Overnight, Samsung Electronics’ shares jumped after South Korea’s largest company announced a surprise stock buyback plan. In Japan, Bank of Japan Governor Kazuo Ueda’s speech was less hawkish than market expectations. A December BoJ hike, from the current 0.25% to 0.5%, is still priced in, with the meeting scheduled for December 19.
Looking ahead to the week, the focus is domestic. The UK releases October CPI data on Wednesday, with economists expecting the annual inflation rate to rise to 2.2%, above the BoE's 2% target. On Tuesday, BoE Governor Andrew Bailey and several other officials will appear before Parliament's Treasury Committee to discuss inflation and the monetary policy outlook—a timely session given recent developments.
Bitcoin continues its rally, breaking above $90,000 last week and surging 30% since the November 5 U.S. election. On Friday, oil prices ended 2% lower, reflecting concerns over weakening demand from China and the potential for a slower pace of Fed rate cuts. Meanwhile, Nvidia's third-quarter earnings, due after the close on Wednesday, may provide a lift to market sentiment. This week’s data is relatively second-tier, with housing statistics and PMIs being the highlights.
Market-wise, Bitcoin rose 1.7% to $90,629.75, Ether gained 1.8% to $3,118.34, the yield on 10-year Treasuries was little changed at 4.44%, West Texas Intermediate crude edged up 0.1% to $67.10 a barrel, and spot gold rose 1.2% to $2,592.77 an ounce.
As for today, the Group of 20 Summit begins in Brazil, and European Union foreign ministers meet in Brussels.
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