Market Overview - U.S. stocks experienced a decline, with the Dow Jones index dropping over 200 points, down 0.47% to 46,693.85, NASDAQ falling 1.42% to 22,725.49, and S&P 500 decreasing 0.82% to 6,664.90 [1] - European shares also fell, with the eurozone's STOXX 600 down 0.55%, Spain's IBEX 35 Index down 1.3%, and other major indices in London, Germany, and France also declining [5] - Asian markets closed lower, with Japan's Nikkei 225 down 1.19%, Hong Kong's Hang Seng down 0.92%, and China's Shanghai Composite down 0.25% [6] Company Performance - Fluor Corporation's shares fell 2% after reporting third-quarter results, with adjusted earnings per share at 68 cents, exceeding the 45-cent estimate, but revenue fell 18% to $3.37 billion, below the $4.20 billion consensus [2] - Motorsport Games Inc saw a significant increase in shares, rising 84% to $4.02 due to a year-over-year increase in third-quarter sales [8] - BIO-Key International Inc shares surged 66% to $1.06 following the announcement of significant biometric and IAM deployment in the Middle East [8] - Gulf Island Fabrication Inc shares increased by 50% to $11.76 after IES agreed to acquire the company for $12 per share in cash [8] - Eledon Pharmaceuticals Inc shares dropped 54% to $1.88 after announcing results from its Phase 2 BESTOW trial [8] - Energys Group Ltd shares fell 46% to $2.14, and Functional Brands shares decreased by 47% to $0.68 [8] Economic Indicators - The University of Michigan's consumer sentiment index declined to 50.3 in November from 53.6 in the previous month, below market expectations of 53.2 [10] - Median inflation expectations in the U.S. eased to 3.2% for the one-year horizon in October, down from 3.4% in September [10]

Market Overview - Major US stock indices opened lower and subsequently declined, with the Dow Jones down 0.62%, Nasdaq down 1.71%, and S&P 500 down 1% [1] - Large tech stocks experienced significant drops, with Nvidia and Tesla falling over 4%, while Google and Meta dropped over 2%, and Amazon fell over 1% [2] Chinese Stocks Performance - Most popular Chinese stocks declined, with Xpeng Motors down over 7%, Alibaba, NIO, and Bilibili down over 3%, and Weibo and iQIYI down over 2% [4][5] Cryptocurrency Market - The cryptocurrency market saw a significant downturn, with nearly 240,000 people liquidated in the last 24 hours. Bitcoin fell 2.74%, dropping below the $100,000 mark [5][6] Consumer Confidence - The University of Michigan's preliminary report for November indicated that US consumer confidence hit a three-year low at 50.3, below expectations of 53 and the previous value of 53.6 [8] - The current economic conditions index dropped 6.3 points to 52.3, marking a historical low, while the consumer expectations index fell to a six-month low of 49 [8][9] - Concerns about rising unemployment have increased, with 71% of respondents expecting the unemployment rate to rise in the next year, more than double from the previous year [10] Government Shutdown Impact - The ongoing government shutdown has raised concerns about its impact on the economy, particularly affecting consumer sentiment across various demographics [8][11] - The Supplemental Nutrition Assistance Program (SNAP) has suspended benefits due to funding exhaustion, affecting approximately 42 million people, marking the first time in 60 years that benefits have been halted during a government shutdown [12]

北京时间11月7日晚，美股三大指数集体低开，截至发稿前，道指下跌0.40%，纳指下跌1.55%，标普500指数下跌0.93%。 | 唯品会 | -0.27% | -0.050 | 0.029 | | --- | --- | --- | --- | | us VIPS | -1.31% | -0.240 | | | 微博 | -2.11% | -0.223 | 0.079 | | us WB | -0.76% | -0.080 | | | 阿里巴巴 | -3.48% | -5.839 | 0.149 | | US BABA | -2.92% | -4.900 | | | 京东 | -1.99% | -0.635 | 0.039 | | us JD | -1.81% | -0.580 | | | 腾讯音乐 | -4.82% | -1.075 | -0.199 | | US TME | -2.38% | -0.530 | | | 小鹏汽车 | -7.16% | -1.710 | 0.059 | | US XPEV | -3.18% | -0.760 | | | 理想汽车 | | -1.91% -0.385 | 0. ...

