🌅 Morning Update | 15 December 2025 📈 Futures on major European and US equity indices are opening the week with a mild rebound (US500 +0.2%, EU50 +0.25%), partially recovering after Friday’s pullback linked to weak Oracle results and renewed doubts over the sustainability of the AI rally. Market sentiment is supported by a revived “less-hawkish Fed in 2026” narrative. 🏛 Donald Trump stated that US inflation has been “completely neutralised” and suggested that the future composition of the Fed should push interest rates lower. Meanwhile, Kevin Hassett, White House chief economic adviser and a leading candidate for Fed chair, reassured markets that the FOMC would retain full independence, stressing that he would not factor Trump’s views into rate decisions. 🌏 Asia-Pacific markets extended losses from Friday’s Wall Street session, pressured further by weak data from China. Chinese equities (CHN.cash) are the main laggard (-0.5%), with declines also seen in Hong Kong (HK.cash -0.1%) and Australia (AU200.cash -0.1%). Japan stands out, with the Nikkei (JP225 +0.3%) supported by stronger Tankan business sentiment and lower exposure to tech stocks. 🇨🇳 China’s November data pointed to a deepening slowdown. Retail sales rose just 1.3% y/y versus 2.8% expected, industrial production grew 4.8% versus 5%, while fixed-asset investment fell 2.6%, extending October’s decline. The property slump and weak consumer confidence remain key drags, while the auto sector was hit after local governments paused trade-in subsidies. 🇳🇿 In New Zealand, rates are likely to stay at 2.25% for an extended period if the economy evolves as projected, according to RBNZ Governor Anna Breman. 💱 In FX markets, the standout move is a rebound in the yen (USDJPY, EURJPY -0.55%) as Japan heads toward a potential rate hike later this week. The US dollar index (USDIDX) is down 0.05% amid diverging global policy expectations