The market rally of the past week led to a lot of chatter about an inflection point, and a potential rally going into the year-end. Political developments in China and the United Kingdom also evinced interest among market participants. Here's a recap of some of the major headlines that hit the wire over the weekend.
1. Xi Jinping Secures 3rd Term: Following a weeklong Party Congress, the Chinese Communist Party re-elected Xi as the leader of China for a historic third term. More importantly, seven key loyalists of Xi were announced as members of the politburo standing committee, China’s most powerful political body.
What caught the world’s attention was a video showing former President Hu Jintao being evicted from the stage during the closing ceremony of the Congress.
2. Crypto 'Party' To Start This Week? Lock-stepping with their equity counterparts, cryptocurrencies picked up some momentum over the weekend. Bitcoin BTC/USD, the apex crypto, is locked in a trading range and analysts are of the view the coming week is a huge one, making it inevitable that the crypto will break out of the range.
Crypto analyst Michaël van de Poppe said once the $19,591.51 final resistance is broken through, the “party can start.”
3. Tesla Takes Down Prices In China: Tesla, Inc. TSLA updated vehicle prices on its Chinese website to suggest a 5% drop in prices. The reduction brings the price of the entry version of the Model Y SUV below 300,000 yuan ($41,300), which makes buyers eligible for a 12,000-yuan government subsidy.
4. Santa Claus Rally Could Take S&P 500 To August Highs: Ed Yardeni of Yardeni Research said in a CNBC interview that he expects the S&P 500 Index to bounce back to its August high. The market analyst also noted that the Santa Claus rally is strong during mid-term election years, irrespective of the outcome. The rally usually continues through the next three, six or 12 months, he added.
5. Neuralink ‘Show And Tell’ Postponed: Elon Musk, the co-founder of Neuralink brain chip venture, said the “Show & Tell” event planned by the company has been postponed by a month to Nov. 30. The company plans to implant wireless brain chips to help cure neurological disorders Alzheimer’s, dementia and spinal cord injuries.
Despite Musk hinting at receiving the FDA’s regulatory approval to begin trials by the end of 2020, the clearance has not come through yet.
What Else: The price drop announced by Apple, Inc. AAPL for the latest iteration of the Apple TV positions the company well to be a winner in the living room, Bloomberg columnist Mark Gurman said in his weekly “Power On” newsletter.
Loup Funds’ Gene Munster singled out the unfolding week’s big tech earnings and the October consumer price inflation report due in early November as near-term drivers of the market.
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