Market Overview - The US stock market opened lower, with the Dow Jones down 0.62%, Nasdaq down 1.71%, and S&P 500 down 1% as of the report [1] - Major tech stocks experienced significant declines, with Nvidia and Tesla dropping over 4%, while Google and Meta fell over 2% [1] Cryptocurrency Market - The cryptocurrency market saw a sharp decline, with Bitcoin dropping 2.74% and falling below the $100,000 mark, resulting in nearly 240,000 liquidations globally within 24 hours [5][6] - Other cryptocurrencies also faced losses, with Ethereum down 3.86% and Solana down 4.77% [6] Chinese Stocks - Most popular Chinese stocks declined, with Xpeng Motors down over 7%, Alibaba, NIO, and Bilibili down over 3%, and JD.com and Li Auto down over 1% [4][5] Consumer Confidence - The University of Michigan's consumer confidence index for November fell to 50.3, the lowest level since June 2022, primarily due to concerns over government shutdowns and high prices affecting personal finances [8][9] - The current economic conditions index dropped significantly by 6.3 points to 52.3, marking a historical low [9] Political Developments - Former President Trump urged Republicans to end lengthy debates to address the government shutdown, emphasizing its impact on food assistance programs and the stock market [10][12] - The Trump administration filed an emergency request to pause a federal judge's ruling requiring full payment of the Supplemental Nutrition Assistance Program (SNAP) benefits [13]

Group 1 - The core viewpoint of the articles highlights a significant decline in U.S. consumer confidence, reaching its lowest level in over three years due to economic uncertainties stemming from government shutdowns and persistent high prices affecting household finances [1][2] - The University of Michigan's preliminary consumer confidence index dropped from 53.6 in October to 50.3 in November, marking a new low since June 2022 and falling short of most economists' expectations [1] - The index measuring current economic conditions fell by 6.3 points to 52.3, the lowest recorded level, indicating rising public concern over the potential impact of government shutdowns on economic activity [1] Group 2 - A continuous increase in the number of consumers reporting rising living costs and high prices has been observed for five consecutive months, underscoring the ongoing inflationary pressures on household spending [1] - Long-term inflation expectations have eased slightly, with consumers anticipating an average inflation rate of 3.6% over the next 5 to 10 years, which is the lowest in three months; however, short-term inflation expectations have risen slightly [1] - In November, 71% of consumers expect the unemployment rate to rise in the next year, double the proportion from a year ago, reflecting heightened concerns about job security [2] Group 3 - The index reflecting personal financial conditions has dropped to its lowest level in six years, while the purchasing conditions for commodities have worsened to the worst level since mid-2022 [1] - The index measuring future expectations has fallen to 49, a six-month low, indicating a pessimistic outlook among consumers regarding the economy [2] - The ongoing government shutdown is causing delays in the release of key economic data, leading to a lack of clarity about the true state of the economy, making consumer confidence surveys a limited reference point [2]

Core Insights - US consumer confidence dropped to its lowest level in over three years in early November, primarily due to concerns over the economic outlook exacerbated by government shutdowns and high prices [1] Group 1: Consumer Confidence Index - The preliminary consumer confidence index for November fell from 53.6 in October to 50.3, marking the lowest level since June 2022 [1] - The current economic conditions index decreased by 6.3 points to a record low of 52.3, reflecting growing concerns about the impact of government shutdowns [1] Group 2: Demographic Trends - Confidence declined across various age, income, and political groups, indicating a widespread sentiment of pessimism among consumers [1] Group 3: Inflation Expectations - Consumers have mentioned rising prices for the fifth consecutive month, although long-term inflation expectations have decreased, with a projected average inflation rate of 3.6% over the next five to ten years, the lowest in three months [1] - There was a slight increase in expectations for inflation over the next year [1] Group 4: Financial Pressures - Consumers are feeling financial pressure from multiple sources and anticipate a continued weakening of the labor market, which they believe will affect their personal financial situations [1]

每经AI快讯，11月7日消息，美国11月密歇根大学1年通胀预期初值为4.7，预期为4.6，前值为4.6。 ...

Group 1 - The preliminary consumer confidence index for November from the University of Michigan is 50.3, which is below the expected 53 and the previous value of 53.6 [1] - The one-year inflation expectation for November is reported at 4.7%, slightly above the expected 4.6% and the previous value of 4.6% [1] - The five-year inflation expectation for November is at 3.6%, which is lower than the expected 3.8% and the previous value of 3.9% [1]

