News

German Chancellor Merz: We must further reduce air traffic taxes.

Hong Kong stocks closed higher, with the Hang Seng Index rising 0.57% and the Tech Index rising 0.74%. Consumer stocks performed well, with Haidilao (06862.HK) rising 6.43% and Xiabuxiabu (00520.HK) rising 2.56%.

Ukraine's Deputy Energy Minister: Russian attacks hit energy facilities in 10 Ukrainian regions.

German Chancellor Merz: We need to ensure that the electricity tax is reduced in the 2027 budget; I have some ways to achieve this.

The UK government has introduced a new package of financial support measures to make it easier for small and medium-sized organizations to obtain basic cybersecurity certification.

The German DAX 30 index opened down 273.71 points, or 1.05%, at 25709.16 on Tuesday, November 3rd; the UK FTSE 100 index opened down 59.60 points, or 0.55%, at 10701.73 on Tuesday, November 3rd; the FCHI index opened down 50.10 points, or 0.62%, at 7997.59 on Tuesday, November 3rd; and the Eurozone... The Stoxx 50 index opened down 69.51 points, or 1.13%, at 6106.55 on Tuesday, November 3; the Spanish IBEX 35 index opened down 203.48 points, or 1.07%, at 18768.42 on Tuesday, November 3; and the Italian FTSE MIB index opened down 631.44 points, or 1.26%, at 49316.50 on Tuesday, November 3.

Major European stock indices opened lower, with the Euro Stoxx 50 down 1.14%, the German DAX down 1.02%, and the UK FTSE 100 down 0.64%.

Hyundai Motor America: Total sales in October were 73,452 vehicles, up 5% year-over-year.

German Chancellor Merz: The federal government has finalized a draft anti-expropriation bill, but how market value should be compensated remains unclear.

France's September government budget was -€159.17 billion, compared to -€159.6 billion in the previous month.

A research report from international brokerage Bernstein points out that the high valuations of the Indian stock market are significantly diverging from its weak earnings growth prospects, diminishing its attractiveness as a market to absorb funds after the global AI trading correction. Based on MSCI country index comparisons, the Indian stock market's forward 12-month price-to-earnings ratio is 18.6 times, higher than the global market's 17.6 times, ranking first among the major markets compared in the report. However, India's projected compound annual growth rate for earnings per share (EPS) from 2025 to 2027 is only 11%, significantly lower than the global average of 27%. Bernstein notes that while the valuations of large-cap Indian stocks have partially declined, small- and mid-cap stocks remain expensive, and corporate earnings forecasts continue to be revised downwards, making it difficult for the current growth prospects to fully support the valuation premium. Bernstein believes that even if global AI-related stocks experience a significant correction, the released funds may not necessarily flow to India. India still needs to compete for international capital based on valuation, earnings growth, risk levels, and dollar-denominated returns. Potential catalysts for the next phase of the Indian stock market mainly come from the US midterm election results, the decline in oil prices due to the easing of tensions in the Middle East, and the potential reduction in long-term capital gains tax.

Switzerland's October CPI rose 0.2% month-on-month, in line with expectations and unchanged from the previous month.

Switzerland's October CPI rose 1.5% year-on-year, below the expected 1.30% and the previous reading of 1.00%.

ECB Governing Council member Radev: The current interest rate level is not appropriate.

ECB Governing Council member Radev: The ECB should not wait for the second round of effects before taking action.

ECB Governing Council member Radev: Core inflation remains stable, and the energy shock has not been transmitted to wages.

ECB Governing Council member Radev: The October pause in action does not mean the end of tightening.

ECB Governing Council member Radev: The economic environment is becoming more challenging.

Hong Kong-listed dairy stocks continued their upward trend, with Mengniu Dairy (02319.HK) rising over 4%, China Feihe (06186.HK) rising over 2%, and Modern Farming (01117.HK) and others following suit.

Switzerland's monthly CPI rate for October will be announced in ten minutes.