Boosted by the overnight rebound in U.S. stocks, global stock markets are stabilizing, with previous short-term selling pressure in the bond market and cryptocurrencies easing. Overall market sentiment remains cautious ahead of the Federal Reserve and Bank of Japan's interest rate decisions.
On December 3rd, U.S. stock futures rose collectively, European and Asian stock indices showed mixed results, the U.S. dollar slightly retreated, U.S. Treasury yields stabilized, and cryptocurrencies rebounded. In commodities, oil prices increased, gold prices remained flat, and silver slightly declined after reaching a historical high.
With important economic data set to be released, market sentiment is heavily wait-and-see. The U.S. will release the November ADP private sector employment report, the September import price index, and industrial production data on Wednesday evening. Additionally, the previously delayed September personal consumption expenditures (PCE) price index will be released on Friday.
Meanwhile, Trump's hints regarding the next Federal Reserve chair candidate, combined with internal disagreements among Federal Reserve officials on the interest rate path, further add uncertainty to the policy outlook.
Nick Twidale, Chief Analyst at AT Global Markets in Sydney, stated:
<blockquote>
“The U.S. data in the coming days may overshadow the highly anticipated Federal Reserve interest rate expectations. Given the current market's strong dovish bias, any unexpected positive data could trigger a short-term pullback, posing risks to the market.”
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Core market movements are as follows:
<blockquote>
<ul>
<li>U.S. stock index futures rose collectively, with S&amp;P 500 futures up nearly 0.2%, Nasdaq 100 futures up 0.18%, and Dow futures up 0.2%</li>
<li>The Euro Stoxx 50 index opened up 0.4%, Germany's DAX index rose 0.3%, the UK's FTSE 100 index opened flat, and France's CAC 40 index opened flat</li>
<li>The Nikkei 225 index closed up 1.1%, at 49,864.68 points, while Japan's Topix index closed down 0.2%, at 3,334.32 points, and South Korea's Seoul Composite Index closed up 1%, at 4,036.30</li>
<li>The yield on the 10-year U.S. Treasury bond fell 1 basis point to 4.08%; the yield on the 10-year Japanese government bond rose 3 basis points to 1.885%, the highest level since June 2008.</li>
<li>The U.S. dollar index fell over 0.2%, at 99.1; the yen rose 0.2% against the dollar, to 155.54 yen; the Indian rupee fell below the key psychological level of 90 rupees to 1 dollar; the offshore yuan rose 84 points against the dollar to 7.0585, reaching a new high since October 9, 2024</li>
<li>Spot silver fell over 0.9%, at 57.9 dollars/ounce; spot gold remained flat; WTI crude oil rose over 0.4% to 58.9 dollars/barrel</li>
<li>Bitcoin rose 2.5% to 93,892.01 dollars, and Ethereum rose 2.8% to 3,081.45 dollars</li>
</ul>
</blockquote>
The three major U.S. stock index futures rose nearly 0.2%. Melbourne Vantage Markets analyst Chen Hebei stated: “The current market outlook is unclear, insufficient to trigger a full rebound. The upcoming U.S. personal consumption expenditures (PCE) data, which significantly impacts market direction, along with a series of intensive central bank meetings, are making traders uneasy. With many key signals yet to be released, investors are currently more inclined to adopt a conservative strategy rather than chase risks
”
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Silver fell back after reaching a historic high in the early session, as traders adjusted their positions amid tight supply and expectations of interest rate cuts.
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WTI crude oil prices rose slightly, as traders weighed the prospects of a potential easing in the Russia-Ukraine situation. High-level talks between the U.S. and Russia have released potential signals, but attacks on Russian energy facilities continue.
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The cryptocurrency market remains active, with Bitcoin rising for the second consecutive trading day, stabilizing above $93,000, continuing the rebound momentum following Monday's sell-off.
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The Indian rupee fell 0.5% against the dollar to 90.2813, setting a new historic low. According to Wallstreetcn, the Indian rupee's exchange rate against the dollar has historically broken the key 90 level amid unclear prospects for U.S.-India trade negotiations and capital outflow pressures. Although the Reserve Bank of India has intervened, the rupee's downward trend is difficult to change in the context of bearish market expectations and an expanding trade deficit, which may affect its monetary policy direction.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/789a5f6a-19de-4750-82da-8a3bde27e10b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/789a5f6a-19de-4750-82da-8a3bde27e10b.png"/>

The market is closely watching the ADP private sector employment report for November, the import price index for September, and industrial production data to be released on Wednesday evening. U.S. stock futures are collectively rising, U.S. Treasury yields are stabilizing, and the dollar is slightly down. Cryptocurrencies continue their rebound, with Bitcoin stabilizing above $93,000. Silver has pulled back slightly after hitting a new high, spot gold is flat, and crude oil has risen slightly

- Global stock markets are stabilizing following a rebound in U.S. stocks, easing previous selling pressures in the bond and cryptocurrency markets.  
- Key economic data releases, including the U.S. ADP employment report and PCE price index, are anticipated, contributing to cautious market sentiment.  
- The Indian rupee has fallen to a historic low against the dollar amid trade negotiation uncertainties and capital outflow pressures, despite central bank interventions.

The market awaits U.S. data, U.S. stock futures rise, silver hits a new high and then retreats, and the offshore yuan reaches a 14-month high