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Last week began with negative dynamics at the US stock market.

The reason was US President Trump's comments, which weakened investor optimism about the U.S.-China trade deal, while the escalation of violence in Hong Kong exacerbated concerns. Trump said on Friday that he had not yet agreed to abolish existing tariffs on Chinese imports, but China would “like” it to do so. On Saturday, Trump announced his intention to conclude a trade agreement with China only if it would be a “right deal” for the United States, adding that negotiations were progressing more slowly than he would have liked. Trump's recent comments have dampened hopes for progress in trade negotiations between the two largest economies in the world.

The next day, the dynamics of the market changed due to the growth of shares in the health and technology sectors. In addition, the attention of market participants again attracted the words of Trump that the US and China are close to completing the "first phase" of the trade agreement. Trump said the United States and China reached an agreement in principle last month after the Chinese negotiators arrived in Washington. After that, both sides worked on the final conditions in order to find a way to ensure a meeting between President Trump and President Xi Jinping in order to sign the first part of the agreement. Although the first part is expected to be limited in scope, Trump said the second and third phases will touch on the larger structural issues of the Chinese economy.

On Wednesday, major US stock indices showed mixed trends. Investors analyzed the speech of the Fed chairman and the latest inflation indicators. Fed Chairman Powell said Fed rates are unlikely to change as long as the economy continues to grow. However, he warned that problems remain, such as low inflation, weaker foreign economic growth and trade tensions. A report released by the Department of Labor showed that US consumer prices recovered more than expected in October, and core inflation rose, which, along with easing trade tensions and fears of a recession, supports the Fed's signal that it will not continue to cut interest rates in the near future.

On Thursday, the main US stock indices mainly declined, being under pressure due to the collapse of Cisco Systems (CSCO). CSCO shares fell 7.35% after the company said it expects its revenue in the current quarter to fall by 3-5% YoY to ~ $ 11.82-12.07 billion due to lower global costs for its routers and switches, some of which are made in China. In addition to Cisco, Walmart (WMT) also presented its reporting. The retailer reported exceeded expectations for quarterly earnings and comparable sales in the United States, and also increased its annual profit forecast. However, Walmart's revenue was slightly lower than Wall Street's average forecast. WMT shares fell 0.36%. Uncertainty around the deal between the US and China also remained a deterrent to the market. China said Thursday that both sides are holding a “detailed” discussion of trade issues, and tariff cancellation is an important condition for a deal.

The week ended with notable increase following the statements by White House economic adviser Larry Kudlow that China and the US are nearing a deal, as well as publishing solid reports from the semiconductor industry equipment manufacturer Applied Materials (AMAT). According to the US Department of Commerce, retail sales rose 0.3% last month, driven by car purchases and higher gas prices. In September, sales fell 0.3%, the first decline in seven months. Economists forecasted sales growth of 0.2%. Compared to October last year, sales grew by 3.1%. Meanwhile, the Fed announced that US industrial production fell 0.8% in October after falling by revised 0.3% in September. Economists expected production to decline by 0.4%. However, excluding a 7.1% drop in car production, which was the largest since January due to a strike at General Motors (GM) factories, production fell by a more modest 0.1%.

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