--- title: "20251103-Must-read before tonight's market open (Impact path → Sector/Variety)" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/35911886.md" description: "1. Starting tonight, the US stock market will switch to "winter time" trading hours: the regular trading session for US stocks (new/North/Hong Kong) = 22:30–05:00 (delayed by 1 hour compared to summer time). The pre-market and after-hours sessions will also be shifted back by 1 hour; the official NYSE trading hours remain 9:30–16:00 EST. Impact: Changes in liquidity during the first hour and the pace of news transmission for A-shares/Hong Kong stocks (Chinese concept stocks, tech, options volatility). 2. The Fed has cut rates by another 25bp on 10/29..." datetime: "2025-11-03T10:20:49.000Z" locales: - [en](https://longbridge.com/en/topics/35911886.md) - [zh-CN](https://longbridge.com/zh-CN/topics/35911886.md) - [zh-HK](https://longbridge.com/zh-HK/topics/35911886.md) author: "[发财哥8866](https://longbridge.com/en/profiles/13927698.md)" --- # 20251103-Must-read before tonight's market open (Impact path → Sector/Variety) 1\. Starting tonight, the US stock market will switch to "winter time" trading hours: Regular trading hours for US stocks (new/North/Hong Kong) = 22:30–05:00 (1 hour later than summer time). Pre-market and after-hours trading will also be delayed by 1 hour; NYSE official trading hours remain 9:30–16:00 EST. Impact: Changes in liquidity in the first hour and the pace of news transmission for A-shares/Hong Kong stocks (Chinese concept stocks, tech, and options volatility). 2\. The Fed cut rates by 25bp again on 10/29 and will stop quantitative tightening (QT) on 12/01: Stop letting Treasury bonds mature naturally and instead roll over/reinvest; MBS will continue passive reduction, with proceeds reinvested in T-bills. Impact: Marginal liquidity easing → favorable for long-duration assets, gold, and interest-rate-sensitive sectors; easing pressure on bank liabilities. 3\. The US federal government shutdown enters its 6th week: CBO estimates that if extended to 11/26, the permanent loss to Q4 GDP could reach $14 billion. Impact: Pressure on risk appetite/consumption/aviation supply chains; sentiment recovery if signs of temporary funding emerge. 4\. The Supreme Court will hold oral arguments on "tariff legality" this week; Trump confirmed he will not attend. Impact: If the ruling limits the president's authority to impose "global tariffs" under IEEPA, auto, retail, and import/export chain pricing and expectations may be reassessed; if authority is maintained, tariffs will continue to cause high-frequency disruptions. 5\. US-China "rare earths-tariffs" framework: US Treasury Secretary Bessent said the US and China have reached a "substantive framework" to avoid 100% tariffs and temporarily suspend rare earth export restrictions, pending approval by leaders. Impact: Volatility in new energy/magnetic materials/defense supply chains; if the framework is implemented, related tensions will ease. 6\. Tech controls on China continue to tighten: In April, the US imposed stricter licensing requirements for AI chips like Nvidia H20/AMD MI308; in September, it revoked TSMC's Nanjing plant VEU fast-track (effective 12/31). Impact: Disruptions to semiconductor equipment/foundry/Chinese AI supply rhythms and valuation premiums. 7\. China's new "gold-related tax policy" regulations & ICBC adjusts precious metals business: The Ministry of Finance/State Taxation Administration issued Announcement No. 11 of 2025 on 10/31, clarifying VAT/deduction rules for gold; policy and invoice chain effects have raised expectations of higher costs for domestic gold jewelry/wholesale, pushing up quotes in wholesale markets like Shenzhen Shuibei. ICBC announced that it will suspend some "Ruyi Gold Accumulation" services from 11/03. Impact: Increased volatility in gold jewelry stocks/spot gold and paper gold; short-term tightening of bank precious metals business. 8\. OPEC+: Small production increase in December and announced a pause on further increases in Q1 2026 (cautious supply management). Impact: Oil prices/energy stocks (XOM, XOP; Middle East oil producer beneficiaries). 9\. Ukraine war variable: Trump said today he is not considering providing "Tomahawk" long-range cruise missiles to Ukraine (previously hinted "depending on Russia's actions"). Impact: Narrative resilience for defense, energy, and safe-haven assets remains; short-term cooling of geopolitical risk premiums. ### Related Stocks - [07299.HK](https://longbridge.com/en/quote/07299.HK.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [VEU.US](https://longbridge.com/en/quote/VEU.US.md) - [TSM.US](https://longbridge.com/en/quote/TSM.US.md) - [01398.HK](https://longbridge.com/en/quote/01398.HK.md) - [601398.CN](https://longbridge.com/en/quote/601398.CN.md) - [IDCBY.US](https://longbridge.com/en/quote/IDCBY.US.md)