📆 Wednesday, November 27
► European markets continued to lose ground, with the Stoxx 600 trading more than 0.4% lower, reflecting growing investor unease over Trump's cabinet appointments and domestic political tensions in France. A gauge of risk on French bonds rose to levels not seen since the eurozone debt crisis as Prime Minister Michel Barnier found himself in a critical standoff over next year's budget. Concern over the stability of Barnier's government weighed heavily on market sentiment. The EUR weakened as well, as the USD strengthened on the back of Trump's trade policy agenda and the data expected from the US before Thanksgiving. German consumer confidence continued to deteriorate and was well below expectations.
► US equity futures dipped slightly, with S&P 500 contracts down slightly at 0.10%, while Nasdaq futures declined over 0.20%. Treasury yields fell, with the benchmark 10-year yield easing 4 basis points to 4.26%, paring gains from the prior session. Markets focused on President-elect Trump’s nomination of Jamieson Greer as U.S. Trade Representative and Kevin Hassett to head the National Economic Council, signaling a strong commitment to tariffs and protectionist policies. Investors are awaiting key economic reports later today, including the Fed’s preferred inflation measure (PCE), initial jobless claims, and the second GDP estimate, all of which could shape interest rate expectations.
Subscribe to see more