<div id="readability-page-1"><div>MARKET WRAPS Watch For: Eurozone inflation and unemployment; no major trading updates expected Opening Call: European stock futures were mixed after Asia stocks also traded mixed. The dollar weakened. Gold fell and oil rose. Equities: European stock futures were headed for a mixed open, with bitcoin tumbling more than 6% overnight, marking its biggest one-day drop since March. Bitcoin and other digital tokens have been caught up in a broader decline afflicting riskier trades across all markets. Unprofitable technology businesses, speculative shell companies and meme stocks have all fallen out of favor in recent months. Wall Street's so-called fear gauge, the Cboe Volatility Index VIX, rose more than 5% overnight to around 17.2, though still below the measure's long-run average of around 20, suggesting the bull market in U.S. stocks remains intact. &#34;In our view, recent market actions reflect more market churn than broad weakness or a major rotation into defensive sectors,&#34; said Douglas Beath, global investment strategist at Wells Fargo Investment Institute. &#34;Whether or not the Fed cuts rates in December, we expect rate cuts in 2026,&#34; potentially benefiting stocks along with expected tax cuts and deregulation, he wrote. Forex: Bitcoin struggles to regain ground after suffering its biggest one-day drop since March overnight. Cryptocurrencies and other risk assets have been hit by worries that a potential Bank of Japan rate hike could unwind yen-funded carry trades, prompting investors to start reversing positions, CIMB analysts said. The yen strengthened following what some perceive as a hawkish tilt by BOJ Gov. Kazuo Ueda, with swap markets now pricing in 82% odds of a 25 bp rate increase this month versus 23% a week earlier, the analysts wrote. Bonds: U.S. Treasurys were flat after a selloff overnight, sending yields up, as U.S. President Trump says he has made up his mind about Fed Chair Powell's successor. He didn't reveal the chosen one, but markets speculated it's his economic adviser Kevin Hassett, who is seen as likely to push for lower rates. The moves come as November ISM manufacturing PMI fell deeper into contraction territory. Chair Powell is expected to speak later in the day, with Vice-Chair Bowman appearing before the House to discuss financial regulation. With the blackout period under way, both are sure to stay away from discussing monetary policy. Energy: Oil edged higher amid supply chain disruption concerns. One of three moorings on a pipeline linking Kazakh oil fields to Russia's Black Sea coast was damaged by a Ukrainian attack, ANZ research analysts noted. Ukraine also confirmed attacks on an oil refinery and tankers over the weekend as it ramps up strikes on Russian oil targets, the analysts said. Metals: Gold edges lower, with the price action for precious metals are expected to remain highly sensitive to any indication on whether the Fed will cut rates, which would likely extend support for both gold and silver, said Sucden Financial. In the near-term, sentiment for precious metals will depend on whether the dollar continues to soften and on coming U.S. labor data, it added. - Iron ore prices are higher, supported by improving fundamentals. Supply and demand are getting better, Guangfa Futures analysts wrote, adding that the market expects stronger demand to raise inventories. That said, some analysts remain neutral on the black metal, with Guotai Junan Futures analysts saying current market valuations are slightly high. TODAY'S TOP HEADLINES Bitcoin Prices Fall in Sharpest Decline Since March Headline The cryptocurrency slump is deepening to start the month. Bitcoin was down about 7% in afternoon trading, poised for its largest daily decrease since March. The decline hurt shares of crypto-focused companies including Coinbase, Robinhood and Strategy. Broader U.S. indexes moved lower, while bond yields rose. Why Kevin Hassett Is Winning the Fed Chair Race