☀️ Market Morning Brief 11-5
Overnight highlights:
① Midterm election results are in, with Democrats taking control of both the House and Senate. The chances of the current version of the crypto industry's much-backed market structure bill, the CLARITY Act, passing have dimmed further, shifting attention to a revised version to be reintroduced by the new Congress.
② The U.S. Treasury released its quarterly refunding plan, keeping auction sizes unchanged across all maturities and saying it will likely maintain this pace over the next few quarters.
③ The U.S. services index edged down in October to its slowest pace of expansion in three months. However, the employment component rebounded, while price pressures remained elevated—pointing to slower growth but persistently high costs in the services sector.
④ Crypto markets fell before stabilizing on election night, as short-term bears rushed to close positions. With election uncertainty behind them, markets caught their breath.
Today's watchlist:
① Today is the target date for activating Zcash's NU7 upgrade on mainnet. Block intervals will shorten from 75 seconds to 25 seconds, making a smooth rollout the crypto world's top item to watch today.
② At 8 p.m. Beijing time tonight, the Bank of England will announce its rate decision and publish its Monetary Policy Report. Markets broadly expect a rate hike, with voting divisions and inflation forecasts in focus.
③ At 9:30 p.m. tonight, the U.S. will release weekly initial jobless claims. Coming after the services data, the report will provide further context ahead of Friday's nonfarm payrolls report.
④ After U.S. markets close in the early hours of tomorrow, Airbnb and Cloudflare will report earnings. There's still something to watch as earnings season winds down.
With election results, the Bank of England, and jobs data taking turns in the spotlight, today's keyword is digesting the results.
$ZEC
$ABNB.US
$NET
Overnight highlights:
① Midterm election results are in, with Democrats taking control of both the House and Senate. The chances of the current version of the crypto industry's much-backed market structure bill, the CLARITY Act, passing have dimmed further, shifting attention to a revised version to be reintroduced by the new Congress.
② The U.S. Treasury released its quarterly refunding plan, keeping auction sizes unchanged across all maturities and saying it will likely maintain this pace over the next few quarters.
③ The U.S. services index edged down in October to its slowest pace of expansion in three months. However, the employment component rebounded, while price pressures remained elevated—pointing to slower growth but persistently high costs in the services sector.
④ Crypto markets fell before stabilizing on election night, as short-term bears rushed to close positions. With election uncertainty behind them, markets caught their breath.
Today's watchlist:
① Today is the target date for activating Zcash's NU7 upgrade on mainnet. Block intervals will shorten from 75 seconds to 25 seconds, making a smooth rollout the crypto world's top item to watch today.
② At 8 p.m. Beijing time tonight, the Bank of England will announce its rate decision and publish its Monetary Policy Report. Markets broadly expect a rate hike, with voting divisions and inflation forecasts in focus.
③ At 9:30 p.m. tonight, the U.S. will release weekly initial jobless claims. Coming after the services data, the report will provide further context ahead of Friday's nonfarm payrolls report.
④ After U.S. markets close in the early hours of tomorrow, Airbnb and Cloudflare will report earnings. There's still something to watch as earnings season winds down.
With election results, the Bank of England, and jobs data taking turns in the spotlight, today's keyword is digesting the results.
$ZEC
$ABNB.US
$NET