The three major U.S. stock indexes gained more than 1percent and the S & P index reached a new high

category:Finance
 The three major U.S. stock indexes gained more than 1percent and the S & P index reached a new high


According to the peoples daily, the two leaders of the high-level economic and trade consultation between China and the United States called. On the evening of November 1, Liu He, a member of the Political Bureau of the CPC Central Committee, vice premier of the State Council and Chinas leader of the China US comprehensive economic dialogue, held a phone call with us trade representative lait sizer and finance minister mu nuqin. The two sides held serious and constructive discussions on properly resolving their respective core concerns and reached consensus in principle. The two sides discussed the arrangements for further consultation. Zhong Shan, Minister of the Ministry of Commerce, Yi Gang, President of the peoples Bank of China and Ning Jizhe, deputy director of the national development and Reform Commission attended the call.

Trade sensitive shares caterpillar and 3M rose 4.9% and 3.1% respectively; ExxonMobil rose 3.0% after the positive quarterly report; Apple shares continued to hit a record high of $255.82, or 2.8%, up 61.8% year to date, with a total market value of more than $1.14 trillion. These heavyweights pushed the Dow up 301.13 points, or 1.11%, to 27347.36, the S & P 500 up 29.30 points, or 0.97%, to 3066.91, and the NASDAQ up 94.04, or 1.13%, to 8386.40.

In summary, the catalysts for the stock market include favorable GDP, non-agricultural and other economic data, the third interest rate cut of the Federal Reserve in the year, bright financial reports of star stocks such as apple and Facebook, the Dow and Nasdaq rose 1.4% and 1.7% each week, and the S & P rose 1.5%, achieving the fourth consecutive positive week, the longest consecutive rising cycle since the end of February.

Sam Stovall, chief investment strategist at the center for financial research and analysis (CFRA), said that the companys actual profit has been higher than expected for 31 consecutive quarters. At present, the good performance of the stock market may be telling us that investors underestimate future growth and lead the fundamentals in price. Market sentiment may be reversed in the last two months of this year, reversing the previous prudence Prospects. He believes the Dow is expected to soon break through its previous record high of 27398, as November is usually one of the best months of the year. Since 1950, November and December have been the best two months for the S & P 500, with average gains of 1.5% and 1.6%, respectively.

Its true that not all market players are as optimistic as Stovall. Peter tchir of seaport securities points out that many traders are on the sidelines. The market is light and hedge funds dont have many positions. They think the current returns are enough and prefer to lock in profits. Investors are also worried about a repeat of last Decembers roller coaster ride.

Us non farming in October far exceeded expectations

In terms of economic data, the U.S. labor office announced that after the October quarter adjustment, the number of non-agricultural employment increased by 128000, far exceeding the expected value of 89000. At the same time, the data in August and September were significantly revised up to 219000 and 18000, bringing the average number of new jobs in the past three months to 176000, down from 223000 in the same period last year. In October, 3.6% of the unemployment rate was still at a low level in 50 years. The growth rate of hourly wage increased by 3% annually. For 15 consecutive months, the growth rate was greater than or equal to 3%. The labor participation rate climbed to the highest level since August 2013, 63.3%.

The positive non-agricultural data support the argument that the Federal Reserve will suspend the insurance interest rate cut after three consecutive cuts. Robert Steven Kaplan, chairman of the Dallas fed, said Friday that he supports the decision, but believes that the Fed should be patient after three rate cuts. He maintains the interest rate range in 2020 at 1.5% - 1.75%.

Us ism manufacturing PMI contracted for three consecutive months in October

Six weeks of General Motors workers strikes have not only dragged down job growth, but also put pressure on US manufacturing PMI. In October, the ISM manufacturing PMI recorded 48.3, the third consecutive month below the boom and bust line. The expected and previous values were 49.1 and 47.8, respectively. The index hit a decade low in September. Last month, 12 of the 18 manufacturing industries contracted, including metals, clothing, leather and textiles. The index of new export orders rose sharply to 50.4, the only one in the sub index that was higher than the boom and bust line. Timothy Fiore, chairman of the group, said sentiment in the US manufacturing sector remained cautious despite improvements last month.

Fang Duoduos first day of listing on NASDAQ

In terms of China equity, online real estate trading platform Fang Duoduo landed on NASDAQ today, opening and closing flat on the first day, closing at $13, with a market value of nearly $1 billion. Fang Duoduo has been established for eight years, and its business model has been changed several times. From the initial agent of new house to the present agent of real estate with SaaS technology, Fang Duoduo has become the intermediary. The profit model is to get commission from the developers and give the Commission back to the intermediary companies, so as to stimulate the transaction. Fangduos main competitors include anjuke and Lianjias shell. However, in terms of volume, capital strength and brand effect, fangduo is far from each other. Duan Yi, CEO of the company, said in an exclusive interview with first finance and economics that the company is the only company in the industry that does not employ brokers and insists on being an independent platform, believing that platform independence will attract brokers to stay for a long time. Asked about the possibility of being acquired by a larger platform due to the higher concentration of the industry, he thought that from the experience of the United States, the mature broker market will inevitably become more and more fragmented, and Chinas real estate service industry needs multiple forces to push the industry forward. European shares closed higher oil prices soared more than 3% higher. The FTSE 100 index rose 54.04 points, or 0.75%, to 7302.42; the DAX index of Germany rose 94.26 points, or 0.73%, to 12961.05; the CAC40 index of France rose 32.03 points, or 0.56%, to 5761.89. International oil prices continued to rise, with both U.S. and Brazilians up more than 3%. As of publication, WTI crude oil rose 3.78% to $56.23/barrel, while Brent crude oil rose 3.3% to $61.59/barrel. Source: First Financial Editor: Yang Zeyu ufe63 nf6036

In terms of China equity, online real estate trading platform Fang Duoduo landed on NASDAQ today, opening and closing flat on the first day, closing at $13, with a market value of nearly $1 billion. Fang Duoduo has been established for eight years, and its business model has been changed several times. From the initial agent of new house to the present agent of real estate with SaaS technology, Fang Duoduo has become the intermediary. The profit model is to get commission from the developers and give the Commission back to the intermediary companies, so as to stimulate the transaction. Fangduos main competitors include anjuke and Lianjias shell. However, in terms of volume, capital strength and brand effect, fangduo is far from each other. Duan Yi, CEO of the company, said in an exclusive interview with first finance and economics that the company is the only company in the industry that does not employ brokers and insists on being an independent platform, believing that platform independence will attract brokers to stay for a long time. Asked about the possibility of being acquired by a larger platform due to the higher concentration of the industry, he thought that from the experience of the United States, the mature broker market will inevitably become more and more fragmented, and Chinas real estate service industry needs multiple forces to push the industry forward.

European stocks ended higher collectively. The FTSE 100 index rose 54.04 points, or 0.75%, to 7302.42; the DAX index of Germany rose 94.26 points, or 0.73%, to 12961.05; the CAC40 index of France rose 32.03 points, or 0.56%, to 5761.89.

International oil prices continued to rise, with both U.S. and Brazilians up more than 3%. As of publication, WTI crude oil rose 3.78% to $56.23/barrel, while Brent crude oil rose 3.3% to $61.59/barrel.