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Market Review

US:

Wall Street stocks closed higher on Monday, extending Friday's rally as increased odds that the US Federal Reserve will lower its Fed funds target rate in December helped investors look past concerns about inflated tech valuations.

Asia:

Asian stocks tracked Wall Street’s gains as confidence grew over a potential Federal Reserve interest-rate cut in December and technology shares rebounded.

India:

A volatile trading session on November 24 saw the benchmark indices end lower amid selling across sectors barring the IT pack ahead of monthly expiry, with the Nifty 50 index closing below the 26,000 mark. The market failed to build on to early gains, and following a last-hour selling. Market is expected to open on a flattish note and likely to witness range bound move during the day.

Global economy: Trump touted relations with China as "extremely strong" on Monday following a call with Chinese leader Xi Jinping, who told Trump that Taiwan's "return to China" is a key part of Beijing's vision for the world order.

Fed’s Waller: December cut appropriate, but January action more uncertain. The job market is weak enough to warrant another quarter-point rate cut in December, though action beyond that depends on an upcoming flood of data delayed by the government shutdown.

Trump signs executive order to launch AI platform for scientific research: The initiative, named the Genesis Mission, seeks to transform scientific research and accelerate discoveries by leveraging extensive government scientific data "to train scientific foundation models and create AI agents to test new hypotheses, automate research workflows, and accelerate scientific breakthroughs."

Early signs for Japan 2026 wages bolster case for near-term BOJ rate hike: Early signs on Japan’s annual wage negotiations for next year point to another round of solid pay hikes despite profit pressure from U.S. tariffs, bolstering the case for the Bank of Japan to raise interest rates further.

Commodities:

Oil prices were little changed on Tuesday after rising in the previous session as concerns supply will exceed demand next year outweighed worries Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. Gold prices held steady on Tuesday after rising nearly 2% in the previous session, as increasing prospects of a U.S. rate cut in December countered a firm dollar.

Currency:

The USD was steady as investors deliberated the chances of the Fed cutting interest rates next month after dovish comments from policymakers while the frail yen remained on intervention watch.

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