Breakfast | The Federal Reserve cut interest rates by 25 basis points as expected and announced the end of balance sheet reduction, Powell unexpectedly made hawkish statements

Market Overview Despite the Federal Reserve's expected 25 basis point rate cut and announcement to end balance sheet reduction, Powell's hawkish remarks regarding the prospects of a rate cut in December caused the market's probability of a December rate cut to plummet from 95% to 65%. U.S. stocks, bonds, gold, and cryptocurrencies experienced sharp intraday declines, while the dollar strengthened. Ultimately, supported by Nvidia, the Nasdaq closed higher, while the Dow Jones closed lower. Nvidia hit a new high, closing up nearly 3%, with a market capitalization surpassing $5 trillion. After the quarterly report, Meta plummeted over 8%, Alphabet rose over 6%, and Microsoft fell over 3%. U.S. Treasury yields surged across the board, with both the 2-year and 10-year yields rising over 10 basis points. The dollar rose over 0.5%, briefly returning above the 99 mark. Bitcoin and Ethereum both saw intraday declines of over 3%. Spot gold briefly rose back to $4,000 on Wednesday, but fell 2.5% from the intraday high after Powell's speech, reversing its intraday trend. Silver performed relatively well, with gains narrowing to 1.1%. Oil rebounded. During the Asian session, A-shares surged, with the Shanghai Composite Index surpassing 4,000 points, the North Star 50 soaring over 8%, and the photovoltaic industry chain exploding, while Shanghai copper hit a historical high. Key News Xi Jinping will meet with U.S. President Trump. The Federal Reserve announced at its October meeting to continue cutting rates by 25 basis points and end balance sheet reduction in December, with two votes against the interest rate decision. Powell: A rate cut in December is not a certainty, with significant disagreement within the committee, the job market is still cooling, and inflation faces short-term upward pressure. "New Federal Reserve News Agency": The Federal Reserve continues to work to prevent the recent trend of slowing employment from worsening, and the lack of economic data makes the future direction of interest rates uncertain. South Korea and the U.S. finalize a trade agreement: South Korea commits to $350 billion in investments in the U.S. in exchange for a 15% tariff on automobiles and preferential tariffs for the semiconductor industry. U.S.-Canada trade negotiations have been suspended, and Trump met with Carney for the first time. The Bank of Canada cut rates by 25 basis points as expected, stating that the current rate is appropriate, and significantly lowered economic growth expectations. Meta's one-time tax expenses led to an 83% drop in quarterly profits, with expected capital expenditures next year to surge, potentially exceeding $80-85 billion or even higher, plummeting over 8% in after-hours trading. Alphabet's Q3 performance exceeded expectations across the board, with strong cloud results, raising capital expenditures to a maximum of $93 billion, rising over 7% in after-hours trading. Microsoft's revenue grew nearly 20% last quarter, but Azure cloud growth was not impressive enough, and AI spending exceeded expectations, leading to a brief drop of 5% in after-hours trading. Kweichow Moutai reported a year-on-year revenue and profit increase of over 6% for the first three quarters, with a growth of 0.48% in the third quarter. "King of Retail" China Merchants Bank released its Q3 report, showing steady growth in net profit, with double-digit growth in both Jin Kuihua and private banking clients. Demand for AI servers is strong, with Industrial Fulian's Q3 net profit soaring by 62%, and revenue increasing by 42.81% Zhongwei Company Q3 net profit increased by 27.5% year-on-year, revenue increased by 50.62%, with film equipment becoming a new engine. Tianfu Communication Q3 revenue increased by 74.37% year-on-year, net profit of 566 million yuan, a quarter-on-quarter increase of 0.71%. Driven by AI computing power demand, Xinyi Sheng Q3 net profit was 2.385 billion yuan, a quarter-on-quarter increase of 0.63%, and revenue increased by 152.53% year-on-year. American payment giant tests stablecoin settlement! Western Union announced the launch of USDPT next year, while VISA supports existing stablecoins. Market Report US and European Stock Markets: The S&P 500 slightly fell, closing at 6890.59 points. The Dow Jones Industrial Average fell by 0.16%, closing at 47632.00 points. The Nasdaq rose by 0.55%, closing at 23958.473 points. The European STOXX 600 index closed down 0.10%, at 575.19 points. A-shares: The Shanghai Composite Index rose by 0.7%, closing at 4016.33 points, the Shenzhen Component Index rose by 1.95%, closing at 13691.38 points, and the ChiNext Index rose by 2.93%, closing at 3324.27 points. Bond Market: The yield on the US 10-year benchmark Treasury