纳斯达克中国金龙指数小幅上涨，个股像阿特斯、亚朵、腾讯音乐在不同板块里各自完成情绪反弹，市场以碎片化回应宏观不确定。 消息来源不是传闻而是公开释放——美联储多位理事接连表态，关于12月是否降息的答案开始变得模糊（来源：证券时报），言辞在政策与市场之间拉扯出 新裂缝。 | < W | 伦敦金现 | | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | 3993.600 " | 4000.950 | | | | 总量 | | 0 | | -7.350 | -0.18% 升益 | | 4001.150 | | 现手 | | 0 | | 最高价 | 4005.940 持 | 色 | | 0 | 外 智 | | 0 | | 最低价 | 3981.360 智 | 色 | | 0 | 内 클 | | 0 | | 分时 | 五日 EK 围K | | | | 月K | 中文 | (0) | | 叠加 | | | | | 均价:0.000 | | | | 4020.540 | | | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For gold, due to better - than - expected US ADP and PMI services data, risk appetite improved, leading to a rebound in gold prices. The medium - to - long - term trend is slightly bearish, and the price will fluctuate. The premium of Shanghai gold remains at 0 yuan/gram [4]. - For silver, also driven by better - than - expected US ADP and PMI services data, risk appetite improved, resulting in a significant rebound in silver prices. The long - term trend is slightly bearish, and the price will oscillate. The silver premium has expanded to 310 yuan/gram [6]. Summary by Directory 1. Previous Day's Review - **Gold**: The US ADP and PMI services data were better than expected, risk appetite improved, and the price of COMEX gold futures rose 0.75% to $3990.40 per ounce. The 10 - year US Treasury yield rose 7.78 basis points to 4.159%, and the US dollar index fell 0.05% to 100.16. The offshore RMB appreciated slightly against the US dollar to 7.1312 [4]. - **Silver**: The US ADP and PMI services data were better than expected, risk appetite improved, and the price of COMEX silver futures rose 1.20% to $47.86 per ounce. The 10 - year US Treasury yield fell 2.72 basis points to 4.083%, and the US dollar index rose 0.34% to 100.21. The offshore RMB depreciated against the US dollar to 7.1352 [6]. 2. Daily Tips - **Gold**: The basis is - 2.66, with the spot at a discount to the futures; the inventory of gold futures warrants is 87,816 kg, unchanged; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position decreased [4][5]. - **Silver**: The basis is - 19, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants is 665,610 kg, an increase of 6,759 kg from the previous day; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position increased [6]. 3. Today's Focus - At 08:30, pay attention to Australia's September goods and services trade balance, and Japan's October final services and composite PMI values. - It is time - undetermined that the 2025 World Internet Conference Wuzhen Summit will open (lasting until November 9), Xiaoma Zhixing and Wenyuan Zhixing plan to be listed on the Hong Kong Stock Exchange simultaneously, and iFlytek will hold an offline main forum in Hefei (releasing the latest progress of the Spark large - model). - At 10:05, focus on Vietnam's October import - export and trade balance. - At 13:00, pay attention to India's October final services and composite PMI values. - At 15:00, focus on Germany's September industrial output. - At 16:00, the European Central Bank will hold the "Money Market 2025" conference, with Executive Board member Schnabel delivering a keynote speech and ECB Governing Council member Kocher speaking. - At 16:30, ECB Vice - President Guindos will attend a seminar on "Current Policy Challenges in the Eurozone". - At 17:00, the Norwegian Central Bank will announce its interest rate decision. - At 19:45, ECB Governing Council member and Bank of France Governor Villeroy will speak. - At 20:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report. - At 20:30, ECB Governing Council member and German Central Bank President Nagel will discuss the global economy at a conference in Frankfurt. - At 22:00, ECB Governing Council member and German Central Bank President Nagel will discuss financial stability in Frankfurt. - At 23:30, Bank of Canada Governor Macklem and Senior Deputy Governor Rogers will attend a Senate committee hearing. - At 00:00 the next day, New York Fed President Williams will speak, and Fed Governor Barr will participate in a discussion. - At 01:00 the next day, Cleveland Fed President Hammack will speak at the New York Economic Club. - At 02:30 the next day, ECB Chief Economist Lane will speak. - At 04:30 the next day, Fed Governor Waller will participate in a conference on central banks and payments. - At 05:30 the next day, Philadelphia Fed President Paulson will speak. - At 06:30 the next day, St. Louis Fed President Musalem will speak [16]. 4. Fundamental Data - **Gold**: The basis is - 2.66, with the spot at a discount to the futures; the inventory of gold futures warrants is 87,816 kg, unchanged; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position decreased [4][5]. - **Silver**: The basis is - 19, with the spot at a discount to the futures; the inventory of Shanghai silver futures warrants is 665,610 kg, an increase of 6,759 kg from the previous day; the 20 - day moving average is upward, and the K - line is below the 20 - day moving average; the main net position is long, and the main long position increased [6]. 5. Position Data - **Gold**: The long position of the top 20 holders of Shanghai gold decreased by 0.95% to 160,330, the short position decreased by 1.30% to 65,685, and the net position decreased by 0.71% to 94,645 [31]. - **Silver**: The long position of the top 20 holders of Shanghai silver decreased by 1.77% to 330,613, the short position decreased by 3.62% to 246,681, and the net position increased by 4.12% to 83,932 [33].