BMY US is the best conviction play this week in light of election day and FOMC interest rate decision

US markets closed lower last week, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ pushing lower by 1.50% and 1.69% respectively. This is due to mixed results from Big Tech firms and underperforming nonfarm payrolls. Traders are currently pricing in a 98.90% probability of quarter-point basis cut for the Fed's meeting this coming Thursday. This week is crucial as traders look towards election results on Tuesday with uncertainty. Currently, Trump and Harris are in a close battle, with 47% of votes leaning towards Trump and 48% towards Harris. Important economic indicators traders should look towards this week are s&p global services PMI, ISM non-manufacturing PMI and prices, initial jobless claims and michigan consumer sentiment.

Asian markets closed mixed last week. $Nikkei 225 (.N225.JP)$ edged the most by 0.29%, due to the weakening of the JPY and release of au Jibun Japan manufacturing PMI data which came above analyst expectations. Among other stocks, $Mitsubishi Electric (6503.JP)$ and $Disco (6146.JP)$ climbed the most by 17.45% and 14.99%. Japan is having a holiday today, and traders should consider monetary policy meeting minutes and au Jibun bank services Japan PMI on Wednesday. $HSI Futures(NOV4) (HSImain.HK)$ dipped by 0.39% due to risk-off sentiment among traders ahead of the 14th NPC meeting happening from Monday to Thursday and the US presidential election that impacts the Sino-US ties. Traders should keep an eye out for the details on the meeting and Caixin services PMI tomorrow. $FTSE Singapore Straits Time Index (.STI.SG)$ pushed lower by 1.06%. Utilities and process industries retraced the most last week, with $Wilmar Intl (F34.SG)$ and $Sembcorp Ind (U96.SG)$ dropping by 6.38% and 6.57% respectively.

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