🌅 Morning Update (25.11.2025) 🇺🇸 Wall Street bounced back strongly yesterday. The Nasdaq jumped by 2.69%, the S&P 500 gained 1.55%, and the Dow Jones added 1.4% as expectations of a December Fed rate cut continued to rise. Recent comments from Daly, Waller, and Williams pointed to growing confidence in a cut, although the final decision will depend on inflation, labour market data and industrial activity. Markets now price in roughly a 70–75% chance of easing next month, supporting sentiment across equities and risk assets. 🇯🇵🇺🇸 Takaichi and Trump are expected to discuss Trump’s recent conversation with Xi amid rising tensions around Taiwan. 🇺🇦🇺🇸 The White House described talks with Ukraine as productive, while the European Commission plans to send a team to Washington for further discussions. 🇨🇳🇷🇺 Xi announced a tightening of China’s energy partnership with Russia, with both sides exploring expanded oil exports in response to US sanctions. Oil prices are stabilising near $58.5 per barrel. 🌏 Asian markets followed Wall Street’s momentum. Nikkei 225 rose 0.14%, Hang Seng climbed 1.2%, Shanghai Composite added 1.1%, while Australia’s S&P/ASX 200 dipped slightly by 0.1%. 🇰🇷 Bank of Korea kept rates at 2.50%, but a weak won and property-sector risks may delay cuts until early 2026. 🇨🇳 PBoC set the USD/CNY midpoint at 7.0826, stronger than expected. 💱 FX market: the dollar strengthened against the yen but eased slightly against the euro and the pound. 🥇 Commodities: gold trades near $4,140, silver around $51.4 per ounce. 💹 Crypto: sentiment improved as expectations of a December Fed cut grew. Bitcoin trades around $87,975, Ethereum near $2,915. 🤖 Tech: Alphabet is expanding in the AI-chip segment with new TPU models and may challenge Nvidia’s dominance.