To The Moon

Due to investors lowering expectations for a rate cut in December, global markets mostly declined.

🇺🇸 S&P 500 Index: -1.32% 📉

🇺🇸 Nasdaq Index: -2.24% 📉

🇪🇺 STOXX 600 Index: -0.77% 📉

🇯🇵 Nikkei 225 Index: +0.28% 📈

🇭🇰 Hang Seng Index: -0.05% 📉

🇨🇳 Shanghai Shenzhen 300 Index: -1.75% 📉

🇸🇬 Straits Times Index: +0.17% 📈

• On Friday, U.S. markets broadly declined, with the S&P 500 and Nasdaq Composite falling by -1.3% and -2.2%, respectively, as economic data and comments from Federal Reserve officials indicated that future rate cuts will likely slow down.

• U.S. retail sales in October grew 0.4% month-over-month, slightly higher than expected, as consumers increased spending on cars and electronics. However, core retail sales decreased 0.1%, following a 1.2% upward revision in September.

• Asian markets generally closed lower, with the Hong Kong Hang Seng Index and Shanghai Shenzhen 300 Index down by -0.1% and -1.8%, respectively. Investors are concerned that, without more fiscal support, improving economic data may only be temporary.

• China's industrial production in October grew 5.3% year-over-year, below the expected 5.6%. However, retail sales in October rose 4.8% year-over-year, exceeding the expected 3.8%, marking the fastest growth since February, driven by the week-long holiday and the annual "Double 11" shopping festival.

💡 Upcoming Events: 💡

• Tuesday: G20 summit, Europe will release final core CPI and YoY CPI data.

• Wednesday: China will release 1-year and 5-year Loan Market Quotation Rates.

• Thursday: The U.S. will release initial jobless claims and the Philadelphia Fed manufacturing index.

• Friday: The U.S. will release preliminary manufacturing PMI and services PMI; Europe will release preliminary manufacturing PMI and services PMI; Japan will release national core CPI YoY

💡Things to Know Today: 💡

1. Alibaba Group's $Alibaba(09988)$  $Alibaba(BABA)$   Q2 sales missed analyst expectations due to ongoing economic uncertainty that dampened consumer spending in China, affecting its domestic business.

Alibaba

2. The U.S. Department of Commerce announced that, before Trump's return, a deal had been made to provide $6.6 billion in government subsidies to the U.S. branch of Taiwan's semiconductor manufacturing company to support semiconductor production.

US Department of Commerce

3. U.S. industrial production declined for the second consecutive month in October, continuing to be impacted by hurricanes and a strike by Boeing factory $Boeing(BA)$  workers, along with rising import prices.

Boeing factory

4. India's Tata Electronics has reached an agreement to acquire a majority stake in Pegatron's only iPhone factory in India, forming a new joint venture and strengthening Tata's position as an Apple supplier.

Tata Electronics

5. Elon Musk has expanded his lawsuit against OpenAI's founders, including federal antitrust charges and other claims, and has named Microsoft, OpenAI's largest financial backer, as a defendant.

Elon Musk vs OpenAI

✅ Key Takeaways:

The sales report released on Friday was fairly optimistic, with September data being significantly revised upward. Coupled with news of rising import prices last month, traders reduced their expectations for a December rate cut by the Federal Reserve.

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