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US stocks experienced a significant rally on Tuesday, driven by positive economic data, as the non-manufacturing purchasing managers index rose to 56.0, its highest since August 2022. The S&P 500 climbed 1.23% to 5,783.11, the Nasdaq Composite increased 1.43% to 18,439.17, and the Dow Jones Industrial Average gained 1.04% to 42,227.74. Investors are preparing for a week of volatility amid a tightly contested U.S. presidential election.
Donald Trump pledged to impose a 25% tariff on imports from Mexico and China if elected, demanding action against the flow of fentanyl into the U.S. He emphasized the need to combat drug trafficking at the southern border and threatened tariffs on Mexico's new president, Claudia Sheinbaum Pardo, if no measures are taken. Trump also indicated he would hold China accountable for exporting fentanyl to Mexico.
Chinese President Xi Jinping urged U.S. President Joe Biden to change the language regarding Taiwan's independence during their meeting last November, requesting the U.S. to state it opposes Taiwan independence. The Biden administration has rejected this request, maintaining its long-standing position. Any shift in U.S. language could significantly impact regional dynamics and perceptions of U.S. support for Taiwan amid increasing military pressure from China.
J.P. Morgan's Michael Cembalest warns that the recent surge in Chinese stocks, driven by fiscal stimulus and investor enthusiasm, is a temporary "trade" rather than a sustainable "investment." He highlights risks from escalating U.S.-China tensions, including potential sanctions and espionage, which could undermine foreign capital in China. Cembalest emphasizes that geopolitical factors may lead U.S. investors to withdraw once they reach their profit targets.
Investors are in a frenzy over gold prices, driven by hopes of interest rate cuts from the US Federal Reserve and the European Central Bank. With a 93% probability of a 25 basis point cut at the Fed's upcoming meeting, attention is also on US economic data that could push gold towards the $3,000 mark. ECB President Christine Lagarde remains optimistic about achieving price stability, despite recent rate cuts.
U.S. measures to limit investments in sensitive technologies to China are nearing finalization, with the Treasury Department set to require notifications for outbound investments in areas like AI and semiconductors. These rules aim to prevent U.S. capital from supporting China's military advancements, reflecting ongoing national security concerns. The final regulations are expected to be announced soon, ahead of the upcoming presidential election.
Reuters
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us stocks rally as economic data boosts investor confidence amid election tension
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02:55 06.11.2024
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19:42 24.10.2024
investors rush to gold as interest rate cuts drive prices higher
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us moves to limit investments in sensitive technologies to china
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