Market Commentary - Foreign Markets
03-Dec-2025 09:53
Wall Street Closes Higher Amid Risk-On Rebound
Wall Street's gains were driven by a rebound in risk assets, with Bitcoin surging more than 6% and Nvidia advancing, which helped lift semiconductor and computer hardware stocks while defensives like gold, natural gas and oil producers lagged. Sector-wise, semiconductors and computer hardware outperformed, while airlines and telecoms also showed notable strength, pointing to a pro‑cyclical, risk‑on tone despite only moderate overall buying interest.
Traders were cautious ahead of key U.S. data, including the ADP November private payrolls report, where expectations are for a smaller 10,000 job gain after October's 42,000 increase, along with upcoming releases on services activity, personal income and spending, and consumer sentiment. These indicators, together with an 89.4% implied probability of another quarter‑point Fed rate cut next week from futures pricing, are central to shaping the interest‑rate outlook and sustaining the current risk appetite.
Asia-Pacific stocks moved mostly higher. South Korea's Kospi surged by 1.9% while Hong Kong's Hang Seng Index edged up by 0.2% and Japan's Nikkei 225 Index closed just above the unchanged line. The major European markets turned mixed over the course of the session. While the German DAX Index climbed by 0.5%, the U.K.'s FTSE 100 Index closed marginally lower and the French CAC 40 Index dipped by 0.3%.
In the bond market, treasuries moved slightly higher as the day progressed after seeing early weakness. As a result, the yield on the benchmark ten-year note which moves opposite of its price, edged down by 1 bpt to 4.08%.
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