Round up of today’s market news

North American News

Late-Day Rally Pushes Dow and S&P Higher; Nasdaq Recovers from Lows

Market Overview: The US stock markets saw a mixed performance as the Dow Jones Industrial Average and the S&P 500 ended the day higher, while the NASDAQ closed in the red but made a significant recovery from its lows. The Dow gained 139.53 points or 0.32%, while the S&P saw a slight uptick of 0.23 points (0.0%), remaining essentially unchanged. The NASDAQ, which at one point was down 263.08 points, finished the day lower by just 28 points, reflecting a strong late-session bounce. The Russell 2000 ended flat.

Closing Levels:

• Dow Jones Industrial Average: +139.53 points (+0.32%) at 43,408.47
• S&P 500: +0.23 points (0.0%) at 5,917.22
• NASDAQ: -21.32 points (-0.11%) at 18,966.14
• Russell 2000: Unchanged

Key Earnings Reports and Analysis:

Palo Alto Networks Q1 FY2025 Earnings Analysis ($PANW)

Key Financial Metrics:

• Revenue: $2.1B, a 14% YoY increase, driven by strong growth in its subscription and support revenue, signaling robust demand for its cybersecurity services.
• GAAP Net Income: $350.7M, up 81% YoY, with a GAAP EPS of $0.99, compared to $0.56 YoY.
• Non-GAAP Net Income: $544.9M, a 17% YoY increase, with Non-GAAP EPS of $1.56, up from $1.38 last year.
• Gross Profit: $1.58B, up 13% YoY, with a strong gross margin maintained despite rising costs.
• Operating Expenses: Increased by 9% YoY to $1.3B, reflecting Palo Alto’s continued investment in R&D and expanding its sales efforts globally.

Business Performance:

• Next-Generation Security (NGS) Annualized Recurring Revenue (ARR): Grew 40% YoY to $4.5B, underscoring the growing demand for more advanced cybersecurity solutions.
• Remaining Performance Obligations (RPO): Increased by 20% YoY to $12.6B, offering strong visibility into future revenues.
• Subscription & Support Revenue: Increased by 16% YoY, highlighting Palo Alto’s strong recurring revenue model.

Guidance:

• Q2 FY2025: Revenue is expected between $2.22B-$2.25B (+12%-14% YoY), with Non-GAAP EPS forecasted at $1.54-$1.56.
• FY2025: Revenue guidance raised to $9.12B-$9.17B (+14% YoY), with Non-GAAP EPS expected at $6.26-$6.39.

Key Takeaways:

• The strong ARR growth, stock split announcement, and raised guidance for FY2025 demonstrate confidence in the company’s long-term growth strategy. The platformization strategy and focus on AI-driven security solutions position Palo Alto well in an increasingly digital world.
• Traders’ Sentiment: With robust earnings and a strategic roadmap focused on innovation, PANW is well-positioned for future growth. The upcoming stock split could attract more retail investors, boosting liquidity.

Snowflake Q3 FY2025 Earnings Overview ($SNOW)

Key Financial Metrics:

• Revenue: $942.1M, up 28% YoY, driven by solid performance in its core AI-powered data platform.
• Product Revenue: $900.3M, representing 29% YoY growth, reflecting high demand for Snowflake’s cloud-native data solutions.
• Net Revenue Retention Rate (NRR): 127%, showing a strong expansion in existing customers.
• Remaining Performance Obligations (RPO): $5.7B, a 55% YoY increase, which provides high revenue visibility.
• High-Spending Customers: 542 customers contributing more than $1M in trailing 12-month product revenue, up 25% YoY.
• Forbes Global 2000 Customers: 754, reflecting 8% YoY growth.

Profitability Metrics:

• GAAP Operating Loss: $(365.5M), a -39% margin, but this is typical for high-growth companies investing heavily in growth.
• Non-GAAP Operating Income: $58.9M, with a 6% margin, showing strong operating leverage.
• Non-GAAP Net Income: $73.3M, or 8% margin.
• Adjusted Free Cash Flow: $86.8M, representing a 9% margin.

Guidance:

• Q4 FY2025: Product revenue guidance between $906M-$911M (+23% YoY).
• FY2025 Full-Year: Product revenue guidance raised to $3.43B (+29% YoY), signaling sustained growth momentum.

