US equities flipped positive as several major market concerns eased. Rate-cut odds for December have surged from a low of ~20% to nearly 80%, fears around stretched AI valuations have moderated following the recent pullback, and technical momentum has reset.1 AI sentiment was lifted by President Trump’s announcement of the “Genesis Mission”, a new AI-focused government initiative he described as comparable in scale to the Manhattan Project.2 While the executive order did not specify exact funding figures, markets have interpreted the move as a response to recent calls from leading AI companies for government support. Meanwhile, Black Friday retail sales hit record levels and rose 4% YoY, further easing concerns around a stalling US consumer.3
Australian equities surged 2.4% week-on-week, led by a resurgence in tech, materials and health care, with energy the only notable laggard.4 This strength came despite a hotter-than-expected inflation print that effectively removed the prospect of RBA rate cuts in 2025 and much of 2026.5 Even so, the reversal in global risk-off sentiment proved sufficient to drive a short-term rebound in local equities. Looking ahead, investors may need to contend with a “higher for longer” rate environment as domestic activity remains resilient and continues to prop up inflation.
Cryptocurrencies (BTXX, CRYP, EBTC, EETH, IBTC, QBTC, QETH, VBTC) jumped to the top of the performance tables as risk-on sentiment returned and investors moved to accumulate exposure at comparatively lower price levels.
In the world of commodities:
- Precious metals (ETPMAG, GOLD) surged on rising rate-cut bets and thin liquidity after CME futures were halted by a cooling issue at its Chicago datacentres, with silver (ETPMAG) hitting a new ATHs amid persistent physical tightness
- Copper (WIRE) futures hit a new ATH of US$11,210 a tonne, driven by strong bullish sentiment following the World Copper Conference in Shanghai, where industry leaders highlighted tightening ex-US supply conditions and reinforced a constructive 12-month outlook for the metal amid recent tariff-driven shifts in global flows.7
- Platinum (ETPMPT) spiked after the Guangzhou Futures Exchange launched physically settled platinum contracts, a move seen as broadening market participation across both institutional and retail investors.8
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