Well, let's get some more perspective on the fixed income markets now. And joining us from Hong Kong is Greg Peters, CIO for Public and Private Fixed income at PGIM. Greg, thanks so much for joining us today.And I do want to kick off with that data that we saw out of the US. The ADP November payrolls slipping pretty much seems to be the consensus that that's nailed on a Fed rate cut for next week. But what kind of commentary do you expect to hear now around further easing.Yeah, So I do think, you know, we w ...

Core Points - Washington state regulators have ordered Coinme to cease operations and repay over $8 million in unclaimed customer funds, accusing the company of misclassifying unredeemed vouchers as income and violating money-transmission regulations [1][5] - Coinme allegedly claimed $8.37 million in unredeemed customer vouchers as income between January 2023 and December 2024, with $2.2 million from Washington customers at the end of 2023 and $6.17 million from both Washington and non-Washington customers at the end of 2024 [2] - The company sold crypto through paper vouchers that users purchased at kiosks, but many users did not redeem them, leading Coinme to treat these funds as its own income without proper disclosure [3] Regulatory Actions - Coinme has 20 days to request a hearing; if not, the cease-and-desist order will become permanent [4] - The order mandates Coinme to stop serving Washington customers, segregate customer assets, and pay restitution based on user payments or the crypto's value at the time of the order [5] - The Department of Financial Institutions intends to revoke Coinme's money transmitter license and impose a fine of $300,000 along with a $375 investigation fee [5] Leadership Implications - The charges also target Neil Bergquist, co-founder and CEO of Coinme, seeking to prohibit him and the company from participating in any money transmitter business for ten years [6] - Coinme's Chief Compliance and Consumer Protection Officer stated that the firm was unaware of the DFI's concerns until the announcement [6]

Core Viewpoint - Gold prices increased in early Asian trading, influenced by U.S. payroll data that raised concerns about labor market weakness [1] Group 1 - Gold edged higher in early Asian trading [1] - Sentiment was likely supported by U.S. payroll data [1] - Concerns about the weakness in labor markets were heightened [1]

The dollar index (DXY00) on Wednesday fell by -0.50% and posted a 5-week low.  The dollar was undercut by Wednesday’s weak Nov ADP report, which was dovish for Fed policy and cemented expectations for a Fed rate cut at next week’s FOMC meeting. The dollar failed to find support from Wednesday’s Nov ISM services index, which unexpectedly rose to a 9-month high. President Trump said on Tuesday that he will announce his selection for the new Fed Chair in early 2026.  Bloomberg reported last week that Nationa ...

Core Insights - Nvidia's investment in Synopsys is expected to alleviate competition concerns in the semiconductor industry, potentially enhancing Nvidia's market position and innovation capabilities [1] Group 1 - Nvidia's stake in Synopsys could provide strategic advantages in addressing regulatory scrutiny and fostering collaboration in chip design [1] - The U.S.-U.K. drug deal indicates a trend towards lower tariffs, which may benefit pharmaceutical companies by reducing costs and enhancing market access [1]

Market Sentiment - The current market sentiment is bearish, with a lack of convincing buying activity following a recent selloff [1][3] - The Fear and Greed Index for crypto is at 23, indicating extreme fear among traders, who are largely sidelined and holding cash positions [2] Selloff Analysis - The recent selloff is perceived to be different from previous instances, raising questions about its underlying causes and implications [3] - The risk from the crypto market is transmitting to broader markets through vehicles like digital asset treasuries, marking a key difference in this selloff [4][5] Digital Asset Treasuries - Digital asset treasuries have been established to raise funds based on cryptocurrencies, but they are also facing challenges due to the sharp selloff in underlying assets [5][6] - The performance of single stock ETFs linked to crypto strategies has been notably poor, reflecting the broader market impact [6] Regulatory Environment - The Federal Reserve is proposing new rules for banks and stablecoins, which could significantly impact the crypto market if implemented [7] - Anticipation of these regulations, expected to be in effect by March next year, is creating a cautious optimism among market participants [8] Future Outlook - While current conditions are bearish, potential legislative changes in early next year could shift market dynamics positively [9]

Wall Street’s forecasts for 2026 have started to hit the market, with some strategists projecting that the S&P 500 could rise to as high as 8,000 thanks to the artificial intelligence (AI) boom. The S&P 500 stood at 6,849.09 as of Nov. 28, 2025. If the index reaches the 8,000-mark by 2026, it would represent a 17% gain.Among the most optimistic is Deutsche Bank, which argues that the ongoing investment flows, strong buybacks and persistent earnings strength set the stage for “mid-teens returns” next year, a ...

Core Viewpoint - Gold prices have increased due to expectations of a rate cut by the Federal Reserve in December [1] Group 1 - The anticipation of a December rate cut by the Fed is driving gold prices higher [1]

Core Viewpoint - UBS anticipates a significant increase in copper prices due to ongoing supply disruptions and strong long-term demand driven by electrification and clean energy investments, revising its price forecast for March 2026 to $11,500 and setting a new year-end target of $13,000 per ton [1] Supply and Demand Dynamics - UBS has sharply revised its deficit forecasts, now expecting a 230,000-ton shortfall in 2025, up from 53,000 tons, and a 407,000-ton deficit in 2026, previously expected to be 87,000 tons [2] - Structural supply constraints are expected to persist in 2026 due to disruptions in major producing countries, slower recovery in Chile, and ongoing protests in Peru [3] Market Influences - The U.S. Dollar Index (DXY) has decreased by 0.52% over the past five days and 8.19% year to date, making dollar-priced copper more attractive to global buyers, which supports higher copper prices [4] - Market expectations of a Fed rate cut in December, with an 85.1% likelihood of lowering rates to 3.50-3.75%, are seen as a tailwind for copper prices, easing financial pressures on manufacturers and construction firms [5] Demand Growth Factors - Global copper demand is expected to rise by 2.8% in both 2025 and 2026, driven by sectors such as electric vehicles, renewable energy expansion, power-grid investments, and increasing data-center activity [6] Investment Opportunities - UBS recommends maintaining long copper positions, noting that any near-term price softness is likely to be short-lived. Several ETFs are highlighted for exposure to copper, including: - Global X Copper Miners ETF (COPX) with a year-to-date gain of 56.27% [7] - United States Copper Index Fund (CPER) with a year-to-date gain of 18.60% [8] - iShares Copper and Metals Mining ETF (ICOP) with a year-to-date gain of 48.63% [8] - Sprott Copper Miners ETF (COPP) with a year-to-date gain of 37.31% [8] - Themes Copper Miners ETF (COPA) with a year-to-date gain of 64.26% [9]

The dollar index (DXY00) on Wednesday gave up an early advance and finished down by -0.08%.  The dollar fell slightly on Wednesday after the Nov MNI Chicago PMI posted a 17-month low. Also, strength in stocks on Wednesday has curbed liquidity demand for the dollar.  The dollar initially moved higher on Wednesday on better-than-expected US economic news, with weekly jobless claims unexpectedly falling to a 7-month low and Sep capital goods new orders rising more than expected. The dollar is also under pres ...