[Analysts: US Supreme Court Oral Arguments on the Legality of Trump's Tariffs Suggest Short-Term Support for Gold Prices] 1. On Wednesday (November 5), the US Supreme Court held oral arguments on the legality of Trump's tariffs. The justices (including conservatives and liberals) strongly questioned the legality of the Trump administration's invocation of the International Emergency Economic Powers Act (IEEPA) to impose broad tariffs, which could lead to a final court ruling that the tariffs are invalid, triggering potential tax rebates (up to $750 billion) and a reshaping of global trade policy. 2. As a safe-haven asset, gold prices are highly sensitive to policy uncertainty and inflation expectations. The risks to the legality of the tariffs exposed by the hearings have reinforced market concerns about an escalation of the global trade war, US economic uncertainty, and potential tax rebates (increasing the fiscal deficit), which are generally positive for gold. 3. The justices' sharp questioning exacerbated market volatility, similar to the reaction to the early 2025 tariff announcement. At that time, tariff uncertainty led to a surge in COMEX gold inventories and a widening futures-spot price spread, driving a significant rise in gold prices. 4. In the long term (after the ruling), if the Supreme Court upholds the lower court's decision (that the tariffs are illegal), the tax refunds will widen the US fiscal deficit and push up inflation expectations. This aligns with a "stagflation" scenario, and gold, as a hedging tool, will benefit, similar to the gold price rise after the Smoot-Hawley tariffs of the 1930s. If the Supreme Court supports Trump, gold prices may pull back, but the uncertainty will be limited, and the continuation of the trade war will maintain safe-haven support.

The semiconductor sector continued its upward trend, with Hygon Information surging 10%, Changguang Huaxin hitting its 20% daily limit, and Cambricon, New Vision Microelectronics, and AMEC all rising sharply.

[Danske Bank: Expects Bank of England to Cut Rates by 25 Basis Points] 1. Danske Bank released its latest forecast, predicting that the Bank of England will decide to cut interest rates by 25 basis points by a 5-4 vote at its upcoming policy meeting. This assessment differs significantly from market expectations—current market pricing indicates a 30% probability of a rate cut, while Danske Bank believes the actual probability is slightly higher than 50%. 2. The bank's analysis points out that although the labor market continues to cool and consumer demand remains moderate, weak inflation data provides room for policy easing. Among the Monetary Policy Committee members, Lombardy, Peale, Mann, and Green are expected to support keeping rates unchanged, while Dingela and Taylor are expected to maintain their support for a rate cut, as they did in September. Deputy Governor Ramsden, a long-time dovish figure, is expected to join the rate-cutting camp. 3. Under this voting pattern, the voting orientation of Governor Bailey and Deputy Governor Briden will be crucial to the final decision. If these two key figures simultaneously support a rate cut, it will be enough to create a majority and drive a shift in monetary policy.

Japan's Deputy Chief Cabinet Secretary: We are currently reviewing the latest developments in the lawsuit concerning the United States' tariff policy.

The FTSE China A50 Index futures have just broken through the 15,500.00 mark, currently trading at 15,501.00, up 1.41% on the day.

[Risk Sentiment Recovery Fails to Dispel Gloom, Pound Awaits Dovish Signal from the Bank of England] 1. The currency market saw a tug-of-war between bulls and bears on Thursday. The US dollar index, after hitting a multi-month high overnight, was capped by the 200-day moving average and is currently retracing to the 100 level, down about 0.1%. The temporary recovery in risk asset sentiment has curbed the dollar's upward momentum, but the strengthening of US Treasury yields continues to provide solid support for the dollar. Risk currencies saw a technical rebound. With easing selling pressure on tech stocks, the recovery in global stock markets pushed the Australian dollar back above 0.65 against the US dollar, currently trading around 0.6510, up about 0.1%; the New Zealand dollar also rebounded from a seven-month low to around 0.5665, up about 0.07%. Analysts pointed out that the market is sensitive to changes in risk appetite, but emphasized that for the dollar to show a trend of weakness, it still needs clearer signals regarding the US economic outlook. 2. Analysts pointed out that the fundamental support for the US dollar remains solid. Despite the government shutdown disrupting economic data releases and causing market decisions to falter, higher US Treasury yields continue to enhance the attractiveness of dollar assets. 3. The dollar is currently trading around 153.94 against the yen, down about 0.1%, but not far from Tuesday's near nine-month high of 154.48. The euro is hovering around the 1.15 level against the dollar, indicating that funds still tend to flow into dollar assets. 4. The currency market is focused on the upcoming Bank of England decision, with a widely expected dovish stance putting pressure on the pound. The pound is currently trading around 1.3060 against the dollar, up about 0.08%, after falling to 1.3008 overnight before rebounding to close at 1.3049. 5. Although the market expects the benchmark interest rate to remain unchanged at 4%, internal divisions within the policy committee and rising expectations of a rate cut early next year make this meeting fraught with dovish risks. Analysts warn that even if the rate remains unchanged, any signal hinting at a future rate cut could trigger a new round of declines in the pound. If the key support level of 1.30 is breached, the pound could test the April low of 1.2712.