US CPI Beats Expectations, Alibaba Plans to Spin Off T-Head for IPO

On November 11, according to Jin10 Data, U.S. October CPI exceeded expectations, leading markets to increase bets on a 50-basis-point rate hike by the Federal Reserve next month. Waller stated support for a 25-basis-point hike next month, or 50 basis points if necessary; Logan said at least two more hikes of 25 basis points each are required. Jin10 Data forecasts October core PCE will rise 3.3% year-on-year.

Domestically, the General Administration of Customs reported that October trade volume reached 4.87 trillion yuan, a 31.2% increase; Alibaba plans to spin off T-Head for an independent listing on the main board of the Hong Kong Stock Exchange; the 9th China International Import Expo (CIIE) saw intention-based trading volume exceed $85.4 billion on an annualized basis.

On the tech and market front, OpenAI reported third-quarter revenue of approximately $10 billion; Anthropic plans to issue 825 million shares at $70 to $78 per share, potentially raising up to $64.4 billion; the CFTC is reportedly extending the review period for U.S. AI computing power futures by at least 60 days. NVIDIA closed down over 5%, spot gold fell 3%, silver dropped 4%, and U.S. 2-year Treasury yields surged 17 basis points.