Core Viewpoint - The analysis suggests that the euro may strengthen against the US dollar in the medium term due to the Federal Reserve's interest rate cuts while the European Central Bank maintains its rates unchanged [1] Group 1: Interest Rate Predictions - Danske Bank forecasts that the Federal Reserve will cut interest rates twice in March and June of next year [1] - The European Central Bank is expected to keep interest rates unchanged throughout 2026 and 2027 [1] Group 2: Economic Factors Influencing Euro Strength - The difference in real interest rates between the US and the Eurozone, adjusted for inflation, is likely to narrow, which would benefit the euro [1] - A recovery in the European asset market, increased hedging against the risk of a weaker dollar, and declining confidence in US institutions may also support the euro [1]

Group 1 - The U.S. stock market faced pressure due to concerns over high valuations of tech stocks and a sudden drop in expectations for interest rate cuts by the Federal Reserve, leading to declines in major indices: Dow Jones down 1.91%, S&P 500 down 1.95%, and Nasdaq down 2.74% [1] - International oil prices fell as geopolitical tensions eased, with predictions from major investment banks indicating a continued oversupply of global crude oil into next year; U.S. oil and Brent crude prices dropped by 3.38% and 2.84% respectively [1] - International gold prices experienced a slight decline of 0.36% due to the U.S. dollar index remaining high, increasing the holding costs of gold, coupled with uncertainty regarding the Federal Reserve's interest rate outlook for December [1] Group 2 - Key economic data from the U.S. is set to be released this week ahead of the Federal Reserve's December meeting, including the Producer Price Index (PPI) for October and the core Personal Consumption Expenditures (PCE) price index, which is favored by the Fed [1] - The U.K. is expected to announce its autumn budget this week, with anticipated tax increases as inflation rates have decreased to 3.6%, raising expectations for a potential interest rate cut by the Bank of England in December [1] - The European Central Bank (ECB) is expected to maintain its benchmark interest rate unchanged, with a focus on the release of the minutes from the October monetary policy meeting, as most ECB officials have expressed satisfaction with the current monetary policy [1] - The Reserve Bank of New Zealand and the Bank of Korea will announce their latest interest rate decisions this week, with the former having previously cut rates by 50 basis points in October to stimulate the economy and potential further cuts anticipated [1]

Core Viewpoint - Goldman Sachs Asset Management's 2026 investment outlook report indicates a divergence in central bank policies across major markets, influenced by varying economic conditions [1] Group 1: U.S. Market - The labor market is showing signs of weakness, leading Goldman Sachs to predict that the Federal Reserve may cut interest rates twice in 2026 [1] Group 2: European Market - The European Central Bank is expected to maintain interest rates at their current levels for the foreseeable future [1] - The Bank of England may resume rate cuts in December, contingent on improvements in inflation, a relatively weak labor market, and potential tax increases [1] Group 3: Japanese Market - High inflation and strong growth in Japan may prompt the Bank of Japan to raise interest rates [1] - Recent political changes and a shift towards expansionary fiscal policy further reinforce the likelihood of this direction [1]

Core Viewpoint - Goldman Sachs Asset Management released its 2026 investment outlook report, indicating a potential divergence in central bank policies across major markets [1] Group 1: U.S. Market - The report anticipates that the Federal Reserve may lower interest rates twice in 2026 due to a weak labor market [1] Group 2: European Market - The European Central Bank is expected to maintain interest rates at current levels for the foreseeable future [1] - The Bank of England may resume rate cuts in December, influenced by improving inflation, a relatively weak labor market, and potential tax increases [1] Group 3: Japanese Market - High inflation and strong growth in Japan may lead to an interest rate hike by the Bank of Japan [1] - Recent political changes and a shift towards expansionary fiscal policy further reinforce this direction [1]

Core Viewpoint - The European Central Bank (ECB) may need to maintain interest rates at their current levels for an extended period [1] Group 1 - ECB Governing Council member Knot suggests that the current economic conditions may warrant a prolonged period of stable interest rates [1]