TREE NEWS reports: The University of Michigan’s preliminary November consumer sentiment index rose to 51 from 48, beating expectations of 48 and marking a three-month high. One-year inflation expectations fell to 4.3% from 4.7%, below the 4.6% forecast, while five-year expectations edged down to 3.4% from 3.5%. Respondents reported improved views on personal finances and the economic outlook.
TREE NEWS reports: Canada’s seasonally adjusted Ivey Purchasing Managers Index came in at 58.3 for October, up from 58.2 the prior month. The reading keeps the gauge above the 50 mark that separates expansion from contraction in Canadian business activity.
TREE NEWS update: Aave Labs has acquired the team and technology of Avon, an onchain fixed-rate and floating-rate lending protocol. The deal adds fixed-rate lending capability to Aave’s DeFi lending stack. No financial terms of the acquisition were disclosed.
TREE NEWS reports: The University of Michigan’s preliminary November reading put 5-year inflation expectations at 3.4%, below the 3.5% forecast and down from 3.5% the prior month. The 0.1 percentage point decline signals consumers expect longer-run price growth to cool slightly.
TREE NEWS update: A small aircraft crashed on Germany’s Autobahn 2 northeast of Magdeburg on Nov. 6, police said. Casualties remain unclear. No vehicles were struck, and police and rescue crews are at the scene.
TREE NEWS update: Xiaomi Group has established a China regional PR department within its group PR division and appointed Zhang Yongsheng, formerly vice president of public relations at 360 Group, as its general manager. Zhang will report to both Xu Jieyun, general manager of the group PR department, and Wang Xiaoyan, senior vice president and president of Xiaomi’s China region.
TREE NEWS reports: The US memory chip index rose more than 8% on the day, with component Lam Research gaining 10% and SanDisk up 7.8%, while Applied Materials, Teradyne, Rambus and Micron each rose at least 5%. The move followed reports that TSMC is considering entering the memory chip market. The Philadelphia Semiconductor Index extended gains to nearly 7%, and TSMC rose as much as 7.8%.
TREE NEWS update: The preliminary reading of the University of Michigan’s US consumer sentiment index for November is scheduled for release at 23:00 Beijing time. The print is a closely watched gauge of household confidence and inflation expectations. No forecasts or prior figures were provided in the release schedule.
TREE NEWS update: White House adviser Kevin Hassett said an “evidence-based report” will be issued on President Donald Trump’s case against Federal Reserve Governor Lisa Cook. Trump will review the report and decide on Cook’s fate, Hassett said. The remarks signal the next step in the administration’s effort to remove a sitting Fed governor.
TREE NEWS reports: White House adviser Kevin Hassett said US economic growth data is strong and inflation is slowing, adding that current policy is working. The remarks, reported without a specific date, signal the administration’s view that its economic agenda is delivering both growth and disinflation. No figures or policy details were provided.
TREE NEWS update: Zambia has introduced a 15% dividend tax on mining companies, the government announced. The levy applies to dividend distributions by mining firms operating in the country. No effective date or further implementation details were provided.
TREE NEWS update: Iran’s Islamic Revolutionary Guard Corps said on the 6th that it shot down a US MQ-1 drone over Qeshm Island, claiming it was the 16th aircraft of that type it has brought down. The IRGC issued the claim in a statement, without giving further details on the incident or the drone’s mission.
TREE NEWS update: St. Louis Federal Reserve President Alberto Musalem said artificial intelligence will raise productivity. The remark from the regional Fed chief touches on the technology’s potential effect on output and the labor market, a factor policymakers weigh when setting interest rates. Musalem offered no further detail in the comment as given.
TREE NEWS update: St. Louis Federal Reserve President Alberto Musalem said the central bank must return inflation to 2% in a timely manner, adding that a 2% inflation rate is necessary for achieving full employment. The remarks, reported on Wednesday, reiterate his emphasis on price stability as a precondition for a healthy labor market.
TREE NEWS update: The U.S. Department of Labor’s proposal to give 401(k) plan fiduciaries a process-based safe harbor for investment decisions involving crypto and other assets has entered final White House review. The rule would establish a compliance framework for plan sponsors evaluating crypto in retirement accounts. Its arrival at the Office of Information and Regulatory Affairs marks the last step before a final rule can be issued.
TREE NEWS reports: The Nasdaq Golden Dragon China Index rose more than 0.5%, with Hesai up 8.9%, ASE Semiconductor up 8%, and Zai Lab up 7.3%. JinkoSolar, NIO, XPeng, Canadian Solar and Kingsoft Cloud each gained at least 2.7%, while NetEase added 1.5% and Alibaba edged up 0.2%; Pinduoduo fell 0.8% and Yum China lost 1%. Among ETFs, CQQQ slipped 0.7% and KWEB was flat, while FTSE China A50 night futures turned to gain 0.25%.
TREE NEWS reports: Atlassian Corp. (TEAM) shares fell 15% intraday after the company issued weak guidance, marking its largest intraday decline since 2024. The drop reflects investor reaction to the software maker’s forward outlook.
TREE NEWS reports: All 11 S&P 500 sectors opened broadly lower, with consumer staples falling 2.46% and utilities, health care, materials, real estate and financials dropping as much as 1.4%. Telecom was the exception, gaining more than 0.9%, while technology rose 2.2%.
TREE NEWS reports: Rotki founder Lefteris Karapetsas said Gnosis Pay exposed his address, card and wallet details, sharing a notification screenshot that describes unauthorized access to the consumer-card system on Nov. 3. The notice said enterprise programs were unaffected by the incident.
TREE NEWS reports: Semiconductor ETFs rebounded more than 4.5% in early US trading, leading sector ETFs at the open. Global tech index ETFs and tech sector ETFs rose at least 2.3%, while energy and banking ETFs each fell about 0.7%.