Data
– Asian equities advanced, led by optimism around a potential December Federal Reserve rate cut. The MSCI Asia-Pacific ex-Japan gained roughly 0.4%, while Japan’s Nikkei 225 climbed more than 1% as growth and tech names rebounded.
– European markets paused after a three-day rally, with the STOXX 600 ending largely unchanged. Sector rotation was visible, with financials firming while takeover-driven moves lifted select individual names.
– Oil prices firmed modestly, supported by supply-risk concerns and thin U.S. trading due to Thanksgiving. Brent settled near US$ 63.34/bbl, while WTI hovered around US$ 59.10/bbl.
– Gold remained stable near a two-week high, reflecting steady safe-haven demand as markets continue to weigh the likelihood of Fed easing against ongoing global growth uncertainty.
– Risk sentiment improved across Asia and Europe, supported by rate-cut expectations and easing volatility in AI-linked segments after the prior week’s tech-driven correction.
– FX markets were steady, with the U.S. dollar holding its recent range and the Japanese yen trading near intervention-watch levels as policymakers remained alert to rapid currency weakness.
– Equity breadth remained narrow, with most gains concentrated in large-cap technology names, even as broader cyclical sectors show signs of stabilizing.
– Market liquidity remained thin, due to the U.S. holiday, keeping volatility subdued but heightening the risk of sharper moves when full trading resumes.
– Concerns over China-linked demand persisted, weighing on commodities and real-estate related sentiment in parts of Asia despite the improved macro tone.
– Outlook: Markets are positioned in a cautiously optimistic stance. A dovish Fed outcome could sustain momentum into December, but delayed U.S. macro data still poses a key uncertainty for liquidity and risk appetite.
Companies.
+) European equities edged higher, supported by rising expectations of a Federal Reserve rate cut in December, with the STOXX 600 gaining modestly as investors rotated back into cyclicals and tech.
+) Global risk sentiment improved as softer U.S. data and dovish forward guidance reinforced the view that policy tightening is nearing an end.
+) U.S. markets remained closed for the Thanksgiving holiday, leading to a notably thin-liquidity session across global assets and muted intraday volatility.
+) Asian markets traded cautiously, with gains limited by light volume and a lack of strong macro catalysts, though investors maintained a constructive tone heading into year-end.
+) Market strategists noted that tech and AI-linked valuations remain elevated, but strong earnings season performance continues to underpin the broader equity outlook.
+) Fixed-income markets stabilized, with U.S. Treasury yields holding near recent lows as global investors positioned ahead of the upcoming U.S. data backlog.
+) Commodity markets were mixed: oil hovered near mid-range levels amid subdued demand signals, while gold saw mild safe-haven interest in the absence of major economic releases.
+) Currency markets remained stable, with the U.S. Dollar Index consolidating gains as investors awaited U.S. retail sales and PPI releases once reporting resumes.
+) Several asset managers signaled that 2026 performance may lag 2025, citing high valuations, soft global demand, and the approach of a lower-rate environment.
+) With major markets partially offline and liquidity thin, traders expect positioning flows and upcoming earnings to drive the next directional move.
