Data:
🟦 Global Rates / Yields
- United States (Treasuries): Yields were mixed with a mild flattening bias as front-end rates held firm while long-end demand persisted into year-end. 2Y ~3.48–3.58% | 5Y ~3.80–3.90% | 10Y ~4.02–4.08% | 30Y ~4.72–4.78%. Markets continue to price policy easing from 2026, with near-term Fed policy expectations unchanged.
- United Kingdom (Gilts): 10Y ~4.38–4.45%, edging lower as weaker consumption data reinforced expectations for further BoE easing in H1‑2026.
- Australia (ACGBs): 10Y ~4.62–4.70%, marginally lower, tracking global duration demand amid steady domestic data.
- Canada (GoC): 10Y ~3.30–3.40%, easing slightly as inflation expectations softened.
- Other key markets:
- Germany 10Y Bund ~2.78–2.85%, supported by defensive flows and light risk appetite.
- Japan 10Y JGB ~1.98–2.02%, holding near cycle highs as investors remain cautious ahead of potential BoJ policy normalization.
🟩 Equities — Major Index Moves (Prior Session)
United States:
- Nasdaq: +0.3–0.6%, modest gains led by large-cap technology and selective AI-linked names.
- S&P 500 (US500): +0.2–0.4%, supported by tech and communication services; energy and utilities lagged.
- Dow Jones: -0.1% to +0.1%, essentially flat as gains in industrials were offset by healthcare weakness.
Asia:
- Nikkei 225: -0.4–0.7%, pressured by yen strength and elevated domestic yields.
Europe:
- CAC 40: +0.1–0.3%, supported by defensives and selective luxury strength.
- Euro Stoxx 50 (EU50): ~flat to +0.2%, reflecting cautious year-end positioning.
- DAX (GER40): -0.1–0.3%, exporters weighed by FX headwinds and subdued global demand signals.
🟨 Macro / Economic Calendar
- United States: Existing home sales disappointed, reinforcing the view of housing-sector softness under restrictive financial conditions.
- Euro Area: Consumer confidence (flash) remained subdued, highlighting fragile demand into year-end.
- Canada: November CPI detail follow-through showed easing price pressures, supporting expectations of gradual policy normalization.
Companies.
+) Technology leadership re-emerged, as investors selectively re-entered AI-linked and data-center exposed names.
+) Semiconductor stocks advanced, reflecting improving earnings visibility and easing concerns around near-term inventory cycles.
+) Consumer discretionary stocks posted mixed performance, with travel and leisure outperforming apparel and retail.
+) Financials traded sideways, as stable Treasury yields limited incremental catalysts for banks.
+) Energy stocks underperformed, pressured by softer oil prices and profit-taking ahead of year-end.
+) ETF flows pointed toward growth-oriented strategies, while defensives continued to see light outflows.
+) Single-stock volatility remained elevated, driven by earnings reactions and guidance adjustments.
+) Corporate news flow dominated macro headlines, reinforcing a company-specific trading environment.
+) IPO sentiment stayed constructive but selective, with investors favoring scale, profitability, and balance-sheet strength.
** Top 5 Gainers:
| Company | Market Cap | Volume | % Move | Catalyst |
| Nvidia (NVDA) | ~$1.9T | High | +3.2% | Semiconductor rebound |
| Meta Platforms (META) | ~$1.2T | High | +2.6% | Platform ad optimism |
| Advanced Micro Devices (AMD) | ~$280B | High | +3.0% | Chip sector momentum |
| Carnival (CCL) | ~$21B | Above avg | +4.5% | Travel demand optimism |
| Uber Technologies (UBER) | ~$140B | Normal | +2.1% | Mobility & delivery strength |
** Top 5 Loser:
| Company | Market Cap | Volume | % Move | Catalyst |
| Exxon Mobil (XOM) | ~$470B | Normal | −1.4% | Oil price softness |
| Chevron (CVX) | ~$290B | Normal | −1.2% | Energy sector pressure |
| Procter & Gamble (PG) | ~$355B | Normal | −0.9% | Defensive rotation |
| Duke Energy (DUK) | ~$75B | Normal | −1.0% | Utilities underperformance |
| Dow Inc. (DOW) | ~$40B | Normal | −0.8% | Materials weakness |
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General
EUR drifts lower as profit-taking offsets stable ECB expectations The euro edged softer amid light year-end profit-taking, with investors reluctant to add exposure in the absence of new Eurozone data signals. ECB policy expectations remained broadly unchanged, leaving EUR price action driven more by flow dynamics and relative rate stability than by a reassessment of growth or inflation risks.
GBP underperforms slightly as UK growth uncertainty caps risk appetite Sterling weakened modestly as lingering concerns over the UK’s growth outlook and fiscal constraints resurfaced into year-end positioning. While global rate dynamics remained broadly supportive, GBP continued to trade with a domestic discount, reflecting sensitivity to weak activity data and cautious BOE expectations.
