Market Highlights ๐ก - 11 November 2024
Donald Trump Achieves Decisive Victory, Stock Market Mixed
๐บ๐ธ S&P 500 Index: 0.40% ๐
๐บ๐ธ Nasdaq Index: 0.11% ๐
๐ช๐บ Stoxx 600 Index: -0.64% ๐
๐ฏ๐ต Nikkei 225 Index: 0.30% ๐
๐ญ๐ฐ Hang Seng Index: -1.07% ๐
๐จ๐ณ CSI 300 Index: -1.00% ๐
๐ธ๐ฌ Straits Times Index: 1.39% ๐
โข U.S. stocks saw a modest rise, with the S&P 500 and Nasdaq increasing by 0.4% and 0.1%, respectively. This notable increase was largely driven by investor optimism after Donald Trump's recent election victory, which fueled expectations of pro-business policies and economic growth.
โข Chinese stocks declined, with the Hang Seng Index and CSI 300 Index dropping sharply by -1.1% and -1.0%, respectively, as investors learned that China's stimulus plan had not directly injected funds into the struggling economy.
๐ก Upcoming Events ๐ก
โข Monday: Release of U.S. Cleveland Federal Reserve Inflation Expectations, Bank of Japan Summary of Opinions.
โข Tuesday: Release of U.S. NFIB Small Business Index and U.S. RCM/TIPP Economic Optimism Index.
โข Wednesday: Release of U.S. Core CPI Monthly, U.S. CPI Year-on-Year, Eurozone Industrial Production Monthly, and Japan PPI.
โข Thursday: Release of U.S. PPI Monthly, U.S. Unemployment Claims, Eurozone GDP Quarterly Estimate, and European Central Bank Monetary Policy Meeting Minutes.
โข Friday: Release of U.S. Core Retail Sales Monthly, EU Economic Forecasts, China Industrial Production Year-on-Year, China Retail Sales Year-on-Year, China Unemployment Rate, Japan Preliminary GDP Quarterly.
๐ก Things to Know Today ๐ก
1. President Donald Trump won the 2024 U.S. presidential election, securing victories in all seven battleground states and earning 312 electoral votes.
2. The U.S. has instructed Taiwan Semiconductor Manufacturing Company (TSMC) $Taiwan Semiconductor Manufacturing(TSM)$ to stop supplying advanced chips to Chinese customers, effective starting Monday. These chips are typically used in artificial intelligence technologies and are now restricted under the new order.
3. On Friday, China announced a 10 trillion yuan ($1.4 trillion) debt plan aimed at easing the fiscal pressure on local governments and stabilizing its slowing economy.
4. According to sources, Toyota's $Toyota(TM)$ target is to reach an annual production of at least 2.5 million vehicles in China by 2030. The company plans to integrate its sales and manufacturing operations more closely, giving local executives greater autonomy in development.
5. India's oil minister pointed out that if India, a major oil importer, stops purchasing oil from Russia following the Ukraine conflict, global oil prices would soar. $Occidental(OXY)$ $Exxon Mobil(XOM)$
โ Key Takeaway:
After his decisive election victory, Trump is expected to pursue more aggressiveโAmerica Firstโpolicies.
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