- European stocks surged alongside US share futures as traders awaited a flood of US economic data before markets in the United States and Japan paused for the holidays.
- Futures on the S&P 500 and Nasdaq 100 edged higher as Wall Street prepares for one of the best November rallies on record. Nvidia pared a pre-market loss after investors initially reacted coolly to its latest quarterly report, while General Motors gained after the CEO of its troubled self-driving car unit resigned.
- The news of a temporary cease-fire between Israel and Hamas failed to spark risk-on sentiment, with investors looking to data on US jobless claims, durable- and capital-goods orders, and consumer sentiment later Wednesday for clues on the direction of monetary policy.
- The minutes of the Federal Reserve's most recent rate meeting revealed that policymakers agreed to "proceed cautiously" on future interest-rate moves and base any further tightening on progress towards their inflation target. Swap contracts linked to Fed meetings currently price in around a 25% probability of a first rate cut in March, slightly lower than before the FOMC minutes were published.
- Fund manager Andurand: Saudis may restore output if others in OPEC+ don't cut.
