Overnight news: US stocks closed higher, Dow hit a new high, escalation of Russia-Ukraine conflict boosted oil prices, Tesla is preparing for the Cybertruck to enter the China market

For more global financial news, please visit the 7×24 hours real-time financial news market close: The Dow Jones closed over 400 points higher, setting a new historical high. All three major indices recorded gains this week. On November 22, the top 20 transactions in the US stock market: It is reported that Tesla is preparing for the Cybertruck's entry into the china market. On Friday, china concept stocks showed mixed results, with WeRide rising 9.2% and pdd holdings falling 3.9%. The crude oil in the usa rose 6.5% this week, while the escalation of the Russia-Ukraine conflict pushed oil prices higher. Spot gold rose 5.7% in five days, regaining the $2,700 mark. European stocks all closed higher, with Germany's DAX 30 index up 0.84%. Macro.

Global Market Report17:31 ET

European Central Bank rate cut bets surge, Euro falls to lowest level since 2022.

The euro fell to its lowest level in two years, with traders betting that the European Central Bank will have to cut interest rates significantly to boost the local economy. Data on Friday showed that the business activities of the two largest economies in the euro area shrank more than expected, causing the euro to fall more than 1% against the dollar to touch a low of 1.0335 since November 2022. The market's implied probability of a 50 basis points rate cut by the European Central Bank next month has surged from around 15% on Thursday to over 50%. "This report does make a 50 basis points rate cut a possibility," said Matthew Landon, global market strategist at JPMorgan Private Bank, adding that shorting the euro is.

Global market report.16:55 ET

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Kevin Travers16:17 ET

Viewpoint Summary: jpmorgan expects oversupply of oil next year. ECB officials discuss interest rate prospects.

European Central Bank officials expressed different opinions on the interest rate outlook. Vice President Guindos believes that the path is more important than the magnitude of the cuts. Governing Council member Villeroy stated confidence in achieving inflation targets, while Council member Centeno pointed out that if risks materialize, larger rate cuts could be considered. jpmorgan expects that even if OPEC+ extends production cuts, the oil market will still face a significant oversupply. The Vice President of the European Central Bank stated that the path of interest rate cuts is more important than the magnitude of the cuts. Luis de Guindos emphasized that the central bank is clearly on the path of rate cuts, but the magnitude of the cuts at each monetary policy meeting has not been substantial.

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