November 12th Overnight Highlights

1. On Tuesday, the US stock market closed with mixed results. The Dow rose 1.18%, the Nasdaq fell 0.25%, and the S&P 500 rose 0.21%. Popular Chinese concept stocks had mixed performances, with the Nasdaq Golden Dragon China Index falling by 0.06%. Analysts pointed out that funds are rotating from growth stocks to value stocks, with investors shifting money from technology stocks to other sectors with lower valuations in the market. 2. Oil prices rose as signs of weakness in the crude oil market were offset by soaring premiums for gasoline and diesel fuel. Concerns over the supply following US sanctions on Russian energy also supported oil prices. Gold prices narrowed gains as traders weighed the possibility of an end to the government shutdown and weak employment data. Copper prices rose. 3. White House National Economic Council Director Hassett stated that the record length of the government shutdown means that some economic data that should have been collected in October may never be recorded, making it difficult to fully assess the health of the US economy. 4. Data released by ADP Research on Tuesday showed that US businesses laid off an average of 11,250 workers per week in the four weeks leading up to October 25th. The cooling labor market strengthens the Fed's case for further interest rate cuts. 5. SoftBank Group sold its entire stake in NVIDIA for $5.83 billion to raise funds for a series of artificial intelligence investment projects. 6. AMD CEO Lisa Su said on Tuesday that the company's annual revenue growth will exceed 35% over the next three to five years. She also stated that during the same period, AMD's AI data center revenue growth will average 80% per year. 7. Stephen Jen, who is bearish on the US dollar in the long term, stated that despite its recent rebound, the currency will continue to weaken. He predicted that overseas economic growth will accelerate, further weakening the attractiveness of the US dollar. 8. Deputy Governor of the Bank of England, Sarah Breeden, warned on Tuesday that further loosening stablecoin regulatory rules could jeopardize financial stability and lead to credit contraction. She also noted that the UK needs to adopt a different regulatory approach from the US. 9. Google announced plans to invest 5.5 billion euros in Germany's computational resources and operations over the next four years.