Overnight US stocks | The three major indices rose, with the Golden Dragon Index reaching a four-month high and gold hitting a new high again.

On Tuesday, as traders largely ignored the grim consumer confidence data, the three major indices rose. The US consumer confidence index in September dropped to 98.7, the largest single-month drop in over three years. The Dow Jones Industrial Average hit a record high for the fourth consecutive day, while the S&P 500 index hit a record closing high for the second consecutive day. China announced its most extensive monetary stimulus and real estate market support measures in recent years, causing the Nasdaq Golden Dragon Index to rise by 9.1%, reaching a four-month high. In the US stock market, at the close, the Dow rose by 83.57 points to 42208.22 points; the Nasdaq rose by 100.25 points or 0.56% to 18074.52 points, and the S&P 500 index rose by 14.36 points or 0.25% to 5732.93 points. Chinese concept stocks generally rose, with Alibaba up 7.88%, NIO up 11.65%, XPeng up nearly 12%, and JD up 13.91%. In the European stock market, the DAX30 index in Germany rose by 177.26 points or 0.94% to 19005.75 points; the FTSE 100 index in the UK rose by 21.44 points or 0.26% to 8281.15 points; the CAC40 index in France rose by 95.93 points or 1.28% to 7604.01 points; the Euro Stoxx 50 index rose by 53.18 points or 1.09% to 4938.75 points; the IBEX35 index in Spain rose by 32.70 points or 0.28% to 11830.60 points; and the FTSE MIB index in Italy rose by 193.20 points or 0.57% to 33873.00 points. In the Asia-Pacific stock market, the Nikkei 225 index rose by 0.57%, the Jakarta Composite Index in Indonesia rose by 0.04%, and the VN30 index in Vietnam rose by 0.74%. Gold hit a historic high, reaching a new record of $2643 per ounce. COMEX gold futures rose by 1.08% to $2682.1 per ounce. According to Deutsche Bank, gold is experiencing its best year in 14 years. The bank's commodities analyst Carsten Fritsch pointed out that this new high is $110 higher than the previous record set five weeks ago and held until mid-September. Bitcoin rose by over 1% to $64004.1 per coin; Ethereum rose by 0.12% to $2658.79 per coin. US WTI crude oil futures prices rose on Tuesday. Support for oil prices came from China's stimulus measures, escalating conflicts in the Middle East that could disrupt oil supplies in the region, and another hurricane threatening US oil production in the Gulf of Mexico. NYMEX November WTI crude oil futures rose by $1.19 or 1.69% to $71.56 per barrel. Brent crude oil futures rose by 1.71% to $74.46. The news of China's stimulus measures was welcomed by the oil market. Additionally, escalating conflicts in the Middle East raised concerns about potential disruptions to energy supplies in this key oil-producing region. On Monday, the Israeli military launched airstrikes on Hezbollah bases in Lebanon, causing 492 deaths and 1645 injuries, and forcing tens of thousands to flee to seek refuge. At the same time, US oil producers are hastily evacuating personnel from oil production platforms in the Gulf of Mexico, as a second hurricane expected within two weeks is set to hit offshore oil fields in the Gulf. Several oil companies have suspended some production. London metals closed higher, with Zinc up over 4.4%, Copper up over 2.9%, Aluminum up over 2.6%, and Nickel up over 1%. In macroeconomic news, Federal Reserve Board member Bowman explained why she voted against a 50 basis point rate cut. She expressed concerns about inflation potentially reigniting in explaining why she was cautious about her colleagues' decision to cut rates by 50 basis points last week. Bowman said the larger rate cut presents many risks to the Fed's dual mandate of achieving low inflation and full employment. She said in a speech to a group of bankers in Kentucky, "A large rate cut could be interpreted as prematurely declaring victory on our price stability mandate. Achieving the Fed's 2% inflation target, to bring inflation rates back to low and stable, is necessary for fostering a robust labor market and an economy that serves everyone." According to the Fed's preferred inflation gauge, the PCE inflation data, inflation in the US currently stands at 2.5%, above the central bank's 2% target. Excluding food and energy, core PCE inflation is at 2.6%. IMF Managing Director Georgieva stated that US inflation is in good shape and that the Fed "did the right thing." She said the US economy is expected to achieve a soft landing as monetary policy cools inflation without causing an economic recession. She praised the US for supporting global economic growth while other countries are slowing down. Georgieva said on Tuesday that it was "correct" for the Fed to keep interest rates at high levels before the 50 basis point rate cut earlier this month. Regarding US inflation, she said, "Our situation is very good." "At this very difficult time, the US has helped maintain the world economy." She also noted that Asian emerging markets have helped support economic expansion. She reiterated that the IMF expects global economic growth of 3.2% this year and will update its forecast in the forthcoming annual meetings in its World Economic Outlook.measurementGoldman Sachs Group, Inc.: Expected S&P 500 Index to reach 6000 points. Optimistic about mid-cap stocks in the context of interest rate cuts. David