Overnight US stocks | ADP data reinforces expectations for a 12th interest rate cut, three major indices close higher, Bitcoin breaks through the $93,000 mark.

On Wednesday, the three major indexes rose. ADP data showed that the number of layoffs in US private companies in November hit a new high since 2023, exacerbating market concerns about a weaker labor market and reinforcing investors' expectations for a rate cut by the Federal Reserve at the last policy meeting of the year. US StocksAt the close, the Dow rose by 408.44 points, or 0.86%, to 47882.9 points; the Nasdaq rose by 40.42 points, or 0.17%, to 23454.09 points; the S&P 500 rose by 20.35 points, or 0.3%, to 6849.72 points. European StocksGermany's DAX30 index fell by 14.85 points, or 0.06%, to 23695.02 points; the UK's FTSE 100 index fell by 13.20 points, or 0.14%, to 9688.60 points; France's CAC40 index rose by 12.81 points, or 0.16%, to 8087.42 points; the Euro Stoxx 50 index rose by 10.93 points, or 0.19%, to 5697.10 points; Spain's IBEX35 index rose by 124.55 points, or 0.76%, to 16590.55 points; Italy's FTSE MIB index rose by 10.17 points, or 0.02%, to 43365.00 points. Crude OilLight crude oil futures for delivery in January 2026 on the New York Mercantile Exchange rose by 31 cents to close at $58.95 per barrel, up 0.53%; February delivery Brent crude oil futures rose by 22 cents to close at $62.67 per barrel, up 0.35%. CryptocurrencyBitcoin rose by over 2.4% to $93,514.52; Ethereum rose by over 5.3% to surpass $3,100. US Dollar IndexThe US dollar index, which measures the dollar against six major currencies, fell by 0.51% to close at 98.855 in the forex market. At the close of the New York forex market, 1 euro exchanged for 1.1672 US dollars, higher than the previous trading day's 1.1622 US dollars; 1 pound exchanged for 1.3350 US dollars, higher than the previous trading day's 1.3211 US dollars. 1 US dollar exchanged for 155.15 yen, lower than the previous trading day's 155.88 yen; 1 US dollar exchanged for 0.7994 Swiss francs, lower than the previous trading day's 0.8032 Swiss francs; 1 US dollar exchanged for 1.3948 Canadian dollars, lower than the previous trading day's 1.3971 Canadian dollars; 1 US dollar exchanged for 9.3744 Swedish krona, lower than the previous trading day's 9.4286 Swedish krona. Precious MetalsSpot gold fell by 0.07% to $4202.85 per ounce. Macro News US ADP report signals deteriorating labor market, unexpected decline in November employment numbers. The employment report released by Automatic Data Processing, Inc. (ADP) on Wednesday showed an unexpected decrease in private sector employment in November. The revised October data showed an increase of 47,000 people, but in November, the number of jobs decreased by 32,000 in the private sector. The US Bureau of Labor Statistics is expected to release its highly anticipated November employment report on December 16. The report was originally scheduled to be released on December 5, but was delayed due to the recent government shutdown and will include October non-farm employment data. Although the ADP data shows a deterioration in the labor market, initial claims for state unemployment benefits still support the market narrative of "neither hiring nor firing". Economists say that the economic uncertainty brought about by tariff policies has led to a stagnation in the labor market. In September, the US economy added only 119,000 jobs, and the unemployment rate rose to a four-year high of 4.4%. US service industry showing steady expansion in November, employment indicators remain weak. The latest survey released on Wednesday showed that US service sector activity remained stable in November, but employment remained weak and input prices remained high. The Institute for Supply Management (ISM) data showed that the US ISM non-manufacturing PMI in November was 52.6, little changed from October's 52.4. The market was expecting a decline to 52.1. The service sector, accounting for more than two-thirds of US economic activity, indicates a more solid economic foundation in the mid-term of the fourth quarter. The ISM survey showed that the service sector's new order index fell from 56.2 in the previous month to 52.9 in November. Backlogs remain weak, but the rate of decline has slowed significantly. Service sector business input payment prices have fallen from high levels but remain high, suggesting that inflation may remain above the Fed's 2% target for some time. The service sector employment index rose from 48.2 in October to 48.9, and has been in contraction for six consecutive months. The labor market is constrained by a decrease in labor supply due to crackdowns on undocumented immigrants. USMCA agreement set to expire, Trump: either it will lapse or a new agreement will be reached. On December 3, local time, US President Trump said that either the USMCA