Breakfast | All three major indices fell, with technology stocks leading the decline, Meta plummeting 11%, and eBay crashing over 15%

Market Overview

Investors have concerns about the Federal Reserve's interest rate cut prospects, and the market failed to rebound from the sell-off triggered by Powell yesterday. Additionally, Meta has sparked widespread concerns about the AI investment-output ratio. All three major U.S. stock indices fell, with technology stocks leading the decline, the Nasdaq fell nearly 1.6%.

Meta plummeted 11%, Alphabet rose 2.5%, and eBay crashed 15.88%. The China concept stock index fell nearly 1.9%. After hours on Thursday, Amazon surged 13% post-earnings, and Apple rose 3%, boosting Nasdaq futures by 1.2% in early Asia trading on Friday.

U.S. Treasury yields continued to rise from yesterday, with the 10-year yield up 2.32 basis points. After the ECB's decision, the euro fell 0.78% from its daily high against the dollar, the dollar rose 0.4%, surpassing the 99 mark. Cryptocurrencies plummeted, with Bitcoin falling for the third consecutive day, dropping below $110,000, down 3.5% for the day; Ethereum briefly fell 6.9%.

Spot gold rose 2.38%, rebounding above $4,000. Oil fluctuated within a narrow range. Copper futures fell over 4% during the session.

In the Asian session, all indices fell in the afternoon, with the Shanghai Composite Index losing the 4,000-point mark, rare earth permanent magnets surged, leading CPO stocks plummeted, the Hang Seng Index fell 0.7%, and government bonds rebounded.

Key News

Xi Jinping met with U.S. President Trump in Busan. Ministry of Commerce: The China-U.S. economic and trade teams reached a consensus on three aspects.

Besenet: May select candidates for the Federal Reserve Chair before Christmas, disapproving of the wording of this interest rate cut.

The European Central Bank remained "on hold" for the third time, keeping the deposit rate unchanged at 2%, with economic resilience against trade headwinds; Lagarde: Core inflation indicators are consistent with the 2% target, and the inflation outlook is more uncertain than before. Eurozone GDP grew 0.2% quarter-on-quarter in Q3, exceeding expectations, France's growth rate hit a nearly three-year high, while Germany continued to stagnate.

The Bank of Japan kept interest rates unchanged, with two members continuing to vote against.

Service supported Apple's last quarter revenue hitting a record high for the same period, unexpected decline in revenue from China, iPhone sales in the off-season were disappointing, but a double-digit increase is expected this quarter.

AWS achieved its fastest growth in three years, with capital expenditures exceeding expectations, Amazon rose 14% after hours.

Tesla's trillion-dollar compensation plan for Musk faced opposition from significant shareholders.**

Reports indicate OpenAI is considering filing as early as the second half of 2026, with an IPO in 2027, valued at $1 trillion.

After Jefferies, BlackRock also suffered, being implicated in a "stunning" fraud case involving lenders.

Zepbound's sales tripled after price cuts, Eli Lilly's Q3 performance exceeded expectations, and it raised its full-year guidance

High-end optical modules drive explosive performance, Zhongji Xuchuang Q3 net profit of 3.137 billion yuan, a year-on-year increase of 124.98%.

BYD's third-quarter revenue is 195 billion yuan, with a net profit attributable to the parent company of 7.82 billion yuan.

Silicon Motion Q3 revenue increased by 15.75% year-on-year, while net profit decreased by 1.74%.

North Huachuang Q3 net profit of 1.92 billion yuan, a year-on-year increase of 14.60%, with continuous growth in the domestic market.

Market Report

US and European stock markets: The S&P 500 fell by 0.99%, closing at 6822.34 points. The Dow Jones fell by 0.23%, closing at 47522.12 points. The Nasdaq fell by 1.58%, closing at 23581.144 points. The European STOXX 600 index closed down 0.10%, at 574.83 points.

A-shares: The Shanghai Composite Index fell by 0.73%, closing at 3986.90 points; the Shenzhen Component Index fell by 1.16%, closing at 13532.13 points; the ChiNext Index fell by 1.84%, closing at 3263.02 points.

Bond market: The yield on the US 10-year Treasury rose by 1.35 basis points, at 4.0892%. The yield on the 2-year US Treasury rose by 1.02 basis points, at 3.6082%.

