🌅 Morning Update (03.12.2025)
📈 Wall Street ended Tuesday with a modest rebound, and futures continue edging higher as traders wait for today’s US ADP employment data (US2000, US100, US500, US30 ~+0.2%; EU50 ~+0.05%).
🛍️ Retail sentiment improved after the National Retail Federation reported record Black Friday activity — 202.9 million shoppers over five days, beating forecasts and signalling resilient demand despite labour market tightness.
🏛️ Donald Trump called Kevin Hassett a “potential Fed chair”, reinforcing speculation that he may replace Powell early next year. Growing political pressure for easing sent the dollar lower at the session open.
🌏 Asia-Pacific trading remains cautious before US labour and inflation numbers. China leads losses (CHN.cash –1.2%; HK.cash –0.9%) amid slowing services growth, property concerns and credit issues at Vanke. Japan’s JP225 rebounds 0.5%, while Australia’s AU200.cash dips 0.1% after softer GDP.
🇨🇳 China’s services PMI beat estimates (52.1 vs 52), showing steady though slightly slower expansion. Export orders firmed, but employment continued to shrink and input prices rose for a ninth month, squeezing margins.
🇦🇺 Australia’s Q3 GDP rose 0.4% q/q (below the 0.7% forecast). Strong private consumption supported the print, while price pressures boosted rate expectations and helped the AUD.
💱 The dollar is on track for its fourth day of declines as markets price a December Fed cut (USDIDX –0.15%). Sterling leads (GBPUSD, GBPCAD +0.23%), followed by AUDUSD and NZDUSD (+0.24%). EURUSD trades near 1.164.
🥈 Silver slips 0.8% to USD 58/oz, and gold stays flat near USD 4,210/oz.
🛢️ Brent and WTI regain 0.3%, while NATGAS climbs 1.9%.
🪙 Bitcoin moves higher for a second day (+1.3% to USD 93,100), and Ethereum advances 1.4% to USD 3,064.
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