The Federal Reserve is expected to continue cutting interest rates this week, the "Trump trade" reverses, and election uncertainty increases

The U.S. non-farm data for October was significantly lower than expected, excluding the distortion caused by two hurricanes and the Boeing strike, the labor market is also gradually cooling down. Meanwhile, with the U.S. election results imminent, Trump's chances of winning unexpectedly weakened, reversing "Trump trade", adding more uncertainty to the election.

According to monitoring, last week major tech giants released their earnings reports. Despite disappointing Apple earnings on Friday, weak US non-farm data in October boosted expectations for rate cuts. Coupled with positive earnings from Amazon and Intel boosting optimism in tech stocks, NASDAQ rose 0.8%. However looking at it weekly-wise all US stocks fell throughout the week; NASDAQ ended its seven-week rising trend falling 1.5% for the week; S&P fell 1.4%, Dow Jones fell 0.2%. The crypto market was affected by a weakening "Trump trade". After approaching historical highs at month-end risk aversion sentiment heated up before press time Bitcoin reported $68,885 USD up 0.25% with a seven-day increase falling to 1.8%.

In terms of foreign exchange commodities on Friday dollar index made a V-shaped reversal on "non-farm day" breaking back above 104 erasing intra-week losses ending last week up by .06%. The pound was only one among non-US currencies that rose bidding farewell to previous two days' slump due to budget sell-off but five consecutive weeks of decline marked longest in six years Spot gold surged slightly after non-farm data on Friday but then retreated as dollar and US bond yields remained strong eventually closing down .32% marking largest single-week drop since August Due to Iran's relatively restrained retaliation against Israel record high US oil production coupled with weak economic data such as non-farms raising demand concerns international crude oil prices retreated from high levels last Friday overall oil prices dropped over three percent for entire week.

This week will be a historic one with the U.S. election set to begin final voting on November 5 (Tuesday) and it is expected that the election results can basically be determined by noon Beijing time on the 6th. The current electoral situation is deadlocked, swing state polls are constantly flipping, latest poll data shows no clear advantage between Trump and Harris some investors choose to profit from positions guided by Trump especially those assets related to Trump's policies and improvements in public opinion surveys.