bond rose by 10.01 basis points, closing at 4.0757%. The yield on the 2-year US Treasury bond rose by 10.82 basis points, closing at 3.5980%. Commodities: COMEX gold futures fell by 0.63%, closing at $3957.90 per ounce. WTI crude oil rose by 0.28%, and Brent crude oil rose by 0.56%. News Details Global Highlights Xi Jinping to meet with US President Trump. A spokesperson for the Ministry of Foreign Affairs announced on October 29 that, as agreed by both China and the US, President Xi Jinping will meet with US President Trump in Busan, South Korea, on October 30 local time to exchange views on China-US relations and issues of mutual concern. The meeting between the Chinese and US leaders, “is of irreplaceable importance for China-US relations”. According to The Paper, this will be the first face-to-face meeting between the leaders of China and the US since Trump returned to the White House. Wei Zongyou, a professor at Fudan University's American Studies Center, told The Paper that “the history and experience of China-US relations in recent years have repeatedly proven that meetings between leaders are irreplaceably important for stabilizing and developing China-US relations.” "The more challenges Sino-U.S. relations face, the more it is necessary to strengthen the strategic guidance of leaders on the bilateral relationship, to prevent misunderstandings and misjudgments, and to avoid significant fluctuations in the relationship between the two countries." The Federal Reserve announced a continued rate cut of 25 basis points at the October meeting, ending balance sheet reduction in December, with two committee members opposing the interest rate decision. Powell: A rate cut in December is not a certainty, there are significant divisions within the committee, the job market is still cooling, and there is short-term upward pressure on inflation. The Federal Reserve's balance sheet reduction ends after three and a half years, starting in December, replacing maturing MBS holdings with short-term government bonds. Trump "appointed" Governor Milan, who, like last time, advocates for a 50 basis point rate cut, while another committee member, Schmidt, supports holding steady. The decision statement added that recent indicators of the labor market are consistent with trends before the government shutdown, stating that the downside risks to employment have "increased in recent months." Powell stated that inflation still has short-term upward pressure, and the job market faces downside risks, making the current situation quite challenging; there are still significant divisions within the committee regarding whether to cut rates again in December, and a rate cut is not a certainty. Some FOMC members believe it is time to pause; higher tariffs are pushing up prices in certain categories of goods, leading to an overall rise in inflation. "New Federal Reserve News Agency": The Federal Reserve continues to work to prevent the recent trend of slowing employment from worsening, and the lack of economic data makes the future direction of interest rates uncertain. Powell's unexpected hawkish stance caused U.S. stocks, bonds, gold, and Bitcoin to plunge during trading, while the dollar rose. After the Federal Reserve announced its interest rate decision, major assets experienced little short-term volatility. After Powell's press conference began, he stated that a rate cut in December is not a certainty, leading to a short-term plunge in U.S. stocks, Bitcoin, gold, and U.S. bonds, with the S&P 500 and Nasdaq 100 both turning negative. Subsequently, U.S. stocks and cryptocurrencies recovered some ground, with the Nasdaq 100 showing little change compared to when the FOMC statement was just released, but U.S. bonds and gold remained weak. Who will be the next Federal Reserve Chair? Trump "reiterates" Bessent, is it a "joke" or a "hint"?? "He can calm the market, I cannot calm the market, I sometimes disrupt the market." Trump mentioned again on Tuesday that he is "considering" nominating Treasury Secretary Bessent for the next Federal Reserve Chair. However, Trump's statements are contradictory; he immediately added that Bessent likes the position of Treasury Secretary and stated, "We are not really considering him," leaving the public confused. South Korea and the U.S. finalize trade agreement: South Korea commits $350 billion in investments in the U.S. in exchange for a 15% tariff on automobiles and preferential tariffs for the semiconductor industry According to the details of the agreement, South Korea will invest $350 billion in the United States, of which $200 billion will be cash investments, similar to Japan's arrangement, with an annual investment cap of $20 billion. The United States will continue to maintain a comprehensive tariff level of 15%. Both parties agreed to set the tariff on auto parts at 15%. In the semiconductor sector, South