Key Takeaways:

• Snowflake’s performance is solid, with its AI-powered data cloud continuing to drive growth. The company has a robust pipeline, as evidenced by strong RPO growth and expanding high-spending customers.
• The stock repurchase program and significant cash position of $2.15B provide financial flexibility for continued investment and growth.
• Traders’ Sentiment: Despite GAAP losses, Snowflake’s operational efficiency and strong cash flow generation position it for long-term success in the booming cloud data space.

NVIDIA Q3 FY2025 Earnings ($NVDA)

Key Financial Metrics:

• Revenue: $35.1B, up 17% QoQ and 94% YoY, driven primarily by accelerated demand for AI and cloud infrastructure.
• Data Center Revenue: $30.8B, up 17% QoQ and 112% YoY, fueled by demand for Hopper and Blackwell AI platforms.
• Gaming Revenue: $3.3B, up 14% QoQ and 15% YoY, supported by strong sales of GeForce RTX graphics cards and AI PC innovations.
• Automotive Revenue: $449M, a 30% QoQ and 72% YoY growth, driven by advances in autonomous vehicles and AI for robotics.
• GAAP EPS: $0.78, up 16% QoQ and 111% YoY.
• Non-GAAP EPS: $0.81, up 19% QoQ and 103% YoY.

Performance Breakdown:

• Data Center: NVIDIA’s dominance in AI and high-performance computing continues to drive strong results. The Hopper architecture and Blackwell GPUs are gaining traction as AI platforms.
• Gaming: Strong growth driven by the success of GeForce RTX graphics cards, which are critical for AI-powered gaming and general-purpose AI tasks.
• Automotive: Advancements in autonomous driving technologies and AI for vehicles contributed to impressive growth in the automotive segment.

Guidance:

• Q4 FY2025 Revenue Guidance: $37.5B (+/- 2%).
• GAAP Gross Margin: 73.0%, reflecting the company’s continued pricing power and operational efficiency.
• Non-GAAP Operating Expenses: Expected around $3.4B.

Key Takeaways:

• NVIDIA’s record earnings reflect its leadership in AI and accelerated computing, with significant growth in data centers, gaming, and automotive sectors.
• The company continues to benefit from the AI boom, positioning itself as a key enabler of the AI revolution across industries.
• Traders’ Sentiment: NVIDIA’s bullish outlook and dominance in the AI market position it well for sustained growth. With strong Q4 guidance, the company is likely to continue outperforming in the coming quarters.

Traders’ Sentiment: The earnings reports from Palo Alto Networks, Snowflake, and NVIDIA reinforce the strong growth potential in cybersecurity, cloud data, and AI infrastructure. NVIDIA’s performance, in particular, has reaffirmed its dominant position in AI computing, making it a top pick in the tech sector. Despite mixed overall market performance, these earnings have fueled optimism about long-term growth in tech stocks, particularly those with strong exposure to AI and cloud services.

US treasury sells $16 million of 20 year bond @ a high yield of 4.680%

• WI level at the time of the auction 4.65%

US treasury sell $16 billion of 20 bonds a high yield of 4.68%:

• High yield 4.68%
• WI level at the time of the auction 4.65%.
• Tail 3.0 basis points versus the six-month averages 0.1 basis points
• Directs (domestic buyers) 7.9% versus six with average of 17.2%
• Indirects 69.5% versus six-month average of 71.6%
• Dealers 22.6% vs six with average of 11.2%

US MBA mortgage applications W.E. 15 November +1.7% vs +0.5% prior

• Latest data from the Mortgage Bankers Association for the week ending 15 November 2024

• Prior +0.5%
• Market index 195.6 vs 192.4 prior
• Purchase index 136.0 vs 133.3 prior
• Refinance index 514.9 vs 506.0 prior
• 30-year mortgage rate 6.90% vs 6.86% prior

Fed’s Bowman: It’s concerning we’re recalibrating policy without reaching inflation goal

