📆 Wednesday, November 13
► European markets are little changed today after falling sharply yesterday as investor caution increased over Trump's proposed policies, particularly tariffs, which could disrupt global trade. Stoxx Europe 600 futures held steady, but sectors sensitive to international trade, such as luxury and technology companies, fell (particularly sharply yesterday). French luxury stocks, including Kering, Louis Vuitton and Hermes, fell sharply yesterday on concerns over weak Chinese demand, potential US tariffs and generally a resurgence of the “trade war” between the US and China under Trump.
► US equity futures are little changed in pre-market trading in the US. The S&P 500, Nasdaq and Dow Jones are down around 0.1% as investors prepare for today's release of the US consumer price index for October, which could confirm inflationary pressures. Traders now expect around (only) two rate cuts by June, after almost four rate cuts were expected last week. Treasury yields rose alongside a stronger USD as rates are expected to stay higher for longer and also on expectations of a stronger US economy, which could also reignite inflation, with the 10-year yield close to 4.5%, an additional headwind for export-oriented industries. Meanwhile, Trump announced Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency (= DOGE 🐶).
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