Global Markets

  • After posting strong gains in Friday, we see a softening in sentiment in the US market. US futures declined. The S&P 500 retracted by 0.31% while the NASDAQ 100 declined by 0.50%.
  • In the Asian Market, the Hang Seng underperformed significantly by 1.57%. There is divergence between the Hang Seng and the CSI 300. CSI 300 ended the day 0.25% higher primarily due to PBOC's rate cut.
  • In Europe, the Stoxx 600 declined by 0.47% underperforming the FTSE 100 which declined by 0.20%.

Macroeconomics

  • In an effort to bolster the economy, Chinese banks have slashed lending rates. The one year loan prime rate was lowered to 3.1% from 3.35% while the five year rate was reduced to 3.60% from 3.85%. This cut came after the PBOC outlined steps last month to encourage households and companies to increase leverage. On Frisday
  • UK's Chancellor, Rachel Reeves, will set aside billions of pounds in her budget next week. Reeves is under pressure to give NHS enough financial support to fulfil the Labour's manifesto pledge. However, she is also operating within a tight fiscal constraint.
  • ECB's Simkus suggests that it is clear that rates will be lowered further should the deceleration in inflation persists. According to his statement: "I can't yet tell what will the decision be in December, but the direction is clear - down"

International Relations

  • Israel widened its bombing campaign in Lebanon over the weekend, targeting financial institutions.
  • China tightens export controls for tech and goods with military use (e.g. Drones). These measures will take effect from 1st December.

Other Notable News

  • Samsung and OnePlus make headlines with new flagship phone editions
  • 23and Me faces bankruptcy amid data privacy concerns.
  • Latest polling data shows Harris and Trump locked in a tight race in seven states.

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