📆 Tuesday, November 21
► In Europe, the Stoxx 600 Index saw a flat opening, with a balance between gains in basic resources stocks and declines in the banking sector. Market sentiment is getting more cautious, with investors contemplating the potential plateau in ECB interest rates as indicated by ECB policymaker Francois Villeroy de Galhau. For our chief analyst Robert Lindner, no further interest rate hikes are in sight for the ECB, as the economic slowdown is continuing and inflation is cooling rapidly.
► In the US, equity futures remained steady after the S&P 500 achieved its strongest close since August, while the Nasdaq 100 soared to a 22-month high. Technology giants like Microsoft and Nvidia played pivotal roles in the market upswing. In particular Microsoft's gains came for the market as surprise after the chaotic departure of Sam Altman from OpenAi – in which Microsoft is heavily invested. Microsoft's handling of the situation, including the hiring of OpenAI's Altman and Greg Brockman as head of Microsoft's AI team, has been a key driver for the stock, while Nvidia's anticipated earnings report has raised market expectation. Investors are now awaiting the latest FOMC minutes for insights into the Fed’s monetary policy direction. Earnings reports from companies like Lowe's, Best Buy, and HP are also on the horizon. Chinese tech giant Baidu’s shares rose 2% after revenue beat.
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