Economic Outlook - The FOMC raised its 2025 GDP estimate to 1.7% from 1.6% and its 2026 GDP estimate to 2.3% from 1.8% [1] - The FOMC cut its 2025 core PCE price estimate to 3.0% from 3.1% and its 2026 core PCE price estimate to 2.5% from 2.6% [1] Interest Rate Decisions - The FOMC cut the fed funds target range by 25 basis points to 3.50%-3.75% in a 9-3 vote, indicating potential future adjustments to interest rates [2] - The median forecast for the fed funds rate is projected at 3.375% for the end of 2026, suggesting one 25 basis point rate cut next year [1][2] Currency Market Reactions - The dollar index fell to a 6-week low, down by -0.63%, following the FOMC's rate cut [4] - The euro rallied to a 1.75-month high, up by +0.54%, amid a weaker dollar and supportive comments from ECB officials [7] - The yen rose by -0.55% against the dollar, supported by Japan's producer prices remaining above 2% [9] Central Bank Policies - The Fed will begin purchasing $40 billion in Treasury bills per month starting December 12 to rebuild reserves [5] - ECB President Lagarde indicated that the ECB will likely raise its economic growth forecasts, reflecting a more optimistic outlook [8] - The markets are pricing in an 82% chance of a BOJ rate hike at the next policy meeting on December 19 [10] Precious Metals Market - February COMEX gold closed down -11.50 (-0.27%), while March COMEX silver closed up +0.189 (+0.31%) [11] - Weaker dollar and FOMC's rate cut were bullish factors for precious metals [12] - Strong central bank demand for gold is supportive of prices, with China's PBOC reserves increasing by +30,000 ounces [14]

Core Viewpoint - Major lenders in Hong Kong, including HSBC, Standard Chartered, and Bank of China (Hong Kong), have maintained their prime lending and savings rates despite a recent cut in the base rate by the Hong Kong Monetary Authority (HKMA) [1][2][3]. Group 1: Prime Lending Rates - HSBC and its subsidiary Hang Seng Bank, along with Bank of China (Hong Kong), have kept their prime lending rate at 5 per cent [3]. - Standard Chartered, Bank of East Asia (BEA), and Shanghai Commercial Bank have maintained their lending rate at 5.25 per cent [3]. - Analysts indicate that banks are reluctant to lower lending rates further due to already low savings rates, which could impact profitability [2][7]. Group 2: Savings Rates - HSBC, Hang Seng, BEA, and Bank of China (Hong Kong) have set their Hong Kong dollar savings rate at 0.001 per cent per annum, offering no interest for deposits below HK$5,000 (approximately US$641) [5]. - Standard Chartered has maintained a 0.001 per cent savings rate on deposits of HK$1 or more, while Shanghai Commercial Bank has the same rate for deposits of HK$10,000 or more [5]. - HSBC has also reduced its US dollar savings rate by 12.4 basis points to 0.001 per cent, aligning it with the Hong Kong dollar rate [6]. Group 3: Market Context - The HKMA has cut its base interest rate for the third time in three months, reducing it by a quarter of a percentage point to 4 per cent [8]. - This rate cut follows a similar reduction by the US Federal Reserve, which lowered its target rate to a range of 3.5 per cent to 3.75 per cent [8].

Group 1 - Gold futures opened at $4,228.10 per troy ounce, down 0.4% from the previous closing price of $4,243 [1] - Analysts expect a quarter-point rate reduction from the U.S. central bank, with a 89.6% probability that the target rate will be lowered to a range of 3.50% to 3.75% [1][2] - The last PCE inflation report indicated a rise in prices by 2.8% in September, up from 2.6% in June and July, raising concerns about reducing rates while inflation remains above the Fed's 2% target [2] Group 2 - The price of gold has shown significant gains, with a one-year increase of 63.4% [4] - Gold futures prices have increased by 0.2% over the past week, 6.2% over the past month, and 61.4% over the past year [9] - Lower interest rates make gold more attractive compared to cash yields, potentially increasing demand for gold [3] Group 3 - Factors influencing gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production [13]

Asian shares are mixed after U.S. stocks held steadier as both bond yields and bitcoin stabilizedA person on a bicycle waits in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Dec. 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)BANGKOK -- Asian shares were mixed Wednesday after stocks on Wall Street held steadier as both bond yields and bitcoin stabilized.U.S. futures rose and oil prices edged higher. Tokyo's Nikkei 225 jumped 1.1% to 49,864.68 on big gains for tech ...

Core Insights - The Nykredit Group has completed bond sales related to the interest rate adjustment for adjustable-rate mortgage loans to public housing, with loan rates set to be reset on January 1, 2026 [1][2]. Group 1: Interest Rate Adjustment - The interest rate adjustment for housing associations with a 30-year annuity loan has resulted in a cash loan rate of 2.60% [2]. - The loans are amortising and funded by government-guaranteed covered bonds (SDOs) issued through Capital Centre J [1]. Group 2: Additional Information - Detailed information regarding the auction results can be found on nykredit.dk, while bond sales information is available at nykredit.com/ir [2]. - Enquiries can be directed to Morten Søby Willendrup from Group Treasury or Corporate Communications for further details [2].

