Stocks Drop as Bitcoin Slides in Weak December Start – Europe Market Wrap

Global stocks and bonds started December on the back foot, with a further selloff in cryptocurrencies and hawkish comments from the Bank of Japan dampening optimism.

S&P 500 futures declined 0.5%. Bitcoin fell below $87,000, driving major tokens down and putting crypto-linked stocks in the red. The Magnificent Seven also fell in premarket trading, followed by a 1.1% dip in Meta.

Japan’s two-year bond yield surged to its highest level since 2008 after Governor Ueda gave the clearest indication yet that the BoJ may be about to raise interest rates. The action dragged on global bonds, raising the 10-year US Treasury yield by three basis points to 4.04%. The Yen outperformed the other major currencies against the Dollar.

Oil prices climbed when a crucial pipeline connecting Kazakh reserves to Russia’s Black Sea coast suspended loading after one of its three anchors was damaged in an attack.

The event occurred after OPEC+, led by Saudi Arabia, confirmed a three-month commitment to suspend output increases in the first quarter of next year. Brent traded above $63 per barrel. Silver and copper prices rose after setting new milestones on Friday.