citic securities·2025-10-31 02:40Market Overview - The US stock market faced pressure due to mixed earnings reports from major tech companies and concerns over increased capital expenditures in AI, with the Dow Jones down 0.23% to 47,522 points, S&P 500 down 0.99% to 6,822 points, and Nasdaq down 1.57% to 23,581 points[3][9]. - European markets showed mixed performance, with the Stoxx 600 index slightly down 0.01%, while the UK FTSE 100 rose 0.04%[9]. US-China Relations - The recent meeting between US and Chinese leaders in Busan is expected to ease tensions and positively influence market sentiment, particularly benefiting labor-intensive sectors in China[5]. - The US Senate passed a resolution to terminate Trump's comprehensive tariff policy, indicating a potential shift in trade relations[5]. Earnings Reports - Apple reported Q4 2025 revenue of $102.47 billion, slightly above expectations, with iPhone sales at $49.03 billion, a 6.1% year-on-year increase[7]. - Amazon's Q3 revenue reached $180.17 billion, a 13% increase year-on-year, with net profit up 39% to $1.95 per share, exceeding market expectations[7]. Currency and Commodities - The US dollar index reached a three-month high, while the Japanese yen weakened following the Bank of Japan's decision to maintain its current policy[4][28]. - International oil prices saw a slight increase, with NY crude oil up 0.15% to $60.57 per barrel, and gold prices rebounded after consecutive declines, rising 0.4% to $4,015.9 per ounce[4][28]. Fixed Income Market - US Treasury yields rose, with the 2-year yield at 3.61% and the 10-year yield at 4.10%, reflecting ongoing market adjustments to interest rate expectations[29][32]. - Meta issued $30 billion in bonds, the largest issuance of high-rated corporate bonds this year, indicating strong demand in the corporate debt market[4][32].