US Stocks Hit Record Highs, Oil Prices Plunge, Israel Hints at Strike on Iranian Nuclear Sites

US Stocks Hit Record Highs, Oil Prices Plunge, Israel Hints at Strike on Iranian Nuclear SitesUS stocks closed higher on Monday, with the Dow Jones Industrial Average gaining 0.69%, the S&P 500 up 0

US Stocks Hit Record Highs, Oil Prices Plunge, Israel Hints at Strike on Iranian Nuclear Sites

US stocks closed higher on Monday, with the Dow Jones Industrial Average gaining 0.69%, the S&P 500 up 0.1%, and the Nasdaq Composite rising 0.06%. All three indices closed at record highs, with the S&P 500 crossing the 6000 point mark for the first time. The Nasdaq Golden Dragon China Index gained 0.59%, with most popular Chinese ADRs rising, including XPeng Motors up over 5%, Li Auto rising nearly 3%, and JD.com and Alibaba up over 1%.

Major European indices closed higher, with the German DAX 30 up 1.21%, the British FTSE 100 up 0.65%, the French CAC 40 up 1.2%, and the Euro Stoxx 50 up 1.07%.

International crude oil futures settled sharply lower. WTI crude oil for December delivery fell $2.3, or 3.32%, to $68.04 a barrel. Brent crude oil for January delivery fell $2.04, or 2.76%, to $73.87 a barrel.

Bitcoin surged past $88,000, hitting a new all-time high, rising more than $7,500, or 9.5%, at one point during the day. The total market capitalization exceeded $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.

Israeli Defense Minister Hints at Strikes on Iranian Nuclear Sites

Israel's new Defense Minister Benny Gantz said on Monday that Iranian nuclear sites are more vulnerable than ever following Israeli airstrikes on Iranian air defense systems on October 26, but his hint at strikes on Iran's nuclear facilities did not impact global oil prices significantly.

"Iranian nuclear sites are today more vulnerable than ever to disruption," Gantz said at a meeting of the IDF general staff. Israel has the ability to achieve its most important goal, which is to deter and neutralize the Iranian threat towards Israel, Gantzs office provided the remarks.

Israeli Finance Minister Says He Hopes to Extend Sovereignty to West Bank

According to a statement by the office of Israeli Finance Minister Avigdor Lieberman, a far-right politician, he said on November 11 that he hopes that Israel will be able to extend its sovereignty to the West Bank by 2025 and has instructed that preparations be made to extend sovereignty to the West Bank.

Zelensky Holds Talks with Foreign Officials on Aid to Ukraine

Ukrainian President Volodymyr Zelensky said on social media on November 11 that he had met with EU High Representative for Foreign Affairs and Security Policy Josep Borrell. The two discussed further cooperation between Ukraine and the EU, increased military aid to Ukraine, and other issues. They also talked about lifting restrictions on Ukraine striking military targets inside Russia, removing limitations on the remit of the European Peace Facility, and completing the $50 billion commitment to Ukraine, as per the G7's decision.

Iran President's Office: Iranian President Holds Phone Call With Saudi Crown Prince, Expresses Desire to Expand Cooperation

The Iranian President's Office said that Iranian President Ebrahim Raisi held a phone call with Saudi Crown Prince Mohammed bin Salman on October 10, expressing his desire to further expand cooperation between the two countries. The statement said that Raisi said during the call that he hoped to deepen and expand bilateral relations in all areas in line with the wishes of the leaders of both countries. Mohammed bin Salman thanked Raisi for the call and said that Saudi-Iranian relations are at a historical turning point, and he hoped that relations between the two countries could be raised to the highest level in all areas.

Russian Official: US and UK May Repeat Nord Stream Pipeline Sabotage

Nikolai Patrushev, Secretary of the Security Council of Russia, said in an interview with Russian media that the US and UK may repeat a terrorist attack like the destruction of the Nord Stream natural gas pipelines. Patrushev noted that there is information that the US and UK saw the sabotage of the Nord Stream pipelines as an action that would advance their economic interests, and that infrastructure projects, including undersea fiber optic cables, could become new targets for sabotage.

US Regulators Investigate Honda Cars for Possible Engine Faults

The National Highway Traffic Safety Administration (NHTSA) is investigating complaints of possible engine failures in as many as 1.4 million Honda and Acura vehicles, the agency said on November 11. The agency said connecting rod bearings in these vehicles, which are equipped with a 3.5-liter V6 engine, may fail, causing the engine to completely shut down.

Japan Aims to Roll Out 10 Trillion Support for Semiconductor, AI

After winning the House of Representatives election for the second time in a little over a month, Fumio Kishida, who was re-elected Prime Minister, proposed that the Japanese government provide at least 10 trillion (approximately 4.688 trillion) in support by fiscal year 2030 to boost the semiconductor and artificial intelligence industries. At a press conference on Monday evening, Kishida said: "We will create a new support framework aimed at attracting over 50 trillion in public and private investment in the next 10 years." The plan will be included in the comprehensive economic package to be finalized in November, providing support in the form of subsidies, investments from government-affiliated entities, and loan debt guarantees to private sector financial groups. Kishida emphasized that the government would not issue "debt to cover the deficit" to fund the initiative.

Volkswagen Group Representative Exits Northvolt Board

Northvolt AB, the struggling battery maker, said Sven Fuhrmann, who represented its largest shareholder Volkswagen AG on its board, will step down. Fuhrmann had served as a board member on behalf of the German automaker since last year, the Swedish company said on Monday. The Swedish electric vehicle supplier is currently struggling with a funding shortage and is in talks to secure a short-term financing package to help it tide over until it comes up with a plan for how to continue operating. The companys problems stem from its inability to ramp up production at its main plant in the Swedish Arctic Circle, while expansion costs have piled up. As a result, Northvolt has scaled back major projects and narrowed its focus to increasing output. The company will cut jobs globally by 20%.

Trump to Appoint Environmental Opponent to Head EPA

President-elect Donald Trump said on Monday that he would appoint former Republican Congressman Lee Zeldin to head the Environmental Protection Agency. Zeldin has frequently voted against legislation relating to environmental issues. Trump is likely to seek to overturn many of the EPA's regulations on burning fossil fuels, including one that limits carbon pollution from power plants and another that reduces carbon emissions from cars. Trump has said he plans to begin dismantling EPA and Department of Transportation vehicle pollution regulations on his first day in office and is considering cutting or eliminating electric vehicle tax breaks and other incentives. Zeldin criticized California's move to join the Zero-Emissions Vehicle Program, and during his eight years in Congress, he voted in favor of key environmental legislation only 14% of the time.

Trump Eyes Crypto-Friendly Candidates for Financial Institutions

According to US media reports, US President-elect Donald Trump is preparing to take a more relaxed stance on cryptocurrencies by the US government. He is looking for candidates for key positions who are friendly to the crypto industry, while his senior advisors are seeking advice from crypto executives on potential changes in federal policy. Initial discussions have centered around a series of financial regulatory bodies, including the Securities and Exchange Commission. Sources say Trump advisors have considered current regulatory officials, former federal officials, and financial industry executives for key leadership roles, many of whom have publicly expressed support for cryptocurrencies. They cautioned that discussions are still in their early stages and the list of candidates is still fluid.