Hot news

• Federal Reserve hawkish governor Bowman stated that progress on inflation seems to have stalled, and the vice chair for financial regulation said he would not resign due to Trump's departure.

Local time on Wednesday (November 20), Federal Reserve governor Bowman called for a cautious stance on further rate cuts, as progress in reducing inflation has slowed and the job market remains strong. Analysts suggest that if the U.S. labor market remains strong while inflation progress is slow, Bowman may not agree to continue rate cuts in December. Governor Cook spoke in measured terms, stating that over time, it may be appropriate for the Federal Reserve to lower rates to a more neutral stance. Federal Reserve governor and vice chair responsible for financial regulation Michael Barr stated plans to continue serving as vice chair until the end of his term.

• Latest predictions from economists: The Federal Reserve will cut interest rates in December, but the reduction next year will be 'halved'.

A recent foreign media survey shows that most economists expect the Federal Reserve to continue cutting rates next month, but due to policies proposed by incoming President Trump that could lead to rising inflation, the extent of rate cuts in 2025 will be less than they anticipated a month ago. Trump's planned policies, including raising tariffs and reducing taxes, have caused the market's expectations for the Fed's rate cuts by the end of 2025 to nearly halve, dropping to about 75 basis points. Continued strong economic growth, stubborn inflation, and the stock market reaching new highs have become obstacles to the Fed's rapid rate cuts.

• Goldman Sachs expects that global monetary policy will continue to ease next year.

Goldman Sachs expects that by the end of 2024, global central banks will lower their policy rates from 5.2% to 5.1% (on a GDP-weighted basis), and by the end of 2025 to 3.8%. They anticipate an average loosening of 116 basis points across developed markets over the next four quarters, with New Zealand anticipated to cut rates significantly (by 175 basis points), and the eurozone and Canada to loosen by 150 basis points. Japan is an exception, as Goldman Sachs expects rates in Japan to increase by 50 basis points over the next four quarters. Goldman Sachs expects that over the next 12 months, emerging markets will average a loosening of 114 basis points, with Central and Eastern Europe, the Middle East, and Africa (CEEMEA) regions (excluding Turkey and Egypt) expected to see significant rate cuts.

• The Trump team is considering establishing the first-ever White House position for cryptocurrency.

The discussion regarding this position includes leading a small team and acting as a liaison among various institutions with jurisdiction over cryptos, including congress, the white house, the usa securities and exchange commission, and the commodity futures trading commission.Futures Trading Commission (CFTC)'s latest data shows that investors are significantly reducing their net short positions in US soybean, corn, and wheat contracts, easing bearish sentiment in the market.Trump's team is reviewing candidates for this role. According to insiders, former company executives from Coinbase and binance usa, Brian Brooks, met with Trump on Tuesday and is also a potential candidate for the usa securities and exchange commission chairman. Coinbase's CEO Brian Armstrong also spoke with Trump this week.

Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.

• The three major indexes showed mixed results, with nvidia initially falling nearly 5% after hours.

On Wednesday, the three major indexes in the usa showed mixed results, with the dow jones industrial average slightly up, the s&p 500 index flat, and the nasdaq index dipping over 1% at one point before ultimately closing slightly down. By the end of trading, the dow jones industrial average rose by 0.32%, the s&p 500 index remained flat, and the nasdaq index fell by 0.11%.

Most large tech stocks fell, with Apple rising by 0.32%, Microsoft dropping by 0.55%, Nvidia falling by 0.76%, Google dropping by 1.20%, Amazon falling by 0.85%, Meta rising by 0.79%, and Tesla dropping by 1.15%.

Most popular china concept stocks rose, with the nasdaq golden dragon index up 1.44%. Alibaba fell 0.39%, pdd holdings fell 1.01%, ideal automotive dropped 1.77%, bilibili rose by 3.62%, netease increased by 2.16%, tencent music climbed 2.60%, and iqiyi was up 4.31%.

• Nvidia's Q4 performance guidance fell short of the highest expectations, and the Blackwell chips have been fully put into production, dropping nearly 5% in after-hours trading.

After the market close on Wednesday in Eastern Time, the AI leader $NVIDIA (NVDA.US)$ reported its fiscal year 2025 third quarter financial results (for the period ending October 27): Q3 revenue was $35.08 billion, a year-on-year increase of 94%, exceeding analyst expectations of $33.1 billion; it expects Q4 revenue to be $37.5 billion, above the expected $37.1 billion, but not meeting the highest expectation of $41 billion, leading to a drop of over 5% in after-hours trading. As of the time of writing, Nvidia was down over 1% after hours.

Nvidia stated that Blackwell chips have now been fully put into production and are scheduled to begin shipping this quarter, with expectations that this product will be in high demand in the coming quarters. Jensen Huang also mentioned that the current generation GPU—Hopper chip is still very popular.

• Bitcoin has surpassed $94,000, reaching a new high, leading to a broad rise in the concept stocks related to cryptos.

$MARA Holdings (MARA.US)$ rising nearly 14%, $MicroStrategy (MSTR.US)$ 、 $Abits (ABTS.US)$ Increased by 10%,$Bakkt Holdings (BKKT.US)$ Increased by 7.15%. Bitcoin has surpassed $94,000 per coin, reaching a new high. Analysts at HashKey Group point out that Bitcoin has risen to $0.09 million, and there is still room for further increases, stating that "Bitcoin will become a reserve asset for the USA" will fulfill its promise. Once this initiative is implemented, it will open up new upward potential for the market. The existing cryptos in the USA will not flow into the market for sale, which will significantly reduce potential bearish expectations in the market; Bitcoin, as a reserve asset for the USA, may involve government purchases.

• The chairman of Tesla sold $35 million in stocks, cashing out during a time of soaring stock prices.