agreement will expire and be terminated, or a new agreement will be reached with Mexico and Canada. In addition, Trump also said that Mexico and Canada have been taking advantage of the US, and tariffs have brought wealth to the US. The USMCA agreement is a trilateral trade agreement signed by the US, Mexico, and Canada in 2018, officially taking effect in July 2020. The agreement aims to modernize and replace the original NAFTA and is scheduled to be reviewed for renewal in 2026. President Trump threatened to terminate the NAFTA agreement, which took effect in January 1994, multiple times during his first term, criticizing the agreement for causing job losses in US manufacturing and calling for a renegotiation. After difficult negotiations, the USMCA agreement was preliminarily reached by the US, Mexico, and Canada in September 2018. The US Congress finally approved the USMCA agreement in January 2020 and submitted it to Trump for signature. Trump proposes significant reduction in passenger vehicle fuel efficiency standards. US President Trump has proposed a significant reduction in passenger vehicle fuel efficiency standards. Speaking in the Oval Office, Trump said, "We are officially ending the Biden-era absurdly burdensome and actually really terrible Corporate Average Fuel Economy (CAFE) standards, which impose expensive restrictions." He was accompanied by Chief Executives of Ford Motor Company and Stellantis. The CAFE standards, started in 1975, have been tightening over the years to improve fuel efficiency in vehicles. The Biden administration had previously required car manufacturers to achieve an average fuel efficiency of about 50 miles per gallon for passenger cars and light trucks by 2031 to promote the production and sale of electric vehicles in the US. According to the National Highway Traffic Safety Administration, the new standards proposed by the Trump administration would only require an efficiency of about 34 miles per gallon by 2031. US Treasury Secretary Yellen: Optimistic about the Supreme Court upholding the legality of Trump's tariffs. US Treasury Secretary Yellen said on Wednesday that she is optimistic that the US Supreme Court will support President Trump's broad tariffs on almost all countries under the International Emergency Economic Powers Act. Yellen said at the DealBook summit hosted by The New York Times Company Class A that even if the Supreme Court does not uphold it, the Trump administration can reframe the tariffs under other legal authorities. She pointed out that Trump has made the 15-20% tariff rate norm, and denies that these tariffs amount to taxation or have sparked inflation expectations among US consumers. Lagarde: European inflation will remain stable near the target and long-term economic competitiveness needs to be improved. European Central Bank President Lagarde said that core inflation indicators remain in line with the 2% medium-term target and expects inflation to remain close to target levels in the coming months. In terms of the economy, Lagarde said that technological innovation, political considerations, and structural changes in recent years have reshaped the economic landscape. These changes highlight the need to enhance Europe's resilience and competitiveness, and build enduring economic strength. Supported by strong domestic demand, the economy grew by 0.2% in the third quarter of 2025. Higher household spending and a resilient labor market should drive economic activity - the labor force participation rate in the Eurozone is currently at its highest level since the euro was introduced. Lagarde said that ensuring effective transmission of monetary policy across the entire Eurozone is crucial to fulfilling the responsibility of maintaining price stability. The European Central Bank has developed tools to ensure smooth transmission of monetary policy. Copper supply difficult to increase significantly in the short term, US funds hoarding. Against the backdrop of copper supply globally being difficult to increase significantly in the short term, US funds are hoarding large amounts of copper. Since March of this year, the New York Mercantile Exchange (COMEX) copper inventories have continued to increase, triggered by the US initiating a Section 232 investigation into copper in February, resulting in market concerns about a 25% tariff. In the two months from March to May, US funds imported a concentrated amount of 540,000 tons of refined copper, equivalent to 60% of the total annual imports for 2024. After that, the spread between COMEX copper and LME copper gradually widened, and on July 30th, the White House announced details of copper tariff policies that were significantly different from market expectations, leading to a crash in COMEX copper prices on the same day. However, the increase in COMEX copper inventory has not ended, and