A daily market update from FS Insight — what you need to know ahead of opening bell
““You’ll never know everything about anything, especially something you love.” ― Julia Child
Overnight
Germany’s coalition government collapses as Chancellor Scholz fires his finance chief NPR
UK interest rates cut to 4.75% by Bank of England BBC
China’s Xi is better prepared for Trump even as 60% tariffs risk chaos BBG
British Columbia port employers to lock out workers at cargo terminals WSJ
Trump’s victory casts a shadow over the Federal Reserve BBG
M&A watchers expect Trump to fan flames of dealmaking recovery BBG
Qualcomm pops on chipmaker’s earnings and revenue beat CNBC
Canada orders TikTok to shut down its Canadian business RT
China has detained a senior AstraZeneca executive WSJ
Moderna posts surprise profit as Covid vaccine sales impress, cost cuts take hold CNBC
CME customers criticise futures exchange after it wins approval to also act as broker FT
Corning faces EU antitrust scrutiny over Gorilla Glass deals with phone makers AP
Australia plans social media ban for under-16s BBC
Chart of the Day
| Overnight |
| S&P Futures +16
point(s) (+0.3%
) overnight range: -7 to +17 point(s) |
| APAC |
| Nikkei -0.25%
Topix +1.00% China SHCOMP +2.57% Hang Seng +2.02% Korea +0.04% Singapore +1.96% Australia +0.33% India -1.16% Taiwan +0.82% |
| Europe |
| Stoxx 50 +0.87%
Stoxx 600 +0.73% FTSE 100 -0.08% DAX +1.42% CAC 40 +0.69% Italy +0.42% IBEX +0.69% |
| FX |
| Dollar Index (DXY) -0.35%
to 104.72 EUR/USD +0.37% to 1.0769 GBP/USD +0.50% to 1.2944 USD/JPY +0.44% to 153.95 USD/CNY +0.24% to 7.1580 USD/CNH +0.51% to 7.1669 USD/CHF +0.07% to 0.8760 USD/CAD +0.32% to 1.3895 AUD/USD +1.07% to 0.6639 |
| UST Term Structure |
| 2Y-3
M Spread widened 1.1bps to -27.5bps
10Y-2 Y Spread widened 0.8bps to 17.3bps 30Y-10 Y Spread narrowed -0.3bps to 17.4bps |
| Yesterday's Recap |
| SPX +2.53%
SPX Eq Wt +2.37% NASDAQ 100 +2.74% NASDAQ Comp +2.95% Russell Midcap +2.85% R2k +5.84% R1k Value +2.78% R1k Growth +2.54% R2k Value +6.32% R2k Growth +5.38% FANG+ +2.60% Semis +2.62% Software +4.10% Biotech +1.81% Regional Banks +13.41% SPX GICS1 Sorted: REITs -2.64% Cons Staples -1.57% Utes -0.98% Healthcare +0.15% Materials +1.20% Comm Srvcs +2.38% Tech +2.52% SPX +2.53% Energy +3.54% Cons Disc +3.62% Indu +3.93% Fin +6.16% |
| USD HY OaS |
| All Sectors -18.3bps
to 312bps All Sectors ex-Energy -17.2bps 293bps Cons Disc -16.2bps 264bps Indu -16.0bps 237bps Tech -18.5bps 313bps Comm Srvcs -16.5bps 511bps Materials -19.1bps 289bps Energy -19.3bps 295bps Fin Snr -20.8bps 278bps Fin Sub -13.0bps 199bps Cons Staples -20.5bps 291bps Healthcare -15.6bps 349bps Utes -13.8bps 202bps * |
| Date | Time | Description | Estimate | Last |
|---|---|---|---|---|
| 11/7 | 8:30 AM | 3Q P Nonfarm Productivity | 2.5 | 2.5 |
| 11/7 | 8:30 AM | 3Q P Unit Labor Costs | 1 | 0.4 |
| 11/7 | 2:00 PM | Nov 7 FOMC Decision | 4.75 | 5 |
| 11/8 | 10:00 AM | Nov P UMich 1yr Inf Exp | 2.7 | 2.7 |
| 11/8 | 10:00 AM | Nov P UMich Sentiment | 71 | 70.5 |
| 11/12 | 6:00 AM | Oct Small Biz Optimisum | 91.8 | 91.5 |
| 11/12 | 11:00 AM | Oct NYFed 1yr Inf Exp | n/a | 3 |
| 11/13 | 8:30 AM | Oct CPI m/m | 0.2 | 0.2 |
| 11/13 | 8:30 AM | Oct Core CPI m/m | 0.3 | 0.3 |
| 11/13 | 8:30 AM | Oct CPI y/y | 2.6 | 2.4 |
| 11/13 | 8:30 AM | Oct Core CPI y/y | 3.3 | 3.3 |
MORNING INSIGHT
Good morning!
The “Trump win” trades are the same as the “dovish Fed” trades. They are also the same as the trades that worked well after Trump’s 2016 win.
Click HERE for more.
TECHNICAL
- NASDAQ, DJ Transportation Avg. rise to record highs while SPX nears upside target.
- DXY, Yields have not yet turned lower, but need to be watched carefully post FOMC.
- WTI Crude oil is likely to turn back to new lows following a fractional bounce.
Click HERE for more.
CRYPTO
There is a real possibility of the most bullish election outcome for crypto, a Republican sweep. This makes it likely that over the next few months, we will see a repricing of regulatory risk for crypto, and that should be beneficial for crypto prices as well as crypto equities.
Click HERE for more.
First News
The world runs on data. The healthcare sector is no different. Patients, healthcare professionals, administrators, and various private- and public-sector service providers, including insurers and benefits managers, need reliable, standardized, secure access to quality data in order to achieve optimal outcomes.
This does not seem to be happening. The Financial Times recently reported on how it is common practice in the UK’s National Health Service (NHS) for doctors and nurses to share critical patient data with each other using their personal WhatsApp accounts and personal mobile device. Caregivers said it was the most efficient way for them to communicate and work, even as they admitted that the practice had its drawbacks – among them risks involving patient privacy, data security, and recordkeeping.
The problem is not just a British one. In the U.S., patients often find that their information and records about their care are often independently maintained by each of the healthcare providers and administrators they deal with, often redundantly, in formats that are incompatible with each other, and typically inconsistent in data taxonomy and terminology. This makes it more difficult for doctors, pharmacists, hospitals, and insurers to coordinate safe, effective treatment. At the same time, it often frustrates patients looking to get an overall picture of their own health and medical care – and thus make informed decisions.
Patients are increasingly recognizing the importance of reviewing their own health records and information, with a 2023 federal government study showing that 57% of respondents reported accessing medical records on a portal or app – either that of an insurer or provider – a sharp increase over the 38% reported just two years earlier.
Yet a separate study, commissioned by the federal government but carried out by the non-profit healthcare technology advocacy group Sequoia Project, found that patients frequently had difficulty accessing the data they needed, and they often reported getting duplicate tests done because different providers did not or could not share data.
The U.S. government has multiple initiatives seeking to establish data standards and facilitate information exchanges, but they have yet to bear fruit. In the meantime, patients can take the initiative for themselves by looking for a mobile app that can read, gather, and import the data formats used by their various healthcare providers. (WSJ, FT)