Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices 
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
U.S. stocks rallied sharply Monday, driven by renewed appetite for AI-related equities and growing confidence that the Federal Reserve could deliver a December interest rate cut. At the close, the Dow Jones Industrial Average jumped 1.5%, the S&P 500 rose 1.4%, and the tech-heavy NASDAQ surged 2.7%. Despite the strong session, major indexes remain on track for a weak November, with the S&P 500 down 3.5% month-to-date, the NASDAQ lower by 6.1%, and the Dow off 2.8%.
Tech stocks led the recovery as Alphabet shares soared more than 6%. Investor enthusiasm grew after the company’s Gemini AI model received a significant upgrade, intensifying competition with OpenAI. A leaked memo suggested OpenAI CEO Sam Altman acknowledged Google’s momentum could create “temporary economic headwinds.” Other AI leaders, including NVIDIA and Oracle, also posted solid gains, reinforcing optimism around the sector’s long-term growth.
Rate-cut expectations strengthened after recent comments from key Federal Reserve officials. New York Fed President John Williams signaled support for a December cut, a stance echoed by Fed Governor Christopher Waller, who noted that economic conditions have not shifted meaningfully since the last policy meeting. According to the CME FedWatch Tool, the probability of a 25-basis-point cut has climbed to nearly 69%, up from 44% just a week ago.
Investors now await a wave of delayed U.S. economic data, including producer inflation, retail sales, industrial production, and third-quarter GDP. Signs of slowing growth or a cooling labor market could bolster the case for more easing, though the Fed will meet in December without November’s full payroll data.
Geopolitical sentiment also improved after President Trump accepted an invitation to meet Chinese President Xi Jinping in April, raising hopes of progress in U.S.–China trade relations.
In corporate news, Agilent Technologies is set to report earnings after the close, while Novo Nordisk shares tumbled following weak Alzheimer’s trial results. Biogen stock climbed as analysts suggested Novo Nordisk’s setback could boost Biogen’s Alzheimer’s drug Leqembi.
