<div id="readability-page-1"><div> OPENING CALL Stock futures edged up ahead of the release of personal consumption expenditures data, the Federal Reserve's preferred measure of inflation. The September PCE data will be published today after being delayed due to the recent government shutdown. Economists expect annual PCE inflation to accelerate slightly to around 2.8%, with the core equivalent expected to hold at 2.9%. The core PCE data will be particularly important ahead of the Fed's December 10 meeting , Hargreaves Lansdown said. If the inflation print is higher than expected, the Fed could keep rates on hold, it said. If it eases in line with expectations or below, that paves the way for another rate cut as anticipated, it added. Private sector and alternative data sources have continued to portray a resilient U.S. economy and inflation remains closer to 3% than to the Fed's 2% target, Federated Hermes said. Meanwhile, despite the economy's resilience, job creation has slowed, and corporate layoff announcements have increased, it added. &#34;Recent cuts have been seen as 'hawkish cuts' but the weaker labour market may make for a more dovish reaction this time round ,&#34; Mediolanum International Funds Limited said. A key focus will be the FOMC members' interest-rate forecasts and the FOMC's quarterly Summary of Economic Projections, as market participants will look for any shift in Fed sentiment that could reshape market expectations of monetary policy for 2026, it added. Stocks to Watch Apple said its general counsel and head of policy will both retire next year , adding to a wave of executive departures. Argan recorded an unexpected sales decline after two major projects reached completion. The stock slid 11% after-hours. DocuSign raised its annual sales outlook after quarterly results topped forecasts , boosted by subscription growth. However, the stock fell 5.5% premarket. Hewlett Packard Enterprise logged lower-than-expected revenue as customers hit delays in developing their AI products. Shares dropped nearly 9% before the bell. Meta Platforms plans to shift spending toward artificial-intelligence wearables , The Wall Street Journal reported. Shares rallied Thursday after Bloomberg reported Meta was planning cuts to its group building the &#34;metaverse.&#34; SoFi Technologies announced a public offering of $1.5 billion of shares . Premarket, shares fell 7%. Ulta Beauty raised annual earnings and sales guidance, as quarterly results trumped expectations . Shares rallied 5.5% off-hours. Warner Bros. Discovery entered exclusive negotiations for a deal to sell its studios and HBO Max streaming business to Netflix. Shares gained over 3% premarket. Watch For: Personal Income and Outlays for September; University of Michigan Preliminary Consumer Survey for December; Canada Labour Force Survey for November Today's Top Headlines/Must Reads: -Two Types of Shoppers Are Powering Holiday Spending: The Wealthy and Deal-Hunters -Warner Bros. Discovery and Netflix Enter Exclusive Deal Negotiations -Should Walmart Really Be Trading Like a Tech Company? MARKET WRAPS Forex: The dollar fell ahead of the PCE release. The euro edged higher. The cost for eurozone bond investors to hedge their U.S. investments against the risk of a weaker dollar is tumbling and this should boost the euro, ING said. These hedging costs will probably fall further as the Federal Reserve is likely to cut interest rates again, it added. Sterling rose , with its current rally reflecting a short squeeze as traders close earlier bets against the currency taken ahead of last week's U.K. budget, ING said. Bonds: Treasury yields traded lower , reversing some of Thursday's increases that were driven by better-than-expected jobless claims data. Treasury yields seemed likely to remain constrained in a narrow range to start the new year as the U.S. economy continues to expand, said Federated Hermes. Energy: Oil prices were on track for weekly gains, buoyed by diminishing prospects of a Russia-Ukraine peace deal in the short term and growing tensions between the U.S. and Venezuela. &#34;Conflict-related risk premia are providing an offset to the oversupply that has been building in 4Q 2025 and which we expect to spill over into the new year,&#34; BMI, a unit of Fitch Solutions, said. Metals: Gold prices rose on a softer U.S. dollar. &#34;Gold managed to hold its ground , after the latest U.S jobs data did little to sway expectations of a Fed interest rate cut next week,&#34; ANZ said. The latest U.S. jobs data did little to sway expectations of a Fed rate cut next week, with applications for unemployment benefits hitting their lowest in more than three years, ANZ added. Gold is likely to sustain its strong trend-like rally in 2026, UOB said. &#34;The case for gold as a safe haven to diversify one's portfolio remains strong,&#34; it added. Copper Copper gained in early trade. The metal has gained more than 7% since the start of November and is up 30% since 2025 began, likely on ongoing supply disruptions , ANZ said. Iron Iron ore prices were lower in early trade, weighed by weak demand and strong supply. Demand for iron