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Trump said he would formally designate Saudi Arabia as a major non-NATO ally after meeting with Mohammed bin Salman. The countries signed several agreements and made progress on a long-sought nuclear technology-sharing deal. BBG
The Trump administration has been secretly working in consultation with Russia to draft a new plan to end the war in Ukraine, report US and Russian officials. Axios
Trump posted "Investment in AI is helping to make the U.S. Economy the “HOTTEST” in the World — But overregulation by the States is threatening to undermine this Growth Engine…We MUST have one Federal Standard instead": Truth Social.
Scott Bessent said Trump will interview top three candidates for Fed chair after Thanksgiving and he may announce his pick before Christmas. BBG
Foreign holdings of US Treasuries dipped slightly in September from record highs, though biggest holder Japan increased its portfolio. BBG
Tesla CEO Musk and NVIDIA CEO Huang are set to participate in a panel at the US-Saudi investment forum on November 19th: Reuters.
Elon Musk's xAI is said to be in advanced talks to raise USD 15bln in new equity at a USD 230bln valuation, according to WSJ sources.
China has reportedly reimposed an import ban on Japanese seafood just weeks after lifting it, and warns Tokyo of ‘further action’ if Takaichi doesn’t budge on Taiwan stand. SCMP
Japanese government bond yields have hit multiyear highs, driven by fears that the government could unveil a large economic stimulus package that will place even more stress on the country’s ailing fiscal position. WSJ
Thoughts into NVDA (Goldman) - We have positioning 8 out of 10. Stock has been consolidating for the better part of ~4-months with the stock at the same levels it was before print in August as investors digest rapidly evolving AI news flow, with an uptick in caution around the theme in recent weeks … which points to somewhat cleaner positioning into these set of numbers. Investors likely looking for another beat/raise print vs consensus Revenues of ~$55bn in Oct and ~$62bn in January – for context, Nvidia has delivered more "normalized" beat sizes lately (e.g. beat topline by ~1-3% the last few qtrs). Some investor debate on the likely “incrementality” of this print given recent commentary from NVDA at GTC (e.g. ~$500bn) – on this point, the stock has only moved +/- ~1-3% (t+1) on 3 of 4 print.
UK Oct CPI was inline on core at +3.4% (down from +3.5% in Sept) while services ran a bit behind the Street at +4.5% (down from +4.7% and vs. the Street +4.6%), cementing expectations for a BOE rate cut next month. WSJ
Target trimmed its 2025 profit forecast (TGT -195bps premkt), signaling that its turnaround push is going to take more time as it deals with markdowns and soft demand. Shares fell premarket. Lowe’s reported profit that beat (LOW +558bps premkt), helped by consumer spending on home renovations. BBG
JPMorgan's 2026 outlook note sees Fed rate cuts supporting global equities and credit, with long-term Treasury yields likely to remain range-bound and multi-asset portfolios set for another year of solid returns.
https://x.com/zerohedge/status/1991138021370962262