[Today's Market Preview] Major U.S. Data is Coming! Copper Prices Hit New Highs

Today's market outlook includes: 1. The three major U.S. stock index futures are mixed, with Baidu's stock price soaring in pre-market trading due to its AI chip subsidiary planning to go public in Hong Kong. 2. The U.S. will release the September PCE data; if it falls short of expectations, it may increase bets on interest rate cuts, benefiting U.S. stocks and gold; if it exceeds expectations, it will benefit the U.S. dollar. 3. Copper prices hit a new high, with Citigroup predicting it will reach USD 13,000 per ton by Q2 2026. 4. The Australian dollar has risen consecutively, reaching a two-month high, and may reach 0.67 by the end of the year. 5. Bitcoin is experiencing a pullback, but JP Morgan is optimistic about its long-term trend

Investment Insights - Here are today's five major financial events:

The three major stock index futures are mixed, Baidu's stock price surges before the market opens!

Before the U.S. stock market opens on December 5, the three major stock index futures are mixed. As of 5:04 AM Eastern Time, the Dow Jones index futures are down 0.06%, the S&P 500 index futures are up 0.14%, and the Nasdaq 100 index futures are up 0.34%.

Popular stocks generally rose, with NVIDIA (NVDA) up 0.68% and Tesla (TSLA) up 0.19%. Baidu (BIDU) surged 4.70% before the market opened, following news that its AI chip subsidiary Kunlun Xin plans to go public in Hong Kong.

Major U.S. data is coming! Market conditions are about to change

Tonight, the U.S. will release the September PCE (Personal Consumption Expenditures Price Index). The market generally expects the September PCE year-on-year rate to rise from 2.7% to 2.8%, with the month-on-month rate remaining unchanged at 0.3%. The core PCE (excluding food and energy) year-on-year rate is expected to remain at 2.9%, with the month-on-month rate unchanged at 0.2%.

Analysts point out that if the PCE data is worse than expected, it will increase bets on interest rate cuts, thereby weakening the dollar and benefiting U.S. stocks and gold. Conversely, if it is better than expected, it will benefit the dollar and negatively impact U.S. stocks and gold.

Copper prices hit a new high, Citigroup bullish at $13,000

Today, copper prices rose to $11,696 per ton, setting a new historical high. JPMorgan noted that the massive cancellations on the LME indicate that the copper market has entered a volatile "mid-stage."

Citigroup predicts that due to U.S. stockpiling leading to supply shortages in other regions, copper prices will average $13,000 per ton by the second quarter of 2026.

Australian dollar exchange rate rises for the fourth consecutive day, reaching a two-month high

The AUD/USD exchange rate has risen for the fourth consecutive day, reaching as high as 0.6634, a two-month high.

Analysts point out that as the market expects the Reserve Bank of Australia to end its easing cycle early, while the Federal Reserve's interest rate cut expectations rise, the Australian dollar exchange rate is likely to continue to rise. National Australia Bank predicts that the AUD/USD will reach 0.67 by the end of the year.

Bitcoin retreats again, JPMorgan optimistic about long-term trends

Cryptocurrencies have fallen again, with Bitcoin (BTC) down 1.01% to $91,173 as of the time of writing. Ethereum (ETH) is down 0.34% to $3,123.

JPMorgan believes that there is currently no need for concern and predicts that Bitcoin may rise 84% in the next 6 to 12 months, as its model forecasts that Bitcoin's trading trend will be similar to that of gold