currently exceeds 400,000 tons, representing an increase of over 300% compared to the end of last year. COMEX copper inventories account for 62% of the inventories of the three major exchanges. It is worth noting that the US consumes 7% of the world's copper, yet inventory has continued to grow significantly this year. Behind the copper tariff factor is a strategic consideration. Zhang Zhihai, from Huaxin Futures Company, believes that there is a tendency for "strategic lock-in" in COMEX copper inventories, a concentrated reflection of the fragility of the global copper supply system. Locked-in inventories appear to be a buffer, but are actually a hidden danger - they reduce market liquidity, amplify regional shortages, and become an important catalyst for the cross-year rise in copper prices. Individual Stock News Salesforce, Inc. (CRM.US) reported revenue of $10.3 billion in fiscal Q3 2026, a 9% year-over-year increase; adjusted earnings per share were $3.25, compared to $2.41 in the same period last year. Salesforce, Inc. released its performance for fiscal Q3 2026: Financial Highlights Remaining performance obligations as of now are $29.4 billion, up 11% year-over-year; remaining performance obligations are $59.5 billion on a constant currency basis, a 12% year-over-year increase. Subscriptions and support revenue for the third quarter reached $9.7 billion, up 10% year-on-year; credit card revenue grew 9%. Revenue for the third quarter was $10.3 billion, up 9% year-over-year; consumer index rose 8%. GAAP operating margin for the third quarter was 21.3%, and non-GAAP operating margin was 35.5%. Operating cash flow for the third quarter was $2.3 billion, up 17% year-over-year; free cash flow was $2.2 billion, up 22%. Adjusted earnings per share for the third quarter were $3.25, compared to $2.41 in the same period last year. Returned $4.2 billion to shareholders, including $3.8 billion in share repurchases and $395 million in dividends. Raised full-year revenue guidance to $414.5 billion to $415.5 billion for fiscal year 2026, up 9% to 10% year-over-year; about 80 basis points of Informatica's contribution. Updated full-year GAAP operating margin guidance to 20.3%, and maintained non-GAAP operating margin guidance of 34.1%. Increased the full-year growth guidance for operating cash flow for fiscal year 2026 to about 13% to 14%. Salesforce, Inc. Chairman and CEO Marc Benioff said, "We are increasing our revenue guidance for fiscal year 2026 to $414.5 billion to $415.5 billion. Salesforce's performance in the third quarter was exceptional, with a year-over-year growth of 11%, reaching $29.4 billion, indicating a strong source of future revenue." "Our Agentforce and Data 360 products are gaining momentum, with ARR revenue close to $1.4 billion - an increase of 114% year-over-year. We have already processed over 9,500 Agentforce transactions and 3.2 trillion tokens, demonstrating our leadership in building agent enterprises and driving real results." Salesforce, Inc. President and Chief Financial Officer Robin Washington said, "Our momentum in the third quarter and continued adoption of Agentforce further strengthen our path to achieving our organic revenue target of $60 billion and achieving a profit growth framework of $50 billion by the 2030 fiscal year." Major "poaching": Apple Inc.'s (AAPL.US) design executive Alan Dye joins Zuckerberg's Meta (META.US). According to sources, social media platform Meta, owned by Zuckerberg, is hiring Alan Dye, head of the user interface design team at Apple Inc., as its Chief Design Officer to oversee its hardware, software, and artificial intelligence (AI) integrated design work. Following the departure of Jony Ive in 2019, Dye's departure is part of the talent loss in Apple Inc.'s design team and is a major loss for Apple Inc. At Meta, Dye will report to Chief Technology Officer Andrew Bosworth and will focus on using AI capabilities to improve Meta's consumer devices. His deputy, Billy Sorrentino, will also jump from Apple Inc.'s design team to Meta. Coinbase (COIN.US) CEO says major banks are partnering with the company to pilot cryptocurrency trading. Coinbase's CEO said on Wednesday that some of the largest banks are collaborating with Coinbase on pilot projects related to stablecoins, custodianship, and trading. Coinbase CEO Brian Armstrong said, "Great banks are viewing this as an opportunity and actively embracing this trend." However, he did not name specific banks. "Banks that resist this trend will be eliminated." Other top leaders of Financial Institutions, Inc., including Jamie Dimon of JPMorgan Chase, Brian Moynihan of Bank of America Corp, and Jane Fraser of Citigroup, have also expressed renewed interest in the cryptocurrency asset class. Morgan Stanley has also launched cryptocurrency trading on its retail trading platform E*Trade.