$Tesla (TSLA.US)$ Chairman Robyn Denholm cashed out over 35 million dollars, coinciding with a surge in the stock following the US elections. Regulatory filings show that Denholm executed 112,390 stock options that will expire next year and sold these shares on November 15. She pre-arranged these trades through a trading plan that allows US company insiders to sell stock in July. After considering the exercise cost, Denholm made a net gain of about 32.5 million dollars from this sale.

• After the iPhone 16 was banned from sale, apple plans to invest 0.1 billion dollars to build a factory in Indonesia.

The Indonesian Ministry of Industry stated on Wednesday that tech giant Apple has proposed a $0.1 billion investment plan to establish a factory producing components and parts in Indonesia. This proposal comes after Indonesia banned the sale of Apple's iPhone 16 because the company failed to meet local requirements for parts. Indonesia mandates that certain smartphones sold domestically include at least 40% of locally manufactured components.

• Retail stock target closed down 21%, with Q3 performance falling short of expectations and a lowered full-year guidance.

$Target (TGT.US)$ Closed down 21%, after the retailer lowered its full-year earnings forecast, warning that flat quarterly sales and increased inventory have harmed profitability. Comparable sales in the third quarter grew only 0.3%, below analyst expectations, and slowed from the previous quarter. Specifically, comparable sales at physical stores fell by 1.9%, while digital comparable sales grew by nearly 11%. Company executives indicated that US consumers are spending less on non-essential items like clothing and housewares.

• Surging nearly 20% in after-hours trading! The new product is expected to reverse the downturn, with Snowflake's latest earnings guidance exceeding expectations.

$Snowflake (SNOW.US)$ Announced better-than-expected sales outlook, indicating that the newly launched product has been well received by customers. According to the financial report, Snowflake's revenue for the third quarter of fiscal year 2025 was $0.942 billion, an increase of 28.3% year-on-year, exceeding the market expectation of $0.898 billion. The company expects Q4 product revenue to be between $0.906 billion and $0.911 billion, a year-on-year growth of 23%. The company's after-hours stock price is now up nearly 20%.

• Palo Alto Networks' full-year guidance fell short of expectations, dropping over 4% in after-hours trading.

$Palo Alto Networks (PANW.US)$ Revenue in the first quarter grew by 14%, reaching $2.14 billion, exceeding analyst expectations of $2.12 billion. Subscription and support revenue rose from $1.54 billion to $1.79 billion. Although the first quarter performance exceeded Wall Street's expectations, the overall annual guidance from this cybersecurity concept company failed to surprise investors, as the company raised its full-year revenue outlook to between $9.12 billion and $9.17 billion, resulting in a drop of over 4% in after-hours trading.

• Ford plans to cut 4,000 jobs in Europe by the end of 2027.

$Ford Motor (F.US)$ Plans to further cut 4,000 jobs in Europe by the end of 2027 as part of a restructuring to create a "more cost-competitive" structure. Ford stated that the layoffs will mainly affect its business in Germany and the united kingdom, with minimal reductions in other European markets. Ford mentioned a "particular focus" on its passenger vehicle business in europe, as well as lower-than-expected electric vehicle demand. The company is also further adjusting the production plans for the new Explorer and Capri. At the close, Ford Motor fell 2.90%.

Top 20 in transaction volume

BeiShui crazily bought China Mobile for nearly HKD 1.8 billion and sold Tencent for about HKD 200 million. On Monday (June 3rd), Southbound funds net purchased HKD 3.4 billion of Hong Kong stocks.

• Northbound capital increased its holdings in meituan by nearly 0.5 billion HKD, bought tencent for nearly 0.3 billion HKD, and sold cm bank for nearly 0.4 billion HKD.

On November 20 (Wednesday), southbound funds net bought 5.571 billion HKD in Hong Kong stocks.

$MEITUAN-W (03690.HK)$、$INNOVENT BIO (01801.HK)$、$TENCENT (00700.HK)$Net purchases of 0.484 billion HKD, 0.28 billion HKD, and 0.274 billion HKD were respectively obtained;

$CM BANK (03968.HK)$ 、$CNOOC (00883.HK)$、$KINGSOFT CLOUD (03896.HK)$Net sales of 0.376 billion HKD, 0.18 billion HKD, and 80.25 million HKD were respectively encountered.    

The company's overall sales volume in 2023 was 18,000 kiloliters, with a year-on-year increase of 28.10%, indicating significant growth. In terms of product structure, the operating income of products worth 10-30 billion yuan were 401/1288/60 million yuan respectively.

Keywords: Initial jobless claims in the USA for the week ending November 16, Philadelphia Fed manufacturing index for November, annualized existing home sales total in the USA for October, monthly leading economic index in the USA for October, PDD Holdings performance.

On Thursday, in terms of economic data, a series of numbers will be released, including initial jobless claims in the USA for the week ending November 16, the Philadelphia Fed manufacturing index for November, the annualized existing home sales total in the USA for October, the monthly leading economic index in the USA for October, and EIA natural gas inventories for the week ending November 11.

In terms of financial events, 2024 FOMC voting member, Cleveland Federal Reserve President Harker delivered a welcome address at the 2024 Financial Stability Conference.

Regarding performance, $PDD Holdings (PDD.US)$ 、 $KE Holdings (BEKE.US)$ 、 $iQIYI (IQ.US)$ will announce their performance during pre-market trading.

In terms of new stocks, $Leishen Energy Holding Co., Ltd. (LSE.US)$ 、 $Pony AI (PONY.US)$ Will be listed.

Futubull Morning News:

The stocks of the most famous listed companies are the easiest to be overly speculated.
-Andre Costolani

Editor/Rocky