Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today:
Discussion: Markets and Polls
Gold, and Copper and expected to see greatest strength and losses, respectively, with a Republican sweep while for a Harris sweep both are seen gaining slightly.
Citi expects Copper (and Silver) to rally temporarily over the coming week on the back of China easing, Fed easing, and US election outcomes.
News/Analysis:
Equity Recap:
Market News:
AI chip maker Nvidia is getting a boost from spending on the technology throughout the tech industry. Its market value briefly eclipsed that of iPhone maker Apple on Monday but ultimately closed just short of the mark. The stock will join the Dow Jones Industrial Average this week.
Nvidia’s market value is $3.337 trillion versus Apple’s $3.356 trillion, according to Dow Jones Market Data. Big tech companies’ combined capital spending is expected to rise 50% this year, to $222 billion, UBS Global Wealth’s chief investment officer Mark Haefele said. It will rise another 20% next year.
Palantir reported third-quarter adjusted earnings of 10 cents a share on revenue of $725.5 million. Government revenue, which makes up most of its total sales, rose 40% from the same time last year, to $320 million. Commercial revenue rose 54% from the previous year to $179 million.
CEO Alex Karp said in a letter to shareholders that Palantir’s business growth is accelerating. Wedbush analyst Dan Ives said more use cases for Palantir’s entire portfolio will meet the rising demand for enterprise-scale solutions while gaining further share in the AI Revolution.
Politics/Geopolitics:
Israel's Channel 14 reports that "Authorities are considering the possibility of a pre-emptive attack against Iran or waiting for US elections", via Sky News Arabia; "Indications are growing that Iran may soon attack Israel, perhaps on US election day".
Israel's Channel 12 reports that Iran is likely to attack from several arenas, not just from its territory, via Al Jazeera.
"Tel Aviv is considering a pre-emptive strike on Iran if there are signs of imminent attack", according to Cairo News.
"Prime Minister Benjamin Netanyhu will convene his national security cabinet on Thursday at 7:00 p.m. (17:00GMT) at the Kirya IDF headquarters in Tel Aviv", according to Times of Israel Berman.
"The IDF is gradually completing the objectives set for it in ground operations in Lebanon, and Israel is already preparing for the day after the arrangement", according to N12.
"Iranian Foreign Minister: We will respond to Israeli attacks in a timely and appropriate manner", according to Cairo News
Iranian Foreign Minister said their response to Israel will be appropriate without emotional decisions and that the result of the US elections will not affect their policy, according to Asharq News.
Hezbollah said it targeted with a rocket barrage a gathering of Israeli enemy forces on the southwestern outskirts of the town of Maroun al-Ras, according to Al Jazeera.
US Secretary of State Blinken and Israeli Defence Minister Gallant discussed the dire humanitarian conditions in Gaza, while Blinken urged further actions by Israel to increase and sustain humanitarian aid, according to the State Department
US Secretary of State Blinken said Hamas once again refused to release a limited number of hostages to secure a ceasefire and relief for the people of Gaza, according to Sky News Arabia. It was also reported that Blinken discussed with his Egyptian counterpart the importance of establishing a post-war path that provides governance, security, and reconstruction in Gaza, as well as discussed efforts to promote a diplomatic solution in Lebanon that would enable civilians on both sides of the border to return home.
North Korea fired what was thought to be a ballistic missile which appeared to have landed outside of Japan's EEZ, while Japanese Defence Minister Nakatani said North Korea fired at least 7 missiles which flew to an altitude of 100km and covered a range of 400km.
Russia's Defence Ministry says Ukraine has no technical potential to make nuclear weapons but is able to make a 'dirty bomb', according to IFAX.
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***
