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� The US edged higher, albeit in more caution.
� Treasuries stable, volatility declining and a lack of economic data or Fed speakers to dampen hopes of a rate cut next week.
� AI debate continues to rage with latest OpenAI comments regarding a �code red� getting much attention in the session, but ultimately nothing thesis changing and the market remained be better to buy of tech from long only community.
� PG and WMT cautious comments weighing on staples and another session supporting the �K shaped recovery� view.
� Tech, Industrials and Comm Services outperformed, while Energy, Materials and Staples lagged.
� It�s a mixed Asian session, Japan is taking the lead with SK following solid/revised GDP nr.
� That said looking under the hood and away from AI hardware exports, SK is still struggling to fire up consumer spending.
� Aussie GDP missed and that�s dragging the AUD lower.
� Some �useful' US/Russia talks.
� The greenback has lost some ground vs most majors and EMFX in early trade � ZAR c17.10.
� Yields are lower this morning: US2y 3.49/US10y 4.07.
� Commodities are better bid, albeit in muted moves � base metals are the best performing with precious following suit.
� Silver rose to a record.
� Bitcoin extended its rebound
� The rand is stronger this morning, at R17.08/$, after closing weaker yesterday (R17.13/$*).
Key events and data:
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� 09h15: SA S&P Global industry-wide PMI (November)
� 11h00: Eurozone HCOB services and composite PMI (November � final)
� 11h30: UK S&P Global services and composite PMI (November � final)
� 12h00: Eurozone PPI (October)
� 14h00: US MBA mortgage applications (28 November)
� 15h15: US ADP employment report (November)
� 16h15: US industrial production (September), capacity utilisation (September), manufacturing production (September)
� 16h45: US S&P Global services and composite PMI (November � final)
� 17h00: US ISM services PMI (November)
� SA BER business confidence index (Q4:25)
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