Overnight US stocks | The three major indexes fell, while Apple Inc. (AAPL.US) reached a historic high.

On Monday, the three major indexes fell, ending a five-day uptrend. Bitcoin fell below $84,000 at one point. Bank of Japan Governor Haruhiko Kuroda sent the clearest signal of a rate hike. Influenced by his speech, the yen strengthened, and Japan's two-year government bond yield remained at its highest level since 2008. [US Stocks] At the close, the Dow fell 427.09 points, or 0.90%, to 47,289.33; the Nasdaq fell 89.76 points, or 0.38%, to 23,275.92; the S&P 500 fell 36.46 points, or 0.53%, to 6,812.63. Apple Inc. (AAPL.US) rose 1.52%, touching a new high of $283.42 during trading. [European Stocks] The German DAX30 index fell 235.66 points, or 0.99%, to 23,592.59; the UK FTSE 100 index fell 17.66 points, or 0.18%, to 9,702.85; the French CAC40 index fell 25.71 points, or 0.32%, to 8,097.00; the Euro Stoxx 50 index fell 1.42 points, or 0.03%, to 5,666.75; the Spanish IBEX35 index rose 19.56 points, or 0.12%, to 16,391.16; the Italian FTSE MIB index fell 122.01 points, or 0.28%, to 43,235.00. [Crude Oil] The price of light crude oil futures for January delivery on the New York Mercantile Exchange rose by 77 cents to $59.32 per barrel, an increase of 1.32%; the price of Brent crude oil futures for February delivery rose by 79 cents to $63.17 per barrel, an increase of 1.27%. [Cryptocurrency] Bitcoin fell more than 4% to $86,635.71, briefly falling below the $84,000 mark; Ethereum fell more than 6% to $2,807.63. [US Dollar Index] The US dollar index, which measures the dollar against six major currencies, fell 0.03% on the day, closing at 99.415 in the forex market. At the close of the New York forex market, 1 euro exchanged for $1.1608, higher than the previous trading day's $1.1602; 1 pound exchanged for $1.3213, lower than the previous trading day's $1.3247. 1 dollar exchanged for 155.48 yen, lower than the previous trading day's 156.12 yen; 1 dollar exchanged for 0.8044 Swiss francs, higher than the previous trading day's 0.8035 Swiss francs; 1 dollar exchanged for 1.3997 Canadian dollars, higher than the previous trading day's 1.3973 Canadian dollars; 1 dollar exchanged for 9.4589 Swedish krona, higher than the previous trading day's 9.4388 Swedish krona. [Precious Metals] Spot gold rose 0.28% to $4,232.12. International silver prices rose for the fifth consecutive trading day, doubling since the beginning of the year. In the upcoming trading sessions, the rise in silver is expected to exceed gold, partially due to the increased expectations of a rate cut by the Fed this month. Peter Cardillo, an analyst at Spartan Capital Securities, said, "Investors are at a turning point, as the outlook for silver remains optimistic and is gaining momentum compared to other metals. $75 per ounce is an achievable price target." [Macro News] US November ISM Manufacturing PMI contracted for the ninth consecutive month. The US manufacturing sector has been in contraction for the ninth consecutive month in November, with factories facing a double pressure of declining orders and rising raw material costs due to the continued impact of import tariffs. Data released by the Institute for Supply Management (ISM) on Monday showed that the Manufacturing PMI fell from 48.7 in October to 48.2 in November. The index below 50 indicates a contraction in the manufacturing sector, which accounts for 10.1% of the US economy. However, the index is still above 42.3 - ISM noted that this level is consistent with overall economic expansion in the long term. The forward-looking new orders sub-index in the ISM survey fell from 49.4 in October to 47.4 in November, with 9 out of the past 10 months in a contractionary state. Tariffs have raised the prices of some goods, dampening demand. Backlogs of orders continued to shrink, but exports showed slight improvement. Weak demand implies a reduction in supply chain pressures, as the supplier deliveries index fell from 54.2 in October to 49.3 in November, below 50 indicating faster delivery speeds. Despite weak factory orders, manufacturers paid higher costs for raw materials last month, indicating that inflation may remain high for some time. Fed: Bank system maintains strong capital levels, focuses on real estate loans. The Federal Reserve said bank regulatory agencies are monitoring community and regional banks' commercial real estate