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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.