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Market Review

US:

The Nasdaq Composite rose on Friday, scoring its fifth straight day of gains even as it recorded a losing month.

Asia:

Asia-Pacific markets opened December mostly in the red Monday as traders parsed fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month.

India:

The Indian market closed flat with a slight negative bias on Friday, with the Sensex and the Nifty swinging between red and green as investors booked profits near record levels and assessed expectations of potential interest rate cuts in both the U.S. and India, alongside incoming domestic growth signals. Nifty is expected to open on a gap up note and likely to witness positive move during the day.

Global economy:

China’s factory activity in November contracted slightly as production growth came to a halt and new orders slowed. The RatingDog China General Manufacturing PMI, compiled by S&P Global, dropped to 49.9 in November from 50.6 in October, missing analysts’ expectations of 50.5 in a Reuters poll. The 50- mark separates growth from contraction.

Japan’s manufacturing activity shrank for the fifth consecutive month in November, weighed by sluggish demand, though the outlook improved slightly. The S&P Global Japan Manufacturing PMI slightly improved to 48.7 in November from 48.2 in October, roughly in line with the flash reading of 48.8. The rate of decline was the slowest since August. PMI readings above 50.0 indicate growth, while those below show contraction.

Australian home prices jumped in November but gains in Sydney and Melbourne slowed, as expectations there would be no interest rate cuts anytime soon undermined sentiment in those already expensive markets. Home prices nationwide increased 1% in November from October to a median value of A$888,941 ($581,990), slightly slower than the 1.1% gain the previous month, according to figures from Cotality, formerly CoreLogic. Prices have risen 7.5% this year.

Commodities:

Oil prices rose more than 1.5% on Monday after the OPEC+ meeting on Sunday decided against earlier planned production rises in the first quarter of next year.

Gold edged lower in early Asian trade on Monday from a near three-week peak, as investors booked profits amid increasing bets of a U.S. interest rate cut later this month, while silver hit a record high

Currency:

The dollar began December on the back foot, as investors braced for a pivotal month that could bring the Federal Reserve's final rate cut of the year and the confirmation of a dovish successor to Chair Jerome Powell.

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