• Somewhat hawkish comments from Fed Bowman

• U.S. Central Bank should pursue a cautious approach on monetary policy.
• Fed may be closer to neutral policy than policymakers currently think; inflation remains a concern.
• Her estimate of neutral policy rate is much higher than before COVID pandemic.
• Says she agreed to support November Fed rate cut as it aligns with her preference to lower rates gradually.
• Says she is pleased that November Fed policy statement provided optionality in deciding future policy adjustments.
• Progress in lowering inflation appears to have stalled.
• Says she sees greater risks to price stability mandate, though deterioration in labor conditions is possible.
• Economy is strong, labor market is near full employment, inflation is elevated.
• Sideways move in core personal consumption expenditures inflation since May reflects increased demand for affordable housing, inelastic housing supply.
• Unemployment rate is below her own estimate of full employment; rise this year reflects weaker hiring.
• October payrolls likely rose at recent average pace after accounting for hurricane, Boeing strike, low response rate.
• It’s concerning we are recalibrating policy without reaching inflation goals
• Fed needs to be flexible
• Even when we bring inflation down, prices are still more expensive.
• We need to be patient and cautious about what immigration policy approach may actually be.
• US needs policies that will facilitate people to be able to work across the country. Sites own family of farmers and difficulty finding labor.
• Congress would need to mandate a central bank digital currency if it felt one was needed.

Fed’s Cook: If inflation progress slows with jobs still solid, could see pause

• But expects inflation to evolve as expected and it would be appropriate to continuing lowering policy rate towards neutral

• If labor market and inflation evolve as expected, would be appropriate to continue lowering policy rate towards neutral.
• If inflation progress slows with job market still solid, could see a scenario for pausing.
• Totality of data suggests disinflation still underway with labor market gradually cooling.
• Cuts so far were a strong step toward removing policy restriction.
• Magnitude and timing of rate cuts will depend on coming data, outlook, balance of risks; policy not preset.
• Risks right now are roughly in balance.
• Economy is in a good position, though core inflation still somewhat elevated.
• Elevated core inflation suggests Fed still has further to go.
• Housing services account for most of the excess of core inflation.
• Economic growth robust, expect expansion will continue.
• Job risks weighted to the downside, but have diminished in recent months.
• Slowing wage growth increases confidence in continued disinflation.
• Job market overall remains solid; recent weak growth a result of temporary strike, storm effects.
• Labor market largely normalized, no longer a source of inflation.
• Continued growth with slowing inflation could mean underlying potential is greater than thought.
• Faster productivity growth appears to have supported both potential and actual growth.
• This moment could be incredibly important if productivity has shifted higher.
• Productivity is such a long run, stable trend, that exceeding it is very hard to do.
• Possible even that the US is underestimating the productivity gains from AI.

US Commerce award $1.5B to GlobalFoundries as part of the Chips Act

• The funds allocated for the Chips Act is up in the air with the new administration

The US Chips Act was a bipartisan supported legislation designed to incentivize the building of chip manufacturing in the US. TSMC and Intel have been some of the key beneficiaries and as such each are building new facilities for manufacturing. The awarding of $1.5 billion to global foundry’s seems to be part of that chips act funding

At risk is the change in administrations and the Trump preference to support tariffs over grants. 

• U.S. officials are rushing to finalize $39B in Chips Act manufacturing grants, primarily for Intel, before President Biden’s term ends.
• $30B remains tied up in complex negotiations, with Intel’s share reaching up to $11.5B for projects in AZ, NM, OH, and OR.
• Commerce highlights 125K jobs and significant domestic investment as key program benefits.

Other details on the chips act

• The White House vowed to implement the Chips Act “with speed and efficiency” citing its national-security and economic importance.
• Commerce Secretary Gina Raimondo has championed U.S. chip manufacturing to address geopolitical competition with China.
• Rising chip plant costs, exceeding $20B for cutting-edge factories, and overseas incentives have reduced U.S. production to 10% of global output.
• Taiwan Semiconductor received the first major grant of up to $6.6B for Arizona projects, while lengthy negotiations have frustrated companies and business groups.
• Intel, despite delays, remains committed to working with both the Biden and Trump administrations to restore U.S. chip-making leadership.