Korea stated that the agreed-upon tariff levels would not put South Korea at a disadvantage. Additionally, South Korea has received most-favored-nation status in terms of drug tariffs. After the suspension of US-Canada trade negotiations, Trump meets Carney for the first time. Canadian Prime Minister Carney stated that he had a "very good" conversation with U.S. President Trump in South Korea on the 29th local time. This is the first face-to-face meeting between the leaders of the U.S. and Canada since Trump suspended trade negotiations with Canada on the 23rd. The Bank of Canada cuts interest rates by 25 basis points as expected, stating that the current rate is appropriate, and significantly lowers economic growth expectations. The Bank of Canada lowered the benchmark overnight rate by 25 basis points for the second consecutive meeting, bringing the rate to 2.25%, the lowest level since July 2022. The Bank of Canada stated that the damage caused by U.S. tariffs is still ongoing but indicated that the current rate level is appropriate as long as the economy generally meets expectations. Meta's one-time tax expense causes quarterly profit to plummet by 83%, expects a significant increase in capital expenditures next year, and drops over 8% in after-hours trading. Net profit for the third quarter plummeted from $15.69 billion in the same period last year to $2.71 billion, a decline of 83%. The culprit is a one-time non-cash tax expense of $15.93 billion resulting from U.S. tax reform; excluding this impact, EPS was $7.25, with net profit at $18.64 billion. Capital expenditures in 2026 may exceed $80-85 billion or even higher. Google's parent company Q3 performance exceeds expectations across the board, with strong cloud growth, raising capital expenditures to up to $93 billion, and rising over 7% in after-hours trading. Alphabet's third-quarter revenue, profit, and full-year capital expenditure guidance all exceeded expectations, with revenue surpassing $100 billion for the first time, and multiple core businesses achieving double-digit growth. Strong demand for AI has accelerated cloud business growth, with a backlog of orders reaching $155 billion. The company significantly raised its full-year capital expenditure to $91-93 billion to ramp up investments in AI and infrastructure, with shares rising over 7% in after-hours trading. Microsoft's revenue surged nearly 20% last quarter, but Azure cloud growth was not impressive enough, and AI spending exceeded expectations, dropping 5% in after-hours trading. In the third quarter, Microsoft's revenue grew by 18% year-on-year, matching the highest growth rate in a year and a half achieved in the second quarter, while EPS growth slowed to 13%, still outperforming analyst expectations; Azure and other cloud service revenues grew by 39%, maintaining the highest growth rate in two and a half years achieved in the second quarter, but still below some buyers' optimistic expectations; capital expenditures in the third quarter reached a new high, up 60% from the previous record and over 74% year-on-year; the investment in OpenAI impacted the net profit in the third quarter by nearly $3.1 billion. Guizhou Moutai's revenue and profit in the first three quarters increased by more than 6% year-on-year, with a growth of 0.48% in the third quarter. Moutai's revenue in the first three quarters was 128.454 billion yuan, a year-on-year increase of 6.36%, with a net profit of 64.627 billion yuan, a year-on-year increase of 6.25%. The revenue in the third quarter was 39.064 billion yuan, a year-on-year increase of 0.56%; the net profit was 19.224 billion yuan, a year-on-year increase of 0.48%. In terms of product structure, Moutai liquor revenue was 110.513 billion yuan, still the absolute mainstay of revenue. "King of Retail" China Merchants Bank released its third-quarter report, with steady growth in net profit, double-digit growth in Jin Kuihua and private banking clients. Wealth management service fees and commission income increased by 18.76% year-on-year. Strong demand for AI servers, Industrial Fulian's Q3 net profit surged by 62%, with revenue increasing by 42.81%. Industrial Fulian achieved a net profit attributable to shareholders of 10.37 billion yuan in Q3, a year-on-year increase of 62.04%; operating revenue reached 243.17 billion yuan, a year-on-year increase of 42.81%. The growth was mainly driven by a surge in demand for core products such as AI servers and high-speed switches. Cloud computing business revenue in the first three quarters increased by over 65% year-on-year, with GPU AI server revenue increasing by over 300% year-on-year, and a more than fivefold year-on-year increase in Q3 alone. Zhongwei Company’s Q3 net profit increased by 27.5% year-on-year, with revenue growth of 50.62%, with film equipment becoming a new engine. Zhongwei Company’s Q3 revenue increased by 