December 3, 2025 — U.S. equities opened higher across the board, with the Nasdaq up 0.45%. The U.S. dollar index was flat at 99.40, while the yen weakened to 155.76 per dollar. Spot gold slipped more than 1%, breaking below $4,190 per ounce. Bitcoin rebounded 1.2% to $87,457, ending its recent losing streak.

Key Market Moves & Fundamental Analysis

1. U.S. Equities: Tech Stocks Lead Gains; Chinese ADRs Mixed

The S&P 500 rose 0.27% to 6,830.96, the Dow climbed 0.27% to 47,416.91, and the Nasdaq gained 0.45% to 23,379.75.

Faits saillants du secteur :

Semiconductors advanced (Nvidia up nearly 3%), with AI-related names following higher.

Chinese ADRs were mixed: Pony.ai up 3.3%, Alibaba down 1.69%, Xpeng Motors down 4.33%.

Market drivers:

Easing policy expectations: The probability of a Fed rate cut in December rose to 85%, easing valuation pressures.

Soft macro data: November ISM Manufacturing PMI fell to 48.2, reinforcing the need for monetary easing.

2. FX Market: Yen Pulls Back; U.S. Treasury Yields Edge Higher

The U.S. dollar index held at 99.40, while EUR/USD slipped slightly to 1.1605.

The yen weakened to 155.76 per dollar as recent BoJ tightening expectations saw short-term profit-taking.

Key developments:

Strong JGB auction: 10-year JGB yields fell to 1.855%, with robust demand capping yen strength.

Fed in wait-and-see mode: Markets await Friday’s PCE data and the December FOMC meeting.

3. Precious Metals: Technical Pullback in Gold; Silver Retreats from Overbought Levels

Spot gold fell 1%, dipping below $4,190, while silver declined 1.2% to $57.27.

Technical pressure:

Silver’s RSI signaled overbought conditions, triggering short-term profit-taking.

Fundamental support remains:

Central bank buying: The PBoC increased gold reserves for the 12th consecutive month, total holdings surpassing 74.09 million ounces.

Geopolitical tensions: Stalemate in Russia–Ukraine talks and Middle East conflict continues to provide long-term safe-haven support.

4. Cryptocurrency: Bitcoin Rebounds as Leverage Pressure Eases

Major tokens moved higher, with Bitcoin up 1.2% to $87,457 and Ethereum rising 1.2%.

Market sentiment improves:

The prior day saw $985 million in total liquidations (90% long positions), and short covering helped fuel the rebound.

Institutional demand stable: Coinbase registered $120 million in net institutional inflows.

5. Crude Oil: Supply Risks vs. Weak Demand Outlook

WTI crude hovered at $59.4 per barrel, with Brent at $63.3.

Bull and bear forces:

Supply risks: CPC pipeline disruptions in the Black Sea and escalating U.S.–Venezuela tensions.

Demand headwinds: Weak global PMIs, steady OPEC+ output cuts, and a larger-than-expected EIA inventory build of 2.8 million barrels.

L'objectif du jour

U.S. November ADP Employment Report

Eurozone November Services PMI (final)

Eurozone October PPI (MoM)

Australia Q3 GDP (YoY)