Market Commentary: Monday 11th November

Veterans Day – Lest We Forget. Overnight, Beijing unveiled a 10 trillion yuan ($1.4 trillion) program to defuse local governments’ debt risk but stopped short of unleashing new fiscal stimulus. The Hang Seng is down 1.6%, while the CSI 300 is up 0.6%.

So, after last week’s excitement, what’s in store for the week ahead? The focus shifts to mainstream inflation concerns. On Wednesday, we’ll see the U.S. CPI for October, just a week after the Fed’s rate cut. Could Trump’s policies prove inflationary? The S&P surged to an all-time high (6012.45), trading above the 6,000 level for the first time, as expectations of tax cuts and looser regulations under Trump boosted risk appetite. Bitcoin is also the talk of the town, trading at $81,891. During his campaign, Trump vowed to make the U.S. the “crypto capital” of the world by creating a strategic Bitcoin stockpile and appointing friendlier regulators.

Beyond the data, we’ll hear from Governor Christopher Waller on Tuesday, with appearances from Richmond Fed President Thomas Barkin and Philadelphia Fed President Patrick Harker on the same day. On Wednesday, Dallas Fed President Lorrie Logan, St. Louis Fed President Alberto Musalem, and Kansas City Fed President Jeff Schmid are also scheduled to speak. Jerome Powell will address the public on Thursday.

Today’s notable events include second-tier data on Denmark CPI and Norway CPI, as well as the kick-off of the United Nations climate change conference, COP29.

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