ore is getting more subdued while its supply remains at a high place , which have pressured prices, Baocheng Futures said. <pre> TODAY'S TOP HEADLINES </pre> Warner Bros. Discovery and Netflix Enter Exclusive Deal Negotiations Warner Bros. Discovery has entered exclusive negotiations for a deal to sell its studios and HBO Max streaming business to Netflix, a combination that would reshape the entertainment and media industry, according to people familiar with the matter. Warner's move to exclusive talks with Netflix comes after the latest round of bids for the media company known for Superman and the Harry Potter movies. Paramount had sought to buy the entire company, including cable networks such as CNN, TNT and TBS, while Comcast was pursuing the studios and HBO Max streaming business. Apple Departures Point to Challenges for iPhone's Dominance Apple is facing a wave of executive departures as the company continues a period of transition, not only among its leadership but, if rivals have their way, for its business as well. On Thursday, the company announced that its general counsel and head of policy will both retire next year. On Wednesday, a top designer left for Meta Platforms. On Monday, Apple said its head of artificial-intelligence strategy would retire. Its chief operating officer announced his retirement in July, and its chief financial officer has transitioned to a new role. Should Walmart Really Be Trading Like a Tech Company? Think tech stocks are expensive? Try Walmart. America's biggest retailer has become a true investor darling. Its shares have risen about 27% this year, bringing its market value above $900 billion. The stock is now valued at roughly 40 times forward earnings, more expensive on that metric than six of the Magnificent Seven stocks such as Nvidia and Microsoft. Historically, it has traded at a multiple of about 23 times. Chinese AI Chip Maker Moore Threads Makes Strong Debut After $1 Billion IPO Investors rushed to snap up shares of Chinese AI chip maker Moore Threads in its Shanghai debut, betting that Beijing's push to end reliance on foreign technology could help create a homegrown Nvidia. Moore Threads, founded in 2020 by a former Nvidia executive, soared more than fourfold versus its initial public offering price on its first day of trading on Friday after raising over $1 billion. Why investors see Friday's inflation report as a gut check of vibes on the economy U.S. stocks have clawed their way back to the doorstep of record territory after a volatile month on Wall Street, but persistent inflation worries and souring consumer sentiment are keeping investors uneasy ahead of the Federal Reserve's last policy meeting of the year. That's why Friday's release of the September report for the Fed's preferred inflation gauge - the personal consumption expenditures price index - comes at a crucial time for investors. The hope is that the new PCE report, while delayed, will provide a hard-data reality check that will either confirm the downbeat economic mood or prove, once again, that the vibes are all wrong. Eurozone Economy Posts Stronger Growth on Investment Rebound The eurozone economy grew at a faster pace than previously estimated in the three months through September, aided by a rebound in investment spending. Figures released Friday by the European Union's statistics agency showed gross domestic product in the currency area was 0.3% higher than in the three months through June, and 1.4% up on a year earlier. German Factory Orders Rise Further German manufacturing orders rose again in October, driven by an uptick in domestic demand and signaling continued resilience in the factory sector amid trade uncertainty. Total orders were up 1.5% on month, rising further after a revised 2.0% jump in September, statistics agency Destatis said Friday. A consensus of economists polled by The Wall Street Journal expected a rise of 0.5%. European Leaders Warn Zelensky to Be Wary in U.S. High-Speed Push for Peace BERLIN-In recent days, European leaders have delivered a stark warning to Ukrainian President Volodymyr Zelensky: Don't give in to Russian demands without ironclad security commitments from the U.S. The message reflects European leaders' growing wariness of Washington's high-speed effort to reach a peace deal that has left them on the sidelines. Israel's Latest Military Tech: Tested in Gaza, Wanted by the West TEL AVIV-Israel is leveraging the war in Gaza to market its latest military technology. U.S. and European buyers are lining up. Prominent Anti-Hamas Militia Leader Killed in Gaza (MORE TO FOLLOW) Dow Jones Newswires December 05, 2025 06:11 ET (11:11 GMT)Copyright (c) 2025 Dow Jones &amp; Company, Inc.</div></div>

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股票期货上涨，投资者在等待个人消费支出（PCE）数据，这是美联储的通胀指标。由于政府停摆，九月份的 PCE 数据被推迟，预计将显示轻微的通胀加速。美联储十二月的会议可能取决于这一数据。苹果、Argan、Docusign 和 Meta Platforms 等股票表现各异。由于地缘政治紧张局势，油价上涨，而由于美元走弱，黄金价格也有所上升

North American Morning Briefing: Stock Futures Edge Up as Investors Await PCE Data

- 美国股指期货小幅上涨，等待个人消费支出数据发布。  
- 预计 9 月 PCE 年通胀将略微上升至约 2.8%。  
- 苹果高管离职潮加剧，Meta 计划向人工智能可穿戴设备转移支出。  

北美晨间简报：股指期货小幅上涨，投资者静待 PCE 数据发布