The possibility of US inflation dropping to 2% next year is very small, but the Federal Reserve may still insist on a rate cut path.

The likelihood of US inflation falling to the Federal Reserve's annual target of 2% in 2025 is small, but this is unlikely to change the current interest rate cut path of the Federal Reserve.

Zhitong Finance18:00 ET

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

Overview of csi commodity equity index: Oil prices rise, geopolitical tensions intensify, gold prices increase, copper prices have fallen for eight consecutive weeks.

Crude oil prices rose due to escalating geopolitical tensions from Russia to Iran, while stock market strength increased the attractiveness of risk assets. Gold prices also received a boost in safe-haven demand, aiming to achieve the largest weekly gain since March last year. London copper is expected to set a record for the longest consecutive weekly decline since 2019, as the rising US dollar creates pressure on commodities priced in dollars. Crude oil: WTI rose more than 6% this week, with geopolitical tensions between Iran and Russia intensifying, leading to the increase in crude oil prices due to escalating geopolitical tensions from Russia to Iran, while stock market strength increased the attractiveness of risk assets. WTI rose by over 1%.

Global market report16:42 ET

New York exchange rate: Bloomberg usd index hits longest weekly consecutive increase in over a year, euro falls to two-year low.

Bloomberg's US Dollar Exchange Rate Index recorded its eighth consecutive weekly gain, marking the longest weekly gain in over a year. The euro fell to a two-year low as traders increased bets on a sharp rate cut by the European Central Bank next month. The Bloomberg Dollar Spot Index rose by 0.4%, with the Russia-Ukraine conflict stimulating demand for some safe-haven assets. The USD/CHF briefly rose 1% to an intraday high of 0.8957, with the euro weakness dragging down other European currency exchange rates. Mitsubishi UFJ Financial Group's strategist Derek Halpenny wrote that the recent strength of the US dollar is more driven by weakening economic growth prospects outside the USA. The euro/dollar briefly fell by 1.3%.

Global Market Broadcast15:56 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.

环球市场播报15:05 ET