Zhi Tong Cai Jing·2025-11-04 12:22Market Overview - U.S. stock index futures are all down, with Dow futures down 0.63%, S&P 500 futures down 0.99%, and Nasdaq futures down 1.28% [1] - European indices also show declines, with Germany's DAX down 1.25%, UK's FTSE 100 down 0.59%, France's CAC 40 down 1.19%, and the Euro Stoxx 50 down 1.07% [2] - WTI crude oil is down 1.46% at $60.16 per barrel, while Brent crude is down 1.26% at $64.07 per barrel [3] Market Sentiment - Wall Street executives warn that the stock market is "between fair and expensive," suggesting a healthy correction of over 10% is likely within the next 12 to 24 months [4] - Capital Group's CEO Mike Gitlin notes that while corporate earnings are strong, valuations are too high, indicating potential for significant sell-offs [4] Federal Reserve Insights - Federal Reserve Governor Milan calls for more aggressive rate cuts, stating current monetary policy is too restrictive [5] - Milan has previously advocated for larger rate cuts, suggesting a 50 basis point reduction instead of the 25 basis points decided in recent meetings [5] Commodity Market Trends - Saxo Bank's Ole Hansen indicates that the long-term outlook for gold remains positive despite an 8% drop since reaching a record high of $4,359.40 per ounce on October 20 [6] - The recent strength of the U.S. dollar, driven by hawkish Fed statements, has pressured copper prices, which have declined from record highs [6] Debt Market Developments - Investors anticipate U.S. Treasury Secretary Basent will signal a shift towards short-term debt issuance to manage the growing debt burden [7] - The Treasury has revised its net borrowing estimate for the October to December quarter to $569 billion, down from a previous estimate of $590 billion [7] Company Performance - Tesla's October sales in China fell nearly 10% year-over-year, with major shareholders opposing Elon Musk's $1 trillion compensation plan [8] - Palantir reported a 63% year-over-year revenue increase to $1.18 billion, exceeding analyst expectations, with net profit surging over twofold [9] - Pfizer's Q3 revenue was $16.65 billion, surpassing expectations, and the company raised its full-year earnings guidance [10] - Philips reported a 3% comparable sales growth in North America, with adjusted EBITA exceeding market expectations [11] - BP's Q3 adjusted net profit was $2.21 billion, above analyst forecasts, driven by strong refining margins [12] - Yum China reported an 8% increase in operating profit, with same-store sales growing for the 11th consecutive quarter [13]