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United States CFTC Gold NC Net Positions up to $1766K from previous $232K

Maybe it’s time to start pricing in rate hikes in 2026. Here are some comments from Bullock:

• Inflation has surprised on the upside
• Output gap has probably closed, but it is uncertain
• We are likely already at the potential growth limit
• Labour market still a bit tight

These are some of the most-hawkish central bank comments you will hear anywhere, with the exception of Japan, which could hike this month.

This article was written by Adam Button at investinglive.com.

Australia S&P Global Composite PMI meets forecasts (52.6) in November

• US stock indices close higher. Nasdaq leads the way
• Trump: “Trump Accounts” to start July 4, 2026
• Trump refers to NEC director Hassett as potential Fed chair
• Crude oil settles at $58.64. Up $0.68 or 1.15%
• Why the stock market is not out of the woods just yet.
• Treasury Secretary Bessent: We will have low inflationary growth in 2026
• Zelinskyy: It is the goal of Russia that US withdraw from engagement with Ukraine
• European indices close mixed. France’s CAC is UK’s FTSE 100 closed lower today
• ECB’s Kazaks: A negative shock would make cut likelier. A positive shock would not.
• Bitcoin rebound after sharp fall yesterday
• Putin: Europeans do not have a peaceful agenda
• USDINR trading to new all-time highs. What levels are key from a technical perspective?
• Ukraine’s Zelinskyy: Now is a better chance than ever to end the war
• US Envoy Witkoff has arrived at the Kremlin
• Trump News: Pardons former Honduran Pres. Juan Orlando Hernandex (official)
• USD is mixed to start the day. What are the technicals telling traders for the Big 3 pairs
• investingLive European FX news wrap: Eurozone core inflation meets estimates
• ECB’s Nagel: Eurozone inflation is practically at target and will flactuate around it

Markets:

• S&P +0.25% Nasdaq +0.59%. Stocks rebound from yesterday’s decline
• 2 year yield 3.512%, -2.9 basis points.
• 10 year yield 4.090%, -0.6 basis points
• Crude oil down $0.70 at $58.62
• Gold down -$20 or -0.47% at $4210.17
• Silver up $0.53 or 0.93% at $58.51. It is a new record close
• Bitcoin +$5240 or 6.06% at $91,519 Yesterday the price was down -5% on the day

The major currencies verse the US dollar are closing mostly lower. The exception is the USDJPY where the USD is higher.

• EUR, -0.1%
• JPY +0.30%
• GBP -0.02%
• CHF -0.19%
• CAD -0.13%
• AUD -0.34%
• NZD -0.10%

The declines were helped by lower yields with the shorter end moving down the most by about 3 basis points, but overall activity suffered from up and down price action as traders struggle with moving too far in either direction. The Fed is in the quiet period ahead of the December 10th meeting where the market is still pricing in an 88% chance of a 25 basis point cut. The market will also be without CPI and employment data before the Fed decision next Wednesday.

In geopolitical news, US enjoy Witkoff and son-in-law to Pres. Trump Jared Kushner (no other government title that is known), met with Russian Pres. Putin on a peace plan for the Ukraine/Russia war. Putins envoy Dmitriev called the meeting productive.

Meanwhile, Pres. Trump snoozed (or so it seemed) through his cabinet meeting (that is when he was not speaking). Trump called the situation in Ukraine “a mess”. He deflected comments on the “taking out” of the drug boats to his Secretary of War Pete Hegseth, who said he was not in the room when it happened and his General Bradley completed the bombings. It described the action as being done in the “fog of war”.

Trump did say that he had made his decision on Fed Chair and later said that National Economic Advisor Hassett was the potential Fed Chair. Was it potential because he had to be approved by the Senate? In any case, Hassett is the bettors favorite so it would not be a surprise if he is the candidate chosen.

US stocks finished higher today, but both Nvidia and Microsoft failed in their attempts to close above their respective 100-hour moving averages. That leaves two of the market’s most important bellwethers still holding a bearish short-term bias, raising the question: Can the major indices continue to push higher if these two leaders remain technically weak?

The upside for the broader market is that other megacap bellwethers are providing support. Alphabet and Apple remain firmly bullish from a technical perspective. Meta, meanwhile, is neutral, with its price caught between the 100- and 200-hour moving averages, leaving its near-term direction less certain.

Overall, the market may need clearer participation from Nvidia and Microsoft to sustain a stronger, more durable upside move. (see post here)

This article was written by Greg Michalowski at investinglive.com.

• Prior was 52.5
• Composite PMI 52.6 vs 52.6 prelim

This article was written by Adam Button at investinglive.com.

• Prior was 52.5
• Composite PMI 52.6 vs 52.6 prelim

This article was written by Adam Button at investinglive.com.

Australia S&P Global Services PMI registered at 52.8 above expectations (52.7) in November

Sales at American Eagle’s namesake banner came in worse than expected after the company’s splashy marketing campaign with actress Sydney Sweeney.

Data out:

• Crude +2480K
• Gasoline +3100K
• Distillates +2880K

Expectations for tomorrow’s EIA weekly report are:

• Crude -821K
• Gasoline +1468K
• Distillates +707K

This report is the private sector’s look at US oil inventories. It drops every Tuesday at 16:30 ET (delayed to Wednesday if Monday was a holiday). Unlike the EIA report (the government data that drops Wednesdays), the private numbers are voluntary. It comes from refineries, bulk terminals, and pipelines reporting to the trade association. Discrepancies happen but they often resolve over time.

This article was written by Adam Button at investinglive.com.

It’s a busy day on the economic calendar in Australia today with a sprinkling of Japanese data.

The numbers kick off at the top of the hour with the S&P Global services PMI and composite PMI. At the same time, the Australia Industry Group releases its manufacturing and construction report.

Then at 0030 GMT, Japan’s PMI from S&P Global will be released along side Australian Q3 GDP. It’s the first look at the numbers and, though yesterday’s current account data showed a small drag from trade. That adds some downside risk to the +0.7% q/q reading.

There are no notable central bank speakers.

This article was written by Adam Button at investinglive.com.