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Federal Reserve Chair Jerome Powell expressed optimism about maintaining good relations with the incoming Trump administration. He indicated that the Fed can proceed cautiously in lowering interest rates as they seek to identify the neutral rate that neither stimulates nor restricts economic growth.
Investors are closely monitoring upcoming US labor market data, with expectations of strong job growth in November following recent disruptions. In South Korea, political tensions rise as martial law is lifted and calls for the president's impeachment intensify. Key speeches from ECB President Lagarde and Fed Chairman Powell are also anticipated to influence market sentiment.
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The Nasdaq 100 rose 0.3%, while the Dow Jones fell 0.2%. The Russell 2000 has outperformed since the US presidential election, gaining over 10% in November. Analysts expect continued growth in US stocks, driven by solid economic conditions and advancements in AI, despite potential market corrections. Corporate highlights include Intel's search for a new CEO, AT&T's profit growth predictions, and BlackRock's acquisition of HPS Investment Partners. Key economic events this week include US factory orders and the jobs report.
Coinbase shares are currently affected by Bitcoin's price fluctuations, trading below $94,000, its lowest in a week. Investors are taking profits as the $100,000 Bitcoin mark remains a psychological hurdle, while attention turns to Fed Chairman Jerome Powell's upcoming speech and US labor market data. Coinbase shareholders face resistance at $340, with a sustained breakthrough needed to target $369.
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Gold prices remain above $2,600, with Jerome Powell's upcoming speech and non-farm payrolls (NFPs) in focus. Midweek ADP data will hint at NFP trends, while Friday's EU GDP and NFP reports are expected to influence market sentiment, with economists predicting a rise in jobs and a slight increase in the unemployment rate. The $2,600 level is seen as a crucial support zone, with potential upward movement towards $3,000 if recent highs are surpassed.
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Most Asian stocks rose, led by tech firms, as new US restrictions on Chinese tech exports were less severe than anticipated. Japan's Topix gained 1.3%, while Hong Kong's Hang Seng fell 0.6%. The dollar strengthened, and traders are preparing for significant economic data this week, including the US jobs report. Oil prices dipped slightly ahead of an OPEC+ meeting, and gold remained stable within a narrow range.
The Nasdaq 100 rose 1.1%, while the Dow Jones fell 0.3%, amid mixed market signals. Bitcoin and Ether declined by 2.2% and 2.5%, respectively, as the VIX dropped below 14, indicating reduced volatility. Corporate upheavals included Intel's CEO ousting and significant labor strikes at Volkswagen AG. Key economic indicators are set to be released this week, including US factory orders and the jobs report.
The DAX reached a record high of over 19,843 points, with investors shifting focus to the upcoming US non-farm payrolls report amid challenges in the French government. Economists anticipate strong job growth following a slump in October, influenced by recent hurricanes and strikes. Key US economic data, including the ISM manufacturing index and ADP employment figures, will also be closely monitored this week.
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Treasury yields remained stable as investors awaited key labor and manufacturing data this week. The 10-year yield slightly increased to 4.1955%, while the 2-year yield rose to 4.1858%. Key reports include the Job Openings and Labor Turnover Survey on Wednesday and the November jobs report on Friday, which is expected to show an addition of 177,500 jobs and a rise in the unemployment rate to 4.2%. Investors are also looking forward to the ISM Manufacturing PMI report and speeches from several Fed officials for insights on potential interest rate cuts.
US stock markets closed on a high note, with the Dow and S&P 500 reaching record levels, driven by optimism surrounding potential political changes. Seasonal trends suggest further gains into mid-January, while upcoming job reports and Federal Reserve speeches may influence market movements. The Nasdaq 100 and S&P 500 show strong technical support, indicating potential for continued upward momentum.
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