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President-elect Donald Trump stated he will not attempt to replace Federal Reserve Chair Jerome Powell when he takes office in January, despite past tensions over interest rate policies. Trump acknowledged that while he could ask Powell to resign, he likely wouldn't comply. Powell, who was appointed by Trump in 2018, has asserted that he will not leave office early, emphasizing the legal protections for Fed governors.
The Federal Reserve is poised to cut interest rates in December, driven by a solid jobs report and easing financial conditions, despite concerns over inflation and potential speculative bubbles. Policymakers are debating the pace of future cuts, with some advocating for caution amid robust wage growth and a strong economy. The upcoming consumer and producer price reports may influence the final decision.
Payrolls surged by 227,000 in November, surpassing expectations, while the unemployment rate rose to 4.2% as the labor force participation rate declined. Job gains were primarily in health care, leisure and hospitality, and government, though retail trade saw a drop of 28,000 jobs. Average hourly earnings increased by 0.4% from the previous month, supporting expectations for a potential interest rate cut by the Federal Reserve in December.
US stocks are at record highs as markets await crucial jobs data that could influence the Federal Reserve's next policy move. The S&P 500 has gained 27.4% year-to-date, while recent labor reports indicate a resilient job market despite some softening trends. Fed officials signal further rate cuts are likely, supporting a favorable environment for equities as inflation moderates.
U.S. Treasury yields remained stable as investors awaited the crucial nonfarm payroll report, expected to show an increase of 214,000 jobs in November, a rebound from October's disappointing 12,000. This data will be vital for assessing the labor market's strength and influencing the Federal Reserve's upcoming rate decision. Fed Chair Jerome Powell indicated a cautious approach to rate cuts, citing stronger economic growth and inflation trends.
The rise of inflation in countries like Argentina and Turkey has led to a shift towards alternative currencies, including Bitcoin, as consumers seek stable payment methods. While Bitcoin faces challenges such as volatility and scalability, its decentralized nature positions it as a potential long-term solution for global transactions. Meanwhile, initiatives like the one in Bern aim to explore the sustainable use of energy through Bitcoin mining, highlighting the evolving role of cryptocurrencies in the financial landscape.
All three major US stock indices reached record highs, with the Dow Jones surpassing 45,000, buoyed by positive remarks from Fed Chair Powell on economic resilience and inflation progress. Meanwhile, the ASX 200 also hit a new peak, though momentum waned after Australia's Q3 GDP growth slowed to 0.8%, the weakest since the 1990s recession. Key economic indicators are set for release next week, including the RBA's interest rate decision and US CPI data.
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Bitcoin approached $100,000 as investors anticipated a favorable U.S. regulatory shift, while global stocks slightly retreated but remained near record highs ahead of a crucial U.S. jobs report. In France, the government faced a confidence vote loss for the first time since 1962, leading to Michel Barnier's resignation, though markets remained stable. U.S. stocks experienced a dip following record highs, with the Dow Jones down 0.55% to 44,765, the S&P 500 falling 0.19% to 6,075, and the Nasdaq Composite decreasing 0.18% to 19,700.
U.S. markets paused with the S&P 500 down 0.19% and the Dow Jones losing 0.55% as traders await the November jobs report, expected to show a gain of 214,000 jobs. Meanwhile, OPEC+ extended oil supply cuts, and Bitcoin briefly surpassed $100,000, fueled by positive sentiment from political endorsements. Analysts predict continued strength in U.S. equities, with the S&P 500 potentially reaching 6,500-6,700 by the end of 2025, amid robust economic growth forecasts.
Stock futures were little changed as investors awaited a key jobs report, with Dow futures dipping 24 points and S&P 500 and Nasdaq 100 futures down 0.1%. Strong quarterly results from companies like Ulta Beauty and GitLab boosted their shares, while economists expect nonfarm payrolls to rise by 214,000 in November, influencing the Federal Reserve's upcoming rate decision.
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