| Company | Highlights | Key Metrics / Notes |
| Zscaler (ZS) | Demand for cloud security remained robust, supported by enterprise digital-transformation trends. | EPS beat • Revenue strong • Subscription growth solid |
| Elastic NV (ESTC) | Strong quarter driven by search & observability platform adoption. | Revenue ↑ YoY • EPS beat • FY outlook raised |
| Snowflake (SNOW) | Reported solid product revenue growth but warned of uneven cloud-spend trends. | Product revenue ↑ • RPO stable • Guidance cautious |
| Splunk (SPLK) | Security & observability units continued to drive demand. | EPS beat • Cloud ARR ↑ |
| Workday (WDAY) | Delivered strong subscription revenue in early holiday-week reporting. | EPS beat • Subscription revenue ↑ double-digits |
| Dell Technologies (DELL) | AI servers remain the core growth driver while PC softness persists. | EPS above est. • AI revenue ↑ • Margins stable |
| HP Inc. (HPQ) | Margins held despite soft PC shipments; guidance reiterated. | EPS in line • Revenue slightly weaker |
| NetApp (NTAP) | Hybrid-cloud demand supported strong earnings execution. | EPS beat • Cloud ARR ↑ YoY |
| Urban Outfitters (URBN) | Digital strength offset weaker store traffic; profitability improved. | EPS beat • Revenue stable |
| Kohl’s (KSS) | Mixed performance: lower traffic but stronger cost management. | EPS slight beat • Guidance conservative |
General
Global equities edge higher as rate-cut expectations support sentiment
Global stocks advanced modestly as investors continued to price in a potential Federal Reserve rate cut in December, with lighter U.S. holiday trading keeping volumes subdued. European and Asian indices also firmed, supported by improved risk appetite and a rebound in select technology and cyclical sectors.
AI-related volatility eases as investor sentiment stabilizes
Markets displayed improved resilience after weeks of concern over an “AI-bubble” in megacap tech. Easing volatility and renewed dip-buying helped stabilise tech names, suggesting that the sector may be entering a consolidation rather than a deeper correction.
Gold softens slightly but remains near two-week highs
Spot gold pulled back around 0.2% as the U.S. dollar ticked up, though the metal remained close to its mid-November highs. Investors continued balancing safe-haven demand with optimism over the Fed’s potential easing cycle.
Oil and broader commodities remain cautious on demand concerns
Oil prices stayed subdued as markets weighed oversupply risks and weakening global demand indicators. Soft demand expectations kept a cap on energy-sector gains, including in Gulf markets, which traded mixed to lower.
FX markets steady as dollar drifts and regional currencies firm
The U.S. dollar moved slightly lower as traders reframed expectations for 2026 rate paths. Asian currencies found support from improved risk sentiment and steady regional data, while global bond yields stayed largely unchanged.
India outperforms as Nifty 50 hits a 14-month high
India’s Nifty 50 index broke to a fresh 14-month high, powered by robust earnings momentum and improving domestic growth indicators. The performance underscores widening divergence within emerging markets, where domestic-demand-driven economies continued to outperform export-dependent peers.
Upcoming News
Global markets head into Friday in a low-volume, holiday-thinned environment as U.S. financial markets reopen only partially following Thanksgiving. With liquidity constrained, cross-asset moves may appear more volatile than usual, even though the macro calendar remains relatively light. Investors continue to digest the implications of Wednesday’s softer U.S. activity data — notably Durable Goods Orders and Wholesale Inventories — which reinforced expectations for a gradual Federal Reserve easing cycle into early 2026. Treasury yields remain anchored near recent lows, while the U.S. dollar stays on the defensive, supported only by limited safe-haven demand.
In Europe, attention is directed toward Eurozone M3 Money Supply and bank lending figures, which will offer additional insight into credit conditions and the transmission of tighter monetary policy. With inflation cooling steadily and growth indicators softening, markets remain convinced that the European Central Bank (ECB) will signal a clearer path toward rate reductions in the first half of 2026. The euro trades in stable ranges, supported by yields but capped by weak investment momentum.
Over in the Asia–Pacific region, markets look to a key set of Japanese indicators — Tokyo CPI (Nov) and the Unemployment Rate — which together provide the most timely read on Japan’s price and labour conditions. A stronger CPI print could revive expectations of early policy normalization from the Bank of Japan, while a softer outcome would reinforce the current ultra-accommodative stance. Sentiment in China remains unchanged, with traders monitoring liquidity operations and incremental policy signals as Beijing continues to prioritise growth-stabilisation measures heading into year-end.
