The composite PMI remained broadly unchanged in November (52.4 compared to 52.5 in October), which is well above the neutral level of 50.

Market participants increased expectations that the Federal Reserve may maintain a hawkish stance on rates.

Circular deals, private debt, weakened balance sheets, and other trends in AI financing.

The euro slipped against the US dollar but found support near 1.15. Short-term rallies face resistance from the 50-day EMA and a downtrend line, while broader pressure favors the dollar.

Market fears of a dramatic yen-driven crisis are overstated—the real issue is a global dollar liquidity crunch, not a Japanese bond or sovereign crisis.

Growing evidence shows Trump-era tariffs are raising consumer prices, highlighted by the administration’s move to exempt hundreds of food products to ease costs.