Key global financial headlines from last night and this morning include:

1. **Trump Denies Decision to Strike Venezuela** U.S. President Donald Trump denied reports that he had approved military strikes against Venezuelan targets, contradicting earlier media claims. When questioned aboard Air Force One, Trump responded, "No." The Miami Herald had previously reported that his administration had finalized plans for such an operation.

2. **Pentagon Clears Tomahawk Missiles for Ukraine, Leaves Final Call to Trump** The U.S. Department of Defense assessed that supplying Ukraine with long-range Tomahawk missiles would not deplete American military reserves, giving preliminary approval. However, the final decision rests with President Trump, who previously expressed reluctance, citing concerns over U.S. defense readiness. Ukraine has sought these missiles to target Russian energy infrastructure, given their 1,000-mile range.

3. **Microsoft’s Earnings Suggest OpenAI Lost $12 Billion Last Quarter** Microsoft’s financial report revealed a surprising $4.1 billion expense tied to its OpenAI investment—a 490% year-over-year increase. Analysts estimate OpenAI’s quarterly losses exceeded $12 billion, based on Microsoft’s 32.5% stake. Microsoft uses the equity method for accounting, reflecting its share of OpenAI’s losses. OpenAI recently restructured as a for-profit entity, reducing Microsoft’s future stake to 27.5%.

4. **NVIDIA CEO Jensen Huang: AI in a "Virtuous Cycle"** NVIDIA CEO Jensen Huang declared that artificial intelligence has entered a self-reinforcing growth phase. Speaking at the APEC CEO Summit in South Korea, he highlighted how AI advancements drive further investment, fueling even greater progress. Huang, dressed unusually in a suit, emphasized the industry’s accelerating momentum.

5. **Fed Officials Resist Latest Rate Cut, Citing Stubborn Inflation** Three Federal Reserve officials publicly opposed this week’s rate reduction, signaling potential discord ahead of December’s policy meeting. Dallas Fed President Lorie Logan and Cleveland Fed’s Beth Hammack advocated for holding rates steady, while Kansas City Fed’s Jeff Schmid detailed his dissent. The debate reflects a split between easing to support jobs and tightening to curb inflation.

6. **Morgan Stanley Predicts Sharp Dollar Decline, Urges Hedging** Morgan Stanley forecasts a significant drop in the U.S. dollar by late 2025, with the DXY index falling ~10% to 89. The bank expects broad-based depreciation: EUR/USD rising to 1.27, GBP/USD to 1.47, and USD/JPY sliding to 124. G10 FX strategist David Adams warned of "material currency moves," advising investors to hedge against dollar weakness.