On November 3, 2024, voters cast early votes for the U.S. presidential election at a polling station in Detroit, Michigan, USA.
Rebecca Cook | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
The United States added only 12,000 new jobs in October.
american economy There were 12,000 new jobs created in October, significantly lower than the 100,000 expected by Dow Jones and marking the lowest level of job creation since December 2020. Impact, Boeing strike in October.
Asian markets climb ahead of China’s National People’s Congress meeting
U.S. stocks rose on Friday to kick off November as traders shrugged off a disappointing jobs report. this Dow Jones Industrial Average up 0.69% S&P 500 Index up 0.41% Nasdaq Index up 0.8%. Asia-Pacific stock markets rose on Monday as investors focused on the U.S. election, the Federal Reserve’s monetary policy meeting and China’s monetary policy meeting starting on Monday.
China’s stimulus measures will depend on U.S. election
Investors expect Beijing to announce details of the financial support on Friday, when the National People’s Congress Standing Committee wraps up a five-day meeting. Lu Ting, chief China economist at Nomura Securities, said last week, “If Trump wins, the scale of China’s fiscal stimulus package will be about 10% to 20% larger than if Harris wins.”
Harris makes progress in Iowa
Many pollsters predict Democratic presidential candidate Kamala Harris will not break Iowa. However, the Des Moines Register/Mediacom Iowa Poll shows the vice president leads Donald Trump 47% to 44% among likely Iowa voters, seven points since September. percentage point change. Iowa has six electoral votes.
(PRO) Congressional composition could determine stock performance
While all eyes will be on who will occupy the Oval Office after the U.S. election night on November 5, investors will be watching to see whether Congress ends up divided or united. He, not the current president, may be the key to determining the future performance of the stock market.
bottom line
It’s an overused expression, but “the calm before the storm” might be the best way to describe the start of this week and the day before the U.S. election.
After a weekend of closing debates between the two parties in key battleground states, the United States is now on the brink of Election Day, with two very different candidates with two distinct positions on a range of issues.
Beyond the two presidential candidates, it’s important to remember that the president of the United States does not operate in a vacuum. Control of the House and Senate will also determine the president’s ability to fulfill his campaign promises.
For investors, it’s like the last moments before a plane lands.
Many may be on the sidelines before returning to the market. With the two candidates locked in a stalemate, trying to predict the winner and where the market will go is like flipping a coin.
Furthermore, while November 5th seems to be the giant red circle on the calendar that everyone is focused on, the world continues on after that day. The Fed’s next two-day meeting will be held on November 6-7, and a Reuters survey of economists predicts a 25 basis point rate cut.
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