🌅 Morning Update (12.12.2025) 📈 Wall Street is hovering near record highs, but caution is creeping into the tech sector. Broadcom (AVGO.US) slid nearly 5% after earnings, weighing on sentiment. S&P 500 futures are flat, while Nasdaq 100 futures are down around 0.5%. 🗓 With a light macro calendar today, markets are watching speeches from Fed members Paulson, Hammack and Goolsbee. In Europe, attention turns to CPI data from Germany and France, alongside UK GDP figures. 🏛 In Thursday’s cash session, the S&P 500 gained 0.2% to a fresh all-time high. However, some investors trimmed exposure to AI-linked stocks after Oracle’s results. Broadcom’s earnings were record-breaking, but a softer AI sales outlook disappointed markets. 🌏 Asia-Pacific markets are extending gains, supported by record highs on Wall Street and expectations of Fed rate cuts this year. The MSCI Asia Pacific index rose 0.9%, heading for its strongest close since mid-November. 🇯🇵 Japan led the region, with the Topix nearing a record high. Financials outperformed on speculation that the Bank of Japan could raise rates as early as next week. 🇨🇳 China moved in the opposite direction. Despite fresh support measures, the lack of additional fiscal stimulus for 2025 cooled sentiment and triggered profit-taking. 🌍 Global equities remain strong. The MSCI All Country World Index added another 0.1% after hitting a record yesterday and is on track for a ~21% gain in 2025, its best performance in six years. 🛢 Commodities & crypto: 🔩 Copper is stable after a recent record breakout 🏗 Most industrial metals are rising on a more dovish Fed tone 🥇 Gold is correcting after three days of gains, but easing expectations remain 🪙 Silver stays near record levels 🛢 Oil has rebounded from almost two-month lows ₿ bitcoin is range-bound near USD 92,500, struggling to break sustainably above the USD 94,000 area