The first full week of December is shaping up as rather busy, with such Tier 1 data in the US as the payrolls report, durable goods orders and trade balance. We also get UK PMI data and GDP, retail sales across the Euro Area, as well as central bank meetings including Australia RBA and BoC monetary policy meeting.
Key events per RanSquawk
The dollar jumped the most in two weeks, pushing Treasury yields as much as 6bps higher (before easing back) with US equity indexes primed for a another record-setting day after Senate Republicans approved a reduction in the corporate tax rate as part of a sweeping overhaul, giving a boost to President Donald Trump’s stimulus plans. The key market catalyst was the US Senate passing the tax reform bill through a vote of 51 vs 49 just before 2am on Saturday morning.
Authored by Soren Kern via The Gatestone Institute,
Whether it was the previously discussed unexpectedly bullish JPM report (which calculated that a mere $6bn in net capital inflows has pushed the crypto market cap to $330 billion), or just the latest unexplained burst of buying out of Asia with another weekend surge in volumes out of Japan and Korea, but last week's bitcoin mini meltdown and bear market are now long forgotten, and overnight the world's most popular cryptocurrency has soared again, up $750, or 7%, in the past 24 hours, last trading at a new all time high of $11,795, just $200 away from $12,000.
So to summarize - the former national security chief agrees to testify against the sitting president and The Dow drops 40pts...
China stocks were mixed with CHINEXT surging overnight but CSI300 ending at the lows (worst week in 2017)