Market Highlights 💡 - 13 November 2024

Stocks Close Lower Ahead of CPI Data Release

🇺🇸 S&P 500: -0.28% 📉

🇺🇸 Nasdaq: -0.09% 📉

🇪🇺 STOXX 600: -1.98% 📉

🇯🇵 Nikkei 225: -0.40% 📉

🇭🇰 Hang Seng: -2.84% 📉

🇨🇳 CSI 300: -1.10% 📉

🇸🇬 Straits Times Index: -0.75% 📉

U.S. stocks declined, with the S&P 500 and Nasdaq down by -0.3% and -0.1%, respectively, after five consecutive days of gains. The dollar hit a six-month high.

Chinese markets fell, with the Hang Seng and CSI 300 down by -2.8% and -1.1%, respectively, as investors remained cautious ahead of the U.S. CPI data release, erasing the gains from the policy-driven rebound months ago.

💡 Upcoming Events 💡

Wednesday: U.S. Core CPI monthly rate, U.S. CPI annual rate, Eurozone industrial production monthly rate, Japan PPI.

Thursday: U.S. PPI monthly rate, U.S. jobless claims, Eurozone GDP preliminary quarterly data, ECB monetary policy meeting minutes.

Friday: U.S. Core Retail Sales monthly rate, EU economic forecasts, China industrial production YoY, China retail sales YoY, China unemployment rate, Japan preliminary GDP quarterly.

💡 Key Things to Know Today 💡

1. CEOs of Europe's top three chipmakers express concerns that increasing government demands for local semiconductor production are harming business operations in the U.S., China, and Europe.

Chips

2. The EU has instructed Apple $Apple(AAPL)$   to stop its geographic content restrictions, including limitations on App Store, Apple Arcade, music, iTunes, books, and podcasts based on user location.

Apple

3. Gold prices fall to a near two-month low, pressured by a stronger dollar and optimism over President Trump's economic growth prospects for his second term. $SPDR Gold Shares(GLD)$  $SPDR Gold MiniShares Trust(GLDM)$  

Gold

4. On Tuesday, Baidu Inc. $BIDU-SW(09888)$  $Baidu(BIDU)$  launched several new AI applications, including an enhanced text-to-image generation tool and a no-code software development platform.

Baidu

5. OPEC has downgraded its global oil demand growth forecast for this year and next, citing weak demand in China, India, and other regions. This is the fourth consecutive downward revision for 2024.

Opec

✅ Key Takeaways:

After efforts to reduce price pressures post-COVID, there are concerns that President Trump's policies might reignite inflation, driving U.S. Treasury yields and the dollar higher.

@Daily_Discussion  @TigerStars  @Tiger_comments  @TigerGPT