Commodities: COMEX gold futures rose by 0.73%, at 4030 USD/ounce. WTI December crude oil futures closed up 0.15%, at 60.57 USD/barrel. Brent December crude oil futures closed up 0.12%, at 65.00 USD/barrel.

News Details

Global Highlights

Xi Jinping meets with US President Trump in Busan. Xi Jinping pointed out that the economic and trade teams of the two countries had in-depth exchanges on important economic and trade issues and reached a consensus on solving problems. The teams should quickly refine and finalize follow-up work, maintain and implement the consensus well, and provide tangible results to give both China and the US, as well as the world economy, a "reassurance." The two heads of state agreed to maintain regular communication. Trump looks forward to visiting China early next year and invites President Xi to visit the United States.

Ministry of Commerce: China and US economic and trade teams reach consensus on three aspects.

• The US side will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% reciprocal tariff imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) will continue to be suspended for one year.China will adjust its countermeasures against the aforementioned tariffs imposed by the U.S. Both sides agreed to continue extending certain tariff exclusion measures.
• Ministry of Commerce: The U.S. will suspend the implementation of its 50% penetration export control rules announced on September 29 for one year. China will suspend the implementation of related export control measures announced on October 9 for one year and will study and refine specific plans.
• Ministry of Commerce: The U.S. will suspend the implementation of its 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. After the U.S. suspends the relevant measures, China will also correspondingly suspend its countermeasures against the U.S. for one year.

South Korea announces investment details with the U.S.: $200 billion in installments, $150 billion for the shipbuilding industry. South Korea agreed to a $200 billion cash payment in installments and included multiple protective measures in the investment agreement to reduce the impact on its foreign exchange market. The annual cash payment cap of $20 billion is one of the key arrangements. The remaining $150 billion will be used for shipbuilding cooperation, including guarantees, investments by South Korean companies, and ship financing.

U.S. Senate passes resolution to terminate Trump's comprehensive tariff policy. It is reported that these resolutions still need to be voted on by the House of Representatives. However, House Republicans have repeatedly blocked legislative actions to overturn the tariffs, and these resolutions are expected to have difficulty obtaining a vote in the House.

Besen: Candidates for the Federal Reserve Chair may be selected before Christmas, discontent with the wording of this rate cut. The second round of interviews for the Federal Reserve Chair is about to begin.

The Federal Reserve's Vice Chair for Bank Supervision, Bowman, announced that about 30% of the members of its bank supervision department will be cut. Bowman announced plans to restructure the agency's supervision and examination department, primarily achieved through natural attrition, retirements, and voluntary departure incentives. Bowman expects the overall size of the Supervision and Regulation (S&R) department to be reduced to about 350 employees, down approximately 30% from the nearly 500 positions previously approved, with this goal to be completed by the end of 2026.

European Central Bank holds steady for the third time, maintaining the deposit rate at 2%, economic resilience withstands trade headwinds; Lagarde: Core inflation indicators are consistent with the 2% target, inflation outlook is more uncertain than ever.

• The European Central Bank has maintained the benchmark interest rate at 2% for the third consecutive time, believing that inflation has reached the target level and is not in a hurry to adjust policy. Although the Eurozone's economic growth is better than expected, showing some resilience, geopolitical tensions and uncertainties regarding U.S. tariffs still pose risksThe market expects the European Central Bank to cut interest rates again in the first half of next year, leading to a short-term decline in the euro and continued decreases in German bonds.
• ECB President Christine Lagarde pointed out that the service sector and artificial intelligence are driving growth, but the manufacturing sector is hampered by trade tensions. Future monetary policy will remain data-driven, without presetting interest rate paths. Meanwhile, the digital euro project has entered a new phase. The uncertainty surrounding the inflation outlook remains high, with attention needed on wages, trade, and geopolitical risks.

Eurozone's Q3 GDP grew by 0.2% quarter-on-quarter, exceeding expectations, France's growth rate hits a nearly three-year high, while Germany remains stagnant. France's Q3 GDP grew by 0.5% quarter-on-quarter, marking the fastest growth rate since 2023, while Germany's Q3 GDP remained flat, avoiding a technical recession but has been in a state of low growth, zero growth, or economic contraction for 14 consecutive quarters.

