Futures Slide As Bitcoin Flash Crashes To April Low Ahead Of $3.1 Trillion Opex

Economic Developments - Japan's government approved a JPY 21.3 trillion ($135.5 billion) economic stimulus package, marking the largest since the COVID pandemic, with JPY 17.7 trillion in new spending [28][53] - Japan's inflation rate increased to 3% in October, aligning with market expectations, and has remained above the Bank of Japan's 2% target for 43 consecutive months [52][54] - The U.K. government is facing a borrowing overshoot in October, leading to plans for tax increases and spending cuts in the upcoming budget [5] Currency and Trade - The Indian rupee fell to a record low against the dollar amid uncertainty regarding a potential U.S. trade deal [3] - The U.S. is considering lifting tariffs on EU goods, including beef and other foods, to help maintain affordable grocery prices [4] - Trump's administration lifted a 40% tariff on certain Brazilian agricultural products, including coffee and beef, to help reduce domestic food prices [6] Corporate News - Netflix, Comcast, and Paramount Skydance submitted bids for Warner Bros. Discovery by the November 20 deadline [5] - OpenAI is partnering with Hon Hai to design and manufacture hardware for data centers, with Hon Hai planning to invest up to $5 billion in U.S. manufacturing [5] - AnaptysBio shares fell 15% after GSK initiated litigation against the company [4] Market Performance - The S&P 500 experienced its sharpest intraday reversal since April, with a decline of 1.56% after initially rising [42][50] - Bitcoin is on track for its worst monthly performance since the June 2022 crypto crash, down 35% from its October highs [10][43] - Gap Inc. shares rose 4.5% after reporting stronger-than-expected sales, indicating effective marketing strategies [11] Central Bank Insights - The Fed's Anna Paulson expressed caution ahead of the December meeting, indicating that each rate cut raises the bar for the next [7][13] - JPMorgan and Morgan Stanley's economists no longer expect a rate cut in December, citing a rebound in payrolls [13][27] - The Congressional Budget Office revised its estimate of Trump's tariffs' impact on deficits to approximately $3 trillion over the next 10 years, down from $4 trillion [9]