US & Asian Indices Supported by Tech, AI Stocks Surge (NVIDIA, Oracle, Dell)

The euro extended its advance against the US dollar on Wednesday, climbing for a second straight session as markets continue to price in aggressive Federal Reserve easing despite a fresh batch of firmer US indicators.

US economic releases showed a mixed picture, but none were enough to derail expectations for a December rate cut. Initial jobless claims declined again, underscoring a labor market that remains tight yet shows signs of cooling at the margins—an ongoing theme in recent Fed commentary. Meanwhile, September Durable Goods Orders topped forecasts but slowed sharply from August’s outsized gain, reinforcing the view that momentum is easing.

Across the Atlantic, comments from European Central Bank officials emphasized patience. Vice President Luis de Guindos reiterated that current policy settings are appropriate, while Governing Council member Boris Vujčić noted that additional rate reductions would require clearer evidence that inflation is convincingly retreating. Chief Economist Philip Lane also stressed the need for further cooling in non-energy price pressures to keep inflation anchored at target. Money markets continue to expect the ECB to remain on hold through year-end.

The euro gained support as recent US data signaled moderating inflation, softer consumer demand, and growing household concerns about labor conditions and future income.

Bitcoin bounced sharply on Wednesday, recovering above the $90,000 threshold as mounting expectations of a Federal Reserve rate cut reignited interest in digital assets.

The rebound follows last week’s slide to near $80,000—its weakest level since April—before sentiment shifted on optimism that the Fed could ease monetary policy as early as next month.

Market pricing now reflects an estimated 85% probability of a 25-basis-point cut at the upcoming FOMC meeting, a steep rise from about 44% just one week earlier. Prospects of lower borrowing costs typically support risk-sensitive assets like Bitcoin by enhancing liquidity and encouraging flows into higher-yielding alternatives.

Adding to the bullish narrative, the potential nomination of Kevin Hassett as the next Fed chair—viewed by some as favoring more accommodative policy—has introduced an additional catalyst for crypto markets.

In major industry news, Naver Financial—the payments subsidiary of South Korean tech conglomerate Naver Corp.—announced an agreement to acquire Dunamu, the company behind the country’s dominant crypto exchange Upbit. The deal, valued at approximately $10 billion, will be executed through a stock swap that brings Dunamu fully under Naver Financial’s ownership.

Oil prices rose on Wednesday, recovering from the previous session’s one-month lows as markets evaluated rising supply signals and ongoing discussions over a potential Russia-Ukraine peace framework ahead of the U.S. Thanksgiving holiday.

U.S. crude stockpiles jumped by 2.8 million barrels last week to 426.9 million barrels, according to the Energy Information Administration—far surpassing expectations for a modest 55,000-barrel increase. The build was driven by a sharp rise in imports.

Crude prices found some support from rising expectations of a Federal Reserve rate cut in December, which could bolster economic activity and strengthen oil demand.

Traders continued to monitor developments around potential peace negotiations between Russia and Ukraine. On Tuesday, Ukrainian President Volodymyr Zelenskiy said he was prepared to move forward on a U.S.-supported roadmap to end the conflict—a statement that pushed both Brent and WTI to one-month lows.

U.S. President Donald Trump said he has directed U.S. representatives to meet separately with Russian President Vladimir Putin and Ukrainian officials. A Ukrainian source indicated that Zelenskiy may travel to the United States in the coming days to work toward a potential deal.

Adding to the geopolitical backdrop, the Caspian Pipeline Consortium—which handles about 1.5% of global supply—confirmed it resumed operations after briefly halting loadings due to a Ukrainian drone strike earlier in the week.

U.S. equities advanced on Wednesday ahead of the Thanksgiving break, supported by a renewed rally in AI-linked names and growing conviction that the Federal Reserve will deliver another rate cut before year-end.

Big-tech and AI-focused shares helped lift the broader market. NVIDIA and Oracle both pushed higher, trimming recent losses after Deutsche Bank argued that the bearish thesis on Oracle “looks bullish,” noting that the stock still does not fully reflect the potential value of its OpenAI partnership.

Dell Technologies also traded sharply higher following an upbeat outlook released after Tuesday’s close. Fueled by exceptional demand for its AI servers—many of which use Nvidia chips—the company projected fourth-quarter revenue between $31 billion and $32 billion, well above LSEG estimates of $27.59 billion.

The broader tech sector has been under pressure throughout November amid worries about overextended valuations, making Wednesday’s rebound a welcome reprieve for many investors.

Optimism about a December rate cut continued to underpin market sentiment. Several Fed officials have recently signaled openness to easing policy, and investors have responded accordingly.

Recent economic data have supported the dovish shift. Disappointing September retail sales pointed to a pressured U.S. consumer, while Wednesday’s data showed initial jobless claims rising by more than 200,000 last week.

Adding to the market’s focus on monetary policy, Treasury Secretary Scott Bessent said Tuesday that he was completing a second round of interviews for a new Fed chair and that President Donald Trump may announce his nominee before Christmas.