All four major central banks held their policy rates steady last week, but all of them also had a hawkish bias. Earnings continued to be supportive of higher stock prices, with five of the Mag 7 companies all beating on the top and bottom lines. Yields were higher as bonds got hammered, thanks to ongoing concerns regarding higher oil-induced inflation. There is no end in sight to the Iran-U.S. conflict.

Risk assets recovered strongly during the holiday-shortened (US Thanksgiving) session, with U.S. stocks leading the way. Japanese and European stocks rallied too. Bitcoin recovered slightly, and gold was higher. The catalyst was mainly growing expectations that the Fed would lower its policy rate at the December FOMC meeting. In the UK, chancellor Rachel Reeves delivered the tax-fuelled budget.

[GO STRAIGHT TO THE TABLES] MARKETS SUMMARY Stocks didn’t do much week-over-week although the general trend was down. Japanese equities...

The debt ceiling is front & centre as the date the US Treasury runs out of cash is drawing dangerously near. Here's my two cents, enjoy!