To The Moon

Due to investor optimism regarding U.S. corporate earnings, global markets largely benefited from the positive spillover effect of the U.S. stock market.

🇺🇸 S&P 500 Index: 0.77% 📈

🇺🇸 Nasdaq: 0.82% 📈

🇪🇺 Stoxx 600 Index: 0.53% 📈

🇯🇵 Nikkei 225 Index: 0.88% 📈

🇭🇰 Hang Seng Index: -0.75% 📉

🇨🇳 CSI 300 Index: 1.91% 📈

🇸🇬 Straits Times Index: 0.62% 📈

On Monday, U.S. markets generally rose, with the S&P 500 Index and Nasdaq Composite both up 0.8% as investors bought tech stocks ahead of a busy week filled with corporate earnings and key economic data.

Asian-Pacific markets closed mixed, with the Hang Seng Index down 0.8% and the CSI 300 Index up 1.9% as investors digested fiscal stimulus measures announced by China's Ministry of Finance.

In September, China's export growth significantly slowed to 2.8% year-on-year, well below the expected 6.0%, while imports unexpectedly declined by 0.3% year-on-year, lower than the expected 0.9%. This indicates that manufacturers are drastically cutting prices to reduce inventory before tariffs are imposed by multiple trading partners.

In September, new bank loans in China surged to 1.59 trillion yuan, but below the expected 1.87 trillion yuan. The market is awaiting further details on fiscal stimulus measures.

💡 Upcoming Events: 💡

The EU industrial production month-on-month will be announced on Tuesday.

On Thursday, attention will be on ECB President Lagarde's speech, key financing rates, and U.S. retail sales month-on-month, core retail sales, and unemployment claims.

By the end of this week, we will see the release of China's GDP, industrial production year-on-year, and retail sales year-on-year.

💡 Things to Know Today: 💡

1. Kamala Harris has launched a new policy initiative for Black men, which includes providing forgivable loans for small businesses and opportunities in the emerging legal cannabis industry. $Aurora Cannabis Inc(ACB)$  $Canopy Growth Corporation(CGC)$ $Curaleaf Hldgs Inc.(CURLF)$  

Kamala Harris

2. Taiwan Semiconductor Manufacturing Company (TSMC) $Taiwan Semiconductor Manufacturing(TSM)$  is expected to report a 40% increase in third-quarter profits on Thursday, driven by increased product demand.

TSMC

3. Goldman Sachs $Goldman Sachs(GS)$ has raised its forecast for China's 2024 GDP from 4.7% to 4.9%, citing optimism about the government's latest round of stimulus measures.

Goldman Sachs

4. The Monetary Authority of Singapore maintained its monetary policy on Monday, with the economy growing 4.1% year-on-year in the third quarter, exceeding investor expectations of 3.8%.

MAS

5. ServiceNow and CoreWeave have committed to investing billions in the UK, demonstrating strong support for Prime Minister Keir Starmer's efforts to attract foreign investment.

Data center by ServiceNow and CoreWeave

✅ Key Takeaways:

Despite any obstacles, the U.S. market continues to rise. However, this week's earnings schedule is tight, with 41 S&P 500 companies expected to report results, and retail sales along with the European Central Bank's interest rate decision may help determine the next steps.

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