Global financial markets experienced a strong risk-on environment, primarily driven by the near-certain market expectation of a Federal Reserve interest rate cut in December following severely adverse U.S. economic data. This conviction was supported by a substantial decline in the Consumer Confidence Index and a marginal reduction in the Atlanta Fed’s GDPNow estimate to 3.9%. As a result of this anticipated monetary easing, U.S., European, and Asian equity indices recorded gains, with the Dow Jones, S&P 500, and Nasdaq all closing higher. However, the dominant technology sector faced structural pressure as news that Meta Platforms was exploring rival chips led to a drop in Nvidia shares, challenging the company’s AI hardware monopoly. In commodity markets, the U.S. dollar weakened, allowing gold prices to surge to record highs amid geopolitical uncertainty, though crude oil futures showed signs of long-term bearishness due to oversupply forecasts. These sources also note key political factors, including the potential appointment of a politically sympathetic Federal Reserve Chair and a reported agreement on the core terms of a peace plan between Ukraine and Russia.