US Stocks Hit New Highs, Oil Prices Plunge, Bitcoin Breaks $88,000

US Stocks Hit New Highs, Oil Prices Plunge, Bitcoin Breaks $88,000US stocks rose across the board on Monday, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0

US Stocks Hit New Highs, Oil Prices Plunge, Bitcoin Breaks $88,000

US stocks rose across the board on Monday, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0.1%, and the Nasdaq Composite up 0.06%; all set new all-time highs, with the S&P 500 closing above 6,000 points for the first time. The Nasdaq Golden Dragon China Index closed up 0.59%, with most hot Chinese stocks rising, XPeng Motors up over 5%, Li Auto up nearly 3%, JD.com and Alibaba up over 1%. Major European indices rose collectively, with the German DAX 30 up 1.21%, the UK FTSE 100 up 0.65%, the French CAC 40 up 1.2%, and the Euro Stoxx 50 up 1.07%.

Meanwhile, international crude oil futures prices settled sharply lower. WTI crude oil futures for December closed down $2.3, or 3.32%, to $68.04 a barrel. Brent crude oil futures for January closed down $2.04, or 2.76%, to $73.87 a barrel. Bitcoin broke through $88,000, continuing to set new highs, rising more than $7,500 or 9.5% intraday, with a total market value exceeding $1.72 trillion. COMEX gold futures fell 2.55% to $2,627.00 an ounce; COMEX silver futures fell 2.1% to $30.80 an ounce.

Geopolitical Risks Escalate

Israel's new Defense Minister Katz said that Iran's nuclear facilities were more vulnerable than ever after Israel's air strike on Iranian air defense facilities on Oct. 26. He hinted at possible action against Iranian nuclear facilities, but the comments did not have a significant impact on international oil prices.

In addition, Israel's Finance Minister Smotrich said he "wants Israel to extend sovereignty to the West Bank by 2025," and "has instructed preparations for extending sovereignty to the West Bank." These remarks could exacerbate tensions between Israel and Palestine.

Ukrainian President Zelensky met with Josep Borrell, the High Representative for Foreign Affairs and Security Policy of the European Union, on November 11, discussing further cooperation between Ukraine and the EU, increased military aid to Ukraine, and other issues.

Iran and Saudi Arabia Relations Warm

Iran's presidential office said that Iranian President Ebrahim Raisi had a phone call with Saudi Crown Prince Mohammed bin Salman on October 10, expressing hope for further expansion of cooperation between the two countries. This indicates a warming of relations between the two countries.

Russia Warns of Possible U.S. and UK Sabotage Actions

Russian Presidential Aide Patrushev said that the United States and the United Kingdom could carry out another act of sabotage similar to the destruction of the Nord Stream natural gas pipelines. Patrushev pointed out that there is information showing that the US and UK view the destruction of the Nord Stream pipelines as a way to advance their own economic interests, and that infrastructure projects, including undersea cables, could become new targets for sabotage.

Global Economic and Technology Hotspots

The US National Highway Traffic Safety Administration is investigating complaints about potential engine failures in as many as 1.4 million Honda and Acura vehicles as of November 11. The agency said the connecting rod bearings in these vehicles equipped with 3.5-liter V6 engines could fail, leading to complete engine failure.

The Japanese government plans to provide at least 100 billion yen (about 46.88 billion yuan) in support by fiscal year 2030 to boost the semiconductor and artificial intelligence industries.

Troubled battery maker Northvolt AB said Sven Fuhrmann, who represents its largest shareholder Volkswagen AG on the board, is leaving. The Swedish electric vehicle supplier is currently facing a cash crunch and is in talks for a short-term financing package.

US President-elect Trump said he would appoint former Republican Congressman Lee Zeldin as head of the US Environmental Protection Agency. Zeldin has frequently voted against legislation on environmental issues. Trump may seek to overturn many of the EPA's regulations on fossil fuel combustion, including one limiting carbon emissions from power plants and another reducing carbon emissions from automobiles.

According to US media reports, US President-elect Trump is preparing to take a more hands-off approach to cryptocurrencies by the US government, and he is vetting candidates for key positions who are friendly to the crypto industry. His senior advisors are seeking advice from crypto executives on potential changes to federal policy.

Summary

Global stock markets were strong on Monday, with major US indices hitting new highs, but international crude oil futures prices fell sharply. Geopolitical risks and global economic issues remain in focus for markets. Future market trends will continue to be influenced by a variety of factors, including US monetary policy, the development of the pandemic, and the geopolitical situation.

This article is from Cailian Press, Niu Zhanlin.