Eric Mansson @ManssonEric: "𝗠𝗢𝗥𝗡𝗜𝗡𝗚 𝗨𝗣𝗗𝗔𝗧𝗘 Markets were mixed yesterday..."

Sweden

𝗠𝗢𝗥𝗡𝗜𝗡𝗚 𝗨𝗣𝗗𝗔𝗧𝗘 Markets were mixed yesterday as the S&P 500 rose slightly (+0.21%) while the tech-heavy Nasdaq slipped (-0.25%) after weakness among several AI-related stocks. 𝗟𝗮𝗯𝗼𝗿 𝗱𝗮𝘁𝗮 𝗮𝗻𝗱 𝗙𝗲𝗱 𝗲𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀 ADP employment data, which currently serves as a partial replacement for the official non-farm payrolls due to the U.S. government shutdown, showed a decrease of 11,250 private-sector jobs on average. This fueled expectations for a December rate cut from the Fed, pushing the USD lower overall. 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗮𝗻𝗱 𝗰𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝘆 𝗺𝗼𝘃𝗲𝘀 The Japanese yen, already at a nine-month low, continued to weaken against the dollar. The British pound also lost ground as weaker-than-expected labor market data increased the likelihood of a December rate cut by the Bank of England. Oil prices climbed sharply, now trading around $65 per barrel, while gold edged lower. 𝗔𝘀𝗶𝗮𝗻 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝗮𝗻𝗱 𝗼𝘂𝘁𝗹𝗼𝗼𝗸 Asian markets were mixed this morning (Nikkei +0.3%, Hang Seng +0.6%, Shenzhen -0.6%). Futures point to a positive open in both the U.S. and Europe today. 𝗙𝗼𝗰𝘂𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗱𝗮𝘆 The U.S. House of Representatives is expected to vote today—possibly as early as 10:00 CET—on legislation to extend government funding until January 30, 2026. If approved, the bill would then move to the president’s desk, paving the way to end the record-long government shutdown. Apart from that, today’s calendar is light, with markets focusing on upcoming Fed speeches (Williams, Paulson, and Bostic) for clues on how policymakers interpret the latest labor data and their views ahead of a potential government reopening. If you found this update useful, please make sure to hit the like button to show your appreciation. $SPX500 $NSDQ100 $OIL $JPN225

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