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Morning Brew December 2 2025
Summary: Little data, lots of nerves
Good morning,
Equities and Crypto: Rising yields in Japan and the US led to market volatility, ending a five-day winning streak for equities. The S&P 500 declined by 0.4%, the Nasdaq by 0.3%, and the Dow by 0.8%. Crypto-related stocks were among the largest decliners, with Coinbase down 4.89%, Bitfarms down 5.7%, and Strategy down 3.3% following weak guidance. Trading volumes were below average at 15.6 billion shares versus the typical 18.6 billion.
Fixed Income and FX: The US 10-year yield stands at 4.08%, while Japanese 2-year yields reached their highest level since 2008, surpassing 1%. The USD Index experienced significant swings, ranging from 99.40 to 99.43. Key currency pairs: EUR/USD at 1.1610, GBP/USD at 1.3210, and USD/JPY at 155.80.
Gold and silver remain strong, trading at 4,210 and 57.20, respectively, following substantial gains. Silver, in particular, broke through previous resistance to reach a record high near $58, driven by structural shortages, robust industrial demand, and increased investment flows. Year-to-date, silver is up 94%, platinum 90%, and copper 30%. Ongoing supply constraints, expectations of rate cuts, and persistent inflation continue to support metals prices. Recent drawdowns in London vaults have led to a sharp decline in available silver inventory.
Economic Data: The US ISM Manufacturing PMI fell to 48.2 in November, its lowest in four months, indicating deeper contraction. Supplier deliveries, new orders, and employment all declined, with companies focusing on maintaining headcount.
Central Banks and Policy: Bank of Japan Governor Kazuo Ueda signaled a potential rate hike at the December meeting. In the US, special envoy Steve Witkoff and Jared Kushner are scheduled to meet with Russian President Vladimir Putin to discuss possible resolutions to the Ukraine conflict.
Corporate News: Airbus has identified quality issues with fuselage panels on several A320-family aircraft, resulting in delivery delays.
Investor Insights: The current environment highlights the importance of disciplined investing. Approaching markets with a long-term perspective—treating investments as a wish list rather than a flash sale—can help navigate volatility. Sentiment remains sensitive to yield movements and the outlook for crypto assets.
Recent Reads:
The Saxo Weekly Market Compass - 1 December 2025
Secret Santa vs secret alpha: what shopping season teaches about investing discipline
Silver surges to fresh record highs as structural tightness meets macro tailwinds
- Upcoming Economic Events:
- Dec 2: EU Inflation; Marvell, Gitlab, Crowdstrike earnings
- Dec 3: International PMI; Kroger, Dollar General, TD Bank, Dollartree, Macy’s, Salesforce, Snowflake earnings
- Dec 4: US Initial Jobless Claims
- Dec 5: German Industrial Orders, EU GDP, US PCE (September), Victoria’s Secret earnings