to resume Russia-US-Ukraine trilateral talks after November 4. Ukrainian Foreign Minister Sybiha said on the 27th that Ukraine is ready to participate in trilateral talks with the US and Russia in the United Arab Emirates and will use every opportunity to promote peace.
Marvell in Talks to Acquire Lumentum (Announcement Possibly as Early as the Week of November 2)
Marvell Technology is in deep negotiations to acquire data center optical device manufacturer Lumentum, potentially reaching a large M&A deal in the AI hardware supply chain. On October 28, Bloomberg cited informed sources saying the deal could be announced as early as next week. However, the two sides have not yet reached a final agreement, and details including timing remain subject to change.
Apple: Apple Intelligence Integrates Alibaba Qwen, Testing Opens November 4
On October 31, Apple and Alibaba announced a partnership to integrate Qwen into Apple Intelligence. Chinese users will be able to directly access Qwen's text and image understanding, content generation, and other capabilities within Siri, Writing Tools, and Visual Intelligence. These features will open for testing with the latest iOS developer beta starting November 4 and will be rolled out to Chinese users with the official iOS 27.3 release in December.
Shanghai Import Expo + Hongqiao Forum (November 5-10)
The 9th China International Import Expo will be held in Shanghai from November 5 to 10, with the Hongqiao International Economic Forum opening concurrently. As a national-level open platform, the CIIE annually concentrates the release of China's import orders and market access signals; intended transaction amounts and signing situations in consumer goods, high-end equipment, and medical exhibition areas are key points, affecting import chains and RMB asset sentiment.
2026 World Internet Conference Wuzhen Summit to Be Held November 2-5
From November 2 to 5, the 2026 World Internet Conference Wuzhen Summit will be held in Wuzhen, Zhejiang, with the theme "Open Source, Open Collaboration 鈥?Building a Community with a Shared Future in Cyberspace." There will be 27 sub-forums including AI Wuzhen Dialogue, Robotics and Embodied Intelligence. According to the Chinese government website, the conference invites representatives from global governments, international organizations, enterprises, and experts and scholars to exchange views on the concepts and practices of open-source AI development.
SSE STAR Chip ETF Goes Overseas, to List on Hong Kong Stock Exchange
The SSE STAR Chip ETF (588200) will achieve overseas listing through the Shanghai-Hong Kong ETF cross-listing mechanism. The HKEX cross-listed fund tracking this ETF was approved on October 28 and is expected to list on the Hong Kong Stock Exchange on November 6. Overseas investors will be able to trade directly in the Hong Kong market, conveniently allocating to SSE STAR Chip Index assets.
AI Large Model Tracker: Kimi K3.1 Pro Full Model Weights to Open, Claude Fable 5.5 Possibly Released
In the early hours of October 24, Moonshot AI released the first model in the Kimi K3.1 series, Kimi K3.1 Pro, and the high-speed version Kimi K3.1 Pro Highspeed, with full model weights planned to open before November 4. A third-party countdown site estimates Claude Fable 5.5 will be released on November 5; Anthropic has not officially announced a date or model ID. Microsoft Azure East US 2 catalog already shows a claude-fable-5-5 entry, labeled with 1M context, maximum output of 128,000 tokens, and $10 per million input tokens, with timing closely aligned with Anthropic's IPO roadshow starting the week of November 9.
AI Industry Event Tracker
AI events are concentrated in two lines: domestically, the Wuzhen Summit and the Security Expo 鈥?the former with open source as its theme and 27 sub-forums, the latter featuring embodied intelligence and low-altitude security exhibition areas for the first time, with the practical implementation of security large models and public safety agents as key points. Overseas, there are two humanoid robot summits in North America and Europe, where annual delivery guidance and supply chain lists from body manufacturers are typically updated, and domestic manufacturers' participation statements will be compared by the market.
Semiconductor Packaging and Testing Annual Conference to Be Held, Multiple Listed Companies to Attend
Reporters learned that the 24th China Semiconductor Packaging and Testing Technology and Market Annual Conference (referred to as the "Packaging and Testing Annual Conference") will be held from November 4 to 6 at the Nanjing Fengda International Hotel. Over the two-day conference, leading enterprises in semiconductor packaging and testing, chip design, glass substrates, and advanced packaging equipment from companies including Huatian Technology, JCET, Tongfu Microelectronics, Nanjing TSMC, Biren Technology, BOE, and Yuntian Semiconductor will exchange views on the latest development directions of advanced packaging through main forums, special reports, and supply-demand matchmaking. (Shanghai Securities News)
French Unions Call for Nationwide Strike on November 5
French unions have called for a nationwide strike on November 5.
Early Warning for the Week After Next
On November 9, China's October CPI year-over-year; on November 10, China's October imports and exports.
Anthropic plans to start its IPO roadshow as early as the week of November 9. According to media reports, Anthropic plans to launch the formal IPO roadshow as early as the week of November 9.
Two US leveraged ETFs linked to SK Hynix to be liquidated and delisted. Tradr ETFs announced that two leveraged products linked to SK Hynix ADRs will be liquidated and delisted around November 12 鈥?one long and one short. Listed for only a few months, their combined scale has shrunk to about $1.3 million, down more than 60% from peak.
November 10-11: US stocks CoreWeave, Applied Materials, and Cisco to report earnings.
Further out: the week of November 16, Anthropic to list on Nasdaq; November 17-18, APEC meeting to be held in Shenzhen.
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