- European equities rose and the dollar sank ahead of comments by Fed Chair Powell, which could provide insight into the future direction of interest rates.
- The STOXX 600 index rose 0.7%, led by mining companies Anglo American and Rio Tinto after their shares were upgraded to buy, and a private measure of China's manufacturing activity exceeded expectations, while US futures edged higher, Treasuries held steady, and the dollar fell against its developed-country peers.
- Investors are trying to determine whether November's sizzling gains across asset classes will be extended, and some argue that market bets on the timing of interest-rate decreases next year read too much into recent comments by Fed officials. Powell is scheduled to appear at Spelman College in Atlanta on Friday.
- After a surprising decline in Italian manufacturing data, Italian bonds outperformed peers and money markets increased bets on lower rates from the European Central Bank. Crude prices declined even as OPEC+ agreed to a production cutback.