Bank of Japan maintains interest rates, two members continue to vote against. The Bank of Japan has not raised interest rates for the sixth consecutive time, in line with market expectations. Two policy members continue to vote in favor of raising rates to 0.75%. This is the first monetary policy meeting since the new Prime Minister, Kishida Fumio, took office. The central bank raised its economic growth forecast for this fiscal year to 0.7%, while core inflation remains unchanged at 2.7%. Surveys show that about 50% of observers expect a rate hike in December, but political uncertainty may lead to delays.

Services support Apple's last quarter revenue hitting a record high for the same period, unexpected decline in revenue from China, iPhone sales in the off-season are disappointing, but a double-digit increase is expected this quarter. Service revenue has consistently set quarterly records for nearly three years, with a year-on-year growth rate accelerating to 15% in Q3; iPhone sales increased by over 6% in Q3, but the growth rate slowed by more than half compared to the previous quarter, sales in Greater China fell by 3.6%, while analysts expected an increase of over 9%. Tariffs generated costs of $1.1 billion, in line with the company's expectations, nearly 40% higher than the previous quarter. CEO Tim Cook stated that Q4 will be Apple's best-performing quarter, with revenue expected to increase by 10%-12%, and Greater China will return to growth, with strong unexpected responses to the iPhone 17. Revenue guidance sets a new high for growth in at least four years. The CFO stated that Q4 iPhone sales will also increase by 10%-12%. Apple's stock initially fell and then rose after hours, at one point increasing by over 5%.

AWS achieves the fastest growth in three years, capital expenditures exceed expectations, Amazon's stock rises 14% after hours. Amazon reported third-quarter results that exceeded market expectations, thanks to AWS's growth accelerating to 20%, marking the largest increase in three years, driving the stock price to rise by 14% after hours. The company is fully committed to ramping up AI infrastructure, with expected capital expenditures of about $125 billion in 2025, higher than analysts' forecast of $118.76 billion, and capital expenditures in 2026 will further increaseThe company also stated that it has strengthened its cooperation with Anthropic through the $11 billion "Rainier Plan," as self-developed AI chips are in short supply.

Tesla's trillion-dollar compensation plan for Musk faces opposition from major shareholders. The largest public pension plan in the United States—California Public Employees' Retirement System (CalPERS)—is planning to vote against Musk's $1 trillion compensation agreement with Tesla, which poses a hurdle for Tesla's plan to grant Musk one of the most generous compensation packages in U.S. corporate history. Musk has been pushing for this compensation plan, hoping to gain approval at the company's annual shareholder meeting in Austin on November 6.

Tech giants' capital expenditures surge this year: Google aims for $93 billion, Meta raises to $72 billion, Microsoft has burned $34.9 billion in a single quarter. The surge in capital expenditures has become a common theme across all earnings reports. Both Google and Meta have raised their capital expenditure guidance for 2025 and forecast a further "significant" increase in 2026. Google has raised its 2025 capital expenditure guidance to $91 billion-$93 billion, Meta to $70 billion-$72 billion, and Microsoft's recently concluded fiscal quarter capital expenditure has reached a record $34.9 billion, far exceeding the market expectation of $30 billion.

AI "peak" timeline arrives? Reports say OpenAI is considering filing as early as the second half of 2026, with a valuation of $1 trillion upon going public in 2027. According to Reuters, citing insiders, although OpenAI's IPO plans are still in the early stages and may be adjusted based on business growth and market conditions, the initial envisioned fundraising scale is at least $60 billion.

AI bubble "barometer": Market closely watches Oracle's bonds—AI leverage's "weakest link". The cost of Oracle's five-year CDS has risen to its highest level since October 2023. Market attention is turning to the massive debt required to sustain the AI bubble. Closely monitoring Oracle's CDS trends is crucial—company bond performance may become a key indicator of whether the entire AI investment frenzy can be sustained.

OpenAI and Oracle announce the construction of the Stargate data center park in Michigan, expected to break ground in early 2026. OpenAI, Oracle, and project developer Related Digital plan to build a super-large data center park in Saline, Michigan, with a power generation capacity exceeding 1 gigawatt. This project is part of the previously announced collaboration between OpenAI and Oracle, aiming to add 4.5 gigawatts of "Stargate" computing capacity, with construction expected to begin in early 2026After Jefferies, BlackRock also suffered, exposed in a "shocking" fraud case involving lenders. Following the collapse of Jefferies' financing client First Brands, BlackRock has also revealed the "black box" of private credit. BlackRock's loan providers, including HPS, which it acquired this year, have sued the owners of telecommunications service companies Broadband Telecom and Bridgevoice, claiming that the bankrupt company owes over $500 million. Investigations found that every customer email used to verify invoices provided by the company over the past two years was forged, and its fraudulent customer contracts date back to 2018.

