Societe Generale in its "European Sunrise" economic news summary pointed out:

-- Risk on, United States Treasury yields and US dollar retreat, 2s/10s curve reinverts after President-elect Trump picks Scott Bessent as Treasury Secretary. Bessent advocates cutting the budget deficit to 3%, pursuing gross domestic product growth of 3% through deregulation, produce an additional three million oil barrels per day. DXY -0.5% to 107.01. 10-year UST -7bps to 4.32%, support 4.26%, resistance 4.39%. S&P futures +0.5%.

-- Week ahead: FOMC minutes on Tuesday, US PCE inflation on Wednesday, US markets closed on Thursday for Thanksgiving. eurozone flash consumer price index and German unemployment on Friday, France ratings review by S&P. The Reserve Bank of New Zealand rate decision on Wednesday. CPI for Australia, Poland. South Korea's central bank is forecast to keep rates on hold.

-- CFTX weekly foreign exchange positions: Euro shorts jump to 6.5%, yen shorts cut to 18.5%, sterling longs drop to 18.3%, Australian dollar longs steady at 17.4%, Canadian dollar shorts trimmed to 52.7% and Swiss franc shorts raised to 44.9%, Mexico's peso longs cut to 10.0%.

-- Nikkei +1.3%, EUR 10-year IRS -1bp at 2.26%, Brent crude -0.7% at $74.6/barrel, Gold -1.8% at $2,667/oz.