Oil prices were hit by both supply and demand. The U.S. government added silver to the list of critical minerals. A rebound in safe-haven demand supported gold prices.

Basic news

On Friday (November 7, Beijing time), spot gold was trading around US$3,984/ounce. The price of gold was close to US$4,020/ounce on Thursday, benefiting from the weakening of the US dollar and risk aversion. Driven by the rebound in demand, the Trump administration added copper, coal, and silver to the list of critical minerals, exacerbating concerns; U.S. crude oil traded around $59.72 per barrel. Oil prices continued their decline on Thursday, recording monthly declines for the third consecutive month. The market continues to be under the dual pressure of oversupply and weak demand.

Stock Market

U.S. stocks closed down across the board on Thursday, with technology stocks once again experiencing sharp selling. The Dow Jones fell 0.84%, the S&P 500 fell 1.12%, and the Nasdaq fell 1.90%. The Philadelphia Semiconductor Index fell 2.4%, indicating continued pressure on artificial intelligence-related stocks.

Market analysis pointed out that overvaluation and economic uncertainty have jointly suppressed risk appetite. Murphy & Sylvest market strategists said that despite concerns about valuations, a "buy the dip" mentality still prevails in the market. As the government shutdown continues, investors have to rely on private sector data to assess the state of the economy.

The latest employment data shows signs of deterioration in the labor market. A report from employment agency Challenger showed that the number of layoffs announced by www.xmaccount.companies surged 183.1% in October, the worst October data in more than two decades, with cost cutting and artificial intelligence listed as the main reasons. SimplifyAssetManagement Chief StrategyAnalysts believe that these data indicate that the labor market may be weaker than the Fed expected.

Despite a strong earnings season, 83% of S&P 500 www.xmaccount.companies exceeded expectations, and third-quarter earnings are expected to grow 16.8% year-on-year, but this still fails to offset market concerns about the economic outlook. In terms of individual stocks, DoorDash plunged 17.5% due to lower-than-expected profits, while Snap surged 9.7% due to higher-than-expected revenue and a cooperation with PerplexityAI.

Gold market

Gold prices continued their gains on Thursday, driven by the weakening of the U.S. dollar and rising demand for safe havens. Spot gold returned to above 4,000 and approached US$4,020 per ounce, while U.S. gold futures for December delivery were basically unchanged at US$3,991.

Market analysis pointed out that the continued shutdown of the U.S. government and the U.S. Supreme Court’s questioning of the legality of Trump’s tariffs have jointly stimulated investors’ risk aversion.

Peter Grant, vice president of Zaner Metals, said: "As these uncertainties continue, we are seeing a resurgence of safe-haven buying." He expects gold prices to reach a range of $4,300 to $4,400 per ounce by the end of the year.

The United States has added uranium, copper, and silver to the government's list of critical minerals, showing that the Trump administration is expanding the scope of www.xmaccount.commodities it considers critical to the U.S. economy and national security. The updated USGS list also adds metallurgical coal, potash, rhenium, silicon and lead, according to the government website. This list will replace the 2022 version. The list determines which goods will be included in the Section 232 investigation into the processing of critical minerals and their derivatives announced by the Trump administration in mid-April, which may lead to tariffs and trade restrictions. Trump has made strengthening domestic supplies of critical minerals a priority, arguing that overreliance on foreign supplies jeopardizes national security, infrastructure development and technological innovation.

The U.S. dollar index fell 0.5% after hitting a four-month high, increasing gold's appeal to overseas buyers. The market currently expects a 72% probability of the Federal Reserve cutting interest rates again in December, while traders are paying close attention to the impact of Trump's trade policies and the risk of a government shutdown.

Other precious metals performed differently, with spot silver rising slightly by 0.3%, while platinum and palladium fell by 1.8% and 2.7% respectively.

Oil Market

International oil prices continued their decline on Thursday, with Brent crude oil and U.S. crude oil closing at US$63.38 and US$59.43 per barrel respectively, recording monthly declines for the third consecutive month. The market continues to be under pressure from oversupply and weak demand.

Analysts pointed out that the increase in OPEC+ production and the continued growth in output of non-OPEC oil-producing countries have jointly exacerbated market concerns about oversupply. John Kilduff, partner at Again Capital, said: "The market is suffering from the most clearly anticipated oversupply in history." At the same time, demand-side performance is also weak.soft.

A JPMorgan Chase report showed that global oil demand growth as of November 4 was lower than expected, and U.S. oil consumption continued to slump due to sluggish travel activities and reduced container shipping volume.

Although new U.S. sanctions on Rosneft have raised concerns about supply disruptions, Saudi Arabia's move to significantly lower its official price for Asian crude oil in December further confirmed that the market is well supplied. In addition, U.S. crude oil inventories increased by 5.2 million barrels more than expected to 421.2 million barrels, and refinery operating rates were low, which together constituted fundamental downward pressure on oil prices.

Foreign Market

The U.S. dollar continued its decline against the euro and Swiss franc on Thursday, as weak labor market data strengthened market expectations for the Federal Reserve to cut interest rates again this year. A report from global employment agency Challenger shows that the number of U.S. www.xmaccount.companies planning to lay off soared to 153,074 in October, a year-on-year surge of 183%, setting a record for the same period in 22 years.

The U.S. dollar index fell 0.42% to 99.70, and the euro rose to $1.1547 against the U.S. dollar. Antonio Ruggiero, foreign exchange strategist at Convera, said that the lack of data after the government shutdown caused the market to be overly optimistic, and the release of layoff data immediately triggered panic selling among investors. The interest rate futures market shows that traders' expectations for a rate cut in December have risen to 69%.