$30 billion evaporated in one day! How a rare "bloodbath" in American fintech came to be. Fiserv's stock price plummeted 44% in one day, marking the largest drop since its nearly forty-year listing. This collapse appears to stem from the new CEO's retraction of previous performance guidance, but it actually exposes management failures: pricing strategy missteps, overpromising growth, and a corporate culture that is slow to respond to customer needs. The warning for investors is that even the most entrenched companies in the digital economy can collapse due to management errors.

Zepbound's sales tripled after price cuts, Eli Lilly's Q3 performance exceeded expectations, and it raised its full-year performance guidance. Eli Lilly's third-quarter earnings per share were $7.02, with revenue reaching $17.6 billion, both exceeding analyst expectations, and it raised its revenue forecast for fiscal year 2025 to between $63 billion and $63.5 billion. Sales of weight loss drugs were strong in Q3, with Mounjaro's revenue growing 109% year-on-year and Zepbound's revenue increasing by 184%.

High-end optical modules drive explosive performance, Zhongji Xuchuang's Q3 net profit reached 3.137 billion yuan, a year-on-year increase of 124.98%. Benefiting from the growth in computing infrastructure construction and related capital expenditures, sales of high-end optical modules such as 800G increased. Zhongji Xuchuang's Q3 report shows both revenue and profit growth. The Q3 net profit was 3.137 billion yuan, a year-on-year increase of 124.98%. Notably, the financial report shows that construction in progress surged by 1766%, which the company explained as an increase in "equipment and infrastructure investment."

BYD's third-quarter revenue was 195 billion yuan, with a net profit attributable to shareholders of 7.82 billion yuan. BYD's third-quarter revenue was 195 billion yuan, a year-on-year decrease of 3.05%; the net profit attributable to shareholders was 7.82 billion yuan, a year-on-year decline of 32.6%. Construction in progress was 48.8 billion yuan, up 144.51% from the beginning of the year, indicating large-scale capacity expansionSaiLisi Q3 revenue increased by 15.75% year-on-year, net profit decreased by 1.74%. SaiLisi's Q3 revenue increased by 15.75% year-on-year, but net profit saw a slight decline. From the beginning of the year to now, SaiLisi's profitability has continued to strengthen, with net profit achieving a steady growth of over 30%. The financial report attributes this to "adhering to the technology route of software-defined vehicles, firmly orienting the market towards user-defined vehicles, and enriching product layout," which has led to an increase in gross margin.

North Huachuang Q3 net profit 1.92 billion yuan, up 14.60% year-on-year, domestic market continues to grow. In the context of continuous growth in the domestic integrated circuit equipment market, North Huachuang achieved double-digit high growth in both revenue and profit in Q3 and the first three quarters. The operating revenue for the first three quarters was 27.301 billion yuan, a year-on-year increase of 32.97%; net profit was 5.13 billion yuan, a year-on-year increase of 14.83%. At the same time, the company increased its R&D investment, with R&D expenses reaching 3.29 billion yuan in the first three quarters, a year-on-year increase of 48%.

Domestic Companies

"Universe Bank" Industrial and Commercial Bank of China released its Q3 report, with revenue and profit both increasing at an asset scale of 53 trillion..

China Construction Bank Q3 report shows net profit attributable to shareholders of 257.36 billion yuan, a year-on-year increase of 0.62%..

The bank with the highest increase this year, Agricultural Bank of China, released its Q3 report, with net profit exceeding 220 billion yuan, and growth rate improving quarter-on-quarter.. Net income from fees and commissions increased by 13.34%.

Bank of Communications Q3 report shows both revenue and net profit increased., with asset scale and provisions continuously improving.

Shanghai Pudong Development Bank released its Q3 report, with net profit of 38.8 billion yuan, again achieving double-digit growth year-on-year..

"Largest" rural commercial bank, Shanghai Rural Commercial Bank, released its Q3 report, focusing on refining retail and expanding customer base.. Net profit increased by 0.78% year-on-year, while revenue decreased by 3.18% year-on-year.

