Futures Falter After Setting Record as Bitcoin Exceeds $100,000 – Europe Market Wrap

US market futures wavered as investors interrupted their record-breaking rally. Bitcoin surpassed $100,000 as Trump appointed a crypto proponent as the next head of the Securities and Exchange Commission.

S&P 500 contracts remained stable following the index’s 56th record closing of 2024, which left it on track for its best year since 2019. The Dollar and Treasuries were down.

French assets recovered somewhat as investors considered the implications of Barnier’s resignation. The CAC 40 stock index rose 0.3% in Paris, matching Europe’s Stoxx 600 measure. French bonds increased, reducing the extra yield investors want for holding the paper above safer German peers. The Euro rose 0.2%.

Marine Le Pen, France’s far-right leader, joined up with a left-wing coalition to depose Barnier’s cabinet on Wednesday, plunging the country into greater political turmoil. Macron must now find another premier capable of passing a budget for 2025 through the profoundly split parliament.

In commodities, oil prices fell, erasing previous gains. OPEC+ delegates have reached an agreement in principle to postpone the scheduled January output rise.

OPEC+ are to delay the output hike until April and unwind oil cuts from April until September 2026, according to delegates. A poll showed 73/75 economists say ECB are to cut the deposit rate by 25bps in December to 3.00%, whilst two said 50bps.