On December 2, news emerged that the rise of the 'Trump trade' in November became the dominant factor driving global market trends. According to 4E monitoring, last week, the three major U.S. stock indices all rose, with weekly gains exceeding 1%. In November, the Dow Jones increased by 7.5% and the S&P rose by 5.7%, both creating the largest single-month gains of the year, while the Nasdaq rose by over 6%. Large tech stocks generally rose, with Tesla accumulating over 38% in November, marking its best performance in nearly two years. NVIDIA accumulated a 179.23% increase this year. So far this year, the S&P 500 has risen by over 27%, while last year it rose by 24%, leading to varying market views on the prospects of U.S. stocks.
The cryptocurrency market performed exceptionally well in November, attracting widespread global attention. Bitcoin's monthly increase exceeded 37%, while Ethereum's increase reached 54%. Altcoins saw significant gains by the end of the month, continuously expanding their market share. Bitcoin's market share has dropped by 8.15% from the peak of this bull market (61.78% on November 21), while the total market capitalization of altcoins rose by nearly 70% in November. Historical data shows that Bitcoin has significantly increased in December during the past six months, combined with the fact that a majority of Trump's cabinet members are cryptocurrency investors, resulting in a strong bullish sentiment in the market.
In the foreign exchange market, the dollar fell by 1.67% last week, ending an eight-week consecutive rise, while accumulating a 1.72% increase in November. The 'Trump trade' boosted the dollar in November, hindering the rise of gold and triggering sell-offs after the election, with spot gold falling approximately 3.7% in November, marking the largest monthly decline since September of last year. Oil prices continued to decline last week, with a weekly drop of over 3%.
In recent weeks, investors have focused on Trump's various economic policies, but at the same time, the shifts in expectations regarding the Federal Reserve's interest rate cuts have been quite subtle. Although the market anticipates an increased probability of further rate cuts in December, the room for cuts in 2025 continues to decrease. The concept of 'near-term increase, long-term decrease' largely reflects anxiety about inflation reigniting under Trump's administration in the future. This Thursday's speech by Powell and Friday's non-farm payroll data will largely set the tone for year-end interest rate cuts.
eeee.com is a financial trading platform that supports cryptocurrencies, stock indices, bulk gold, foreign exchange, and other assets. Recently, it launched a USDT stablecoin financial product with an annual return rate of 5.5%, providing investors with potential hedging options. 4E reminds you to be aware of market volatility risks and to allocate assets reasonably.

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