China Life's investment "account book" for the first three quarters exposed, with investable assets of 7.3 trillion yuan and an entry of 368.6 billion yuan.China Pacific Insurance's net profit surged 19.3% in the first three quarters, with significant results from life insurance transformation, total investment return rate improved.

At a new high in stock price, New China Life Insurance's net profit increased nearly 60% year-on-year in the first three quarters.

China People's Insurance's third-quarter report "exploded", with investment income exceeding 80 billion yuan, total investment return rate at 5.4%, and total investment assets at 183 billion yuan.

CITIC Construction Investment's net profit increased by 80%, investment income doubled, with investment banking business data warming up.

GF Securities' Q3 revenue grew 51.82% year-on-year, net profit surged 86%, driven by investment and brokerage business growth.

Luxshare Precision's Q3 revenue grew 31.03% year-on-year, net profit increased by 32.49%, with AI and automotive business becoming new growth engines. Luxshare Precision achieved operating revenue of 96.411 billion yuan in Q3, a year-on-year increase of 31.03%; net profit attributable to the parent company was 4.874 billion yuan, with a year-on-year growth rate of 32.49%. The company stated that the explosion of generative AI applications is driving demand for AI smartphones, AI servers, and other hardware, while the intelligent transformation of the automotive industry is also opening up space for the company's core component business.

Gree Electric's Q3 revenue decreased by 15% year-on-year, net profit fell over 6% year-on-year, effective cost reduction improved gross margin.

Sanhua Intelligent Controls' Q3 net profit increased by 43.81%, revenue grew by 12.77%.

LONGi Green Energy's Q3 revenue decreased by nearly 10%, losses narrowed by 30%, BC component shipments exceeded 14GW.

Anhui Conch Cement's Q3 revenue decreased by 11.42%, net profit grew by 3.41%, cost control showed effectiveness.

Inspur Information's Q3 revenue and net profit both declined, accounts receivable surged by 147.62%SF Holding Q3 revenue increased by 8.2% year-on-year, net profit attributable to the parent company reached 2.57 billion yuan, total parcel volume reached 4.31 billion.

China Duty Free Group's net profit in the third quarter decreased by 28.9% year-on-year, plans to distribute 2.50 yuan for every 10 shares.

Overseas Macro

"AI Bubble" goes viral! What are the peak signals of the 2000 "Internet Bubble," and what does the "top" trend look like? UBS warns that the conditions for the AI bubble are maturing, but key peak signals have not yet appeared, and the market is still in the early stages. Peak signals of the Internet bubble include: extreme valuations, peak profit momentum, sharp economic slowdown, and frequent large-scale mergers and acquisitions. The top trend is not a one-sided decline, but rather a rebound after a sharp drop forming a "double top," ultimately continuing to decline under the pressure of economic recession.

The Federal Reserve has reasons for hawkish statements, but will still be dovish over time. This Federal Reserve meeting reversed the market narrative from "strong economy + interest rate cut expectations" to "strong economy + interest rate rebound," leading to a strengthening of the dollar and U.S. Treasury yields, putting pressure on gold. Although rates are currently held steady, considering the potential deterioration of the job market and the temporary impact of tariffs, the Federal Reserve may still cut rates in December to balance the dual risks of inflation and unemployment.

Goldman Sachs CEO warns: If U.S. economic growth does not accelerate, debt will face "liquidation". Goldman Sachs CEO David Solomon pointed out that fiscal stimulus and active fiscal policies have actually become deeply embedded in the operating methods of these democratic economies. Moreover, this situation has significantly intensified in the U.S. and other developed economies over the past five years. However, this Wall Street leader also stated that the likelihood of a recession occurring in the near term is "low."

"The shot in the arm for the U.S. economy in 2026? Leading indicators in the U.S. construction industry show that a 'data center construction boom' is coming. A construction wave led by data centers is brewing! The U.S. Dodge Momentum Index showed a year-on-year increase of 60% in September, with institutional projects up 75% and commercial projects up 53%. As construction projects take more than 12 months from planning to execution, this indicates that 2026 will see a peak in construction, coinciding with the midterm elections, which is expected to provide crucial support for the U.S. economy and the Trump administration.

