European markets move lower but the Stoxx 600 is on track to notch its best year since 2021. Oil prices rise and gold hits a new record high as the U.S. navy pursues a suspected third ‘dark fleet’ tanker near the Venezuelan coast. In Miami, U.S. officials hail ‘productive’ peace talks between Russia and Ukraine but negotiations show no signs of breaking the impasse.

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The BoJ hikes interest rates to levels not seen for 30 years, causing yields to spike to multi-decade highs. Governor Kazuo Ueda says the central bank will continue to tighten should the economy move in line with forecasts. After a 16-hour summit, European Union leaders have agreed on a €90bn loan to Ukraine after failing in negotiations to unfreeze Russian assets. Nike scores a top and bottom line beat but the results are marred by poor sales in China, dragging the sports apparel giant’s shares down.

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BP ousts its CEO Murray Auchincloss overnight following investor frustration with net zero strategy and share under-performance. He is replaced by Woodside Petroleum’s Meg O’Neill who becomes the oil major’s fourth boss in six years. EU leaders gather in Brussels at a crucial summit to decide funding for Ukraine. And European investors await ‘Super Thursday’ with central banks’ rates decisions expected from the ECB, Riksbank, Norgesbank and BoE later today.

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European futures pint to the green and the UK government is buoyed by the November CPI year-on-year print which came in 0.3 per cent lower than expected. The services CPI is down 0.2 per cent, beating expectations for the month. CNBC sources have learned that Open AI is in talks with Amazon over a potential tie-up worth more than $10bn following Sam Altman’s negotiations with Microsoft which allows the firm to reach across the tech sector. Crude prices edge higher after President Trump’s classification of the Maduro regime in Venezuela a foreign terrorist organisation as well as ordering of a blockade of sanctioned oil tankers. The Venezuelan government says the move is in breach of international law.

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The A.I. stock sell-off continues with U.S. futures suggesting a day in the red. Investors now await the U.S. jobs report later today. President Trump signals that a Ukraine peace deal is ‘closer now than we have been, ever’ causing European defence stocks to tumble. However, any breakthrough on Ukrainian territorial issues remains a major sticking point. In crypto news, Bitcoin claws back some ground lost after sinking below the $86k-mark in yesterday’s session – its lowest level of the year.

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European markets are set to open in the green following Friday’s A.I.-led stock sell-off ahead of a variety of data prints and rate decisions later in the week. Ukraine abandons demands for NATO membership with peace talks continuing in Berlin. Security is increased at Hannukah events worldwide following the massacre of 15 people by two I.S.-inspired gunmen on Bondi Beach, Sydney yesterday.

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UK GDP data for October disappoints coming in at -0.1 per cent month on month with services output falling by 0.3 per cent. Oracle shares tumble to their lowest level since January as investors show their concern over the company’s A.I.-related splurge but global markets reached new record highs during yesterday’s session with the S&P 500 breaking through the 6,900-point mark for the first time. Disney and Open A.I. join forces in a $1bn deal with the entertainment giant licensing its characters to feature in the Sora video creation app.

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The Fed delivers a rate cut - but the most significant dissent in six years, and division over the policy outlook, reveal a split within the central bank. Nasdaq futures falter as Oracle's data centre spend surges, sending the stock down by double-digit percentage points in extended trade - as Norway's Sovereign Wealth fund shows caution on investing in the infrastructure. Bitcoin slips, briefly dipping below $90,000 and extending a fourth quarter downturn as traders brace for a potential crypto winner. 

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Markets fully price in a 25-basis point cut at today’s Federal Reserve meeting, while deep divisions within the central bank put investors on edge about the potential for easing next year. Chinese consumer prices rise at their fastest level in two years, but factory gate prices remain in deflation territory for the 38th month in a row. Donald Trump condemns European leaders as ‘weak’ and says they ‘don’t know what to do’.

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The Federal Reserve is deeply divided over its December rate decision as hawkish commentary around the FOMC’s two-day meeting causes jitters among investors. President Trump is set to authorise exports of Nvidia’s H200 chip to ‘approved’ customers in China with 25 per cent of sales to be paid to the U.S. government as part of the agreement. Paramount has launched a last-minute $100bn offer for Warner Brothers Discovery in an attempt to thwart Netflix’s acquisition. Paramount CEO David Ellison says a deal with Neflix could potentially destroy Hollywood.  

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