Nomura flag higher tariffs, weaker global demand, more policy uncertainty to weigh on Asia

• But, disinflation is the bigger risk

A note from Nomura argues that:

• Asia is better prepared for Trump’s second presidency, but a larger economic growth drag and disinflation now look more likely in 2025.
• Higher tariffs, weaker global demand and more policy uncertainty are set to weigh on Asia’s economic growth.
• Disinflation is a bigger risk for Asia, given weaker growth, lower energy prices and the prospect of increased Chinese exports into the rest of Asia.
• While the broader economic and geopolitical impact is negative for Asia, especially for China and South Korea, we see India and Malaysia as relative beneficiaries due to ongoing supply chain shifts.

JP Morgan 2025 US outlook – unemployment rise, growth downshift, Core PCE inflation still > 2%

• Small unemployment rate rise, mild growth downshift

JP Morgan US economic outlook for next year, in breif

• There are now upside risks to growth from deregulation and tax cutting and downside risks from tariffs and general policy uncertainty
• But one shouldn’t lose sight of the business cycle, which has been performing well
• We look for only a mild downshift in growth in 2025 to 2%, with a small additional rise in the unemployment rate to 4.5%
• Core PCE inflation expected to decelerate a half-point next year to 2.3%
• We look for the Fed to cut 25bps in December and another 75bps by the end of 3Q25, then stop at 3.75%
• Labor supply is set to slow over the next couple years, with breakeven payroll growth falling under 100k by 2026
• labor demand also keeps moderating, though not enough to create a recession
• Growth with be supported by solid but not speculator business productivity gains of of 1.5-2.0% per year
• We assume that tariffs on China will rise sharply but not be raised significantly elsewhere, leading to slower trade volumes and higher import prices

US federal government debt to rocket to 122% of GDP – higher volatility, higher interest rates

• Via a note from TD

A note from TD argues that U.S. debt levels are poised to surge, raising long-term concerns for Treasury markets.

TD analysts say that the U.S. federal government’s structural deficits are projected to drive its debt-to-GDP ratio to 100% in 2024 and 122% by 2034. This steep rise translates to an estimated $22 trillion—or 85%—increase in the supply of U.S. Treasuries over the next decade.

While financial markets absorbed a wave of Treasury issuance in 2020-2021 with ease, thanks to the Federal Reserve’s quantitative easing (QE) program, the shift to quantitative tightening (QT) has reshaped the demand landscape. The Fed’s withdrawal from Treasury purchases has left domestic investors to shoulder the bulk of new issuance, as foreign buyers have largely refrained from stepping into the breach.

Private U.S. investment funds are now nearing the point of replacing foreign investors as the largest holders of U.S. Treasuries, reflecting a significant shift in market dynamics. Although demand at Treasury auctions remains stable, the rising term premium—now at its highest in a decade—suggests investors are demanding greater compensation to hold government debt.

The reserve currency status of the U.S. dollar continues to underpin global demand for Treasuries, yet analysts warn that persistently higher deficits and increasingly price-sensitive buyers could lead to elevated market volatility and upward pressure on interest rates in the years ahead.

This evolving landscape underscores the challenges facing U.S. fiscal and monetary policymakers as they navigate a new era of heightened debt issuance and shifting investor priorities.

Commodities

Gold Edges Higher Amid Rising Russia-Ukraine Tensions

Market Overview: Gold saw a modest rise on Wednesday, driven by continued geopolitical tensions surrounding the Russia-Ukraine conflict. The precious metal experienced a recovery after a weak start, trading in the $2,640s during the US session. Geopolitical risks pushed investors toward safe-haven assets like gold, although the stronger US Dollar and less dovish expectations for US interest rates kept the upside in check.

Gold’s Performance:

• Initial Weakness: Gold began the day with a downturn due to a stronger USD, which typically puts pressure on gold, as it is priced in US Dollars.
• Recovery: The precious metal regained momentum, bouncing back over $100 from early-week lows in the $2,540s, as geopolitical fears intensified.

Geopolitical Drivers: The recent uptick in gold prices was largely attributed to the escalating tensions in Ukraine, particularly after Russia revised its nuclear doctrine. This move was seen as a direct response to US support for Ukraine, including the approval of long-range ATACMS missiles for Ukraine’s military. The market interpreted Russia’s actions as a warning that could trigger further instability in the region, heightening demand for gold as a safe-haven asset.

