Housekeeping: Good Morning. Interview announcements coming soon.
“The Gold reset is a process, not an event”
Today
Discussion: UBS and CITI
UBS says to “Wake Up The Neighbors” on gold
Our end-2025 target remains USD 2,900/oz, and we see opportunities to buy dips alongside evidence of fading negative price momentum… Also, we suggest around 5% allocation in a USD balanced portfolio, and remain long in our asset strategy
Full analysis today…
Citi Brief: Sees ETF sales slowing…
More in Premium…
News/Analysis:
Equity Recap:
The S&P 500 and Nasdaq Comp rose on Tuesday amid a rally in Nvidia ahead of its earnings report on Wednesday. Large caps lagged small caps: S&P 500 (+0.40%) vs. Russell 2000 (+0.80%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) slipped 0.07% and 0.13% respectively.
Market News:
"Comcast is expected to announce Wednesday that it is moving forward with a plan to spin off its NBCUniversal cable TV networks... acknowledging that it will be better off without a business that was once its crown jewel. WSJ
"President-elect Donald Trump is tapping Cantor Fitzgerald LP chief executive officer Howard Lutnick to lead the Commerce Department Bloomberg
"Walmart raised its guidance for the year after beating third-quarter revenue and profit forecasts as lingering inflation drew wealthier consumers to its low-price products..: FT
"Qualcomm said on Tuesday that it expects its push into new markets to generate an additional $22 billion per year by 2029. : CNBC
"Goldman Sachs’ chief executive has warned that global investors are still “predominantly on the sidelines” over deploying capital in China because of weak consumer confidence and difficulties getting money out of the country. FT
"CVS Health, UnitedHealth Group and Cigna sued the Federal Trade Commission, claiming the agency’s case against drug middlemen over high insulin prices in the U.S. is unconstitutional. CNBC
"If the incoming Trump administration eliminates $7,500 federal tax credits for electric vehicles, that would mean the end of popular leases that allow US consumers to sidestep restrictions on which EV models qualify for incentives. Bloomberg
"Super Micro shares popped after the company named BDO as its independent auditor. CNBC
Politics/Geopolitics: Good Cop/ Bad Cop
Russian President Putin is reportedly open to talking about a Ukraine ceasefire with US President-elect Trump, via Reuters citing sources; but rules out making any major territorial concessions. Russia could broadly agree to freeze the front-line conflict in any deal; insists Ukraine abandons ambitions to join NATO; could be open to withdrawing from patches of territory in the Kharkiv and Mykolaiv regions. Finally, there could be negotiating room over dividing up Donetsk, Luhansk, Zaporizhzhia and Kherson.
Hezbollah's Qassem to speak in today's session (time TBC). In response to the announcement that US Envoy Hochstein will arrive in Israel this evening
Israeli army said Hezbollah fired 75 rockets from Lebanon towards Israel on Tuesday, according to Asharq News.
US Envoy Hochstein will stay in Lebanon until Wednesday and then go to Israel, while the new wording of the proposal stated that each side has the right to self-defence if attacked, provided the US guarantees that Israel does not carry out pre-emptive strikes. However, Israel's Channel 13 noted Hochstein's visit to Tel Aviv may be delayed due to large gaps between Israel and Lebanon, while the main dispute at the moment is Israel's demand to maintain freedom of military action in southern Lebanon, according to Al Jazeera.
Saudi representative to the Security Council said they condemn Israeli military actions against Lebanon and reject the threat to its security and stability, according to Asharq News.
Iranian Foreign Minister Araqchi told French Minister for Europe and Foreign Affairs Barrot that Tehran warns France, Germany and Britain about submitting a resolution against Iran at the IAEA Board of Governor's meeting, while Araqchi added the European resolution draft contradicts the 'positive atmosphere' created between Iran and the UN nuclear watchdog and will complicate matters.
Russia's Kremlin says Putin constantly states that he is ready for contacts and negotiations on Ukraine; also says the option of freezing the conflict will not suit Russia.
Ukrainian air defence units attempted to repel a Russian air attack on Kyiv, according to Ukraine's military.
US State Department said the US embassy in Kyiv received specific information of a potential significant air attack on November 20th, while the Kyiv embassy will be closed and it recommended that US citizens be prepared to immediately shelter in the event an air alert is announced, according to a post on X cited by Reuters.
North Korean troops participated in some battles as part of Russia's airborne unit and marines in the Ukraine war, according to News1. It was also reported that North Korea shipped howitzers and multiple rocket launchers to Russia, while a South Korean lawmaker said South Korea's spy agency is still trying to determine any North Korean troop casualties and surrenders in the Ukraine war, according to Reuters.
Some data via Newsquawk and DataTrek
Data on Deck: Housing and Talking
MONDAY, NOV. 18 Chicago Fed President Austan Goolsbee
TUESDAY, NOV. 19 8:30 am Housing
WEDNESDAY, NOV. 20 None scheduled
THURSDAY, NOV. 21 Existing home sales
FRIDAY, NOV. 22 U.S. services PMI/ Consumer sentiment
