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The idea that these alternative investments somehow create anything en masse is almost ludicrous.

Trump confirms he had a phone call with Venezuelan President Maduro

• Says considers Venezuela not to be a friendly country
• Don’t read anything into me closing Venezuela airspace
• Doesn’t mean airstrike imminent

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Oil futures trade will open for the week at 2300 GMT / 1800 US Eastern time

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Some background info here from last week:

• ICYMI: Trump administration reportedly considers Venezuela strikes, oil-field seizures

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More from Trump:

• Says he knows who he will pick as next Fed chair

This article was written by Eamonn Sheridan at investinglive.com.

Two focal points today, Bank of Japan Governor Ueda speaking and another PMI from China.

The December (18-19) Bank of Japan meeting is very much ‘live’, a rate hike potential is there:

• investingLive Asia-Pacific FX news wrap: Upbeat data from Japan, sticky inflation too
• Tokyo inflation stays hot as yen weakens, pushing BOJ closer to a rate hike
• BOJ board member Asahi Noguchi is not yet convinced

Bank of Japan Governor Ueda is speaking today in Japan. Its billed as speaking with business leaders. There will be Q&A following. Stay tuned!

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Also, we get a PMI from China. The private survey manufacturing PMI from Rating Dog. Definitely the best named PMI out there!

The RatingDog China General Manufacturing PMI, compiled by S&P Global

Over the weekend we had the official PMIs from China. Disappointing:

• China’s factory and service PMIs contract again as holiday boost fades, recovery softens

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I’ve posted on this before, but ICYMI. China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Rating Dog China PMI published by Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Rating Dog PMI survey covers more small and medium-sized enterprises. As a result, the Rating Dog PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Rating Dog PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

This snapshot from the investingLive economic data calendar.

• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
• I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.

This article was written by Eamonn Sheridan at investinglive.com.

Data released by China’s National Bureau of Statistics (NBS) over the weekend confirmed China’s economy lost momentum in November as both factory and service-sector gauges slipped further into contraction, highlighting an uneven recovery and persistent strains in property-linked activity.

The official manufacturing PMI edged up to 49.2 from 49.0, its eighth straight month below 50, signalling continued weakness despite modest improvements in production and new orders.

• High-tech manufacturing stayed in expansion at 50.1, while energy-intensive industries posted a mild rebound.
• Small firms saw the strongest improvement in nearly six months, though large manufacturers softened.

Non-manufacturing activity was weaker. The services-and-construction PMI fell to 49.5, its first contraction since late 2022 and below forecasts.

• Officials attributed the pullback largely to the fading boost from October’s Golden Week holiday.
• Services were dragged by ongoing property-sector malaise, though areas such as rail transport, telecoms and financial services held above 55.
• Construction activity ticked up to 49.6 on stronger near-term expectations, but new non-manufacturing orders slumped to 45.7, underscoring fragile demand.
• Market sentiment improved modestly, with the expectations index rising to 53.1, led by metals and aerospace-related industries.

Overall, the composite PMI dipped to 49.7, reinforcing that China’s recovery remains fragile amid weak domestic confidence, subdued stimulus and persistent external headwinds.

This article was written by Eamonn Sheridan at investinglive.com.

As is usual for a Monday morning, market liquidity is very thin until it improves as more Asian centres come online … prices are liable to swing around, so take care out there.

Indicative rates only, barely any change from late Friday

• EUR/USD 1.1598
• USD/JPY 156.13
• GBP/USD 1.3237
• USD/CHF 0.8037
• USD/CAD 1.3979
• AUD/USD 0.6546
• NZD/USD 0.5732

This article was written by Eamonn Sheridan at investinglive.com.

Flight data recorders and cockpit voice recorders, called “black boxes” are nearly indestructible.

Earnings season is winding down as we kick off the last month of 2025.

Disney’s “Zootopia 2” tallied an estimated $156 million during the five-day Thanksgiving holiday, leading the box office to a top five performance.

American Airlines said Saturday that aircrafts impacted by an Airbus recall have received the software fixes necessary to resume flying.

Many new franchise business models are mobile app and internet based, but while the lack of real estate can reduce costs, many risks remain.