Clearly a day of risk-on for investors. All major indices finished in the positive territory while the greenback declined against all major currencies. Currently, US futures point towards the upside; Dow is up by 0.10% whereas the S&P 500 climbed by 0.20% .
In US's previous trading session, all major US indices finished strong. However, Nasdaq outperformed all the major indices, climbing by 0.80%. Interest rate sensitive sectors declined with utilities plunging by more than 2%.
In Asia, Shanghai composite outperformed all other indices as Chinese lawmakers gather to sign off the fiscal package. Shanghai Comp by 1.16% whereas Hang Seng and STI climbed by 0.29% and 0.46% respectively.
In Europe, The US's FTSE outperformed France's CAC and Germany's Dax. FTSE surged by 0.57% while DAX remained slightly flat; CAC 40 surged by 0.41%.
All major commodities surge as investors await for the results of the US elections. Gold increased by about 0.50% while silver rallied ahead by more than 1%. US Crude outperformed as OPEC+ postponed its plan to increase oil production.
Investors Expect Beijing to Announce the Details of China's Fiscal Stimulus This Friday
China's legislative body will meet between 4th November to 8th November. According to analysts, details of China's fiscal stimulus will be out on 8th November, Friday.
The size of the fiscal stimulus will most likely be affected by the results of the US elections. According to Nomura, if Trump gets elected, there is a likelihood that the fiscal package will be 10% to 20% larger.
Previously, Donald Trump has threatened to increase tariffs on imports from China. If US tariffs plagued China's economy, China will need to rely more on domestic consumption to revive its economy.
Investors Await Results of US Elections
Tomorrow will be election day! Both Kamala Harris and Donald Trump are delivering their last pitches in key battleground states.
Harris will be spending her last day campaigning in Pennsylvania, Pittsburgh, and Philadelphia.
Expect Trump to be around North Carolina, Pennsylvania, and Michigan.
Latest poll data suggests that this is going to be a close contest.
Traders across the world are already on stand by.
Will there be civil unrest this time? Previously on 6th June 2021, Trump's supporters have invaded the US Capitol. If Trump loses this time, it will be wise to be safe and take precautions!
Other Notable News
Leaders of the European Union congratulated Maia Sandu on her pro-Western stance and recent victory in Moldova's presidential election.
Reports show that China's Singles’ Day was relatively restrained this year, with consumer enthusiasm low and fewer people actively engaging in shopping sprees.
Affirm, a "Buy Now, Pay Later" company, has expanded into the UK, marking its debut outside North America. Currently, Affirm supports over 50 million users and works with more than 300,000 active merchants.
Indonesia witnessed a volcanic eruption at Mount Lewotobi, resulting in at least 10 deaths. The United States, meanwhile, is preparing for potential effects of Hurricane Rafael, anticipated to reach the country later this week.
Samsung has introduced faster update capabilities for its premium smartphones, while Amazon is dealing with complaints about discolored screens on its Kindle Colorsoft devices. ChatGPT Search, a new conversational search engine, has launched and is positioned as a competitor to Google.
Disclaimer: All information provided is intended solely for general informational purposes. Seven Insights does not take into account individual financial goals or situations and does not provide personalized investment advice. Seven Insights is not a licensed securities dealer, broker, U.S. investment adviser, or investment bank.
