Greece's 10-year bond yield has dropped to 3.04%, nearing France's 3.02%, signaling a significant shift in investor confidence due to Greece's economic growth, improved credit ratings, and political stability. In contrast, France faces a political crisis and a budget deficit exceeding 6% of GDP, raising concerns about its economic sustainability.
Donald Trump's victory on November 5th sparked a significant rally in the stock market, with the S&P 500 rising 2.5% and the Russell 2000 jumping 5.8% the following day, fueled by expectations of lower taxes and reduced regulation. However, the performance among the largest 3,000 American public companies has been mixed, with some anticipated "Trump trades" underperforming.
UBS maintains a "Neutral" rating on Apple with a price target of $236, reflecting recent data on iPhone 16 availability. Meanwhile, JPMorgan upgraded Apple to "Overweight" with a target of $265, as the company navigates various market challenges and opportunities. In related news, an Apple insider sold over $45 million in shares, and the company is facing a $3.80 billion antitrust lawsuit regarding iCloud storage.
French industry is showing signs of contraction, with the S&P's October flash PMI index at a nine-month low of 47.3, indicating a decline for the second consecutive month. The manufacturing sector is particularly struggling, with production expectations dropping sharply and orders declining both domestically and internationally. The overall business climate index has also fallen, reflecting a deepening crisis in the industry.
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