Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today:
Discussion:
Donald Trump was elected the 47th president by the American people.
The Senate, as expected, has flipped to the Republicans.
This big Senate majority would give Trump a real chance to enact his agenda and get his Cabinet confirmed without major issues.
The battle for the House is still too close to call.
Some significant takeaways via NBC News and AP...
Latinos swing dramatically to Trump
Harris gains with white women and college graduates
The abortion issue wasn’t a panacea for Democrats
The battle for the House is headed for overtime
AP projected Trump winning a STAGGERING 23% of Black Men nationwide.
News/Analysis:
Equity Recap:
Overnight: Stocks soared, Bonds cratered, adn the Dollar spiked on expectations of Trump’s victory. Gold, Copper, Oil, and Silver backed off markedly
Market News:
US Presidential Election indicates a Trump victory and Republicans taking the Senate and the House
US futures have ripped higher, while European futures have been hit
DXY is currently up 1.5% and has seen its largest jump since March 2020;
In the fixed income space, US yields are higher across the curve with the curve bear-steepening.
Bitcoin is up over 8% after surging to a record high, crude has been hit by the stronger USD.
Politics/Geopolitics:
Israeli PM Netanyahu fired Defence Minister Gallant and appointed Foreign Minister Israel Katz as the new Defence Minister and Gideon Saar as Foreign Minister, according to Axios. It was separately reported that PM Netanyahu intends to dismiss the IDF chief of staff and Shin Bet chief, while he said there have been too many gaps between him and Gallant over the management of Israel's wars.
Former Israeli Defence Minister Gallant said in a speech that he was fired because of disagreements over three issues including ultra-Orthodox military conscription, his support for a Gaza hostage and ceasefire deal and his call for a commission of inquiry for the October 7th failures.
US official said the surprising decision by Israeli PM Netanyahu to fire Defense Minister Gallant is concerning, especially in the middle of two wars and as Israel prepares to defend against a potential attack from Iran, while the official said they have real questions about the reasons for Gallant’s firing and about what is driving the decision, according to Kann's Stein.
There was an assessment in the security establishment that Iran may reconsider the nature of its response in light of tonight's developments in Israel, according to N12 news.
Iraqi factions announced the targeting of a vital site in Eilat in southern Israel with drones, according to Sky News Arabia.
Data on Deck: FOMC Decision
MONDAY, NOV. 4 10:00 am Factory orders
TUESDAY, NOV. 5 10:00 am ISM services
WEDNESDAY, NOV. 6 9:45 am S&P final U.S. services PMI
THURSDAY, NOV. 7 2:00 pm FOMC interest-rate decision + conference
FRIDAY, NOV. 8 10:00 am Consumer sentiment
***FINAL MARKET CHECK***
