Post-feast, US equity futures are showing a hint of cheer. The Dow Jones and S&P 500 futures both edged up by a modest 0.1%, while Nasdaq futures decided to take a nap, staying flat. The economic calendar is as sparse as a Thanksgiving turkey carcass, with only the October farm prices report set to drop at 3 p.m. ET.

Meanwhile, oil prices are playing a game of tug-of-war. OPEC+ has postponed its virtual ministerial meeting to December 5, where it will debate whether to delay the planned increase of 2.2 million barrels per day in production cuts. This comes amid concerns of an oversupplied market, courtesy of sluggish Chinese demand and increased output from the Western hemisphere.

Across the pond, European markets seized the opportunity to gain some ground while Wall Street was on holiday. Yet, they still have a marathon to run to catch up with US indices. The S&P 500 has sprinted ahead with a 5% gain since November began, leaving the Stoxx Europe 600 trailing with a mere 0.4% rise. If Europe wants to end the month on a high note, it better pick up the pace.

In the spotlight today is the bounce in Chinese equities, fueled by whispers that Beijing might lower the reserve requirement ratio (RRR) for banks. This move, hinted at by a former central banker in state media, suggests the Party's blessing. Additionally, China has extended duty-free access to certain US imports, a gesture of goodwill in the ongoing trade spat.

Back in Europe, Eurostat has released preliminary inflation figures for November. The hopefuls in the financial community were crossing their fingers for weak numbers that might justify a double rate cut by the ECB next month. Alas, Eurozone inflation climbed to 2.3% year-on-year, up from 2% in October, aligning with expectations. While this annual rise nudges away from the ECB's target, the monthly data offers a silver lining. Consumer prices in the eurozone fell by 0.3% in November compared to October, marking the steepest monthly drop since January 2024. This decline keeps the door open for further ECB rate cuts, with a 25 basis point easing currently forecasted.

In France, political drama continues as negotiations aim to prevent the Barnier government's collapse. S&P is set to deliver its verdict on France's financial health post-trading, with the "AA-" rating expected to hold steady, though the outlook might shift from "stable" to "negative."

In the Asia-Pacific, Tokyo dipped by 0.4% after the yen reached a one-month high. South Korea took a 2% tumble amid growth concerns and tech sector woes. India bounced back with a 0.9% rise after a rocky session, while Australia wrapped up the week slightly down from the previous day's record highs. European leading indicators are a mixed bag, reflecting the day's cautious optimism.

Today's economic highlights:

The market's main focus is on November's European inflation figures. The full calendar is here: 

  • Dollar: EUR 0.9463 GBP 0.7877
  • Ounce of gold: USD 2660 
  • Brent crude: USD 72.88
  • 10-year US bond: 4.22
  • Bitcoin: USD 97,000

In corporate news:

  • Australia has enacted a law prohibiting social media use for children under 16, facing both resistance from tech giants and potential implementation challenges on platforms like Facebook and TikTok.
  • Alphabet Inc. Canada's Competition Bureau and India's antitrust regulator are investigating Google for alleged anti-competitive practices in online advertising and Play Store policies, respectively.
  • Citigroup is advancing its turnaround strategy by planning to spin off its Mexican consumer bank Banamex, aiming for an IPO in 2025, while Nalka Invest is also considering an IPO for its majority-owned Asker Healthcare Group.
  • Amazon is testing quantum technologies in Germany, facing employee strikes in India over wages and working conditions, and investing over SG$2 billion in its Singapore operations.
  • Microsoft is under investigation for potential antitrust violations in its cloud computing, software licensing, cybersecurity, and AI products by the US Federal Trade Commission, while Italy's data protection authority has warned against sharing personal data with OpenAI, highlighting concerns over EU rule breaches.
  • Woodside Energy Group Ltd is seeking to add partners to its Louisiana LNG project.
  • Flex LNG Ltd has secured a 15-year charter contract for its Flex Constellation liquefied natural gas carrier.
  • Starbucks has opened a new cafe near the Demilitarized Zone in South Korea, while the European Commission concluded its tax investigations into the company, along with Fiat and
  • Amazon, finding no selective tax advantages.
  • MINISO Group Holding reported an increase in both attributable profit and revenue for the third quarter.

Analyst recommendations:

  • Apple Inc.: First Shanghai Securities maintains its hold recommendation with a price target raised from 240 to USD 255.
  • Arista Networks, Inc.: Huatai Research initiates a Buy recommendation with a target price of USD 472.35.
  • Cf Industries Holdings, Inc.: Berenberg maintains its hold recommendation and raises the target price from 69 to USD 74.
  • Coca-Cola Europacific Partners Plc: ING Bank maintains its buy recommendation and raises the target price from 76.22 to EUR 81.
  • Crowdstrike Holdings, Inc.: CICC maintains its neutral recommendation with a price target raised from USD 295 to USD 323.
  • Dell Technologies Inc.: Haitong International Research Ltd maintains its outperform recommendation and raises the target price from USD 150 to USD 156.
  • Fox Corporation: MoffettNathanson LLC maintains its buy recommendation with a price target reduced from USD 51 to USD 49. 
  • Pfizer, Inc.: Berenberg maintains its hold recommendation and raises the target price from 27 to USD 29.
  • Walt Disney Company (The): MoffettNathanson LLC maintains its buy recommendation and reduces the target price from 130 to USD 120.
  • Anglo American Plc: Jefferies upgrades to buy from hold with a target price raised from GBX 2500 to GBX 2850.
  • Cranswick Plc: Berenberg downgrades to hold from buy with a target price reduced from GBX 5674 to GBX 5400.
  • Gsk Plc: Intron Health downgrades to sell from hold with a target price reduced from GBP 17.50 to GBP 12.