After the Bank of England kept interest rates unchanged, the pound bucked the trend and rose 0.3% to $1.3088. Market attention has now turned to the budget proposal to be announced by Finance Minister Reeves on November 26, and the tax increases that may be included in it have attracted much attention. Although the central bank is on hold, Goldman Sachs analysts believe that the pound will still face downward pressure in the medium to long term.

Norway's central bank announced on the same day that it would keep its benchmark interest rate unchanged at 4.0%, in line with market expectations. The Norwegian krone strengthened, rising 0.36% against the dollar, after the bank said further policy easing was possible in the www.xmaccount.coming year.

International News

Lebanon Hezbollah calls on the government to be wary of the risks of negotiating with Israel

Lebanon Hezbollah issued an open letter on the 6th, advising Lebanese President Joseph Aoun, Speaker Nabi Berry and Prime Minister Nawaf Salam not to "fall into the trap of negotiating with Israel", saying that such dialogue "will only serve the interests of the enemy" and pose an "existential threat" to Lebanese sovereignty.

The Trump administration adds copper, coal, and silver to the list of critical minerals

The United States has added uranium, copper, and silver to the government’s list of critical minerals, indicating that the Trump administration is expanding the scope of www.xmaccount.commodities it considers critical to the U.S. economy and national security. The updated USGS list also adds metallurgical coal, potash, rhenium, silicon and lead, according to the government website. This list will replace the 2022 version. The list determines which goods will be included in the Section 232 investigation into the processing of critical minerals and their derivatives announced by the Trump administration in mid-April, which may lead to tariffs and trade restrictions. Trumphas made strengthening domestic supplies of critical minerals a priority, arguing that overreliance on foreign supplies jeopardizes national security, infrastructure development, and technological innovation.

European Central Bank Vice President Guindos said the euro zone growth prospects have improved slightly

European Central Bank Vice President Luis de Guindos said that the central bank has a slightly more optimistic view of the euro zone economy and believes that there are positive signs of easing in some worrying areas of inflation. The Spanish official said risks to growth had become more balanced, with positive news on inflation and service price increases "behaving much better". "Growth is better than many expected a few quarters ago," he told a webinar hosted by NatixisCIB on Thursday. "The euro zone economy has shown a certain degree of resilience."

U.S. senators proposed that members of Congress would be suspended if the government does not "open the door"

On November 6, Eastern Time, the U.S. government's "shutdown" entered its 37th day. On the 5th local time, U.S. Republican Senator John Kennedy said that the "shutdown" may continue for some time. Currently, a large number of federal employees are in unpaid wages, with military personnel only receiving part of their salary and air traffic controllers working without pay. John F. Kennedy said he would introduce a bill to stop paying members of Congress while the government shutdown continues.

Pelosi officially announced that she will retire: she will no longer seek re-election as a member of the U.S. Congress

Former Speaker of the U.S. House of Representatives Nancy Pelosi announced that she will retire at the end of this congressional term. The Democrat from California is about to end one of the most influential legislative careers in U.S. history and officially begins a long farewell tour. Pelosi said in a video speech: "I want you, my fellow San Franciscans, to be the first to know this news. I will not seek re-election to Congress. With a grateful heart, I look forward to my final year of serving you as your proud representative." Pelosi's term in Congress will end on January 3, 2027.

Ukrainian ambassador says Ukraine is in "active" talks with the United States to purchase Tomahawk missiles

Ukraine's ambassador to the United States, Olha Stefanishyna, said her country is still in "active" talks to buy Tomahawk missiles and other long-range weapons, even though U.S. President Donald Trump has said he does not want to provide them. Stefanishyna said in an interview: "There are still discussions, but we have a lot of delegations working to expand the financial resources available to procure more military capabilities from the United States." She said: "Not only Tomahawk missiles, but various other types of long-range and short-range missiles, I just It can be said that this is quite positive.”

The US Federal Aviation Administration requires 40 airports across the United States to reduce flight operations

The reporter learned on November 6, local time, that the US Federal Aviation Administration (FAA) issued a draft order requiring major airlines to reduce flight operations during Eastern Time.Before 6 a.m. on the 7th, flight operations at 40 busy airports across the country will be reduced by 4%. United Airlines said on the 6th that it would cancel about 200 flights in advance from the 7th, accounting for about 4% of the day's flight schedule, mainly regional flights. The www.xmaccount.company also predicts that the flight cancellation rate on the 8th and 9th will also remain at about 4%. On the same day, Delta Air Lines said it would cancel approximately 170 flights on the 7th in accordance with instructions from the U.S. Federal Aviation Administration (FAA).

Domestic News

Ministry of Industry and Information Technology: The GDP of 178 national high-tech zones accounts for 14.3% of the country’s total GDP

We learned from the Ministry of Industry and Information Technology that since the beginning of this year, the high-quality development of national high-tech zones has achieved positive results, innovation capabilities have continued to increase, and high-quality enterprises have continued to grow. During the "14th Five-Year Plan" period, important progress has been made in the high-quality development of national high-tech zones, and the development layout has become more reasonable. The total number of parks has increased from 169 in 2020 to 178, covering 31 provincial-level administrative regions. Wu Jiaxi, deputy director of the Planning Department of the Ministry of Industry and Information Technology: The www.xmaccount.comprehensive strength has been steadily improved. The GDP of 178 national high-tech zones accounts for 14.3% of the total national GDP, and the number of www.xmaccount.companies with revenue exceeding 100 million yuan has reached 43,000.

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