Movers and shakers!
By Mark O’Brien, Senior Broker
General:
Leaders of two staunch U.S. allies, South Korea and France, are facing their ouster today. French Prime Minister Michel Barnier faces a pivotal no-confidence vote that risks toppling his government and derailing France’s efforts to get its public finances back on track. This is the result of a monthslong battle over France’s 2025 budget. Mr. Barnier’s proposed budget demands 60 billion euros – equivalent to $63.1 billion – in spending cuts and tax increases to narrow France’s deficit, which is projected to reach more than 6% of gross domestic product this year, double the European Union’s limit.
One day after declaring martial law – a type of military control that had been avoided in South Korea for more than four decades, its president, Yoon Suk Yeol, is now facing the prospect of impeachment, creating more political instability for this close Asian U.S. ally. Mr. Yoon’s move to declare martial law late Tuesday night stunned South Korea’s political establishment and caught U.S. officials by surprise. Within about six hours, Mr. Yoon reversed course after lawmakers voted 190-0 against the measure, a group that included nearly 20 lawmakers from Yoon’s own party.
More General:
It’s that time of the month again: we’re a couple of days from when the Labor Dept. releases its monthly Non-farm payrolls report. It’s widely considered to be one of the most important and influential measures of the U.S. economy. The report is released at 7:30 A.M., Central Time on the first Friday of the month.
Stock Indexes:
Today, the Dec. E-mini S&P 500, the E-mini Nasdaq and the E-mini Dow Jones futures contracts traded to new all-time highs, with the E-mini S&P 500 piercing 6100, the Dow over 45,000 and the Nasdaq above 21,500.
Crypto:
December Bitcoin futures retained its lofty valuation, moving up ±$3,000 / ±$3%, above 99,000 and within striking distance of its second highest all-time close after closing at 100,815 on November 22.
Soy Complex:
After dropping nearly 8 cents today, January soybeans, the futures’ front month for another few weeks, closed at $9.83¾ per bushel and remains mired within striking distance of its intraday life-of-contract low at 973½ per bushel posted back on August 14th.
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Daily Levels for December 5, 2024
Economic Reports
All times are Eastern Time ( New York)
Good Trading!
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