Flash News

TREE NEWS reports: The Nasdaq Golden Dragon China Index closed up 3.6% in preliminary trading, led by gains in Chinese ADRs. 21Vianet rose 17.6%, Autohome gained 13%, Daqo New Energy added 9.7%, Hesai climbed 8.3%, Canadian Solar rose 6.8% and GDS gained 6.7%. Alibaba advanced 4.9%, Baidu 4.5% and NetEase 4.2%, while Meituan, Tencent and Xiaomi each rose at least about 3.8% and Pinduoduo added 2.5%. Among ETFs, CQQQ gained 6.8% and KWEB 4.5%.

TREE NEWS reports: CIBC analyst Cloherty said he expects Republicans to attempt another increase to the borrowing limit before leaving Congress in the lame-duck session, but predicted the effort will fail. That would leave the new Congress facing what CIBC calls a “fierce debt-ceiling battle in Q4 2027 and beyond.”

TREE NEWS reports: Schroders senior economist George Brown said the assumption that political compromise will bring fiscal consolidation deserves a fresh look, given a US fiscal deficit of about 6% of GDP and more than $32 trillion in publicly held debt, excluding obligations to programs such as Medicare and Social Security. With both the Trump administration and the incoming Democratic Congress pledging new spending, investors may demand a higher term premium to hold long-dated Treasuries, potentially steepening the yield curve.

TREE NEWS reports: BMO Capital Markets strategist Vail Hartman said financial markets could face a prolonged debt-ceiling standoff in 2027 if Congress fails to resolve the issue within the year. Such an outcome would reflect Democrats using the debt ceiling as leverage to extract concessions from the Trump administration, Hartman said, and could cause price distortions in short-term Treasury bills around the projected X-date while increasing volatility in cash and repo markets.

TREE NEWS reports: Deutsche Bank strategist George Saravelos said the biggest single source of domestic policy uncertainty in the US is the debt ceiling, which will become binding in the second quarter of next year. The remark flags a fiscal deadline that could weigh on markets, with the constraint set to take effect in Q2.

TREE NEWS reports: Wall Street strategists warn a return of divided government could trigger a bruising fight over the debt ceiling that disrupts the bond market next year. The US is about $800 billion away from its $41.1 trillion borrowing limit, which strategists expect the government to hit sometime in the first half of next year. Investors may sell T-bills maturing around the projected X-date while buying securities maturing before or after it.

TREE NEWS update: Coinbase told customers it was not affected by the $6.4 billion Binance hack, stating that more than 99% of customer assets are held in offline storage. The exchange also detailed security controls including split private keys and kill switches. The disclosure comes as the industry responds to one of the largest crypto thefts on record.

TREE NEWS update: Sequoia Capital has closed its London office, the venture firm’s only UK base. The closure removes Sequoia’s physical presence in Britain, where it had operated an outpost of its global investment platform. No reason for the decision or details on staff impact were given.

TREE NEWS reports: Citigroup strategist Daniel Tobon said the dollar’s post-US midterm election weakness will fade quickly as market attention refocuses on the Federal Reserve’s interest rate path. The dollar has softened after the midterm elections, but Tobon expects that trend to reverse once rate expectations dominate again.

TREE NEWS update: Nasdaq has approved the listing of Canary Capital’s staked Injective ETF, which will trade under the ticker INJC. The proposed fund would stake at least 90% of its INJ holdings and charge an annual sponsor fee of 1.10%.

TREE NEWS reports: The CBOE Volatility Index (VIX), Wall Street’s so-called fear gauge, fell as much as 20.0% intraday to 16.66, reflecting a sharp drop in expected S&P 500 volatility. The move marks one of the index’s largest single-session percentage declines, with the VIX trading at 16.66.

TREE NEWS update: US President Donald Trump raised the possibility of canceling tariffs, saying in a remark that “if I cancel the tariffs right now” the roughly 3,000 factories currently under construction would each stop work immediately. The comment ties the tariff program directly to the administration’s manufacturing buildout, framing the duties as the reason those projects are proceeding.

TREE NEWS update: Spain’s prime minister has reshuffled the cabinet following the departure of the transport minister over a train accident. The minister left the post after the crash, prompting the broader government changes. No further details on the new appointments or the accident were provided.

TREE NEWS update: Democratic Representative Hakeem Jeffries announced he is running for Speaker of the U.S. House of Representatives in a letter to his colleagues. The bid sets up a contest for the Democratic leadership post in the chamber. No further details on the timing or scope of the campaign were provided.

TREE NEWS update: US President Donald Trump said he is open to cooperating with Democrats on financial-related issues, stating that such financial plans would deliver mutual benefits for both sides. The remark signals a potential bipartisan opening on financial policy, though no specific legislation or proposal was named.

TREE NEWS update: The European Commission on 4 June published accession roadmaps for Ukraine, Montenegro, Albania and Moldova, urging Kyiv to accelerate reforms to complete accession talks by the end of 2028. In its annual enlargement package, the Commission set phased targets for the coming year and said progress depends on reform results. It called on Ukraine to focus on rule of law and public administration reform, noting its anti-corruption bodies remain “generally independent and effective.” Reaching the 2028 goal does not mean Ukraine will join the EU by then.

TREE NEWS reports: The US government borrowed a record $839 billion this week through Treasury bill and note auctions, surpassing last year’s $7.95 trillion…

TREE NEWS reports: Apple has cut employees’ artificial intelligence usage budgets as part of broader cost controls, lowering some engineers’ daily AI spending cap from $300 to $200 last month. The company is considering further reductions for some engineering teams, with daily limits possibly falling to $100. Some non-engineering teams already have a $100 daily cap, which could be cut to as low as $25. Employees needing higher limits can request an executive exemption.

TREE NEWS reports: The ICE U.S. Dollar Index fell 0.32% to 101.540 in late New York trading on Wednesday, Nov. 4, within a session range of 101.734 to 101.099, touching its daily low at 21:14 Beijing time. The Bloomberg Dollar Index dropped 0.39% to 1219.94, ranging between 1224.54 and 1217.72, staying lower throughout the day after a sharp early decline in Asia-Pacific trading.