- Following November's spectacular surge, traders paused and discussed the rationale for interest rate cuts, which resulted in a drop in stocks and bonds.
- While US futures saw only slight losses, the 10-year Treasury yield increased by five basis points to 4.25%. Meanwhile, gold temporarily reached an all-time high and bitcoin broke beyond $41k.
- This week's slate of economic reports is expected to provide insight into the US labour market's condition as well as whether or not markets have become overly optimistic about the possibility of rate cuts from the Federal Reserve. JPMorgan warned in a note that soft-landing hopes based on an economy at "stall speed" appear fragile, leaving the market vulnerable to risks of a deeper contraction.
- The S&P 500 gained roughly 9%, one of its best November rallies in a century, while optimism surrounding a peak in interest rates drove the benchmark 10-year Treasury yield down 60 basis points in November from a 16-year high of 5% the previous month and brought a gauge of the securities into positive territory for the year.
- Weaker Swiss CPI data led to a weakening of the Swiss franc
