{"id":3298,"date":"2025-12-02T16:14:07","date_gmt":"2025-12-02T05:14:07","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3298"},"modified":"2025-12-23T19:31:51","modified_gmt":"2025-12-23T08:31:51","slug":"2025121en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/pt\/2025\/12\/02\/2025121en\/","title":{"rendered":"Amillex Daily Market Commentary: Risk-Off Sentiment Rises at the Start of December; U.S. Equity Futures Fall, Silver Breaks Above $57, Yen Surges, Bitcoin Drops Below $86,000"},"content":{"rendered":"
\n

December 2, 2025 \u2014 U.S. equity futures fell across the board on Monday, with Nasdaq futures down 0.9%. USD\/JPY tumbled 0.7% to 155.06. Spot silver surged above $57\/oz to a new all-time high. Bitcoin plunged 6%, falling below $86,000. Crude oil gained more than 2%.<\/h2>\n\n\n\n

I. Key Market Moves & Fundamental Analysis<\/h2>\n\n\n\n

1. U.S. Equities: Tech Leads Declines as a Data Vacuum Amplifies Volatility<\/h2>\n\n\n\n

S&P 500 futures \u20130.7%, Nasdaq 100 futures \u20130.9%, Dow futures also lower.<\/h2>\n\n\n\n

Pre-market moves: Nvidia \u20131%+, Tesla, Google, and Apple down nearly 1%.<\/h2>\n\n\n\n

Drivers:<\/h2>\n\n\n\n

Cluster of risk events:<\/h2>\n\n\n\n

Former President Trump said he has chosen the next Fed Chair (rumored to be Kevin Hassett), raising policy uncertainty.<\/h2>\n\n\n\n

Caution ahead of key data:<\/h2>\n\n\n\n

Markets are awaiting ISM Manufacturing PMI (Dec 1) and nonfarm payrolls. Risk-off sentiment is weighing on valuations.<\/h2>\n\n\n\n

2. FX Market: Yen Posts Biggest Rise in Seven Weeks as BOJ Rate-Hike Bets Jump<\/h2>\n\n\n\n

USD\/JPY dropped 0.7% to 155.06, the biggest one-day decline since October 10.<\/h2>\n\n\n\n

Dollar index edged up 0.12% to 99.44; EUR\/USD flat at 1.1601.<\/h2>\n\n\n\n

Policy backdrop:<\/h2>\n\n\n\n

BOJ pivot: Governor Kazuo Ueda said the Bank will \u201cweigh the pros and cons of a rate hike,\u201d pushing December rate-hike odds to 64%.<\/h2>\n\n\n\n

Narrowing U.S.\u2013Japan yield gap: Japan\u2019s 20-year JGB yield jumped to 2.88%, the highest since 1999, dampening carry trades.<\/h2>\n\n\n\n

3. Precious Metals & Commodities: Silver Hits Record High; Oil Rebalances on Supply Signals<\/h2>\n\n\n\n

Silver:<\/h2>\n\n\n\n

Spot silver +1% to $57\/oz; COMEX silver futures soared 6.06%.<\/h2>\n\n\n\n

Supply\u2013demand dynamics:<\/h2>\n\n\n\n

Surging solar-PV demand plus global inventories at decade lows; leasing rates spiking reflect severe tightness in physical supply.<\/h2>\n\n\n\n

Gold & Crude:<\/h2>\n\n\n\n

Spot gold steadied at $4,241 amid expectations of declining real rates.<\/h2>\n\n\n\n

Brent crude +2% to $63.80\/bbl as OPEC+ confirmed suspension of production increases in Q1.<\/h2>\n\n\n\n

Industrial metals:<\/h2>\n\n\n\n

COMEX copper +1% to $532.55\/lb, supported by China\u2019s manufacturing PMI rebounding to 49.2%, improving demand expectations.<\/h2>\n\n\n\n

4. Crypto: Bitcoin Plunges 6% as Long Leverage Unwinds<\/h2>\n\n\n\n

Bitcoin \u20135.4% to $86,214; Ethereum \u20136.5% to $2,825.<\/h2>\n\n\n\n

Pressure points:<\/h2>\n\n\n\n

Regulatory tightening:<\/h2>\n\n\n\n

PBoC reiterated crackdowns on illegal crypto-related financial activities; U.S. SEC intensified scrutiny of stablecoins.<\/h2>\n\n\n\n

On-chain stress:<\/h2>\n\n\n\n

Total weekly liquidations exceeded $12 billion, amplifying panic selling.<\/h2>\n\n\n\n

5. Bond Market: JGB Yields Surge; U.S. Curve Steepens<\/h2>\n\n\n\n

Japan: 10-year JGB yield rose 7 bps to 1.87%; 2-year JGB yield hit a new high since 2008.<\/h2>\n\n\n\n

U.S.: 10-year Treasury yield rose 2.7 bps to 4.046%, with rate-hike expectations weighing on bonds.<\/h2>\n\n\n\n

Today\u2019s focus<\/h2>\n\n\n\n

Fed Chair Jerome Powell speech<\/h2>\n\n\n\n

Global PMI releases:<\/h2>\n\n\n\n

U.S. ISM Manufacturing PMI for November \u2014 a print below 48.0 would reinforce the rate-cut narrative.<\/h2>\n\n\n\n

Eurozone Manufacturing PMI final print \u2014 watch divergence between Germany and France.<\/h2>\n\n\n\n

China liquidity operations:<\/h2>\n\n\n\n

CNY 302.1 billion in 7-day reverse repos maturing today; markets to monitor PBOC\u2019s operation rhythm.<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"

December 2, 2025 \u2014 U.S. equity futures fell across the board on Monday, with Nasdaq futures down 0.9%. USD\/JPY tumbled 0.7% to 155.06. Spot silver surged above $57\/oz to a new all-time high. Bitcoin plunged 6%, falling below $86,000. Crude oil gained more than 2%. I. Key Market Moves & Fundamental Analysis 1. U.S. Equities: […]<\/p>\n","protected":false},"author":4,"featured_media":3299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/posts\/3298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/comments?post=3298"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/posts\/3298\/revisions"}],"predecessor-version":[{"id":3300,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/posts\/3298\/revisions\/3300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/media\/3299"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/media?parent=3298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/categories?post=3298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/pt\/wp-json\/wp\/v2\/tags?post=3298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}