As we approach the Thanksgiving holiday and market liquidity thins, several key headlines emerged overnight.
Israel and Lebanon's Hezbollah have agreed to a 60-day ceasefire after nearly 14 months of fighting, with oil opening just below $70 per barrel. In the U.S., President-elect Donald Trump has named Kevin Hassett to direct the National Economic Council and Jamieson Greer as the U.S. Trade Representative. Greer is expected to focus on reducing the country’s trade deficit, previously stating that "there is no silver bullet, and in some cases, the effort to pursue strategic decoupling from China will cause short-term pain." Hassett, a supporter of Republican tax cut policies, has previously served as a senior adviser to Trump and as chair of the Council of Economic Advisers.
Elsewhere, Australia’s October CPI remained at 2.1% year-over-year, the slowest pace since March 2021, and New Zealand’s RBNZ announced a 50 basis point rate cut.
Market-wise, Bitcoin bounced 1.7% to $93,249.93, Ether rose 3.5% to $3,437.36, the yield on 10-year Treasuries declined two basis points to 4.28%, and spot gold rose 0.4% to $2,643.46 an ounce.
On the data front, today’s highlights include U.S. PCE, initial jobless claims, and GDP figures.
