Next week’s major highlights: U.S. Supreme Court to hear tariff case, China-U.S. economic data, Tesla shareholder meeting, AMD earnings report

Next week’s major highlights: U.S. Supreme Court to hear tariff case, China-U.S. economic data, Tesla shareholder meeting, AMD earnings report

```

Overview of major financial events for the week of November 3rd - November 9th, all in Beijing time:

Key Highlights Next Week: China's October CPI, PPI, import & export, foreign reserves, and PMI data, U.S. employment data, Bank of England policy rate decision. U.S. Supreme Court hearing on tariffs. Tesla annual shareholder meeting. First remarks from Fed members after rate cuts. Whether the U.S. government shutdown ends may be revealed by November 3.

Additionally, the International Financial Leaders Investment Summit will be held in Hong Kong from November 3 to 5. The U.S. Q3 earnings season continues next week, with 129 S&P 500 companies including AMD, Qualcomm, and McDonald's reporting results. Pony.ai and WeRide plan to be dual-listed on the Hong Kong Stock Exchange on November 6.

Economic Indicators

  • China October CPI, PPI data

On November 9, China will release CPI and PPI data for October. CICC believes last year’s low base will support CPI, and expects CPI YoY for October to rebound mildly to 0.6%.

For PPI, they noted a significant rise in price indices within October’s PMI and expect the YoY decline of PPI to narrow to -2.2% from September’s -2.8%.

  • China October import & export data

On November 7, China will announce its October import and export data. CITIC Securities believes some delayed export orders may be concentrated in October, supporting exports. Based on this, CITIC forecasts October export YoY growth to rebound to 4.9%.

For imports, reflecting the domestic manufacturing PMI rebounding to 50.1% signaling stabilizing internal demand, CITIC predicts YoY import growth at 1.2%.

  • China October RatingDog Manufacturing PMI

On November 3, China will release October PMI data. According to RatingDog, the September composite PMI rose to 52.5, showing stronger domestic demand and new orders. CITIC Securities expects manufacturing investment to keep high growth due to improved manufacturing PMI in October and the continued push of special government bonds for equipment upgrades, despite the larger decline in September’s industrial profits.

  • U.S. employment data

On November 5, the U.S. will release the ADP employment report; the official non-farm payrolls, scheduled for November 7, may be delayed due to the government shutdown.

Bloomberg economist Anna Wong predicts October nonfarm payrolls may only increase by about 50,000, with the unemployment rate potentially rising to 4.4%. Recent ADP data have been negative for two consecutive months, indicating a marked slowdown in the labor market, providing a key basis for future Fed rate cuts.

  • U.S. October ISM Manufacturing Index

On November 3, the U.S. will release the October ISM Manufacturing PMI. Bloomberg economist Stuart Paul expects the index to edge up to 49.5, mainly due to improvements in new orders and employment from regional surveys.

However, most surveys also indicate rising input costs and sales prices. If the ISM report confirms this trend, it will intensify market worries about inflation stickiness, especially since the September CPI already showed tariff costs are being passed onto consumers.

  • Bank of England policy rate

On November 6, the Bank of England will announce its latest rate decision. The market widely expects a hold, keeping the benchmark rate at 4%.

This meeting comes as the UK faces dual challenges of sticky inflation and slowing growth—with CPI hovering at 3.8% for three consecutive months, and with the key budget to be released on November 26, the committee is finding it hard to agree on rate cuts. Economists note that while the central bank hints at downward future rate direction, it is in no rush to ease further.

Financial Events

  • Tesla annual shareholder meeting

Tesla announced it will hold its shareholder meeting on November 6, during which shareholders will vote on three key proposals: CEO Musk's compensation plan, equity incentive plans, and board elections.

According to media analysis, there are two focuses: First, Musk’s compensation plan. Tesla intends to propose a remuneration package for Musk potentially worth about $1 trillion, the largest executive compensation plan in U.S. corporate history.

Second, the possible launch of Robot Gen 3. Expectations for Gen 3 include: 1. Improved mobility; 2. Upgraded fine manipulation skills; 3. Higher autonomy; 4. Design closer to mass production form.

WallstreetCN wrote that for Tesla’s shareholder meeting, Morgan Stanley warns that failure to approve Musk’s compensation could spur more than 10% immediate selloff in Tesla’s stock, seen as a vote of no confidence in his leadership. If rejected, it may also trigger strategic uncertainty for the company and increase the risk of key talent loss.

  • Trump may attend hearing, observe U.S. Supreme Court’s key “tariff ruling”

U.S. President Trump stated he might personally attend the Supreme Court to observe the oral arguments on the legality of certain tariffs.

