Morning Juice – US Session Prep (27th November)

Sentiment
Global equities steadied after a four-session rally, with the MSCI All-Country World Index flat on the day and trimming its November loss to just 0.4% from nearly 4% earlier in the month.
Trading was muted across Europe and Asia, while US markets were closed for Thanksgiving and S&P 500 futures were unchanged.
Signs of returning risk appetite appeared elsewhere: Bitcoin climbed above $91,000, gold held steady near recent levels, and the dollar paused after a two-day slide.
Japan and South Korea outperformed in Asia on the back of tech strength, Germany’s DAX edged up 0.2%, and Puma surged 14% on takeover interest.
In the UK, gilts and the pound eased after Wednesday’s post-budget rally, which followed Chancellor Reeves’ unveiling of a larger-than-expected fiscal cushion despite future tax increases.

The equity rebound closely tracks shifting expectations for U.S. interest rates. Money markets now price an 80% probability of a rate cut next month and up to three more reductions through 2026—a sharp reversal from just over a week ago, when traders were pricing in only three cuts in total. The shift reflects revived confidence following earlier tech-valuation worries that sparked sharp mid-month selling.
Oil prices were steady as investors assessed U.S. diplomatic efforts to end the war in Ukraine and awaited this weekend’s OPEC+ meeting. Platinum hit a one-month high, supported by anticipated demand linked to a newly launched futures contract on a Chinese exchange.

Docket
No noteworthy economic indicators in observance of the Thanksgiving holiday.

Speakers
09:00 ET
ECB’s supervisor Tuominen and Machado participate in a panel discussion at EBI Conference 2025
“10 Years of SRB – Looking back and looking forward”

11:00 ET
BoE’s Greene gives a speech at the Goodbody 18th Annual Conference (16:00).
No text to be released.

Good luck!