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MARKETS

  • Major US benchmarks finished slightly higher, down from best levels
  • S&P 500’s intraday range over the last two trading days has been the narrowest since December 2019, according to Bespoke Investment Group
  • US bond yields continued to ease across the curve, the 2-year yield sold off 15 bps to the lowest levels since July 2023
  • US Dollar Index extends its losing streak to four, marks lowest close since August 2023
  • Gold prices continue to rally, now up 12% since early October and on par with previous peaks in May 2023, March 2022 and August 2020
  • Market strategists warn that contrarian the positioning and sentiment tailwind has faded, corporate buyback activity is near its peak
  • One options trader positioning for 250 bps of Fed cuts in 2024 (Bloomberg)
  • Strategists optimistic on S&P 500 in 2024 with potential top of 5,000 (Bloomberg)
  • Citi says S&P 500's best on record November rally running out of steam (Bloomberg)

STOCKS

  • Several high-profile IPOs are in the pipeline for 2024 including eCommerce company Shein, social media site Reddit, Kim Kardasian-backed Skims and Microsoft-backed cloud company Rubrik (Bloomberg)
  • PPD Holdings, the parent of Pinduoduo and Temo, reported a 94% year-on-year jump in revenue in the third quarter (CNBC)
  • Affirm shares surge after Jefferies upgraded the stock to Hold from Underperform (CNBC)

CENTRAL BANKS

  • Global central banks brace for uncertain future as inflation era persists (Bloomberg)
  • Fed’s Waller says if inflation goes down, there is no reason to insist interest rates remain “really high” and the Fed’s response should be to lower rates (Bloomberg)
  • BoE leads central bank chorus on need for restrictive policy (Reuters)
  • PBOC, Chinese authorities urge banks to boost lending to private sector (Nikkei)
  • PBOC bank pledges to support domestic demand (Reuters)
  • PBOC ramps up liquidity to rein in surge in short-term rates (Nikkei)
  • ECB's Lagarde mulls early end to bound purchases to accelerate balance sheet reduction (FT)

GEOPOLITICS

  • Israel and Hamas extend truce by two days (Bloomberg)
  • US warns Israel over southern Gaza offensive, must not worsen refugee crisis (FT)

ECONOMY

  • Cyber Monday sales forecast to hit to record (FT)
  • US consumer confidence rebounds more than expected in November (Reuters)
  • US gasoline prices have fallen for 60-straight days (Bloomberg)
  • Japan's underlying inflation measures mostly ease, but data still support BOJ case for normalising monetary stimulus (Reuters)
  • GfK German consumer sentiment barely higher heading into holiday season (Reuters)
  • Eurozone M3 money supply growth continues to contract, down 1.0% in October (Reuters)


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