Futures markets are lower after investors enjoyed a November rally that seemed too good to be true. Bulls are counting yet again that the U.S. Federal Reserve will not raise interest rates. They are not worried about persistently elevated inflation that will keep interest rates at 5.0% or more.
China Tech firm Pinduoduo, whose Temu app is a raging success in the U.S., soared by 15% in premarket. It crushed estimates by posting revenue that nearly doubled. Revenue grew by 94% to $9.44 billion. Q3 earnings (non-GAAP EPADS) was $1.55.
Shein, a clothing retailer that has one of the fastest product refresh for fashion, filed an initial public offering. This will value the retailer to at least $66 billion.
Specialty chemicals firm Albemarle (ALB) is up slightly, +0.5%, after falling 6.28% yesterday. Lithium-related stocks like Sigma Lithium (SGML) and SQM (SQM) fell yesterday. Chinese prices for lithium carbonate fell by 20% in November and are down an astounding 75% year-to-date.
Investors who avoided Canadian stocks also avoided the sell-off in the Bank of Nova Scotia (BNS). Shares fell 3.73% in premarket trade after posting sharply higher provisions for credit losses. The bank increased its PCL to C$1.256B, up from C$529 million.