According to Xinhua News Agency, the U.S. Supreme Court previously announced it would swiftly review the legality of most tariffs imposed by the Trump administration, and oral arguments are set for November 5. The tariffs under litigation include the 10% “base tariff” globally under the International Emergency Economic Powers Act of 1977, higher tariffs aimed at partners without trade agreements with the U.S., and so-called “fentanyl tariffs.” While U.S. presidents have attended Supreme Court for events like justice swearing-in, it is rare to be present during oral argument.

WallstreetCN wrote: Currently, Wall Street is betting that “Supreme Court will overturn tariffs and the U.S. government will be forced to refund,” with even the Commerce Secretary’s son involved at one point. According to reports, hedge funds are buying future refund claims from cash-strapped importers for 20–40 cents per dollar in expectation of a lift on tariffs.

  • Next Senate vote on government shutdown relief to start as early as the evening of November 3

According to CCTV News on November 2, according to the latest U.S. Senate schedule as of November 1, the next Senate vote on the appropriations bill to end the government “shutdown” will start as early as the evening of November 3, which will be the 34th day of the current U.S. government “shutdown.”

  • Fed members to speak for the first time after rate cuts

Fed officials will give a dense series of speeches next week. St. Louis Fed President Musalem (2025 FOMC voter) will give a fireside chat on monetary policy; Philadelphia Fed President Paulson (2026 FOMC voter), Cleveland Fed President Harker (2026 FOMC voter), and San Francisco Fed President Daly (2027 FOMC voter) will also speak.

According to WallstreetCN, Eastern Time October 29 (Wednesday), the Fed announced after the FOMC meeting that it would lower the federal funds rate target range from 4.00%–4.25% to 3.75%–4.00%, a cut of 25 basis points. After the last meeting saw the year’s first rate cut, this marks the second consecutive FOMC meeting with a cut in one year.

  • Pony.ai and WeRide plan to be dual-listed on the Hong Kong Stock Exchange on November 6

WallstreetCN wrote, according to HKEX announcements, Pony.ai plans to issue about 41.96 million shares, at a price cap of HK$180; WeRide plans to issue about 88.25 million shares, at a cap of HK$35, both aiming to list on November 6.

Pony.ai is the only company in China licensed for public autonomous ride-hailing services in Beijing, Shanghai, Guangzhou, and Shenzhen, while WeRide is the only company worldwide licensed for autonomous driving in seven countries. The race for the "first HK-listed robotaxi stock" has begun.

  • Hong Kong Monetary Authority: International Financial Leaders Investment Summit to be held November 3–5

Hong Kong Monetary Authority CEO Eddie Yue wrote that the International Financial Leaders Investment Summit will once again be held in Hong Kong from November 3–5, 2025, marking the fourth consecutive year of this financial event. About 300 international financial leaders, including more than 100 group chairmen or CEOs, will gather in Hong Kong next week for the summit. The summit’s theme this year is “Navigating Change, Forging Ahead.”

Against this backdrop, financial leaders at the main summit will discuss major macroeconomic, trade, and digital trends and developments for the year, as well as the most prominent opportunities and risks for different financial markets, asset classes, and regions over the next few years.

  • JD.com, GAC, and CATL to launch a new car

JD.com officially announced a collaboration with GAC and CATL to launch a "people’s car." Test versions will be available by the end of October, with the official launch on November 9.

  • Hong Kong FinTech Week will be held November 3–4.
  • The 8th China International Import Expo will be held in Shanghai from November 5–10.
  • The World Internet Conference Wuzhen Summit 2025 will be held November 6–9.

Earnings Reports

  • Advanced Micro Devices (AMD)

The U.S. Q3 earnings season will continue next week, with 129 S&P 500 companies, including AMD, Qualcomm, and McDonald's, releasing results.

According to Zacks analysis, AMD’s growth this quarter is mainly driven by strong performance in the data center and client business units, especially the mass production of AMD Instinct MI350 GPUs fueling double-digit growth in data centers.

CNBC analysis shows that some companies, such as Arista Networks, Wingstop, and Shopify, have historically outperformed expectations, with average post-earnings stock gains between 1.6% and 3.7%. The strength of chip and consumer sectors’ results will test the market’s confidence in the AI investment theme and domestic demand resilience.

Risk Warning and DisclaimerThe market has risks, and investment should be prudent. This article does not constitute personal investment advice and does not account for individual users' investment objectives, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. If you invest accordingly, you do so at your own risk. ```