50.62% year-on-year, and net profit increased by 27.5% year-on-year. The performance growth was mainly driven by the steady growth of core etching equipment business and explosive growth in film equipment revenue. In the first three quarters of 2025, revenue from film equipment such as LPCVD and ALD was 403 million yuan, a year-on-year increase of approximately 1332.69%. Tianfu Communication's Q3 revenue increased by 74.37% year-on-year, with a net profit of 566 million yuan, a quarter-on-quarter increase of 0.71%. Tianfu Communication's Q3 net profit was 566 million yuan, a year-on-year increase of 75.68%, and a quarter-on-quarter increase of 0.71%; revenue was 1.463 billion yuan, a year-on-year increase of 74.37%. The company stated that the performance growth "was mainly benefited from the development of artificial intelligence and the increase in computing power demand, driven by the continuous and stable growth of demand for high-speed optical device products due to global data center construction." AI computing power demand drives, NewEase's Q3 net profit is 2.385 billion yuan, quarter-on-quarter growth of 0.63%, revenue year-on-year growth of 152.53%. Optical communication module manufacturer NewEase achieved operating revenue of 6.068 billion yuan in Q3, a year-on-year increase of 152.53%; net profit attributable to shareholders of the listed company reached 2.385 billion yuan, with a quarter-on-quarter increase of 0.63% and a year-on-year increase of 205.38%. The performance growth is mainly due to the company's benefit from the development of artificial intelligence computing power investment during the reporting period, resulting in a significant increase in sales revenue compared to the same period last year. American payment giant tests stablecoin settlement! Western Union announces the launch of USDPT next year, while VISA supports existing stablecoins. Western Union announced that the upcoming stablecoin settlement system will consist of the USD payment token USDPT and a digital asset network, the entire system will be built on the Solana blockchain. Visa stated that the newly added stablecoin support covers two currencies and can be exchanged for over 25 traditional fiat currencies. In the fourth fiscal quarter, global consumer spending related to stablecoin-linked consumer card services increased fourfold year-on-year, with monthly transaction volume exceeding an annualized scale of $2.5 billion. Wall Street views on Chinese internet: there are "unique investment opportunities," embrace AI and gaming, avoid e-commerce. Bank of America Merrill Lynch believes that Chinese internet giants are in the "best position" for AI applications and commercialization. Despite rising over 50% year-to-date, the sector's valuation remains at a "non-demanding level." Analysts strongly recommend embracing AI applications and online gaming while remaining cautious about e-commerce platforms, especially companies impacted by instant retail (quick commerce), with Tencent currently being the top choice in the sector. Chip inflation spreads, Morgan Stanley expects "backend packaging and testing plants" to raise prices in 2026, the first time since the pandemic. Morgan Stanley warns that strong demand for AI semiconductors is severely squeezing packaging and testing capacity, forcing backend manufacturers to have stronger bargaining power. Influenced by three major factors, the price of advanced packaging is expected to rise by 5-10% in 2026, marking the first price upcycle since the chip shortage during the COVID-19 pandemic. Leading manufacturers in Taiwan, ASE and KYEC, will lead this price increase. Domestic Macro Central Huijin, firmly hold! The latest disclosed fund's Q3 report for 2025 shows that Central Huijin firmly holds multiple broad-based ETFs amid market gains, with holdings remaining unchanged. Schroders stated that in the context of a continued global interest rate cut cycle, equity assets are worth paying attention to, maintaining an optimistic view on the A-share market, especially favoring the cyclical and technology sectors Public Fund Q3 Report: Significantly Increasing Positions in Technology Growth, Industrial Fulian and Cambricon Enter the Top 20 Heavyweights of Public Funds. Industrial Securities stated that the Q3 2025 report of public funds shows that the active equity pricing power has stabilized at the bottom, and there has been a significant increase in positions in the technology growth sector, pushing the electronic industry allocation to break the historical upper limit (25.52%). Funds have reduced their holdings in sectors such as consumption and financial real estate. Specifically, stocks like Industrial Fulian and Cambricon have entered the top 20 heavyweights of public funds, while heavyweights in consumption and finance (such as Kweichow Moutai and China Merchants Bank) have been reduced, leading