� The US extended their pre-thanksgiving rally with broad based gains across indices as renewed rate cut hopes and broader AI strength kept risk appetite firm fuelling momentum outperformance.
� Fed Beige book had minimal effect on markets signalling little change across growth, labour market and price-pressures.
� Fed enter a blackout period until 10-Dec decision.
� Momentum > Growth > Value. LO better to buy vs.
� HFs better for sale.
� Tech, Materials and Utilities led.
� CommServs, Healthcare and Industrials lagged.
� AsiaPac for the most part, extended gains � Japan leading the move.
� China property space in focus again after China Vanke proposed delaying repayment on a local bond � shares and dollar notes are lower.
� The Fed cut is now pretty much baked in and they enter a blackout period until 10-Dec decision.
� The greenback retreated further, albeit only slightly � ZAR c17.11.
� No trade in treasuries given that its Turkey Day.
� Over in commods, oil edged lower as investors tracked US-led efforts to end the war in Ukraine, while looking ahead to an OPEC+ gathering this weekend.
� Gold is slightly lower while plat is the clear outperformer.
� The rand is weaker this morning, at R17.11/$, after closing stronger yesterday (R17.10/$*).
Key events and data:
� 11h00: Eurozone M3 money supply (October)
� 11h30: SA PPI (October)
� 12h00: Eurozone consumer confidence (November � final), economic confidence (November)
� 14h30: Eurozone ECB MPC meeting minutes (30 October)
� US holiday - Thanksgiving