- US consumer spending increased by 0.4% in October, above the 0.3% expectations, with core personal consumer spending (PCE) climbing 0.3% MoM and 2.8% on a year-on-year basis. Initial jobless claims was at 213k, down from early October levels which was a 1.5-year high due to hurricanes and the 7-week Boeing employee strike. US dollar (UUP) down 0.95% during the holiday shortened week.
- In retaliation for illegal migration and drug trafficking, Trump is set to impose 25% tariffs on Canadian and Mexican imports and a further 10% for Chinese goods. FXC (Canadian dollar ETF) closes down 0.22% and $EWW (Mexican ETF)? closes up 0.3% for the week respectively. Further, with sulphur crude taking up the majority of US imports from Canada and Mexico, Canadian and Mexican sulfur crude could be rerouted to refineries in non-US regions like Asia, potentially selling at a discount. $USO (WTI oil) closed down 2.8% for the week.
- An Israeli-Hezbollah truce in Lebanon that was announced Wednesday morning, a halt in a year-long war, continues to be fragile as both sides traded accusations of a breach of ceasefire. This was followed by an Israel air strike launched on Thursday. Mediated by the US and France, the truce would run for 60 days in hopes to reach an agreement to cease the war.
- $ZM (Zoom) (up 1.8% for the week) reported better than expected earnings with inline guidance. Free cash flow reached $458 million, enabling a $2 billion share buyback plan. Zoom is focusing on AI integration with innovations like AI Companion 2.0 and Zoom Tasks, to move closer to its goal of being an AI-first workplace ecosystem. Its Contact Center as a Service (CCaaS) offering has grown 100% year-over-year, with over 1,100 customers, driving growth through enterprise focus and offering new services to its existing customer base.
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