to a simultaneous increase in individual stocks and industry concentration. The Latest Hurun Rich List is Out! Zhong Shanshan is the "Richest Man King," Lei Jun is the "Growth King," and Wu Yajun is the "Only Seed King". The 2025 Hurun Rich List shows a significant expansion of China's high-net-worth entrepreneur group, with the number of listed individuals reaching 1,434, a year-on-year increase of 31%, and total wealth growing by 42% to nearly 30 trillion yuan. Zhong Shanshan, the 71-year-old founder of Nongfu Spring, has become China's richest man for the fourth time with 530 billion yuan, while Lei Jun, the founder of Xiaomi, has become the "Growth King" with a wealth increase of 196 billion yuan due to the explosive growth of his automotive business; in terms of regional distribution, Shanghai has surpassed Beijing for the first time as the city with the highest concentration of listed entrepreneurs, with emerging industries such as new energy vehicles, AI computing power, and biomedicine becoming the main drivers of wealth growth. Zhao Changpeng Ranks 13th with a Fortune of 190 Billion, Zhao Changpeng Responds "Divided by 100 is About Right," Social Media Comments "Binance's Profit May Exceed Alibaba"! Regarding the wealth ranking on the Hurun Rich List, Zhao Changpeng immediately denied it, saying, "Nonsense, divided by 100 is about right." Contrary to Zhao Changpeng's response, some social media analyses based on Binance's latest BNB burn data estimate that its quarterly profit may reach 6.4 billion USD, possibly exceeding Alibaba. However, Binance may have modified the rules regarding BNB burns in its white paper. Zhao Changpeng's wealth remains a mystery. Domestic Companies/Industries American AI Companies Start Favoring Made in China Large Models. The leading American AI programming product Windsurf has been reported to have its mysterious high-speed model actually being China's Zhizhu's GLM. Additionally, the AI Agent company Vercel, valued at 9.3 billion USD, has announced a partnership with Zhizhu to provide GLM-4.6 API services, praising its excellent performance. American AI companies are increasingly choosing Chinese large models mainly because they are "powerful, abundant, and cheap." Doubao's Monthly Active Users Surpass DeepSeek for the First Time, with Yume, Keling, Zhizhu, and Kimi All Declining, "AI + Healthcare" Rising Uniquely In the third quarter of 2025, the AI application market saw an increasing polarization. Doubao's monthly active users grew by 22.2% to 159 million, surpassing DeepSeek for the first time to become a dual champion; DeepSeek's monthly active users declined by 14%, falling into a "island dilemma." The "AI Four Little Giants" such as Kimi, ZhiPu QingYan, and MiniMax collectively declined, facing cost pressures that forced them to charge fees or transform. Ant Group's AQ and other "AI + healthcare" applications emerged strongly, with monthly active users reaching 4.64 million. How did Sungrow shock the entire industry with its own strength? Sungrow's revenue for the first three quarters of 2025 was 66.4 billion yuan (up 33%), with a net profit of 11.9 billion yuan (up 56%), and a quarterly profit of 4.15 billion yuan. The overseas energy storage business saw explosive orders, maintaining a high gross margin of 34%, while operating cash flow surged over 1100% to 9.9 billion yuan, simultaneously reducing liabilities by 5.2 billion yuan. The company is laying out new businesses such as AI data center power supplies, demonstrating the resilience of leading enterprises across cycles. Chinese car companies achieve their best month in history in Europe, with market share surpassing Korean car companies for the first time. Driven by strong growth in pure electric and plug-in hybrid models, Chinese car companies' sales share in the European passenger car market climbed to a record 7.4% in September. Brands like BYD and MG performed particularly well in the UK market. Chinese brands captured a 20% share in the plug-in hybrid market, surpassing Korean brands for the first time in the markets of 18 Western European countries. At a critical moment, Zong Fuli made a rare public appearance, with multiple confirmations: she has not continued her position at Wahaha. Zong Fuli, who resigned as chairman of Wahaha Group, is now the president of Hongsheng Group. From early September, when companies under the Hongsheng system began requesting distributors to sell "Wah Xiao Zong," to the end of October when media reported that based on distributor pressure, they continued to promote the "Wahaha" brand, the Wahaha brand has undergone a round of market testing. This not only affects distributors and consumers' market expectations for Wahaha but also disrupts Wahaha's supply side. Overseas Macro The U.S. Congressional Budget Office (CBO) estimates: The U.S. government shutdown has caused an economic loss of $18 billion. Of the $18 billion, it is estimated that $7 billion to $14 billion will be irretrievable, with the specific amount depending on the final duration of the shutdown. Once the shutdown enters its sixth week, the U.S. Congressional Budget Office estimates that the economic loss will reach $28 billion. If the shutdown lasts for eight weeks, the loss will soar to $39 billion. Historical Gold Bull Markets: A 10% Correction is Not Uncommon, But How Do Bull Markets End? Bank of America pointed out that since 1970, it is not uncommon to see monthly corrections exceeding 10% in various gold bull markets After these pullbacks, gold prices often regain upward momentum and continue to rise. The end of previous gold bull markets was not due to technical overbought conditions or short-term fluctuations, but rather a fundamental change in the core driving factors behind them. Bascent "guides" the Japanese government to "intervene less," is a rate hike by the Bank of Japan on the horizon? U.S. Treasury Secretary Bascent has unusually urged the Japanese government to give the central bank policy space, coinciding with high-profile pressure from Saemaeul to maintain low interest rates. Although the Japanese Finance Minister attempted to downplay Bascent's "verbal intervention," the market has interpreted this as external support for a rate hike by the Bank of Japan, leading to a strengthening of the yen. This Thursday, the Bank of Japan will announce its latest interest rate decision. European Central Bank accelerates digital euro plan, formal launch expected in 2029. Reports indicate that European Central Bank officials may decide to accelerate the digital euro project at a meeting in Florence this week, aiming for a formal launch in 2029 to strengthen Europe's strategic autonomy in the payment system. Despite ongoing legislative disagreements, the urgency for the eurozone to advance digital currency is sharply rising in the face of threats from U.S. payment giants and dollar stablecoins. Overseas Companies Goldman Sachs interprets Jensen Huang's GTC speech: $500 billion revenue expectation, exceeding market expectations, with further upward adjustment space. Jensen Huang stated in his speech that the company has visibility on achieving a cumulative $500 billion in data center revenue from 2025 to 2026. This revenue expectation is 12% higher than Wall Street's general expectation of $447 billion and 10% higher than Goldman Sachs' own expectation of $453 billion. Goldman Sachs believes this guidance is a positive incremental factor for NVIDIA's stock price and indicates that its own forecasts still have room for further upward adjustments. Completing "profitability restructuring," OpenAI paves the way for IPO, is the peak of AI about to come? OpenAI CEO Sam Altman mentioned in a public live stream that "considering our capital needs," an IPO is a possible option. OpenAI expects to consume $115 billion by 2029, while this year's revenue is projected to be only $13 billion, resulting in a significant funding gap. OpenAI and Microsoft have "amicably parted ways," officially transforming into a Public Benefit Corporation (PBC), paving the way for a future IPO. Trump's policies impact electric vehicle business, General Motors lays off 1,700, 5,500 employees on unpaid leave. The employees on unpaid leave include 3,400 workers from the Factory Zero electric vehicle plant in Detroit, which began its leave this summer. The plant will recall another 1,200 workers in January next year, while the remaining employees will be on unpaid leave indefinitely General Motors confirmed that it will lay off approximately 1,700 employees across Michigan and Ohio in the United States; it stated that production at the battery plants in Ohio and Tennessee will be suspended starting January next year. Boeing Q3 reported a loss of $7.47 per share, far exceeding expectations, with the 777X project delayed again and a $4.9 billion impairment charge. Boeing's revenue for the quarter was $23.27 billion, surpassing expectations, while cash flow turned positive, thanks to an increase in delivery volume. Boeing delivered 160 aircraft in Q3, setting a new high since 2018. However, the 777X project continues to be a drag, with cumulative impairments nearing $16 billion and a delay of seven years from the original schedule, now expected to enter operation in 2027. Today's News Preview Xi Jinping will meet with U.S. President Donald Trump. The Bank of Japan will announce its interest rate decision, and Governor Kazuo Ueda will hold a press conference. The European Central Bank will announce its interest rate decision, and President Christine Lagarde will hold a press conference. Dallas Federal Reserve President Lorie Logan will speak. Eurozone Q3 GDP, September unemployment rate. Germany's October CPI. Apple, Amazon, and Eli Lilly will announce their earnings reports.