Asset Insight

U.S. Job Market Rebounds in November Amid Economic Resilience

The U.S. economy added 227,000 nonfarm payroll jobs in November, surpassing expectations of 202,000 and recovering from a sluggish October impacted by hurricanes and labor strikes. The unemployment rate edged up slightly to 4.2%, while average hourly earnings grew by 0.4%, consistent with the previous month and exceeding forecasts. Key sectors like healthcare, hospitality, and government saw gains, while retail trade lost jobs. The Federal Reserve, which has been reducing interest rates since September, is expected to cut rates further this month. Fed Chair Jerome Powell highlighted the economy’s unexpected strength, with a robust labor market and slightly higher inflation supporting a cautious approach to monetary easing.

Bitcoin Breaks $100,000, Boosting Crypto Stocks Amid Pro-Crypto SEC Appointment

Bitcoin surged past $100,000 for the first time, reaching $104,000 after President-elect Donald Trump expressed support for cryptocurrencies and appointed Paul Atkins as the new SEC Chair, signaling a regulatory shift. The market responded positively, with crypto-related stocks like Riot Platforms, Coinbase, and MicroStrategy seeing significant gains. The appointment marks a departure from Gary Gensler’s stricter regulatory stance, which had followed fraud revelations in the crypto market in 2022. Broad optimism for digital assets drove notable stock price increases across the cryptocurrency sector.

Rebels Claim Control Over Damascus as Assad Regime Falters

Syrian rebel forces assert they have taken key positions in Damascus, claiming the capital has “militarily fallen” and suggesting President Bashar al-Assad has fled, though official sources deny this. The rebels report they are negotiating with senior regime officers considering defection and have also “fully liberated” Homs, following their capture of Aleppo last week. Scenes of residents tearing down Assad’s posters echo the pro-democracy protests of the Arab Spring, signaling a potential turning point in Syria’s ongoing conflict.

Citi Predicts Short-Term USD Dip Amid Central Bank Meetings

Citi analysts anticipate a temporary decline in the US dollar in December as multiple central banks, including the Fed, ECB, BoJ, and SNB, announce rate decisions. They expect markets to adjust to less hawkish outcomes than currently priced, particularly for the ECB and BoJ, which may lead to a slight USD pullback. However, Citi remains optimistic about the dollar’s long-term strength and suggests using any dips to build USD positions for early 2025. Key economic data, including US and Canadian labor reports, will be crucial in shaping market sentiment.

Majos Stock Indices

S&P 500: 6090

Dow Jones Industrial Average : 44 642

NASDAQ Composite: 19 859

Russell 2000: 2408