USD edges higher on defensive flows rather than policy repricing The Dollar Index firmed marginally as investors favored incremental safety and liquidity into the final stretch of the year. The move reflected positioning and funding demand rather than a shift in expectations around the Fed’s easing trajectory, which markets continue to view as gradual and data-dependent.
JPY softens as carry dynamics reassert in low-volatility conditions The yen weakened as subdued volatility and stable U.S. yields encouraged selective carry positioning. Despite persistent sensitivity to rate differentials, the absence of BOJ policy surprises kept JPY reactive to global flow dynamics rather than domestic drivers.
Gold holds firm as safe-haven demand offsets year-end profit-taking Gold prices remained supported as mild defensive demand balanced profit-taking pressures. Contained real yields continued to underpin bullion, though upside momentum stayed limited in the absence of macro shocks or renewed inflation concerns.
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Upcoming News
Markets move into Tuesday with a defensive, holiday-shortened bias, as liquidity thins further and desks prioritize risk control over fresh positioning. With most December macro catalysts already priced, sentiment is shaped by carry management, year-end rebalancing, and headline sensitivity, rather than directional conviction. FX ranges are expected to remain compressed, but event-driven spikes can occur given reduced depth.
In the United States, attention turns to durable goods and housing-related indicators, which provide incremental color on capital spending and demand conditions heading into year-end. Markets will watch for confirmation that investment activity remains soft but stable—consistent with expectations for policy easing in 2026. Any downside surprise could modestly pressure the USD and support Treasuries in thin trade.
Across Europe, the calendar is largely quiet, leaving EUR price action driven by U.S. spillovers and relative rate expectations. In Asia, Japan’s corporate services price data offers a read on services-side inflation—relevant for the BoJ’s normalization debate—while China remains headline-driven amid ongoing policy support. Corporate catalysts remain minimal, keeping macro and positioning dynamics in focus.
| Time (GMT+7) | Category | Country / Region | Event | Market Relevance |
| 06:50 | 🔴 Red News | Japan | Corporate Services Price Index (y/y) | Services inflation signal; BoJ policy expectations, JPY sensitivity |
| 20:30 | 🔴 Red News | United States | Durable Goods Orders | Capex momentum; USD & rates impact in thin liquidity |
| 20:30 | 🔴 Red News | United States | New Home Sales | Housing demand gauge; USD and equities sensitivity |
| 22:00 | 🔴 Red News | United States | Consumer Confidence | Demand outlook; risk sentiment into holidays |
| All day | 🔶 Stress / Headlines | Global | Year-end flows / policy or geopolitical headlines | Thin liquidity may amplify moves |
Snapshot – Early Monday
G7 FX
The U.S. Dollar Index (DXY) eased to 98.24 (–0.48%), extending its soft tone as markets consolidated after recent risk-on moves and continued to price a more gradual Fed easing path. FX liquidity remained moderate, with G7 pairs trading in narrow but directionally consistent ranges.
- EUR/USD: 1767 (+0.07%) — euro edged higher on stable Eurozone yields and reduced downside macro surprises.
- GBP/USD: 3475 (+0.12%) — supported by resilient UK rate expectations and firmer gilt performance.
- USD/JPY: 79 (–0.15%) — yen strengthened modestly as U.S. yields drifted lower.
- USD/CHF: 7912 (–0.08%) — CHF firmed slightly amid softer dollar dynamics.
- EUR/GBP: 8733 (–0.05%) — marginal GBP outperformance.
- USD/CAD: 3747 (flat) — CAD steady, tracking mixed crude signals.
Metals
Precious metals extended their consolidation near recent highs, with modest upside in silver and copper.
- Gold (XAU/USD): 4,455.54 (+0.49%) — extended gains, holding comfortably above the 4,400 level.
- Silver (XAG/USD): 17 (+0.18%) — continued to outperform on industrial and speculative demand.
- Copper: 5308 (+0.26%) — modest rebound amid stabilizing global growth expectations.
Global Indices
Equities traded mixed but constructive, with U.S. tech leading gains and volatility easing further.
- S&P 500 (SPX500): 6,884.48 (+0.01%)
- EU50: 5,757.05 (+0.01%)
- Dow Jones CFD: 48,411.46 (+0.02%)
- Nasdaq 100: 25,461.70 (+0.46%)
- VIX: 87 (+0.30%) — volatility remained subdued.
- CAC 40: 8,121.08 (–0.37%)
Analysis: Risk appetite improved modestly, driven primarily by tech strength. Falling volatility signaled continued complacency, though overall participation remained light.
Crypto Markets
Crypto assets saw mild stabilization, with selective strength in Ethereum while broader altcoins lagged.
- BTC/USD: 88,483 (–0.06%) — held above the 88k area but lacked momentum.
- ETH/USD: 3,007 (+0.01%) — stabilized after recent volatility.
- SOL/USD: 91 (+0.05%) — marginal rebound.
- OP/USD: 271 (–0.37%) — continued relative underperformance.
This report is provided to The Concept Trading from Van Hung Nguyen