| Region / Country | Event / Indicator | Expected Impact |
| 🇯🇵 Japan | Tokyo CPI (Nov) | 🔴 High — key leading indicator for national inflation |
| 🇯🇵 Japan | Unemployment Rate (Oct) | 🟠 Medium — labour-market signal ahead of BoJ meeting |
| 🇪🇺 Eurozone | M3 Money Supply (Oct) | 🟠 Medium — insight into credit creation and liquidity |
| 🇪🇺 Eurozone | Private-Sector Lending (Oct) | 🔴 High — critical for ECB rate-cut timing |
| 🇪🇺 Germany | Import Price Index (Oct) | 🟠 Medium — adds colour to disinflation trend |
| 🇺🇸 United States | Thanksgiving Holiday (Short Session) | 🟡 Low — restricted liquidity; exaggerated price swings possible |
| 🌍 Global | ECB, BoE, BoJ Officials’ Speeches | 🔴 High — tone-setting ahead of next week’s PMIs & PCE |
G7 – Index (NQ + ES + DJ) – Gold – (BTC + ETH)
G7 FX
The U.S. Dollar Index (DXY) inched lower to 99.533 (–0.03%) as risk sentiment rebounded and U.S. yields softened slightly. Most major currencies traded narrowly with mild USD weakness.
- EUR/USD: 15992 (+0.03%) — euro gained modestly on stable Eurozone PMI revisions.
- GBP/USD: 32392 (+0.01%) — sterling steady as gilt yields held firm.
- AUD/USD: 65335 (–0.01%) — Aussie slipped slightly despite an improvement in risk tone.
- NZD/USD: 57266 (–0.06%) — kiwi softer as local bond yields declined.
- USD/CAD: 40263 (–0.04%) — loonie strengthened on higher crude oil prices.
- USD/JPY: 245 (–0.02%) — yen firmed marginally on lower U.S. yields.
Analysis:
FX action remained quiet with U.S. markets partially closed. The mild USD pullback reflected softer Treasury yields and improving global equity sentiment. Commodity FX mixed, with CAD best performer on oil strength.
Metals
- Gold: $4,162.32 (–0.01%) — small retracement amid subdued holiday volumes.
- Silver: $53.4065 (+0.15%) — silver outperformed on firmer industrial demand.
Analysis:
Gold held near recent highs, supported by stable inflation expectations. Silver continued to show relative strength as macro indicators pointed to improving manufacturing demand.
Global Indices (SPX / DJI / VIX / DXY / NAS100 / EU50)
- S&P 500: 6,812.60 (+0.69%)
- Dow Jones: 47,427.12 (+0.67%)
- VIX: 21 (+0.12%) — slight uptick but still low.
- DXY: 533 (–0.03%)
- Nasdaq 100 (Cash CFD): 25,272.50 (+0.08%)
- EU50: 5,653.2 (+0.00%)
Analysis:
Equities held strong momentum despite thin holiday liquidity. Market positioning remained constructive as earnings stayed robust and financial conditions eased.
Crypto Markets
Crypto markets saw moderate gains, led by Bitcoin.
- BTC/USD: $91,383 (+1.00%)
- ETH/USD: $3,012.0 (–0.48%)
Analysis:
BTC continued to outperform ETH, reflecting stronger inflows and relative dominance. Overall crypto sentiment remained positive alongside broader risk-on sentiment.
Macro Data Snapshot
- S. 10Y Yield: ~3.76% (lower intraday → USD softer)
- Germany 10Y Yield: 76%
- K. 10Y Gilt: 3.72%
- Eurozone Consumer Confidence: –14.0 (improving trend)
- S. Initial Jobless Claims: trending near 210k (labour market cool but stable)
- China Industrial Profits: recovering modestly
- WTI Crude Oil: $58.93 (+0.63%) — strong tailwind for CAD
- Global inflation trend: broad disinflation continues, reinforcing 2025 rate-cut expectations.
Analysis:
Macro indicators remained broadly supportive of risk assets: lower bond yields, improving PMIs, and stabilizing labour markets helped keep volatility in check.
This report is provided to The Concept Trading from Van Hung Nguyen
