TREE NEWS update: US Treasury Secretary Scott Bessent said Washington long treated American industrial decline as inevitable, but President Trump recognized it as the result of policy choices and therefore reversible. Following Trump’s trade policy reset and historic tax-cut bill, the sector has expanded for ten consecutive months and added 101,000 jobs year to date. September output rose again, with job openings climbing to 584,000, the highest on record for the pre-COVID era.
TREE NEWS update: The Federal Reserve confirmed it will remove its October 2027 meeting from the FOMC calendar, triggering a wave of trading in the October 27/November 27 fed funds futures spread. Flows included buying 12,000 October 27/November 27 spread contracts at -0.5 basis points, pushing the basis back to zero. The largest single trade was 10,000 contracts executed at 11:59 a.m. ET, the largest volume in that spread to date; 406 contracts traded Wednesday after no trading and minimal size through October 29.
TREE NEWS reports: The U.S. Energy Information Administration expects Alaska crude oil production to increase 13% in 2027. The projection points to a rebound in output from the state, whose North Slope fields have seen long-term declines. The EIA did not provide additional detail in the brief forecast note.
TREE NEWS reports: Nvidia founder Jensen Huang has left the company, prompting sharp reactions from tech, AI and crypto leaders. Some warned the departure threatens open-source AI, others questioned the board’s decision, and Elon Musk said he would be honored to hire Huang. The material did not specify the date or terms of the exit.
TREE NEWS update: Yemen’s Houthi movement said on the evening of the 12th that it fired six ballistic missiles at six Saudi-led coalition military gathering points, including the Haraz barracks in Lahij province and other sites in the Ras al-Ara and Haraz areas. The group claimed all strikes hit their targets, causing dozens of casualties. It also said the coalition conducted 98 airstrikes and missile attacks across five Yemeni provinces in the past 24 hours, bringing the total since the latest escalation to 4,863.
TREE NEWS reports: International copper fell 0.32% in overnight trading, with Shanghai copper down 0.08%, aluminum down 0.13%, zinc down 0.49% and nickel down 0.1%, while Shanghai lead rose 0.54% and tin slipped 0.11%. Alumina dropped 0.53% and aluminum alloy lost 0.57%, while stainless steel gained 0.14%.
TREE NEWS update: Russian presidential aide Yuri Ushakov said on December 12 that Moscow is ready to immediately discuss proposals on European security with the United States. He said US negotiators actively support Vladimir Putin’s proposal for a humanitarian operation in Kostiantynivka, where Russia is prepared to begin demining work and will invite journalists from Ukraine, the US and other countries. Arrangements are being coordinated for what would be the largest prisoner-of-war exchange so far.
TREE NEWS reports: Freddie Mac said the U.S. 30-year fixed mortgage rate fell to 7.11% last week, marking the fourth consecutive weekly decline. The figure reflects the government-sponsored enterprise’s weekly primary mortgage market survey.
TREE NEWS update: The Federal Reserve has removed the October rate meeting from its 2027 Federal Open Market Committee schedule, leaving the calendar without an October policy decision. The central bank updated its 2027 FOMC meeting schedule to reflect the cancellation. No reason for the change was given in the update.
TREE NEWS reports: US crude oil inventories increased by 4.66 million barrels last week, the Energy Information Administration said, defying Bloomberg users’ forecast of an 86.7-million-barrel draw and analysts’ estimate of an 85.26-million-barrel decline. The prior week saw a draw of 865,000 barrels. The industry-funded API had reported a build of 8.968 million barrels, with distillate stocks falling 8 million barrels.
TREE NEWS reports: Super Micro Computer’s stock extended its decline to 15%, touching a fresh session low. The move marks one of the sharpest intraday drops for the server maker, which has been volatile amid scrutiny of its accounting and AI hardware demand. No specific catalyst for the selloff was immediately cited in the available material.
TREE NEWS reports: The US 10-year Treasury yield extended its rise by 10 basis points to 5.09%. The move marks a sharp jump in the benchmark yield, which is closely watched as a gauge of borrowing costs and risk sentiment across global markets.
TREE NEWS reports: The secured overnight financing rate (SOFR) stood at 3.89% on the last trading day of Nov. 10, up from 3.88% the prior day. Markets were closed on Nov. 11. The effective federal funds rate for the same trading day was 3.88%, unchanged from the previous day.
TREE NEWS reports: Exodus generated $10.9 million in payments revenue in the third quarter, offsetting a slowdown in its crypto wallet business. The company also cut staff and restarted U.S. payment card issuance as part of a cost reset that StoneX said is real.
TREE NEWS update: Nvidia’s board has removed Jensen Huang, a move eMarketer senior analyst Asa Hiken described as a watershed moment for the company. Hiken wrote in a report that Nvidia must now prove it can sustain its dominance in artificial intelligence without its primary architect. Given the AI industry’s heavy reliance on Nvidia chips, the uncertainty from Huang’s departure extends well beyond the company itself, Hiken said.
TREE NEWS update: The U.S. Energy Information Administration will publish its weekly government crude oil inventory report at 01:00 Beijing time, one day later than usual because of a bond market holiday the previous day. The delay shifts the release from its typical schedule, with traders watching the data for signals on supply levels.
TREE NEWS reports: Enel reported revenue of €65.02 billion for the first nine months, exceeding analysts’ estimate of €61.35 billion. Adjusted net profit for the period came in at €6.02 billion, above the €5.76 billion consensus, while adjusted EBITDA reached €17.95 billion versus an expected €17.69 billion.
TREE NEWS update: European Central Bank Governing Council member Boris Vujcic said France needs to implement a credible fiscal adjustment. The remark points to the eurozone’s second-largest economy, where budget consolidation is being watched by policymakers and investors. Vujcic did not attach a figure or timeline to the call in the material provided.
TREE NEWS reports: The MSCI Nordic Countries Index was roughly flat at 411.69 points, with the financial sector posting the largest gain among the ten sectors. Vestas Wind Systems rose 3.8%, leading gains among Nordic stocks.
TREE NEWS reports: The International Monetary Fund said US inflation will push back the timeline for inflation returning to 2%. The assessment, issued by the IMF, points to persistent price pressures in the US economy delaying the Federal Reserve’s target horizon. No further details or revised forecasts were provided in the statement.