Sydney:12/24 22:26:56

Tokyo:12/24 22:26:56

Hong Kong:12/24 22:26:56

Singapore:12/24 22:26:56

Dubai:12/24 22:26:56

London:12/24 22:26:56

New York:12/24 22:26:56

2026-11-04 Wednesday

2026-11-06

21:32:37

US imports in September (in billions of US dollars)

Previous : 4208 Forecast : -

Published Value 4266

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21:32:00

US exports in September (in billions of US dollars)

Previous : 3152 Forecast : -

Published Value 3215

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21:31:46

Canada's total reserve assets in October (in US dollars)

Previous : 1252.88 Forecast : -

Published Value 1261.61

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21:30:00

US trade balance in September (in billions of US dollars)

Previous : -1056 Forecast : -1080

US Dollar
Gold, Silver, Oil

Published Value -1050

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21:30:00

Canada's September trade balance (CAD billion)

Previous : 42 Forecast : 41

Canadian Dollar
US Dollar

Published Value 53.50

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21:30:00

Canadian exports in September (CAD 100 million)

Previous : 779.10 Forecast : -

Published Value 785.50

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21:30:00

Canada's September imports (CAD 100 million)

Previous : 737.10 Forecast : -

Published Value 732

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21:30:00

U.S. September Goods Trade Balance (Revised in USD)

Previous : -1349 Forecast : -

Published Value -1350.80

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21:24:39

[Democratic Victory Shifts Policy Expectations, Pressures AI Infrastructure and US Treasury Outlook] ⑴ Following Tuesday's landslide victory for the Democrats, market narratives quickly shifted towards risk appetite. Investors accepted Trump's promise of cooperation with the Democrats and believed that a political deadlock would benefit Wall Street. Nasdaq 100 and S&P 500 futures rebounded sharply after falling 2.4% and 1.4% respectively. ⑵ However, this rebound largely reflects the unwinding of hedging positions accumulated over the past few trading days, rather than a genuine improvement in the outlook. This enthusiasm for bipartisan cooperation may not last more than a week. Trump had just indicated his willingness to accept the election results when he subsequently released a hat with the word "veto" printed on it, and House Oversight Committee Chairman Garcia responded to the White House with "prepare lawyers." ⑶ With the Democrats securing their largest House majority since 1993 and controlling the Senate, familiar investigations, subpoenas, impeachment proceedings, government shutdowns, and debt ceiling-bound policies may be repeated, rather than the benign deadlock Wall Street expected. (4) Tuesday's Democratic landslide victory, the most surprising outcome and potentially most impactful on the AI bubble, was the sweep of gubernatorial elections in Texas, Georgia, and Ohio—three key states for data center construction. (5) The Democratic winners pledged to limit new projects, and Texas Governor-elect Hinojosa stated that the existing permit freeze would continue until full regulations are implemented, potentially pushing multi-gigawatt capacity from 2027 to 2028 and threatening hundreds of billions of dollars in capital expenditure. (6) The anti-data center movement is no longer confined to one party; rising electricity prices, water consumption, and infrastructure demands have made AI a political burden, with polls showing that a majority of voters consider AI and data centers key or important factors in their congressional votes. (7) With control of Congress, Democrats are expected to intensify scrutiny of the relationship between hyperscale corporations and the White House, hold hearings for tech executives, and push for AI development and data center energy consumption regulations. (8) For US Treasury bonds, the initial risk appetite reaction is seen as a selling opportunity rather than a lasting shift in sentiment. The traditional narrative of a deadlock being beneficial ignores the risks of prolonged fiscal standoffs, debt ceiling threats, government shutdowns, and investigations. (9) The Democratic Senate majority also allows them to block judicial and executive appointments, while Iran's deployment of mines and underwater drones targeting Persian Gulf shipping following Monday's U.S. strike on Qeshm Island adds to geopolitical uncertainty. (10) The Democratic landslide victory comes at a time when the AI investment boom increasingly relies on massive debt issuance, high valuations, and ongoing data center construction, and in a politically hostile environment, AI deals could crumble more quickly.

