On Monday, major U.S. stock indices closed lower, ending a five-day winning streak. Bitcoin briefly fell below the $84,000 mark. Bank of Japan Governor Kazuo Ueda issued the clearest signal yet for a potential rate hike, strengthening the yen and keeping Japan’s two-year government bond yields at their highest level since 2008.

**U.S. Markets** The Dow Jones Industrial Average dropped 427.09 points, or 0.90%, to close at 47,289.33. The Nasdaq Composite fell 89.76 points, or 0.38%, to 23,275.92, while the S&P 500 declined 36.46 points, or 0.53%, to 6,812.63. Defying the broader market trend, Apple (AAPL.US) rose 1.52%, hitting a record high of $283.42 during the session.

**European Markets** Germany’s DAX 30 lost 235.66 points (0.99%) to 23,592.59, and the UK’s FTSE 100 dipped 17.66 points (0.18%) to 9,702.85. France’s CAC 40 slipped 25.71 points (0.32%) to 8,097.00, while the Euro Stoxx 50 edged down 1.42 points (0.03%) to 5,666.75. Spain’s IBEX 35 gained 19.56 points (0.12%) to 16,391.16, and Italy’s FTSE MIB fell 122.01 points (0.28%) to 43,235.00.

**Commodities** NYMEX WTI crude for January delivery rose $0.77 (1.32%) to $59.32 per barrel, while Brent crude for February delivery climbed $0.79 (1.27%) to $63.17.

**Cryptocurrencies** Bitcoin slid over 4% to $86,635.71, briefly dipping below $84,000. Ethereum dropped more than 6% to $2,807.63.

**Currency Markets** The U.S. dollar index dipped 0.03% to 99.415. The euro edged up to $1.1608 from $1.1602, while the pound weakened to $1.3213 from $1.3247. The yen strengthened to ¥155.48 per dollar, and the Swiss franc softened to CHF 0.8044. The Canadian dollar weakened to C$1.3997, and the Swedish krona slipped to SEK 9.4589.

**Precious Metals** Spot gold rose 0.28% to $4,232.12 per ounce. Silver extended its rally for a fifth consecutive session, hitting fresh highs and more than doubling year-to-date. Analysts expect silver to outperform gold amid growing expectations of a Fed rate cut this month.

**Macro Highlights** The U.S. ISM Manufacturing PMI contracted for the ninth straight month in November, dropping to 48.2 from 48.7. New orders and input costs declined, though supplier delivery times improved. The Fed warned of risks in commercial real estate loans but affirmed banks’ strong capital buffers. Bank of America revised its Fed forecast, now anticipating a 25-basis-point cut in December and two more in 2026.

**Corporate News** Microsoft (MSFT.US) CEO Satya Nadella emphasized Europe’s strategic role in AI development, urging adoption and reskilling. Tesla (TSLA.US) saw slumping sales across Europe, with registrations plunging 58% in France and 59% in Sweden, though Norway posted a 175% surge.

**U.S.-UK Pharma Deal** The U.S. and UK reached a preliminary agreement to rebalance drug pricing, with the UK committing to raise net payments for innovative medicines by 25%. In return, the U.S. will exempt UK pharmaceuticals from Section 232 tariffs.

**UK Budget Office Resignation** Richard Hughes resigned as chair of the UK’s Office for Budget Responsibility after prematurely disclosing budget details. Markets remained steady, with 10-year gilt yields rising 4 bps to 4.48%.