🗳️ Democratic Victory and Tension Over Government Shutdown, brief summary 🙌

• Zohran Mamdani is the first Muslim mayor of South Asian descent in New York.

• Democrats win governorships in Virginia and New Jersey, increasing pressure to resolve the government shutdown.

📊 Solid Economic Data

• ADP Employment October: +42,000 (vs. +30,000 expected).

• ISM Services PMI: 52.4 (vs. 50.8 expected).

• This solid data eases expectations for rate cuts.

⚖️ Supreme Court and Tariffs

• The Supreme Court expressed skepticism about Trump’s authority to impose global tariffs.

• A ruling is expected by the end of the year, which could declare the measure unconstitutional.

🌍 Trade Truce with China

• China officially suspends countermeasures against the U.S., implementing the Kuala Lumpur consensus.

• It will remove restrictions on exports from 15 American companies.