The market awaits U.S. data, U.S. stock futures rise, silver retreats from a new high, offshore RMB hits a 14-month high.

Boosted by the overnight rebound in U.S. stocks, global stock markets have stabilized, and the temporary selling pressure in the bond and cryptocurrency markets has eased. Overall market sentiment remains cautious ahead of interest rate decisions from the Federal Reserve and the Bank of Japan.

On December 3, U.S. stock futures collectively rose, while European and Asian stocks showed mixed movements; the U.S. dollar slightly retreated, U.S. Treasuries stabilized, and cryptocurrencies rebounded. In commodities, oil prices climbed, gold prices held steady, and silver slipped after hitting a record high.

With key economic data releases approaching, markets are highly cautious. The U.S. will release the November ADP private sector employment report, September import price index, and industrial production data on Wednesday night. Additionally, the previously postponed September Personal Consumption Expenditure (PCE) price index will be released on Friday.

Meanwhile, Trump’s hints regarding the next Fed Chair, combined with internal disagreements among Fed officials over the rate path, have further increased uncertainty about policy prospects.

Nick Twidale, Chief Analyst at AT Global Markets Sydney, stated:

“U.S. data in the coming days could cast a shadow over highly anticipated Fed rate expectations. Given the market's current strong dovish bias, any unexpectedly positive data could spark a short-term pullback and pose risks to the market.”

Core market movements are as follows:

U.S. stock index futures collectively rose: S&P 500 futures up nearly 0.2%, Nasdaq 100 futures up 0.18%, Dow Jones futures up 0.2%Euro Stoxx 50 index opened up 0.4%; Germany’s DAX up 0.3%; UK FTSE 100 flat; France’s CAC 40 flatNikkei 225 closed up 1.1% at 49,864.68 points; TOPIX closed down 0.2% at 3,334.32 points; Korea’s KOSPI closed up 1% at 4,036.30The yield on 10-year U.S. Treasuries fell by 1 basis point to 4.08%; The yield on 10-year Japanese government bonds rose 3 basis points to 1.885%, the highest since June 2008.U.S. dollar index down more than 0.2% to 99.1; Japanese yen up 0.2% against the dollar at 155.54; Indian rupee broke past the key 90 per U.S. dollar psychological barrier; Offshore yuan rallied 84 points to 7.0585 per dollar after midday, the highest since October 9th, 2024Spot silver fell more than 0.9% to $57.9/oz; spot gold almost unchanged; WTI crude oil up over 0.4% to $58.9/barrelBitcoin rose 2.5% to $93,892.01; Ethereum rose 2.8% to $3,081.45

The three major U.S. stock index futures are up nearly 0.2%. Chen Hebei, analyst at Melbourne Vantage Markets, said: “The current market outlook remains uncertain and is insufficient to trigger a full-scale rally. The upcoming U.S. Personal Consumption Expenditure (PCE) data, which can strongly impact market direction, and a series of dense central bank meetings are making traders uneasy. With many key signals yet to be released, investors for now prefer a conservative strategy rather than chasing risk.”

After hitting a record high early in the session, silver pulled back as traders adjusted positions amid tight supply and rate cut expectations.

WTI crude prices edged up as traders weighed the possibility of easing in the Russia-Ukraine situation. High-level talks between the U.S. and Russia have shown potential signals, but attacks on Russian energy facilities continue.

Cryptocurrency trading remains active. Bitcoin has risen for the second straight day, stabilized above $93,000, and continued its rebound momentum since Monday’s sell-off.

The Indian rupee once fell 0.5% to 90.2813 against the dollar, hitting a new record low. According to Wallstreetcn, amid uncertain prospects for U.S.-India trade talks and capital outflow pressure, the INR/USD exchange rate has historically breached the key 90 threshold. Although the Reserve Bank of India has intervened, the rupee's bearish trend is hard to reverse in the face of increasing trade deficits and market pessimism, potentially affecting its monetary policy outlook.

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