- European stocks declined for a second day, and Wall Street futures pointed to a lower open, amid signals that the November rise in equities had overstretched.
- The STOXX 600 fell 0.6%, while S&P 500 futures fell.
- The dollar slipped lower, on track for its worst monthly drop in a year, as Treasuries held steady following earlier gains.
- Stocks and government bonds have been boosted this month by expectations that interest rates have peaked and the economy will avoid recession; however, Citi strategists say one of the best November rallies in a century for the S&P 500 is running out of steam, and net positioning in the benchmark index is looking slightly bearish.
- ECB's Nagel: ECB rate hikes are not necessarily over. We would have to hike again if the inflation outlook worsened.
