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The FTSE 100 faces pressure from a rising sterling, dropping to 8,131 after a peak of 8,304, while the NASDAQ 100 and S&P 500 reach record highs following 25 basis point rate cuts from the BoE and Fed. Support for the FTSE 100 is at the 200-day SMA of 8,117, with resistance at 8,192. The S&P 500 has surged over 4.5% from its recent low, nearing the psychological 6,000 mark, while the NASDAQ 100 finds support around its previous record high of 20,760.
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Donald Trump's election victory is expected to encourage companies that have delayed going public to launch IPOs in 2025, as they aim to take advantage of the stock market's positive momentum and the president-elect's commitment to reducing regulations. Following his win, the Russell 2000 Index surged to a near three-year high, while the S&P 500 Index reached a record level, creating an optimal environment for investors to engage with riskier, unproven companies. The VIX, a measure of market volatility, fell to its lowest point since September, reflecting increased investor confidence.
Bay Street analysts predict that Donald Trump's victory will ultimately bolster Canadian stocks, despite an initial market reaction that saw the S&P/TSX Composite Index lag behind the S&P 500. While commodities and resource stocks pressured the index, strategists believe the downturn in these sectors will be temporary, with expectations for a rebound in metals and oil.
The FTSE 100 has rebounded from a low of 8,070, approaching resistance at 8,258 and the 55-day SMA at 8,273, with potential upside to 8,326 if surpassed. Meanwhile, the NASDAQ 100 is nearing its late October peak of 20,652 after a strong recovery from 19,877, while the S&P 500 has reached new all-time highs above 5,882, targeting the psychological 6,000 mark next.
IG
US equity futures surged as polls closed in key states, with small-cap stocks experiencing the most significant volatility. The Russell 2000 Index futures rose as much as 3.6% before settling at a 2.5% gain, while S&P 500 and Nasdaq 100 futures increased by 1.2% and 1.3%, respectively.
UBS Group AG reported a third-quarter net profit of $1.4 billion, surpassing analysts' expectations due to cost reductions and revenue growth. Total revenues reached $12.3 billion, exceeding forecasts, while the integration of Credit Suisse is progressing ahead of schedule, with client migrations underway. However, concerns over new regulations and the need for improved contingency plans following Credit Suisse's collapse could impact the bank's competitiveness and client confidence.
The Nikkei 225 has surged over 3% following Japan's recent election results, surpassing its 200-day SMA as the jobless rate hits an eight-month low. Meanwhile, the Dow Jones is experiencing low volatility ahead of key earnings, while the S&P 500 hovers below its all-time high, awaiting significant US megacap earnings.
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Samir Arora of Helios Capital warns that India's capital gains tax on foreign investors could deter long-term capital inflows, making the country less attractive post-tax. He criticizes analysts for underestimating the tax's impact on returns and urges caution against overconfidence in capital availability. Foreign institutional inflows have slowed, influenced by high interest rates and strong equity performance in developed markets, despite a notable rise in the BSE SENSEX Index.
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