The Federal Reserve is expected to implement a 25-basis point rate cut in December, influenced by recent comments from Governor Christopher Waller and market expectations. In contrast, the Bank of England faces persistent inflation challenges, likely maintaining its rate at 4.75% amid a split among its Monetary Policy Committee members. Both central banks' decisions will significantly impact currency and stock markets, with traders advised to monitor economic indicators closely.
China's November retail sales fell short of expectations, influenced by the timing of the singles shopping festival, leading consumers to shift spending towards government-supported areas. This trend mirrors Japan's 1990s spending voucher initiatives, highlighting the need for fiscal policy to address consumer concerns.In South Korea, President Yoon's impeachment moves to the Supreme Court, with a trial set for December 27, potentially reducing the risk of significant labor strikes. Meanwhile, assorted business sentiment polls are anticipated, though skepticism about their accuracy is advised due to the current climate of sensationalism and political polarization.
China's November retail sales fell short of expectations, influenced by the timing of the singles shopping festival, leading consumers to shift spending towards government-supported areas. This trend mirrors Japan's 1990s spending voucher initiatives, highlighting the need for fiscal policy to address consumer concerns.In South Korea, President Yoon's impeachment moves to the Supreme Court, with a trial set for December 27, potentially reducing the risk of significant labor strikes. Meanwhile, assorted business sentiment polls are anticipated, though skepticism about their accuracy is advised due to the current climate of sensationalism and political polarization.
US stock markets ended last week mixed, with the Nasdaq 100 reaching a record high while the Dow Jones fell due to rising US 10-year yields, which closed at 4.40%. Concerns over inflation persist as core inflation remains above the Fed's target, leading to expectations of a 25 basis point rate cut at the upcoming FOMC meeting. The S&P 500 snapped its winning streak but is poised for potential gains if it holds above key support levels, entering the historically strong 'Santa Claus rally' period.
Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
Jerome Powell, chairman of the US Federal Reserve, will be a focal point in the upcoming week as Wall Street seeks to recover from a mixed performance. Market participants are closely monitoring the Fed's actions and statements for insights into future economic direction.
John E. Deaton advocates for merging the SEC and CFTC to streamline crypto regulations, arguing that a unified regulator would reduce confusion and enhance competitiveness in global markets. This proposal is supported by figures like Elon Musk and Congressman John Rose, who aims to foster collaboration through a Joint Advisory Committee on Digital Assets. Deaton emphasizes the need for clarity in regulatory frameworks, particularly in light of conflicting classifications of assets like XRP.
US stocks declined following mixed inflation reports and rising jobless claims ahead of the FOMC meeting. The ASX 200 also pulled back as strong labor data diminished expectations for an RBA rate cut. Key economic indicators are set for release next week, including US retail sales and central bank meetings in Australia, Japan, and the UK.
Wall Street paused amid a higher-than-expected US producer price index and weaker jobless claims, yet a year-end rally remains possible. Key events include the Fed's anticipated 25 bp rate cut, the BoJ's potential rate hike with dovish guidance, and the BoE's expected hold at 4.75%. Additionally, the US core PCE price index is projected to rise to 2.5% in November.
Ethereum's price surged to $3,919, driven by bullish inflows and market optimism following the U.S. Consumer Price Index (CPI) data for November, which showed inflation at 2.7%. This aligns with expectations and raises hopes for a 25-basis-point rate cut by the Federal Reserve, favoring risk-on assets like Ethereum as investors seek higher returns.
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