To The Moon

U.S. trading is light ahead of the election, with global stock markets slightly lower on Wednesday.

🇺🇸 S&P 500 Index: -0.92% 📉

🇺🇸 Nasdaq Index: -1.60% 📉

🇪🇺 Stoxx 600 Index: -0.30% 📉

🇯🇵 Nikkei 225 Index: -0.80% 📉

🇭🇰 Hang Seng Index: +1.27% 📈

🇨🇳 CSI 300 Index: +0.40% 📈

🇸🇬 Straits Times Index: +0.37% 📈

Global stock markets dipped slightly on Wednesday, with the S&P and Nasdaq down by -0.9% and -1.6% respectively, due to lackluster trading ahead of the U.S. elections, while gold prices $SPDR Gold Shares(GLD)$  $SPDR Gold MiniShares Trust(GLDM)$  retreated from historical highs, dragged down by a rising dollar.

Chinese stocks rose, with the Hang Seng Index and CSI 300 Index up by 1.3% and 0.4% respectively, supported by strong performance from state-owned enterprises.

💡 Upcoming Events: 💡

On Thursday, investors will focus on U.S. S&P Global Manufacturing and Services PMI, unemployment claims, EU HCOB Manufacturing and Services PMI preliminary readings, Japan's Jibun Bank Manufacturing and Services PMI preliminary readings.

At the end of the week, we will see the announcement of China's one-year Medium-term Lending Facility rate on Friday, followed by Japan's election on Sunday.

💡 Things to Know Today: 💡

1. At the BRICS summit held in Russia on Wednesday, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi emphasized their desire to establish a more harmonious relationship after years of tension between the two most populous countries.

BRICS Summit

2. Bank of Japan Governor Kazuo Ueda indicated that there may be further interest rate hikes, stressing that his top priority is to determine the appropriate scale and timing for normalizing Japan's accommodative monetary policy.

Kazuo Ueda

3. According to an insider, TSMC $Taiwan Semiconductor Manufacturing(TSM)$   informed the U.S. that tech research company TechInsights disassembled a Huawei product and found a chip from TSMC. This disclosure suggests that the Chinese company may have violated export restrictions.

TSMC x Huawei

4. Amid a sluggish German economy, Deutsche Bank $Deutsche Bank AG(DB)$   raised its bad loan forecasts while reporting a return to profit in the third quarter, thanks to strong investment banking performance and a reduction in provisions related to postal bank lawsuits.

5. Kering Group $Kering SA(PPRUY)$  warned that a decline in Chinese demand for luxury goods is hindering the recovery of its flagship brand Gucci, and that its annual profit will reach the lowest point since 2016.

Kering Group

✅ Key Takeaway:

This is a classic case of buying on rumors and selling on facts.

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