Morning wrap (12.11.2025)

Wall Street had a mixed session yesterday, as a 3% drop in Nvidia shares shifted capital toward more traditional companies. The Dow Jones gained nearly 1.2%, reaching a new all-time high, while the Nasdaq closed lower (-0.3%).

Currently, futures on key indices are trading higher, supported by expectations surrounding a U.S. House vote on a bill that could end the record-long government shutdown (US100: +0.3%, US500: +0.2%, EU50: +0.1%).

The latest weekly ADP data showed an average decline of 11,250 jobs per week over the past four weeks, despite a positive reading two weeks ago (+14,250).

In the Asia-Pacific region, sentiment remains mixed. HK.cash and CNH.cash are up about 0.35–0.4%, supported by a rebound in tech stocks and optimism in cyclical sectors. JP225, however, is trading lower, weighed down by a sell-off in SoftBank shares after it sold its stake in Nvidia.

Brent and WTI crude futures are down about 0.3% after most Indian refiners halted Russian oil purchases for December following U.S. sanctions on Rosneft and Lukoil. Only IOC and Rosneft-partly-owned Nayara Energy placed orders. IOC bought 3.5 million barrels from non-sanctioned suppliers and plans to replace Russian supplies with imports from the Middle East and the U.S.

According to A. Hauser of the RBA, the central bank is still debating how restrictive monetary policy should remain amid Australia’s recent inflation rebound. However, Hauser softened the hawkish tone, noting that “there is no level of unemployment that would make the RBA pleased.”

In the forex market, the dollar index is flat after yesterday’s 0.2% decline; the Japanese yen continues to weaken against, with USDJPY approaching the psychological 155 level, raising concerns about potential currency intervention. The AUD remains the strongest G10 currency, supported by a hawkish RBA and rising risk appetite (AUDUSD: +0.17%). EURUSD is slightly lower after yesterday’s 0.25% rise, currently at 1.158.

Gold is erasing yesterday’s gains, down 0.25% to $4,116 per ounce, while silver is up another 0.5% to $51.53 per ounce.

Optimism dominates the cryptocurrency market: Bitcoin is up 0.47% to $103,570, and Ethereum rises 0.5% to $3,452.