21:18:37

[Spain to Issue Three Bonds on Thursday, Market Expects Strong Demand] ⑴ Spain will issue €4.5 billion to €5.5 billion in 5-year, 10-year, and 15-year bonds on Thursday. ⑶ This issuance is expected to perform well due to factors including strong index dynamics at the end of last month, a relatively small issuance size, and the generally strong performance of Spanish bond auctions. ⑷ Last Friday, approximately €130 billion in Eurozone bonds fell below the minimum one-year maturity index and benchmarks based on these indices, while the monthly average is around €75 billion, making it the largest monthly issuance this year. ⑸ With more funds flowing into the benchmarks due to the sale of these bonds, this auction presents a good opportunity for benchmark investors to buy in bulk, especially as primary issuances in November and December will begin to decrease. ⑹ The smaller size of this auction compared to the normal level for the first Spanish auction of the month further supports demand. ⑺ Spanish auctions typically perform well, also due to factors such as the value of greenshoe options, which are naturally higher in the current volatile market than in calmer times, and the fact that these options also cover Friday's US jobs report. (8) The relative lack of liquidity in the Spanish secondary market makes auctions more competitive as a venue for bulk purchases, and Spanish bonds can also serve as an alternative to bonds from other countries with similar yields but fewer issuances. (9) Finally, issuers are clearly skilled in choosing which types of bonds to sell; the choice to issue additional 5-year bonds may be one indication of this.

21:16:13

[US Private Sector Jobs Increase by 86,000 in October, Wage Growth Remains Stable] ⑴ A national employment report released Wednesday by ADP showed that private sector employment increased by 86,000 jobs in October, marking the second consecutive month of steady growth in hiring, while wage growth remained stable. ⑵ By industry, the goods-producing sector added 4,000 jobs, with construction adding 13,000, natural resources and mining losing 8,000, and manufacturing losing 1,000. ⑶ The service-providing sector added 82,000 jobs, with trade, transportation, and utilities adding 39,000, financial activities adding 15,000, education and health services adding 28,000, leisure and hospitality adding 19,000, while professional and business services declined for the third consecutive month, falling by 27,000. ⑷ By region, the South added 47,000 jobs, the West added 28,000, the Midwest added 9,000, and the Northeast added 3,000. (5) By organization size, small businesses added 28,000, medium-sized businesses added 33,000, and large businesses added 24,000. (6) In terms of salary, base salaries for private sector employees increased by 3.2% year-on-year, and total salaries increased by 4.7%. (7) Base salaries for those who remained with their jobs increased by 3.0%, while those who changed jobs increased by 4.8%; in terms of total salaries, those who remained with their jobs increased by 4.4%, while those who changed jobs increased by 7.6%. (8) Richardson, chief economist at Automatic Data Processing, said that employers of all sizes were hiring last month, and the data shows that job seekers were attracted not only by higher base salaries but also by bonuses, overtime, and more working hours. The combined income growth of these employees reached its fastest level since March 2024.

21:15:00

US October ADP Employment Change (in thousands)

Previous : 9 Forecast : 6.50

US Dollar
Gold, Silver, Oil

Published Value 8.60

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20:53:47

[US Midterm Election Results Released, Employment and Services Data Released in Quick Succession] ⑴ Overnight, the US midterm election results were released. The Democratic Party is expected to control both houses of Congress. The market is focused on US Treasury yields, the US dollar, and fiscal policy expectations. ⑵ At 20:00 Beijing time, the US will release MBA mortgage application data. ⑶ At 20:15 Beijing time, the US will release October ADP employment data, with an expected increase of 75,000, compared to the previous increase of 90,000. ⑷ At 20:30 Beijing time, the US will release the September trade balance, with an expected deficit of $104.9 billion, compared to the previous deficit of $105.6 billion. ⑸ At 20:30 Beijing time, the US Treasury will release its quarterly refinancing plan. The market is focused on the issuance plan, auction size, and borrowing demand. ⑹ At 21:00 Beijing time, the New York Fed will release its labor market tightness index. ⑺ At 21:45 Beijing time, the US will release the final value of the October S&P Global Services Purchasing Managers' Index, with a preliminary value of 57.9. (8) At 22:00 Beijing time, the US will release the October ISM Services Purchasing Managers' Index, expected to be 54.8, previous value 54.9. (9) At 22:30 Beijing time, the US will release the Energy Information Administration's weekly crude oil inventory data. (10) At 23:00 Beijing time, the US Treasury will issue a repurchase announcement, auction 17-week Treasury bills at 23:30 Beijing time, and conduct repurchase operations at 02:00 the following day. (11) Throughout the day, the market will focus on the aftermath of the election, US Treasury yields, artificial intelligence stocks, oil prices, and geopolitical news. (12) In the coming days, the Bank of England will announce its interest rate decision on Thursday, the US will release initial jobless claims, third-quarter productivity, and the October non-farm payroll report, and the Michigan Consumer Sentiment Index will be released on Friday.