Market Outlook: Gold remains in a short-term uptrend on the 4-hour chart, although its price recovery is facing resistance from the strengthening US Dollar and hawkish expectations for the Federal Reserve’s interest rate trajectory. As geopolitical uncertainties continue, gold is likely to remain a key asset for risk-averse investors.

Crude oil futures settled at $68.87

• Down $0.52 or -0.75%

Crude oil futures are settling at $68.87. That is down $0.52 or -0.75%.

Weekly crude oil inventory data shows build of 0.545M

• The weekly EIA inventory data shows:

• Crude oil inventories build of 0.545Mvs build 0.138M estimate. Prior week +2.089 million
• Gasoline inventories build of 2.054M vs build 0.859M estimate. Prior week -4.407M
• Distillate inventories drawdown of -0.114M vs drawdown -0.020M estimate. Prior week -1.394M
• Cushing inventories drawdown of -0.140M vs. drawdown -0.688M last week.

EU News

European Indices close lower

• German DAX and Italy’s FTSE MIB are down for the fourth consecutive day

The major European indices are closing lower. The German DAX and Italy’s FTSE MIB is on a four-day losing streak.

• German DAX, -0.31%
• France’s CAC, -0.43%
• UK’s FTSE 100 -0.17%
• Spain’s Ibex unchanged
• Italy’s FTSE MIB -0.29%

Looking at European benchmark 10 year yields:

• Germany 2.345%, unchanged
• France 3.097%, +1.1 basis points
• UK 4.473%, +2.6 basis points
• Spain 3.055%, +0.3 basis points
• Italy 3.575%, +2.2 basis points

Eurozone negotiated wage growth seen accelerating in Q3

• Negotiated pay growth seen at 5.42% in the last quarter

Germany October PPI +0.2% vs +0.2% m/m expected

• Latest data released by Destatis – 20 November 2024
• Prior -0.5%

Producer prices were seen up compared to the previous month but year-on-year, remain down by 1.1%. Looking at the details, there were increases in the price for capital goods (+0.2%), consumer goods (+0.2%), and durable goods (+0.2%). This is offset slightly by a decline in prices for intermediate goods (-0.3%).

UK October CPI +2.3% vs +2.2% y/y expected

• Latest data released by ONS – 20 November 2024

• Prior +1.7%
• Core CPI +3.3% vs +3.1% y/y expected
• Prior +3.2%

On the month itself, consumer prices were seen up 0.6% and core prices were seen up 0.4%. Both were seen just above estimates of 0.5% and 0.3% respectively. But the emphasis remains on core annual inflation, which came in higher than expected and also above the September reading.

ECBs Stournaras: ECB policy has tamed inflation

• Sees inflation converging to 2% by 2025

• ECB policy has tamed inflation
• Sees inflation converted to 2% by start of 2025
• ECB may increasingly need to avoid inflation undershoot
• Rates will stay restrictive for some time
• Downside risks to Eurozone growth remain

ECB sounds warning on “bubble” in AI stocks in latest financial stability review

• The central bank comments in its semi-annual financial stability review publication

• Economic growth remains fragile
• Concerns about global trade outlook add to geopolitical and policy uncertainty
• High valuations and risk concentration make markets more susceptible to sudden corrections
• This concentration among a few large firms raises concerns over the possibility of an AI-related asset price bubble
• Given low liquid asset holdings, cash shortages could result in forced asset sales that could amplify downward asset price adjustments

BOE Ramsden: Recent trends toward loan relatively stable inflation should continue

• BOEs Ramsden speaking on the economy

• The economy will continue to normalize, with the recent trend towards low and relatively stable inflation continuing.
• It is as least as likely that the disinflationary process sustains it’s recent trend
• This would imply a scenario in which inflation stays closer to the 2% target throughout the first part of the forecast and falls below 2% more materially later on.
• Were uncertainties to diminish and evidence to point more clearly to further disinflationary pressures, then I would consider a less gradual approach to reducing bank rate.
• My starting point is to consider it more likely that pay awards will be in the bottom half of the expected 2-4% range than in the top half.
• It is not clear the extent to which NICs increase in the autumn budget will be transmitted into increase in prices, reduction in wages, increase in unemployment
• October CPI data only marginally above BOE’s forecast
• A very small miss. on one months inflation forecast doesn’t change my assessment of the outlook

Ford to cut 4K jobs within Europe (Germany and UK). Cite weak EV demand.