investment portfolios due to concerns about rising interest rates, tightening underwriting standards, and declining commercial real estate values. In a report released by the Federal Reserve on Monday, these factors may affect borrowers' ability to refinance or repay loans. Officials are closely watching trends in commercial real estate loans while also reviewing underwriting practices and levels of credit loss provisions. The regulator is monitoring weaknesses in capital planning and liquidity risk management practices at Wall Street banks. However, the Fed's report found that as of the second quarter, the vast majority of banks reported capital levels well above applicable regulatory requirements. The report stated, "Stress test results show that large banks have the capacity to withstand severe recessions while maintaining minimum capital requirements and the ability to lend to households and businesses." Bank of America adjusts Fed forecasts: expects a 25 basis point cut in December and two more cuts in 2026. Bank of America Corp's global research department said on Monday that given the weak labor market conditions and recent hints by policymakers of an early rate cut, it now expects the Fed to cut rates by 25 basis points at the December meeting. The bank previously expected the Fed to keep rates unchanged at the December meeting but now predicts two more 25 basis point cuts in June and July of 2026, eventually lowering rates to the range of 3.00% to 3.25%. The bank's analysts noted in the report, "Our forecasts for further rate cuts next year are based on leadership changes, not interpretations of the economy." White House National Economic Council Director Hassett has become the top candidate for the next Fed chair. The bank added, "We believe that if rates are cut next week, as fiscal stimulus measures take effect, the risk of the Fed easing policy will increase." Most global major investment banks currently expect the Fed to cut rates by 25 basis points next week, with only a few institutions such as Morgan Stanley and Standard Chartered predicting rates to remain unchanged. US government announces landmark agreement with UK on drug pricing. The US Trade Representative, Department of Commerce, and Department of Health and Human Services today released a joint statement announcing a landmark agreement with the UK on drug pricing. Under this historic US-UK Free Trade Agreement framework, President Trump and UK Prime Minister Stammer have agreed to address the long-standing US-UK drug trade imbalance by improving the overall environment for pharmaceutical companies operating in the UK. The agreement also ensures that UK pharmaceutical companies will continue to invest in the US, further solidifying America's leadership in pharmaceutical research and manufacturing. According to the drug pricing agreement, the UK will reverse a decade-long trend of declining spending on innovative life-saving drugs by increasing its net payment price for new drugs by 25%. Additionally, the UK will ensure that price increases for new drugs are not substantially eroded by the "Brand Drug Pricing, Accessibility and Growth Voluntary Plan" or other rebate schemes. In exchange for these and other commitments, the US has agreed to exempt drugs, drug ingredients, and medical technologies originating from the UK from Section 232 tariffs and will not launch new 301 investigations into UK drug pricing practices during President Trump's tenure. Additionally, the US will work to ensure that UK citizens have access to the latest medical breakthroughs. Chairman of the UK Office for Budget Responsibility resigns for prematurely revealing budget details. Richard Hughes, chairman of the Office for Budget Responsibility (OBR) in the UK, has resigned for prematurely revealing the contents of the annual budget by Chancellor Rishi Sunak. In his resignation letter published on Monday, Hughes stated that he is confident the OBR can take action "promptly" to regain trust based on the findings of the investigation, and added, "I resign as chairman of the OBR and take full responsibility for the shortcomings identified in the report, which is in the best interest of the OBR." The UK markets were not affected by Hughes' resignation, with the 10-year UK government bond yield rising by 4 basis points on Monday to 4.48%. Following the OBR data leak, UK government bonds and the pound fluctuated.