Overview of Key Events This Week
Several senior officials of the Federal Reserve are set to speak, and their interpretations are crucial!
This week, the Federal Reserve announced a 25-basis-point cut in the target range for the federal funds rate, in line with expectations. However, Powell warned at the press conference that further rate cuts are not guaranteed, citing disruptions to economic reports due to the government shutdown.
Next week, other senior Fed officials will also make appearances, including Harker, Daly, and Mester, with the most significant being New York Fed President Williams, who holds considerable sway over monetary policy decisions.
The duration of the U.S. government shutdown is approaching the historical record, as Trump misjudged the Democrats' resolve, leading to the arrival of a 'critical moment'!
The U.S. government shutdown will reach 32 days, nearing the historical longest record of 35 days. Meanwhile, as funding for the Supplemental Nutrition Assistance Program (SNAP), which provides food assistance to 42 million Americans, is set to expire on November 1st, a severe livelihood crisis is rapidly escalating.
Core differences remain at the heart of the negotiations. The Democrats insist on negotiating an extension of the soon-to-expire Affordable Care Act (ACA) subsidies before reopening the government. In contrast, Republicans demand that Democrats first vote to reopen the government before discussing other issues.
As negative impacts continue to accumulate, the political pressure on both sides is also mounting. Currently, the U.S. Senate is scheduled to hold the next vote on the evening of November 3rd (the 34th day of the shutdown), and the market is closely watching whether the two parties can reach a compromise at the eleventh hour.
As the U.S. federal government shutdown continues, the non-farm payroll report on Friday is highly likely to be delayed, leaving ISM and ADP as the focal points!
Due to the ongoing 'shutdown' of the U.S. federal government, the U.S. trade balance report originally scheduled for release next Tuesday and the non-farm payroll report next Friday will most likely be postponed.
A large volume of U.S. private sector data will be released next week. All eyes will be on the two ISM surveys and the ADP Employment Report. The market consensus expects the October ISM Manufacturing Index to return above the 50-point threshold, potentially marking its first expansion since February 2025. Four out of the five regional Fed surveys already point to improvements in manufacturing. On the services side, the ISM index is expected to slightly expand to 50.4, but the risk of falling into contraction territory remains significant due to the drag from the government shutdown.
The U.S. will release the ADP Employment Report on November 5. Bloomberg economist Anna Wong forecasts that nonfarm payrolls in October may increase by only about 50,000, with the unemployment rate potentially rising to 4.4%. Recent ADP data has been negative for two consecutive months, indicating a notable slowdown in the labor market, which provides critical evidence for the Federal Reserve’s future rate-cutting path.
The U.S. Supreme Court is hearing a tariff case, the outcome of which will have profound implications for the boundaries of presidential emergency powers.
On November 5, the U.S. Supreme Court will hear oral arguments regarding whether Trump had the authority to impose tariffs under the 1977 International Emergency Economic Powers Act (IEEPA). This case involves significant economic stakes and serves as an important test of presidential power.
Although the ruling is not expected to be announced for several months, the court will face pressure to expedite the proceedings. Nevertheless, the justices will have the opportunity to pose questions to both sides next Wednesday, which could provide early indications of their inclinations toward the ruling. Any headlines suggesting leniency by the justices toward Trump's legal team may bolster market risk appetite.
U.S. President Trump stated that he might personally attend the oral arguments at the Supreme Court regarding the legality of tariffs.
Tesla will host its annual shareholders' meeting, where votes will be held on three key proposals, including CEO compensation.
Tesla announced that it will hold its annual general meeting on November 6. Shareholders will vote on three key proposals during the meeting, including CEO Elon Musk's compensation package, equity incentive plan, and board member elections.
Media analysis highlights two key points. First, Elon Musk’s compensation package. Tesla is proposing a potential compensation agreement worth approximately $1 trillion to Musk, the largest executive pay package in U.S. corporate history. Morgan Stanley has warned that if Musk’s compensation plan is not approved, Tesla’s stock could face an immediate selloff of over 10%, which the market would interpret as a vote of no confidence in his leadership. Rejection of the plan could also create uncertainty around the company’s strategic outlook and exacerbate the risk of losing key talent.
Second, the potential release of Gen 3 robots. Current expectations for Gen 3 include: 1. Enhanced mobility; 2. Improved fine motor skills; 3. Greater autonomy; 4. A design closer to mass production readiness.
Earnings reports from AI companies such as Advanced Micro Devices, Qualcomm, Arm Holdings, and ON Semiconductor are being released one after another. Can technology stocks continue their rally?