Core Insights - The Nykredit Group has completed bond sales related to the interest rate adjustment for adjustable-rate mortgage loans to public housing, with loan rates set to be reset on January 1, 2026 [1][2]. Group 1: Interest Rate Adjustment - The interest rate adjustment for housing associations with a 30-year annuity loan has resulted in a cash loan rate of 2.60% [2]. - The loans are amortising and funded by government-guaranteed covered bonds (SDOs) issued through Capital Centre J [1]. Group 2: Additional Information - Detailed information regarding the auction results can be found on nykredit.dk, while bond sales information is available at nykredit.com/ir [2]. - Enquiries can be directed to Morten Søby Willendrup from Group Treasury or Corporate Communications for further details [2].

Economic Indicators - The September jobs report revealed an increase of 119,000 jobs, exceeding economists' expectations, while the unemployment rate rose to 4.4%, the highest since 2021 [2]. Retail Sector Performance - Gap's "Better in Denim" campaign contributed to a 5% increase in comparable sales in Q3, surpassing analyst expectations, leading to a 4.5% rise in shares [4][5]. - The parent company of Old Navy and Banana Republic exceeded Wall Street estimates on both revenue and earnings, although Athleta's sales fell by 11% [5]. Regulatory Developments - The White House is preparing an executive order to challenge state-level AI regulations, which may benefit AI industry leaders advocating for a unified federal approach [6][7]. Legal Issues in Aviation - Joby Aviation has filed a lawsuit against Archer Aviation, alleging corporate espionage involving stolen information by a former employee [8].

Core Insights - HELOC rates have been decreasing throughout the year, currently averaging 7.75%, which does not yet reflect the recent quarter-point drop in the prime rate [1][2] - Homeowners have over $34 trillion in home equity, marking the third-largest amount on record, indicating significant potential for HELOC utilization [2] - With mortgage rates above 6%, homeowners are likely to retain their low-rate primary mortgages, making HELOCs an attractive alternative for accessing home equity [3] HELOC Rate Determination - HELOC interest rates differ from primary mortgage rates, typically based on an index rate plus a margin, with the prime rate recently falling to 7.00% [4] - Lenders have flexibility in pricing HELOCs, and rates can vary significantly based on credit score, debt levels, and home value [5] HELOC Functionality - A HELOC allows homeowners to access equity without refinancing their primary mortgage, providing flexibility in borrowing and repayment [6] - The ability to draw only what is needed from the credit line means interest is only paid on borrowed amounts, enhancing financial efficiency [9] Current Market Conditions - As of now, LendingTree offers HELOCs with APRs as low as 6.48% for a $150,000 credit line, but borrowers should be aware of potential rate fluctuations [8] - The current environment is favorable for homeowners with low primary mortgage rates to consider HELOCs for various uses, including home improvements and other expenses [11] Payment Considerations - For a $50,000 HELOC at a 7.50% interest rate, monthly payments during the draw period would be approximately $313, but borrowers should prepare for potential increases in payments during the repayment period [12]

Core Insights - The Federal Reserve's recent interest rate cut led to an unexpected increase in mortgage rates, with the average rate on a 30-year fixed mortgage rising by 20 basis points following the announcement [1][3]. Group 1: Mortgage Rate Trends - The average rate on the 30-year fixed mortgage fell to 6.13% prior to the Fed's announcement, marking the lowest level in a year [2]. - Following the Fed's announcement and Chairman Powell's comments, the mortgage rate increased by 14 basis points on Wednesday and an additional 6 basis points on Thursday, reaching 6.33% [3]. - The current rate is 20 basis points higher than the rate recorded on Tuesday, and it is noted that the last time the Fed cut rates, the mortgage rate also increased [1][3].

Group 1 - Crypto-related stocks experienced gains following positive signals from U.S.-China trade talks, with President Trump expressing optimism about a deal that would allow China to continue supplying rare-earth magnets to the U.S. in exchange for easing tariff threats [1][4] - Bitcoin surged to $116,200 before settling at $115,000, influenced by Treasury Secretary Scott Bessent's comments, with stocks like Robinhood (HOOD) rising by 5% and bitcoin miners such as Hut 8 (HUT) and CleanSpark (CLSK) increasing by 2%-3% [2][3] - American Bitcoin (ABTC), led by Eric Trump, announced the acquisition of 1,414 bitcoin, raising total holdings to 3,865, resulting in a 10.5% increase in its stock price [3] Group 2 - Traditional markets also saw gains, with the Nasdaq up by 1.5% and the S&P 500 increasing by 1%, while precious metals like gold and silver continued to decline, with gold down 3.2% and silver down 4.5% [3] - The upcoming Federal Reserve policy decision is anticipated to lower the benchmark interest rate by 25 basis points, which could lower borrowing costs and encourage risk-taking in cryptocurrencies and tech stocks [5]