Donald Trump's victory in the US presidential election has sent shockwaves through global markets as traders expect drastic policy changes under the new administration. S&P 500 futures rose 2.2%, the dollar had its biggest gain since 2020 and bitcoin hit a record high. U.S. Treasuries fell on expectations of faster inflation, and the yield on the 30-year Treasury rose 20 basis points to 4.65%. Tesla shares rose more than 12% in premarket trading on the morning of Nov. 6 amid Trump's victory. Let's remind that Tesla CEO Elon Musk actively supported Trump during the election campaign.

US consumer spending rose slightly more than expected in September, putting the economy on an even higher growth trajectory ahead of the final quarter of the year. Consumer spending, which accounts for more than ⅔ of US economic activity, rose 0.5% last month, the Commerce Department's Bureau of Economic Analysis reported. In September, compared to September last year, consumer spending increased by 3.7%, which is the highest indicator of annual growth in 2023. after the first trimester.

Activity in the US service sector unexpectedly accelerated in October, reaching a more than two-year high, and the employment level strengthened, which once again proves that the US economy is currently in a fairly strong state. The Institute for Supply Management announced on November 6 that its non-manufacturing PMI index rose to 56 in October, up from 54.9 in the previous month. It is the highest level recorded since August. Earlier, economists polled by Reuters had forecast the services PMI to fall to 53.8. a sign of expansion in the overall economy.

The U.S. 30-year mortgage rate rose 21 basis points to 6.73% last week, the Mortgage Bankers Association said.The prime mortgage rate is now 60 basis points higher than it was in mid-September. after the central bank cut the refinancing rate by half a percentage point and announced an expected new But mortgage rates soon started to rise again as stronger-than-expected economic indicators, including rising consumer spending and job growth, allayed recessionary concerns, and the Federal Reserve is now expected to taper more slowly than expected. interest rates.

Contracts for the purchase of secondary market houses in the US increased by 7.4% in September. The National Association of Realtors said its index of pending home sales, which is based on a measure of signed purchase contracts, rose to 75.8. This is the largest increase recorded in more than four years. In August of this year, this index was 70.6. Meanwhile, economists polled by Reuters had predicted that home purchase contracts, which typically become sales contracts after a month or two, would increase by just 1 percent. According to economists, the reason for such a sharp increase is that buyers rushed to take advantage of the relatively low mortgage interest rates recorded at the end of the summer.

US job growth stalled in October, mainly due to aviation industry strikes and hurricanes. According to the Labor Department report, the unemployment rate remained at 4.1% in October. And the number of new jobs opened in August and September has been revised and is 112,000 less than previously reported.

According to a Reuters poll of nearly 500 economists, global economic growth will maintain its high pace next year as major central banks cut refinancing rates amid a strong US economy. Economists expect global economic growth to average 3.1% this year, a sharp improvement from the 2.6% forecast in January. It is the strong indicators of the US economy that have forced economists to revise their forecasts for global growth in 2024. Inflation has also fallen sharply, as most major central banks are now able to successfully manage inflationary pressures.

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