The earnings reports released by tech giants this week have led to sharp fluctuations in their stock prices. Microsoft and Meta plummeted after their earnings releases, while Amazon and Google surged, each hitting new highs, and Apple initially fell before rebounding.
Looking ahead to next week's earnings, several AI-related companies are worth watching. Among semiconductor stocks, there are $Advanced Micro Devices (AMD.US)$ 、 $Qualcomm(QCOM.US)$ 、 $Arm Holdings(ARM.US)$ , and among software companies, there are $Palantir(PLTR.US)$ and $Applovin(APP.US)$In the field of quantum, there isD-Wave Quantum (QBTS.US) and $IonQ Inc (IONQ.US)$ 。
Pony AI and WeRide plan to list simultaneously on the Hong Kong Exchange on November 6.
According to an announcement by the Hong Kong Exchange, Pony AI intends to issue approximately 41.96 million shares, with an upper price limit of HKD 180 per share; WeRide plans to issue approximately 88.25 million shares, with an upper price limit of HKD 35 per share. Both companies are scheduled to begin trading on November 6.
Pony AI is the only company in China to have obtained a permit for autonomous ride-hailing services open to the public in Beijing, Shanghai, Guangzhou, and Shenzhen, while WeRide is the only company globally to have secured autonomous driving licenses in seven countries. A race for the title of 'the first Robotaxi stock in Hong Kong' has officially begun.
Key Earnings Calendar for the Upcoming Week
Further Reading:[Rewards] Spotlight on Star Stocks! PLTR, AMD, and HOOD Take Center Stage – Weekly Performance Update (Nov. 3 - Nov. 7)
Monday, November 3
Keywords: U.S. October ISM Manufacturing PMI, Japanese Stock Market Closed
On Monday, key economic data to be released include China’s October RatingDog Manufacturing PMI, the Eurozone’s final October Manufacturing PMI, S&P Global’s final October Manufacturing PMI for the U.S., and the U.S. October ISM Manufacturing PMI.
In terms of financial events, the People's Bank of China has a 337.3 billion yuan seven-day reverse repo maturing today; the International Financial Leaders’ Investment Summit will be held in Hong Kong from November 3 to 5, 2025. This marks the fourth consecutive year that the Hong Kong Monetary Authority (HKMA) has hosted this prestigious financial event. Approximately 300 international financial leaders are expected to gather in Hong Kong next week for the summit, including over 100 chairpersons or CEOs.
In terms of new stock offerings, $Pony AI-W (02026.HK)$ 、 $WeRide-W (00800.HK)$ 、 $Joyson Electronics (00699.HK)$ The subscription period for 3 new HKEX stocks has ended. $Minglue Technology-W (02718.HK)$ will be listed today.
Regarding earnings, $Cipher Mining(CIFR.US)$ Will release earnings before the US stock market opens.$Palantir(PLTR.US)$ 、 $Hims & Hers Health(HIMS.US)$ 、 $Grab Holdings(GRAB.US)$ released its earnings after the US stock market closed,
In terms of market closure, the Japanese stock market was closed for the entire day.
Tuesday, November 4
Keywords: RBA Interest Rate Decision, U.S. September JOLTs Job Openings, PLTR Earnings
On Tuesday, in terms of economic data, the RBA interest rate decision will be released; the U.S. will announce September JOLTs job openings. The U.S. trade balance, originally scheduled for release on Tuesday, may not be published on time due to the government shutdown.
In terms of financial events, Daly, FOMC voter for 2027 and President of the San Francisco Fed, will deliver a speech at 01:00. The U.S. Treasury Department will release its Q4 financing estimates at 04:00. ECB President Lagarde will speak at 15:40.
In terms of earnings, $Uber Technologies(UBER.US)$ is scheduled to release its earnings report before the US stock market opens;$Advanced Micro Devices (AMD.US)$ 、 $Tempus AI(TEM.US)$ 、 MARA Holdings (MARA.US) other companies such as are set to announce their results after the US stock market closes. $Yum China (09987.HK)$ will announce its financial results.
In terms of new stock offerings, $Seres (09927.HK)$ will announce the lottery results. $BETA Technologies (BETA.US)$, an American electric aircraft designer and manufacturer, $BETA Technologies (BETA.US)$ shares will be listed today.