World Gold Council: Central banks around the world accelerated gold purchases in the third quarter, with inflows into gold ETFs hitting a record highDuring the period from July to September, central banks around the world purchased 220 tons of gold, an increase of 28% compared to the previous quarter. The National Bank of Kazakhstan became the largest single buyer, while the Central Bank of Brazil purchased gold for the first time in over four years. During the same period, inflows into gold ETFs reached a record high, with global inflows totaling $26 billion. The World Gold Council expects that geopolitical tensions, inflationary pressures, and uncertainties in global trade policies will continue to support gold demand for the remainder of this year.

Dalio: Gold is the safest currency. Ray Dalio, founder of Bridgewater Associates, pointed out in a recent article that gold has historically performed well in two specific scenarios: first, during financial or debt crises that lead to high taxes and asset confiscation; second, in states of economic and financial warfare (such as sanctions or asset freezes). In such phases, gold rises significantly, and to be precise, it does not "appreciate" but maintains its value while other currencies decline. He believes that gold indisputably belongs to the category of "currency" and is the form of currency least likely to be devalued or confiscated.

Overseas Companies

NVIDIA's "10x Stock Journey": Three years ago, when ChatGPT was first launched, its market value was $400 billion; now, it is the first "trillion-dollar company"! NVIDIA's market value has reached $5.03 trillion, a figure that not only surpasses the combined market values of its competitors AMD, Arm, ASML, Broadcom, Intel, Lam Research, Qualcomm, and TSMC, but also exceeds the total market capitalization of entire sectors such as utilities, industrials, and consumer staples in the S&P 500 index, and even surpasses the combined market values of major stock indices in Germany, France, and Italy.

Tianfeng's Guo Minghao: NVIDIA's AI Server Power Supply Planning Roadmap. Guo Minghao stated that NVIDIA's next-generation AI server power supply strategy "Kyber" is advancing on two fronts, with the project's reference design incorporating the power supply and infrastructure of the entire data center into its planning. This move signifies that, starting from the Kyber generation, the importance of power supply architecture within NVIDIA has been elevated to a strategic level equivalent to that of semiconductors. NVIDIA aims to extend its technological moat from chip computing power to the entire power architecture of data centers, intending to define the standards for future AI factories.

Google's Dramatic Turnaround: From AI "Victim" to AI "Trendsetter". Google's third-quarter financial report showed strong performance, with advertising revenue exceeding expectations, and both YouTube and search advertising revenues achieving a growth rate of 15%. The cloud business saw accumulated orders increase by 43% year-on-year to $155 billion. Empowered by AI, the company drove performance through increased ad loading rates on Shorts and growth in the Gemini ecosystem's activity, while management's cautious expectations for capital expenditures in 2026 highlighted the advantages of its full-stack AI strategyWhat Does SK Hynix's "Sold Out" Mean? Morgan Stanley: Aligning with the 2017-2018 "Storage Super Cycle," Upgrading DRAM Price Expectations. SK Hynix's HBM high-bandwidth memory "sold out" is seen as a signal that the storage market is entering a new "super cycle" driven by AI. Morgan Stanley has raised its DRAM price expectations to a year-on-year increase of 30% and expects supply tightness to continue until 2026. Analysts believe this trend is reminiscent of the storage boom cycle of 2017-2018, with SK Hynix holding a dominant position and pricing power in HBM.

Porsche's Electric Strategy "Flops" + Tariff Impact, Volkswagen Unexpectedly Loses €1.3 Billion in Q3. Volkswagen warns that achieving its financial goals for this year requires sufficient semiconductor supply, suggesting that the chip shortage may exacerbate its difficulties.

Merck's Q3 Revenue Exceeds Expectations, Strong Sales of COVID-19 Vaccine Capvaxive. Merck's Q3 sales reached $17.28 billion, exceeding market expectations, with adjusted earnings per share of $2.58, significantly surpassing Wall Street expectations and last year's $1.57. The company's pneumonia vaccine Capvaxive performed strongly, and it is managing the expiration of Keytruda's patent through cost-cutting.

Today's News Preview

China's October Official Manufacturing, Non-Manufacturing, and Composite PMI.

Japan's October Tokyo CPI.

Eurozone's October CPI.

The APEC Leaders' Informal Meeting will be held in South Korea from October 31 to November 1.

Dallas Fed President Logan, Atlanta Fed President Bostic, and Cleveland Fed President Mester will speak.

ExxonMobil and Chevron will release their earnings reports