Kostin, Chief US Stock Strategist at Goldman Sachs Group, Inc., stated that once the dust settles after the US presidential election, the US stock market will continue to rise. Kostin stated that he expects the S&P 500 Index to be around 6000 points in a year's time. This forecast implies an increase of about 5% from the record closing level of about 5719 points on Monday. The index has already risen by about 20% this year. However, he indicated that given the showdown between Biden and Trump, investors may have to deal with some market volatility in the coming weeks. Kostin also believes that there are opportunities in mid-cap stocks, pointing out that compared to large-cap stocks and small-cap stocks, mid-cap stocks have historically performed better, with lower valuation multiples and better valuations. He also noted that in the 3 months and 12 months following interest rate cuts, mid-cap stocks often outperform large-caps. OPEC's annual global oil outlook: Demand has not peaked. OPEC released its "World Oil Outlook 2024" in Brazil, raising its forecast for global medium- and long-term oil demand, citing growth in India, Africa, and the Middle East, as well as a slowdown in the shift to electric vehicles and cleaner fuels. OPEC believes that the timeframe for oil demand growth is longer than that predicted by other forecasting agencies such as BP p.l.c. Sponsored ADR and the International Energy Agency (IEA), both of which believe that oil consumption will peak in this decade. To support this view, OPEC stated that the ambitious targets of Clean Energy Fuels Corp. are expected to be further delayed, and mentioned the plans of several global automakers to scale back their electrification targets. OPEC Secretary General Al-Falih wrote in the foreword: "Oil demand has not yet peaked." "Over the past year, people have further recognized that only with true preparation can the world gradually scale up the use of new energy." OPEC expects global oil demand to reach 118.9 million barrels per day by 2045, approximately 2.9 million barrels per day higher than the previous year's forecast. The report extends the forecast period to 2050, predicting demand to reach 120.1 million barrels per day by then. OPEC has been calling for increased investment in the oil industry, stating that the industry will require $17.4 trillion in investment by 2050, compared to last year's estimate of $14 trillion by 2045. European Central Bank Board member Knot believes that interest rate cuts will continue until the first half of 2025. European Central Bank Board member and President of the Dutch Central Bank Knot stated on Tuesday that the European Central Bank may continue to lower interest rates until at least the first half of 2025, bringing rates down to 2%-3%. Knot said: "I expect that we will continue to gradually lower interest rates in the coming period, including in the first half of 2025." He added: "I do not expect rates to return to the extremely low levels before the COVID-19 pandemic. They may ultimately reach a more natural level. I do not know exactly how much, but possibly starting at 2." [Stock News] NVIDIA Corporation (NVDA.US) partners with Alibaba Group Holding Limited Sponsored ADR (BABA.US) to jointly develop software for autonomous electric vehicle systems. NVIDIA Corporation and Alibaba Group Holding Limited Sponsored ADR recently announced that they will collaborate to develop software for autonomous electric vehicles. This partnership will see NVIDIA Corporation's autonomous driving platform "ORIN" integrated with the large multi-purpose vehicle (LMM) developed jointly with Alibaba, and supplied to Chinese electric vehicle manufacturers such as Rio Tinto plc Sponsored ADR, Geely, Xiaomi, becoming a focus of attention for RockGlobal. Alibaba Group Holding Limited Sponsored ADR unveiled the LMM developed jointly with NVIDIA Corporation for the first time at the Apsara Conference held in China on the 20th. This platform will integrate Alibaba Group Holding Limited Sponsored ADR's cloud computing-generated AI "Qwen", developed independently in April last year, onto NVIDIA Corporation's autonomous vehicle platform "Drive AGX Orin". Meta (META.US) to announce new features for AI chatting Siasun Robot&Automation at Connect conference. Meta Platforms plans to announce at its annual Connect conference starting on Wednesday that it has reached agreements with prominent actors such as Judi Dench, Kristen Bell, and John Cena to provide audio for its Meta AI chatting Siasun Robot&Automation. The new audio version will be launched this week in the US and other English-speaking markets, with users being able to choose from five celebrities and other generic voice options as the voice of their Meta ChatGPT digital assistant. Insiders also stated that Meta plans to launch its first AR glasses at this year's Connect conference, and discuss the roadmap for other hardware devices, such as its smart glasses in collaboration with Ray-Ban, which became the first product to include Meta AI chatting Siasun Robot&Automation audio last year. [Major Analyst Ratings] Bank of America Securities: Maintains Alibaba Group Holdi"Buy" rating on Alibaba Group Holding Limited Sponsored ADR (BABA.US), maintaining a target price of $106.DA Davidson: Downgrades Microsoft Corporation (MSFT.US) rating to "neutral", target price $475.