Wednesday, November 5th
Keywords: ADP Employment Change, Weekly EIA Crude Oil Inventories, Saudi Aramco Official Crude Oil Selling Price, Seres New Stock Listing, Advanced Micro Devices/Hong Kong Exchange Performance
On Wednesday, in terms of economic data, the China October RatingDog Services PMI will be released at 09:45, followed by the Eurozone October Services PMI Final and September PPI month-on-month rate. At 21:15, the U.S. October ADP Employment Change (in ten thousand people) will be announced, and at 23:30, the U.S. Weekly EIA Crude Oil Inventories as of October 31st (in ten thousand barrels) will be disclosed.
In terms of financial events, Saudi Aramco typically announces its official crude oil selling price around the 5th of each month.
Regarding earnings, $Hong Kong Exchange (00388.HK)$ Performance will be announced; $Applovin(APP.US)$ 、 $Arm Holdings(ARM.US)$ 、 $Robinhood(HOOD.US)$ 、 $Figma Inc(FIG.US)$ 、 $Qualcomm(QCOM.US)$ will release earnings after the US stock market closes.
In terms of new stock offerings, $Lakeshore (02698.HK)$ The subscription for the new stock has ended; $Seres (09927.HK)$ The new stock will be listed today; $WeRide-W (00800.HK)$ 、 $Joyson Electronics (00699.HK)$、 $Pony AI-W (02026.HK)$ The lottery results will be announced.
Thursday, November 6
Keywords: U.S. weekly initial jobless claims, Tesla annual shareholders meeting, APP/ARM/HOOD/Qualcomm/Hua Hong Semiconductor earnings, WeRide & Pony AI Hong Kong IPO
On Thursday, in terms of economic data, the Eurozone's September retail sales month-over-month rate will be released at 18:00; the U.S. initial jobless claims for the week ending November 1 (in ten thousand people) will be announced at 21:30; and the U.S. EIA natural gas inventory for the week ending October 31 (in billion cubic feet) will be published at 23:30.
Regarding financial events, at 20:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report; additionally, Tesla will hold its annual shareholders meeting, with the time yet to be determined.
Regarding earnings, D-Wave Quantum (QBTS.US) are scheduled to release their earnings before the US stock market opens. $IREN Ltd(IREN.US)$ 、 $MP Materials(MP.US)$ 、 $Opendoor Technologies(OPEN.US)$ 、 SoundHound AI (SOUN.US) is scheduled to release its earnings after the US stock market closes. $Hua Hong Semiconductor (01347.HK)$ Earnings will be announced.
In terms of new stock offerings, $WeRide-W (00800.HK)$ 、 $Pony AI-W (02026.HK)$ 、$Joyson Electronics (00699.HK)$ Three new Hong Kong stocks will be listed today; one of Mexico's top three airlines $Grupo Aeromexico(AERO.US)$The new US stock will be listed today.
Friday, November 7th
Keywords: US Unemployment Rate (TBD), US Non-farm Payrolls (TBD), Williams Speech, IREN/MP/SOUN Earnings
On Friday, regarding economic data, China will release its October trade balance and foreign exchange reserves; the US will announce its October unemployment rate and October seasonally adjusted non-farm payrolls (in ten thousand people). Due to the US government shutdown, the aforementioned two sets of data may not be released as scheduled. At 23:00, the preliminary reading of the US November one-year inflation expectation and the preliminary reading of the University of Michigan Consumer Sentiment Index for November will be published.
In terms of financial events, at 01:00, 2026 FOMC voter and Cleveland Federal Reserve President Hamak will speak at the New York Economic Club; at 05:30, 2026 FOMC voter and Philadelphia Federal Reserve President Paulson will deliver a speech; at 06:30, 2025 FOMC voter and St. Louis Federal Reserve President Musallem will conduct a fireside chat on monetary policy; at 16:00, permanent FOMC voter and New York Federal Reserve President Williams will speak at the ECB Money Market Conference.
Regarding earnings, Constellation Energy (CEG.US) 、 $Enbridge(ENB.US)$ is scheduled to release earnings before the US stock market opens.
In terms of new stock offerings, $Lakeshore (02698.HK)$ The allotment results for new Hong Kong stocks will be announced; children’s English education company $Monkey Tree Investment Ltd.(MKTR.US)$ , and gaming company $Libera Gaming Operations (LBRJ.US)$ New US stocks will be listed today.
Stay ahead of major financial events and discover investment opportunities early! Open Futubull > Market > US Stocks >Economic Calendar/Selected macroeconomic data, seize the investment opportunity!
In the new week, I wish fellow investors successful investments!
Editor/Doris