• Also blaming lack of government support and increasing competition

Ford is announcing they will cut 4000 jobs primarily in Germany and the UK. They blame week EV sales and also lack of government support and increasing competition.

Shares of Ford are trading your unchanged at $11.05 in premarket trading. The last few days has seen the price test the 100 day moving average at $11.22. Above that is its 200 day moving average of $11.81.

UK – Official statistics painting an overly pessimistic picture of labour market

• Nearly 1 million UK workers are uncounted, think tank says

Reuters with this interesting piece:

• Britain’s official labour market statistics may be failing to count almost 1 million people who are in work
• might also be overestimating the number of workers who have dropped out of the jobs market
• think tank data closely tracked official employment numbers until 2020. Since then it has diverged sharply.

Here is the link for more.

Asia-Pacific-World News

Xi calls on Scholz to reconcile issue of EU tariffs on Chinese EVs

• China state television, CCTV, reports on the matter

It is said that the two discussed the matter on the sidelines of the G20 summit, with Xi stating that China is ready to “consolidate” a strategic partnership with Germany. That before raising the matter of the tariffs imposed by the EU on Chinese-made EVs.

Xinhua also reports that China is looking to “resolve the differences through dialogue and consultation”. Adding that “it is hoped Germany will continue to play an important role in this regard”.

Economists see Trump tariffs to cut China GDP by around 0.5% to 0.9% next year

• The findings from Reuters’ latest poll on the Chinese economy

• China 2024 GDP growth seen at 4.8%, 2025 GDP growth seen at 4.5% (unchanged from Oct poll)
• Trump expected to impose 38% tariffs on Chinese goods early next year
• Proposed tariffs may cut China’s 2025 GDP growth by around 0.5% to 0.9%
• China likely to roll out more stimulus measures to counter Trump tariffs

People’s Bank of China leaves its interest rates unchanged, as expected

• Loan Prime Rate (LPR): 1 year remains at 3.1%, 5-year remains at 3.6%

China Loan Prime Rate

5 year 3.60%

• expected 3.60%, prior 3.60%

1 year 3.10%

• expected 3.10%, prior 3.10%

PBOC sets USD/ CNY mid-point today at 7.1935 (vs. estimate at 7.2386)

• PBOC CNY reference rate setting for the trading session ahead.

In open market operations (OMOs):

• PBOC injects 69bn yuan via 7-day RR, sets rate at 1.5%
• 233bn yuan mature
• net drain today is 164bn yuan

Chinese mutual fund houses cutting exchange-traded fund (ETF) fees

• Fee cuts align with calls from Chinese authorities to support the stock market

Bloomberg (gated) with the info – in brief:

• Chinese mutual fund companies, including China Asset Management Co. and E Fund Management Co., are cutting management fees on equity ETFs from 0.5% to 0.15% and halving custodian fees to 0.05%.
• The fee cuts align with calls from Chinese authorities to support the stock market
• Bloomberg analyst suggests the “national team” (state-backed funds managing $92 billion in ETF investments this year) may have driven the fee reduction.

Australia’s Fiscal Challenges: Treasurer Chalmers’ Economic Update

• Treasurer Chalmers discusses Australia’s tough fiscal outlook due to weakened trading partner China and a softening job market

Treasurer Jim Chalmers has delivered his Ministeral Statement on the Economy. In summary Chalmers pointed to Australia facing a more challenging fiscal outlook as key trading partner China cools and the local job market loosens

• tumbling iron ore prices and a softening labour market have hit government revenue
• leaving a “sliver” of the revenue windfalls that supported the Budget bottom line for the past two years
• Chalmers statement sets the scene for next month’s mid-year Budget update
• Chalmers said he was “confident not complacent” that the worst of the inflation storm had passed

Australian Leading Index first clear ‘above-trend’ result since November 2023

• Moves into positive territory

Westpac Leading Index, in brief:

• Leading Index has moved into positive territory, from –0.20% in September to +0.26% in October.
• This provides a tentative signal that growth momentum is set to improve from its current nadir.
• Improvements mostly centred on components related to consumer sentiment and commodity prices.