20:40:44

US MBA Mortgage Application Activity Index for the Week Ending October 30

Previous : 195 Forecast : -

Published Value 192.60

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20:35:46

[ING: Democrats Control Congress, Trump May Turn to Veto Role] ⑴ A Democratic-controlled Congress will likely obstruct Trump's domestic agenda during his final two years in office. Bills must pass both houses before being sent to the president for signature or veto, and Trump has warned he could become "Mr. Veto." Democrats have failed to secure a two-thirds majority in both houses. ⑵ Spending and tax proposals, like most domestic legislation, are likely to stall. There is potential room for compromise between healthcare affordability and increased defense spending, but major tax and spending changes seem unlikely. ⑶ This is seen as providing a stabilizing backdrop for the business community, but also means that the US fiscal situation is unlikely to change substantially. There will be no further fiscal expansion, but the massive fiscal deficit and deteriorating debt dynamics will continue. ⑷ The fiscal situation will remain a concern. Reaching the debt ceiling may act as a temporary brake, and the issue could reach a critical point by mid-summer 2027, with limited room for compromise between the two parties in Congress. (5) This could trigger a government shutdown lasting longer than last October, which reduced GDP growth by 1 percentage point in the fourth quarter of 2025, and the Federal Reserve could again "fly blindly" due to a lack of government economic data. (6) Key sectors of the U.S. business community will be nervous due to Democratic control of important oversight committees, congressional hearings involving leaders of artificial intelligence and technology companies will increase, local Democratic leaders may be more confident in shelving unpopular data center construction, and fossil fuel producers may face similar challenges. (7) Democrats may be more confident in opposing Trump's policies on Iran, support for Israel, and tariff escalation, and may pressure the president to be tougher on Russia and support Ukraine, but the final decision rests with the president. (8) With Democrats wielding greater power, investigations into Trump, his family, and government members may intensify, financial and business investigations could lead to subpoenas, and the likelihood of the House initiating impeachment proceedings increases, although the Senate requires 67 votes to convict and remove him from office, making it unlikely. (9) Democratic control of the Senate could block or at least delay judicial and executive nominees, including heads of government agencies, ambassadors, and cabinet members, which could make it difficult for the president to replace senior officials he has dismissed. (10) A key question is whether Trump, entering the final stages of his term and facing constraints, is more willing to accept political or market turmoil in order to achieve his goals. If compromise is not possible, the president may focus on areas of executive power such as foreign policy and trade, national security and defense, law enforcement and regulation, personnel appointments, and administration.

20:00:00

The US MBA Mortgage Refinancing Activity Index for the week ending October 30

Previous : 516.80 Forecast : -

Published Value 517.50

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20:00:00

US MBA 30-year fixed mortgage rate for the week ending October 30

Previous : 7.37% Forecast : -

Published Value 7.30%

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20:00:00

The US MBA mortgage application activity index for the week ending October 30th week-over-week change

Previous : 3.40% Forecast : -

Published Value -1.20%

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20:00:00

US MBA Mortgage Purchase Index for the week ending October 30

Previous : 134.10 Forecast : -

Published Value 131.40

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Real-Time Popular Commodities

Instrument Current Price Change

XAU

4045.39

-43.41

(-1.06%)

XAG

51.519

-0.266

(-0.51%)

CONC

91.51

0.99

(1.09%)

OILC

99.69

0.56

(0.57%)

USD

101.763

0.170

(0.17%)

EURUSD

1.1197

-0.0021

(-0.19%)

GBPUSD

1.3431

-0.0017

(-0.13%)

USDCNH

6.6664

0.0019

(0.03%)