- As views mounted that the Federal Reserve is done tightening policy and may begin reducing interest rates next year, stocks advanced and Treasuries continued their November rise.
- Bonds are rising at the quickest monthly rate since 2008, as inflation slows and Fed officials sound more dovish. The MSCI All Country World Index of equities is up 8.7% this month, the most since November 2020, and the dollar has paused a four-day decline.
- The STOXX 600 index in Europe rose 0.5%, and US equity futures pointed to gains at the open. GM jumped nearly 6% in premarket trading after announcing a 33% dividend increase and a $10 billion share buyback programme.
- The latest leg higher for markets came after Fed Governor Christopher Waller suggested the central bank is well positioned to push inflation to a 2% target. Billionaire investor Bill Ackman believes the Fed will cut interest rates as soon as the first quarter, which is earlier than market pricing suggests.
- Saudi Arabia offers to invest in Iran to limit Israel-Hamas war.
- ECB's Stournaras: The first rate cut could come in the middle of 2024.
- OPEC+ talks are continuing, no fresh delay to the November 30th meeting is currently expected - Two Sources.