Japan October trade balance -461bn yen (expected -360bn yen)

• Japan trade data for October 2024

Japan Adjusted Trade Balance

• Actual: -0.36T
• Expected: -0.15T
• Previous: -0.27T

Exports rose 3.1% y/y in October, beating expectations of a 2.2% rise and a reversal from the -1.7% fall seen in September. September marked a 43-month low. Exports were led by a pick-up in chip equipment demand in China. Looking ahead, though, potential U.S. protectionist trade policies could weigh.

Via Reuters come comments from Shunsuke Kobayashi, chief economist at Mizuho Securities:

• estimated that a proposed 10% tariff on all U.S. imports could push down Japan’s gross domestic product by 0.13%, and another 0.12% if a potential 60% levy on Chinese-made products triggers retaliatory tariffs from China

Japan Exports (YoY) (Oct)

• Actual: 3.1%
• Expected: 2.2%
• Previous: -1.7%

Japan Imports (YoY) (Oct)

• Actual: 0.4%
• Expected: -0.3%
• Previous: 2.1%

Japan exports to:

• EU -11.3% y/y
• US -6.2% y/y
• China +1.5% y/y
• Asia +7.6% y/y

Cryptocurrency News

Trump said to consider Crypto lawyer Teresa Goody Guillén to lead SEC Chair

• Coindesk reporting

Coindesk reporting:

• The Trump transition team is considering Teresa Goody Guillén, partner at law firm BakerHostetler and co-lead of its blockchain team, among several candidates to become the next SEC chair, industry sources said.
• Goody Guillén is a seasoned securities lawyer with experience serving the SEC and opposing the agency on behalf of blockchain companies and traditional businesses.
• … “someone that’s very pro-crypto”

FLOKI to go live on Coinbase few days after the exchange listed PEPE and WIF

• Coinbase announced its plans to add support for FLOKI.
• FLOKI has been down over 5% in the past 24 hours.
• Donald Trump’s presidential election victory could be a major factor fueling Coinbase’s recent meme coins listing.

Floki Inu (FLOKI) is down 5% on Wednesday following crypto exchange Coinbase’s announcement that the token will begin trading on its platform over the next 24 hours.

Coinbase set to list FLOKI on Thursday

Coinbase is set to list another meme token on its platform following a recent announcement that it will add support for FLOKI. Users will begin trading the token from Thursday if it meets all the necessary liquidity conditions.

The exchange also stated that it will begin trading the FLOKI/USD pair in phases once a “sufficient supply of [the] asset is established.” The meme token’s support on Coinbase will only be accessible to traders in supported regions.

FLOKI has been down in the past 24 hours, stretching its losses over 5%. The token had witnessed an impressive rally alongside the entire crypto market following the US presidential election, posting nearly 60% gains in the past month. It may likely see a rally after its listing on Coinbase.

With the listing, FLOKI joins the list of recently supported meme coins on Coinbase, including PEPE and dogwifhat (WIF).

Donald Trump’s presidential election victory could be among the propellers of Coinbase’s recent listing of meme coins across its trading platforms. This is due to expectations of the potential regulatory clarity and support Trump promised the crypto industry during his campaign.

Additionally, Fortune reported that Coinbase’s CEO, Brian Armstrong and Trump, spoke via a private call earlier this week.

The meeting, which may pave the way for discussions about cryptocurrency policies in the next administration, comes at a time when Trump is recruiting members for his cabinet.

Bitcoin trades to another new record high at $94,852

• Old high from yesterday reached $94,057

Bitcoin moved to a another new record high at $94,852. The move to the upside extended above the high price from yesterday at $94,057. That high extended above the high price going back to November 13 at $93,483. Those levels are now close support.

Looking at the hourly chart, the price based against the 100 hour moving average on Monday Tuesday and again earlier today. That gave the buyers the go-ahead to push higher.

If the swing area between $93,482 and $94,057 is broken to the downside, the rising 100 hour moving average currently at $91,380 would be a key target on the downside to stay above to keep the buyers in firm control. 

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