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Thursday, November 13

Noteworthy macro moves today: USD/CNH -0.2%. 

Global equity markets are trading lower as investors digest disappointing economic data and the implications of recent political developments in the U.S. The end of the longest government shutdown in U.S. history, following President Trump's signing of a funding package, has provided some relief; however, concerns about economic growth persist

Recent economic data releases have highlighted ongoing challenges in major economies. In the Eurozone, industrial production rose by only 0.2% month-on-month in September, falling short of expectations for a 0.7% increase and indicating weakness in the sector. Similarly, the UK reported marginal GDP growth of just 0.1% for Q3, below forecasts and accompanied by a significant decline in industrial output.

In corporate news, S&P Global announced medium-term financial targets during its Investor Day, including plans for double-digit earnings per share growth and a new share repurchase program for up to 30 million shares. This announcement comes amid broader market caution as investors await further clarity on interest rates from central banks following mixed signals from recent economic indicators.

SPDR Gold Shares (GLD) [+0.6%]
Gold prices have shown an upward trend, with December Gold rising significantly, reaching approximately $4,240 an ounce. This increase positions gold prices near their overnight highs, reflecting robust movement in the precious metals market. Social media discussions highlight a surge in spot gold prices, with reports indicating that it has surpassed $4,230 per ounce, marking an intraday increase. Concurrently, gold has risen since Wednesday, coinciding with a decline in the U.S. dollar, which has fallen against several currencies. The conclusion of the longest federal government shutdown in U.S. history is expected to enhance market sentiment and improve demand outlooks for commodities like gold. Additionally, silver has increased by 1.58%, which may contribute to the movement in SPDR Gold Shares (GLD), reflecting the strong historical correlation between these precious metals.

Bitcoin (BTC/USD) [+0.9%]
Bitcoin's price has surged to near 102,000 amid increased inflows into digital exchange-traded funds and growing institutional exposure. This rally coincides with a shift towards structured blockchain systems that emphasize accountability and verifiable returns. The conclusion of the U.S. government shutdown has also improved market sentiment, contributing positively to Bitcoin's performance today with a daily return of approximately 1.5%. Social media discussions highlight Bitcoin's evolving role, with posts noting its increasing integration into daily life and a proposal from Taiwan to consider Bitcoin for national reserves. Notably, Bitcoin experienced significant net outflows of nearly 278 million in ETF flows recently. Additionally, a strong correlation with equities has been reported, indicating that Bitcoin reacts more acutely to losses in the Nasdaq than to gains. Ethereum has also seen a notable increase, which may be influencing Bitcoin's price action.

DDS | +10.2% | +1.1B
Dillard's Inc | Broadline Retail
Dillard's Inc reported strong third-quarter results, with revenue reaching $1.47 billion, surpassing the consensus estimate of $1.43 billion. Net income rose to $129.8 million from $124.6 million year-over-year. Earnings per share were reported at $8.31, significantly above the analyst estimate of $6.20 and an increase from $7.73 in the same quarter last year. Comparable store sales increased by 3%, driven by robust demand in key apparel categories and improved gross margins. Concurrently, social media discussions highlighted a focus on Dillard's valuation compared to competitors, particularly Kohl's Corporation, suggesting a shift in market sentiment towards value investing strategies. This conversation reflects broader investor behavior as they reassess their positions in the market.

CSCO | +6.5% | +20.6B
Cisco Systems Inc | Communications Equipment
Cisco Systems Inc reported its Q1 results for fiscal 2026 on November 12, 2025, achieving an adjusted earnings per share (EPS) of $1.00, exceeding the consensus estimate of $0.98. Revenue reached $14.9 billion, surpassing expectations of $14.78 billion. The company raised its fiscal 2026 adjusted EPS guidance to a range of $4.08 to $4.14 from a previous range of $4.00 to $4.06, and increased revenue projections to between $60.2 billion and $61 billion, up from $59 billion to $60 billion. Cisco also reported a net income of $2.9 billion and an adjusted operating margin of 34.4%. Remaining performance obligations stood at $42.9 billion, reflecting a 7% year-over-year increase. Notably, demand for AI-related products was strong, with AI Infrastructure orders reaching $1.3 billion in the three months leading to October 25. Following the earnings report, CSCO shares saw a notable increase of approximately 10%.

DIS | -5.5% | -11.0B
Walt Disney Co | Movies & Entertainment
Walt Disney Co. reported its fourth quarter and full fiscal year earnings for 2025, revealing revenues of $22.5 billion, unchanged from the previous year, and a full-year revenue of $94.4 billion, reflecting a 3% increase. The adjusted earnings per share (EPS) for Q4 declined by 3% to $1.11, although diluted EPS rose significantly to $0.73 from $0.25 year-over-year. The traditional television unit saw profits drop by 21%, while ESPN income also decreased. In contrast, the Experiences segment reported an operating income increase of 13% to $1.88 billion. Disney announced plans for a $7 billion share repurchase target for fiscal 2026 and a cash dividend of $1.50 per share, alongside projections for double-digit growth in adjusted EPS for fiscal 2026 and significant content investments totaling $24 billion. Social media discussions highlighted mixed earnings results, with revenues falling short of expectations and the stock down more than 3%.

ASND | -4.8% | -529.5M
Ascendis Pharma A/S | Biotechnology
Ascendis Pharma A/S reported its third-quarter financial results on November 12, 2025. The company posted earnings per share (EPS) of EUR 1.00, an increase from EUR 0.72 in the same period last year, yet this figure fell short of analysts' expectations by EUR 0.72. Revenue for the quarter reached EUR 213.63 million, slightly exceeding the consensus estimate of EUR 213.17 million. CEO Jan Mikkelsen emphasized the global launch of YORVIPATH as a transformative factor for the company's financial profile and expressed optimism regarding the anticipated approval of TransCon CNP by the FDA and EMA. Following the earnings announcement, Ascendis shares experienced significant pressure, dropping notably in after-market trading, reflecting market reactions to both earnings and ongoing regulatory developments.

NKE | +2.7% | +2.7B
Nike Inc | Footwear
Nike Inc is experiencing a notable price increase, influenced by a significant upward movement in the Footwear sector. Recently, Wells Fargo upgraded Nike from Equal Weight to Overweight, raising its price target from 60 to 75. This upgrade was reported approximately 24 hours ago. Analyst Ike Boruchow highlighted that visibility into sales and margins is "finally improving" after three years of negative revisions. Additionally, Wells Fargo projects revenue growth of 3-4% for fiscal year 2026, along with an improvement of over 200 basis points in margins. Earnings estimates for fiscal years 2026 and 2027 have also been raised to 1.70 and 2.40, respectively, reflecting a positive shift in expectations regarding Nike's financial performance.

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