Jin10 data, October 13 – As the US stock market hovers near record highs, analysts' optimism regarding corporate earnings is cooling, indicating that the current market may face resistance during the earnings season. Citigroup's index tracking adjustments to US corporate earnings expectations (which measures the ratio of upward to downward forecast adjustments) has recently turned flat for the first time since August. Meanwhile, the forward price-to-earnings ratio of the S&P 500 index has reached 22 times, nearly 19 times higher than the average level over the past decade. Evercore ISI strategist Julian Emanuel pointed out that the price reactions during the earnings season are expected to be "severely divergent," making it difficult to serve as a catalyst for pushing the index higher, and current market valuations "almost fully reflect perfect expectations." RBC Capital Market strategist Lori Calvasina stated that compared to the previous quarter, the proportion of companies beating earnings expectations is expected to slow this season due to greater impacts from tariffs, "for the largest market capitalization..."

Jin10 reported on June 6 that Mark Dowding, Chief Investment Officer of Fixed Income Investments at RBC BlueBay Asset Management, stated in a report that the company continues to hear news of changes in asset allocation, leading to a decrease in demand for the dollar. He said, "This trend may continue." If a new round of fluctuations occurs, the dollar may depreciate at a faster rate. He mentioned that this could be due to concerns that dollar transactions have resembled risk assets in recent months.

Gate News bot message, the latest data compiled by the Russian media RBC shows that the crypto mining industry in Russia continues to rise, with the country's two largest crypto mining companies—BitRiver and Intelion—projected to generate $200 million in revenue for the 2024 fiscal year, together accounting for over 50% of the market share.

According to Gate.io News bot, RBC reported that the Russian Ministry of Finance has submitted a bill that plans to impose value-added tax (VAT) on domestic companies providing mining equipment leasing and real-time computing power services to foreign clients. The bill addresses the VAT applicability issue for Russian taxpayers when providing mining infrastructure to foreign clients. According to statistics from the Russian Federal Tax Service, there are currently 606 registered miners and 116 mining infrastructure operators nationwide. The data shows that the mining industry generates approximately 50 billion rubles in tax revenue for Russia each year. Source: Wu Says

According to Gate.io News bot, RBC reported that Elvira Nabiullina, the Governor of the Central Bank of Russia, announced a new regulation proposal for Crypto Assets. The proposal aims to strengthen the regulation of Crypto Assets in the domestic Settlement field, clearly stipulating that Crypto Assets are not allowed to enter the domestic currency circulation and internal Settlement system. The Central Bank also plans to implement a tiered management system for investments in Crypto Assets. According to the plan, only high-quality investors are permitted to directly invest in Crypto Assets, while the investment scope for ordinary qualified investors will be limited to the field of Crypto Asset derivatives.

RBC Capital Markets lowered its 2025 forecast for U.S. equities, lowering its year-end target for the S&P 500 from 6,600 to 6,200 and its earnings per share forecast by 2.5%. The economic slowdown is predicted, the uncertainty of the trade war increases, the signals of consumer and business worries weaken, and the support for Trump declines. The S&P 500 is expected to end the year with a bear market lowered from 5,775 to 5,550.

US crude oil inventories rose, with January CPI higher than expected, leading traders to drop their expectations of a Fed rate cut. Trump's trade policy uncertainty escalated, causing oil prices to rise for three consecutive days before being blocked and continuing to fall. Analysts at Credit Suisse pointed out that the weakening geopolitical risks in Russia and the uncertain economic outlook affecting oil prices could lead to a drop in US crude oil prices to $70 per barrel.

RBC analyst Dan Dolev believes that MicroStrategy stock still has over 50% pump potential, setting its target price at $515. The company's corporate structure allows it to enter the debt and equity Capital Market to purchase additional BTC, while the cost of debt is lower than that of ordinary traders, enabling it to increase its BTC holdings more quickly.

The Royal Bank of Canada Capital Market (RBC Capital Markets) said Fed officials may have hinted at only two rate cuts next year when they updated their quarterly dot plot projections this week, compared with four rate cuts expected in September. The Fed's median September dot plot estimate implies a 100-basis point rate cut in 2024 and another 100-point cut in 2025. "Fed officials' speeches since the November meeting have pretty much locked in 25 basis points of rate cuts," said RBC's Blake Gwinn and Izaac