Fundamental analysis
The news, central banks and events that move the market.
US consumer credit jumps $29 billion to a record $5.19 trillion
US consumer credit rose $29 billion in September to a record $5.19 trillion, while credit card debt set a record with its biggest gain since November 2023.
Semiconductor index SOX swings from overbought to oversold in five months
The SOX index now sits 17% below its 200-day moving average, after trading 75% above it in June, one of the sharpest swings in chip stocks in decades.
China October trade data: $32.7 billion surplus with the US and a jump in oil imports
China's trade surplus with the US reached $32.71 billion in October. Crude imports rose to 41.94 million tonnes, but year-to-date imports are about 15% below l…
Market news roundup, 10 November: Canada extends tariff relief, Hormuz tension and UK spending data
The key headlines of the past hours: Canada extends its US tariff exemption to June 2028, tension continues in the Strait of Hormuz, UK spending strengthens an…
UBS 2027 outlook: S&P 500 at 8,900 and STOXX 600 at 750
UBS Global Research targets 8,900 for the S&P 500 and 750 for the STOXX 600 by end-2027 and sees global growth rising to 3.5%, growth that hinges on AI and cal…
Goldman Sachs defends Nvidia with $300 target; new bets on Korean AI startups
Goldman Sachs reiterated its Buy rating on Nvidia with a $300 target, saying the risk-reward is attractive after the AI sell-off. Nvidia also plans to invest i…
AI return doubts expose the US stock market's vulnerability
A tech sell-off, tighter financial conditions and doubts about the payoff from massive AI spending raise the risk of earnings downgrades. Tuesday's CPI is the…
US multifamily CMBS delinquency rate hits 8.1%, highest since 2016
The delinquency rate on US multifamily commercial mortgage-backed securities (CMBS) rose to 8.1% in October, the highest since 2016. Office CMBS delinquencies…
Japan spent ¥15.4 trillion to prop up the yen, its biggest monthly intervention on record
Japan said it spent ¥15.4 trillion (about $97 billion) over three days in the summer to support the yen, its largest monthly intervention on record. Even so, t…
Global rate-hike cycle accelerates: 45% of central banks have raised rates
About 45% of the world's central banks have raised interest rates over the past three months, the highest share in three years. Central banks have hiked 42 tim…
US unemployment below 5% for 62 straight months, the second-longest streak on record
The US unemployment rate has stayed below 5% for 62 consecutive months, the second-longest run on record after a 64-month streak in the 1960s and 1970s. The cu…
S&P 500 falls 4.4%: history suggests big drops have often been buying opportunities
The S&P 500 fell 4.4% on Thursday, its biggest one-day drop since April 2025. Data going back to 1952 show that after such declines the index has, on average,…