The US economy is in a paradoxical situation, with financial institutions claiming it is booming on 5.2% GDP growth while the Federal Reserve is signalling a possible rate cut as soon as May next year, indicating a downturn. Goldman Sachs predicts slowing growth and a 15% recession chance in 2024, even as real disposable income rises, while JP Morgan's CEO warns of recession risk due to inflationary factors. It is uncertain whether the Fed's cutting rates soon will enable a soft landing or if a recession is more likely.


The US stock market ended mixed on Monday, with the Dow Jones slightly lower and the S&P 500 and the Nasdaq falling more sharply as rising Treasury yields weighed on tech stocks ahead of the monthly jobs report. Some of the notable movers included Meta Platforms, which dropped after insider sales while Spotify surged on job cuts. Rockstar Games, owned by Take-two, announced its latest iteration of the massively popular GTA series, set to release in 2025. 


Gold prices rebounded on Tuesday after a sharp drop on Monday, as the dollar and Treasury yields weakened on reduced expectations of a U.S. interest rate cut in early 2024. The precious metal was also supported by strong demand from central banks and investors who sought a hedge against downside risks in the global economy. However, gold sales by the U.S. Mint were reported to have declined in November, despite the metal reaching a record high on Friday.


Oil prices swung near five-month lows on Tuesday due to mixed OPEC+ cuts, weak U.S. data, and Middle East tensions. OPEC+'s 2.2 million bpd cuts for Q1 2024 were seen as too small to balance the market as prices reacted negatively. Saudi Arabia backed the cuts, but Angola refused its quota. U.S. factory orders for October slowed down, hurting demand recovery, while Israel-Hamas and U.S.-Iran conflicts raised supply risks but did not affect Middle East exports yet.


Australian dollar falling sharply after the central bank kept rates unchanged and gave no clear guidance. The yen steadied above 147 as Tokyo inflation eased, while the yuan was flat despite positive services sector growth and state banks’ intervention.  The U.S. dollar rebounded ahead key jobs report, while bitcoin soared on hopes of crypto ETF regulatory approval. The euro slipped after German exports declined unexpectedly, raising doubts about Europe’s economic outlook.