Before It Has Ended Officially, the search for a new Federal Reserve chair is still under way. A handful of finalists are scheduled to sit down for interviews beginning this week with Vice President JD Vance and senior White House staff. Unofficially, the process seems to be all but over, with President Trump appearing to favor longtime adviser Kevin Hassett. If Hassett does end up the nominee, it will be because he met Trump's two key criteria: loyalty, and credibility with the markets. Why HSBC Has Struggled to Fill One of the Biggest Jobs in Global Finance LONDON-A year into its search for a new chairman, HSBC is still looking. Europe's biggest bank by assets tapped headhunters in late 2024 to find a replacement for Mark Tucker, who has since left to join Hong Kong insurer AIA. In a drawn-out recruitment process that has frustrated some candidates, HSBC's board has struggled to agree on a successor, people familiar with the search said. Europe's Green Energy Rush Slashed Emissions-and Crippled the Economy European politicians pitched the continent's green transition to voters as a win-win: Citizens would benefit from green jobs and cheap, abundant solar and wind energy alongside a sharp reduction in carbon emissions. Nearly two decades on, the promise has largely proved costly for consumers and damaging for the economy. Trump's Push to End the Ukraine War Is Sowing Fresh Fear About NATO's Future BERLIN-This week will bring a split screen that will reinforce growing doubts in Europe about the American commitment to the alliance that has served as the bedrock of Western unity since the end of World War II. On one side, White House special envoy Steve Witkoff will be in Moscow for the latest round of peace talks with the Kremlin over the Ukraine war. Witkoff, who has yet to visit Ukraine, is making his sixth trip to Moscow this year. Samsung's Next Salvo Against Apple: A Triple-Folding Smartphone SEOUL-The U.S. will soon get its first mass-market smartphone that folds not just once, but twice. Samsung Electronics' Galaxy Z TriFold is expected to hit the shelves in the U.S. as early as the first quarter of 2026, after it goes on sale in South Korea and elsewhere this month. Apple to Revamp AI Team After Announcing Top Executive's Departure Apple is shaking up its AI ranks, poaching a Microsoft executive and reorganizing after announcing the retirement of its top AI leader, whose tenure was defined by the company's artificial-intelligence struggles. John Giannandrea, the iPhone maker's senior vice president in charge of AI strategy, who had reported directly to Chief Executive Tim Cook, is stepping down, the company announced on Monday, and his duties will be split among other senior vice presidents responsible for software engineering, services and operations. He will remain in an advisory role until his retirement next spring. Write to singaporeeditors@dowjones.com Expected Major Events for Tuesday 00:01/UK: Nov Shop Price Monitor 00:01/UK: Nov CBI Growth Indicator Survey 05:30/NED: Nov Flash Estimate CPI 07:00/UK: Nov Nationwide House Price Index 07:30/HUN: 3Q GDP 08:00/SPN: Nov Unemployment 08:00/SVK: 3Q Labour Force Sample Survey: Employment &amp; unemployment 08:30/SWI: Nov procure.ch Purchasing Managers' Index 09:00/ITA: Oct Unemployment 10:00/EU: Nov Flash Estimate euro area inflation 10:00/GRE: Oct Labour Force Survey 10:00/EU: Oct Unemployment 11:00/ITA: Oct PPI 11:00/POR: Oct Retail trade 16:00/DEN: Nov Foreign Exchange &amp; Liquidity All times in GMT. Powered by Onclusive and Dow Jones. Write to us at newsletters@dowjones.com We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions. This article is a text version of a Wall Street Journal newsletter published earlier today. (END) Dow Jones Newswires12-02-25 0014ET</div></div>

芝加哥期權交易所

投資者對 “加密冬季” 感到擔憂，因為比特幣經歷了自三月以來最大的下跌，這影響了以加密貨幣為重點的公司。歐洲股指期貨漲跌不一，美元走弱。芝加哥期權交易所波動率指數上升，表明市場在動盪而非疲軟。關於下一任美聯儲主席的猜測不斷，凱文·哈塞特被視為潛在候選人。由於供應鏈中斷，油價上漲，而黃金和鐵礦石價格則根據市場狀況和預期波動

EMEA 晨間簡報：投資者擔心 ‘加密貨幣寒冬’