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Global markets rallied into Thanksgiving week as hopes for Fed rate cuts supported a tech-led rebound. The S&P 500 and Nasdaq extended gains for a fourth day while the Dow lagged modestly. Volatility eased, AI and chip names led sector rotation, and energy was steadied by OPEC+ supply guidance and softer European gas prices.
A catastrophic high-rise fire in Hong Kong has left tens dead and hundreds unaccounted for, triggering criminal probes and massive insurance exposures. The city’s property market and developers face immediate fallout as sales and claims are paused.
83 — Latest reported death toll from the Hong Kong high-rise fire.
A brazen shooting near the White House that wounded National Guard members has become a national security flashpoint, with the FBI treating the incident as a potential act of terrorism. The attack is prompting immediate policy and force posture responses in Washington.
The White House and Homeland Security have tightened Afghan immigration procedures and suspended certain applications after the D.C. shooting, signaling a fast policy shift on asylum and vetting. The administration is also deploying more Guard personnel to the capital.
Boohoo rebounds: all brands return to profit, shares jump
Fast-fashion group Boohoo reports all brands back in profit and forecasts stronger earnings, a rare beat in retail and a lift for investor sentiment.
More on wsj.com
Goldman Sachs warns of mounting weakness in US labor data as layoffs rise, signalling potential softening in the jobs market. The Fed and markets are parsing the data for implications on the timing of rate cuts.
New MIT research estimates AI can already substitute a material share of US jobs, underlining the speed of automation risk across sectors. The findings feed debates about policy, retraining and the timeline for displacement.
Morgan Stanley fined €101m by Dutch prosecutor
Dutch authorities hit Morgan Stanley with a €101 million penalty for dividend tax evasion, a significant reputational and financial blow ahead of year-end reporting.
More on financialpost.com
OpenAI has severed ties with an analytics vendor and confirmed a security incident after a third-party leak exposed API user data, sparking fresh scrutiny of AI supply-chain security. The breach has prompted internal vendor reviews and regulatory attention.
US export restrictions and Chinese curbs are reshaping where AI training happens, with China’s largest AI customers blocked from using some Nvidia chips. Tech firms are moving training offshore to access critical hardware, complicating geopolitics and supply chains.
Recent moves: the U.K. unveiled tax hikes in its budget and delayed some worker protections; the U.S. tightened Afghan immigration processing after the D.C. shooting; regulators are probing AI vendors and exchange security after several breaches.
Deutsche Börse is seeking control of Allfunds in a potential €5.3bn deal, signalling consolidation in fund distribution and wealth-tech. Talks mark a major strategic move by the exchange to expand product and platform reach.
European governments have agreed to boost space spending and to fund capabilities that serve both civilian and military uses, reflecting a shift toward defence-oriented space programs. The ESA’s expanded budget targets satellites, surveillance and lunar ambitions.
“It is an act of terrorism.”
— FBI Director Kash Patel
Ottawa and Alberta struck a framework to unlock a coast-to-coast oil pipeline and carbon capture, but analysts warn the pact may not guarantee private builders or financing. The deal highlights Canada’s push to reconcile energy development and climate commitments.
Britain unveiled a tax-heavy budget that calmed markets but drew criticism for backloaded pain; commentators and think-tanks warn execution risks. The budget’s signal to bond markets and business confidence will be tested in coming months.
The SEC has opened inquiries into Jefferies’ disclosures around the collapsed First Brands, raising governance and underwriting questions. The probe adds to scrutiny of bank conduct in complex corporate failures.
South Korea’s Upbit exchange suffered a $37m Solana theft and halted withdrawals, spotlighting security risks in crypto custody. The hack roiled markets and renewed calls for tighter regulation of exchanges.
OPEC+ appears set to keep output steady into Q1 2026, a move that underpins oil prices amid geopolitical uncertainty. Energy markets are also reacting to easing European gas prices as peace-talk optimism shifts sanction expectations.
A global tech rebound has extended into Asia as AI stocks recover, while US markets continue a multi-day rally driven by rate-cut hopes. Investors remain watchful for catalysts from chips, AI and central bank signals.
Hardware makers warn of a looming memory-chip squeeze as AI-scale demand strains supply, lifting caution in PC and server makers. Dell’s earnings and market signals are being read as an early indicator for memory-cycle stress.
Apple’s iPhone 17 momentum has the company poised to regain the global smartphone crown after years trailing Samsung, reshaping supplier and retail dynamics. The shift matters for component demand and handset competition.
JPMorgan is planning major new real-estate moves in the U.K., including a vast new headquarters project that would reshape London’s office market. The bank’s expansion signals confidence in long-term demand for large corporate campuses in Europe.
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