🔥 Trump rally continues with a rate cut

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Good morning investors! Bitcoin crossed $76,000 for the first time yesterday as the market continues to surge.

Today we cover:

• What the world is planning after the Trump win

• Another rate cut is here

• More earnings

📊 Economy and News 

With Donald Trump back in office, nations worldwide are preparing for potential shifts in U.S. trade policies. Expected import tariffs and domestic economic initiatives from the U.S. could impact multiple sectors globally.

Turkey Hopes for Tariff Reductions

Turkey anticipates possible tariff cuts on its steel and textile exports under Trump’s administration, which could boost these industries. Turkish officials are also optimistic about positive impacts on defense and finance sectors, reflected in recent gains in the lira.

Japan Grapples with a Weakening Yen

Trump’s win has strengthened the dollar, adding pressure on Japan's yen. While a weaker yen supports exports, it raises costs for fuel and food, impacting Japanese consumers. Japanese policymakers may consider rate adjustments to curb further depreciation.

Thailand Seizes U.S.-China Trade Tensions as an Opportunity

Thailand sees potential growth in U.S. exports as tensions with China rise. Positioned with balanced trade relationships with both superpowers, Thailand could replace some Chinese exports to the U.S., creating new market avenues for Thai products.

China Braces for Impact of Steeper Tariffs

Trump’s proposed tariffs, potentially up to 60%, pose challenges for China, especially as it faces internal economic issues like high debt, weak demand, and deflation. With limited options to counteract tariffs, Beijing will likely prioritize sectors like electric vehicles and renewable energy, where China maintains a competitive edge.

South Korea Prepares Support for Domestic Firms

South Korea is ready to assist domestic companies in adapting to U.S. policy shifts under Trump’s administration.

India Seeks Trade Reciprocity with the U.S.

India hopes to increase U.S. market access for its businesses, aiming for reciprocal actions from Washington. While past trade relations faced friction, India is open to negotiating tariffs.

Also, we’d like to remind you that Goldman Sachs has slashed growth forecasts for Germany, UK and wider Europe on Trump win.

Global hits:

• Bank of England cuts base rate by 25 bps to 4.75%.

• Norway keeps interest rate at 16-year high, says restrictive policy needed.

• China asks banks to lower interbank deposit rates to boost growth

Interesting: The first combined IHOP-Applebee’s restaurant in the US will soon open in Texas.

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📈 Stocks

S&P 500 5,973.10 (+0.74%)
DJIA 43,729.34 (-0.0013%)
NASDAQ 19,269.46 (+1.51%)
BRENT CRUDE 75.44 (+0.76%)
* Prices as of Nov 8th, 12:20 AM UTC

More Earnings Are Here

The S&P 500 and Nasdaq rose Thursday, extending Wall Street’s rally in the wake of the president-elect Donald Trump’s victory, and some big names announced earnings:

• Moderna posted a surprise profit for the third quarter, smashing Wall Street estimates, as its cost-cutting efforts took hold and sales of its Covid vaccine came in higher than expected. It is the first quarter that includes sales of Moderna’s vaccine against respiratory syncytial virus, its second-ever commercially available product. 

• Warner Bros. Discovery stock rose nearly 12% after the company reported strong streaming results in the third quarter that included its largest-ever quarterly subscriber growth since the launch of Max. But revenue missed expectations as the media giant struggled with a drop in its studios segment and continued declines from its linear TV business.

• Electric carmaker Lucid Group slightly beat Wall Street’s third-quarter expectations. The company’s net loss for the third quarter widened to $992.5 million compared with a loss of $630.9 million a year earlier.

• Airbnb reported third-quarter earnings that just missed analysts’ expectations. The company reported $3.73 billion in revenue, up 10% year over year. Airbnb said it is focused on expanding beyond its core markets in its letter to shareholders.

• E.l.f. Beauty grew sales by 40% in its second fiscal quarter, leading it to raise its full year earnings and sales guidance. The CEO said the company is well-positioned to weather increased tariffs that could be imposed under President-elect Donald Trump.

• Rivian Automotive missed Wall Street’s third-quarter expectations, including a massive difference in revenue of $116 million. The automaker’s net loss narrowed year-over-year to $1.1 billion compared with $1.37 billion during the third quarter of 2023.

• AppLovin shares rocketed after the online gaming and advertising company issued guidance that was well above estimates and reported better-than-expected earnings and revenue. The stock jumped 46%, bringing its gain for the year so far to over 500%.

• Pinterest reported third-quarter earnings that beat on the top and bottom lines. The company said fourth-quarter revenue will be between $1.125 million and $1.145 million. The midpoint of that guidance, $1.135 million, trailed analyst estimates of $1.143 million. Pinterest’s total cost and expenses for the quarter were $904 million, up 17% compared with $768 million the previous year.

Surprise: Bentley Motors is once again pushing back a target to exclusively offer all-electric vehicles, with plans to continue leaning into plug-in hybrid electric vehicles through at least 2035.

💵 Personal Finance

Investing in Gold After the Trump Win

Gold futures dropped by 3% on Wednesday following former President Trump’s clear win in Tuesday's election. Investor concerns over Trump’s proposed policies, which could spur inflation, have driven bond yields and the U.S. dollar higher, reducing gold's appeal. Given gold's inverse relationship with the dollar, a continued dollar rally could add further pressure on gold prices in the near term. However, this is expected to be temporary.

If you're a long-term investor with a focus on portfolio diversification, adding gold might provide a cushion during turbulent times, helping to balance risk. However, it's important to recognize that gold's price can be quite volatile in the short term. As such, gold may be more appropriate as a component in a diversified portfolio rather than a short-term investment aimed at capitalizing on immediate price changes.

Still, we think gold should be a part of your portfolio (at least 5%) to protect against risks. Check this guide on gold and why you should consider it.

Here’s a video talking about gold prices and more:

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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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