Global Stocks Rise as AI Optimism Outweighs Inflation Concerns: Global stocks climbed as investor enthusiasm for AI outweighed concerns about hotter-than-expected US inflation. Nasdaq 100 futures rallied 1.5% overnight, recovering the underlying index’s losses from yesterday’s US session. Futures are now up 3.4% this week and 4.4% from last week’s lows, while S&P 500 futures climbed 0.7%. Nvidia fell 5.5% during yesterday’s trading to below $170, while the KOSPI rose 2.6%.
CoreWeave and Anthropic Support the Tech Rally: The technology rally was supported by an upbeat outlook from CoreWeave, whose shares jumped 7%, and growing anticipation ahead of Anthropic’s listing. OpenAI’s quarterly revenue also reached $10 billion for the first time. Anthropic launched its IPO marketing yesterday, targeting a price of $70–$78 a share and a valuation of up to $64.4 billion. This would value the company at around $1 trillion, or as much as $1.4 trillion when including options and other potential shares. A separate $26 billion investment is coming from backers including Google and Nvidia. Pricing is expected on Wednesday, 18 November, with Nasdaq trading due to begin on Thursday, 19 November.
Hotter US Inflation Strengthens Fed Rate-Hike Bets: US inflation exceeded expectations yesterday. Headline CPI rose 0.4% in October, compared with a forecast of 0.3%, while core prices increased 0.3% for a third consecutive month, against the 0.2% expected. The figures strengthened expectations of further Fed tightening, with markets pricing an 86% probability of a quarter-point increase in December and a 10% probability of a half-point rise or more. Two-year Treasury yields jumped 17 basis points yesterday, their biggest daily increase in 19 months, as bond prices fell. US cash Treasury markets are closed today for Veterans Day.
Gold Rebounds as Oil Rises: The dollar gained 0.5% yesterday. Spot gold fell 2.7% to around $4,020 before rebounding 1.2% overnight to $4,063. Oil rose 3.5% to around $92 a barrel following a two-day decline, as continued attacks on tankers near the Strait of Hormuz tempered optimism over an end to the conflict with Iran.
Key Market Moves Today
- S&P 500 Futures: +0.57% (7,787)
- Crude Oil: +0.37% ($86.38)
- Spot Gold: +0.63% ($4,057)
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