Reuters Morning Bid

Precious metals are shining, with silver surging to $80 an ounce and outpacing gold as investors hedge against uncertainty and potential Fed rate cuts. Markets now await the Fed’s meeting minutes for clues on policy shifts, even as leadership changes loom. Meanwhile, dealmakers stayed busy through the holidays - could next year break M&A records?  Today’s recommended read: Every mineral is critical in the new metals age by Andy Home Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Join Amanda Cooper and Mike Dolan for a special edition of Reuters Morning Bid, as they look back on a whirlwind year for global markets. From Trump’s return to the White House and the ripple effects on trade and tariffs, to the AI-fueled stock boom and Europe’s historic rearmament, 2025 has been a year to remember for traders. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Markets are waiting today to see how the U.S. economy performed in Q3. Plus, Novo Nordisk has capped off a difficult year with a decisive victory, with the FDA approving sale of its weight-loss pill for U.S. consumers. And Japan may have calmed its currency markets - for now.  Today’s recommended read: Guns and gold win in 2025, but other 'safety' trades bomb by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Japan’s yen keeps sliding despite last week’s rate hike, raising the specter of government intervention. Meanwhile, Washington’s campaign against Venezuelan oil tankers is keeping energy markets on edge. And with Christmas week underway, traders are still waiting for the famed Santa rally to appear.  Today’s recommended read: Oil’s geopolitical premium vanished in 2025 - and may not return by Ron Bousso Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

A backlog of U.S. economic indicators will hit markets this week, including GDP, consumer confidence, factory orders, and jobless claims. What story will they tell? Plus, geopolitical events are continuing to stir up energy markets ahead of the holidays. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Central banks sound hawkish heading into 2026. Plus, Warner Brothers rejects Paramount’s hostile bid, and Trump Media bets $6 billion on fusion energy. Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: **The Thomson Reuters Trust Principles.** Learn more about your ad choices. Visit megaphone.fm/adchoices

The Bank of Japan ends a 30-year era of near-zero interest rates with a historic hike in an effort to tackle sticky inflation. Meanwhile, U.S. inflation may be sliding - but the data is leaving some economists scratching their heads. Plus, TikTok may have found a new set of ownership partners for its U.S. business.  Today’s recommended read: Five charts that defined agricultural markets in 2025 by Karen Braun Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

AI stocks are taking another beating as Oracle and Nvidia lead a bruising tech selloff into year-end. Meanwhile, U.S. inflation is set to show prices still running hot, and Europe’s central banks deliver their final policy calls of 2025. Today’s recommended read: BoE needs to rein in rising real rates, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices

Crude oil rebounds on talk of a Venezuelan blockade, but the bigger story is a looming global glut. Plus, US jobs data muddies the waters for markets, and Warner Brothers is facing a blockbuster takeover decision. Today’s recommended read: Investment herd got it mostly right a year ago by Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Wall Street faces a double dose of payroll data as investors hunt for clues on the Fed’s next move. Meanwhile, Nasdaq pushes for near-24/7 trading and Ford pivots on EVs amid Trump's policy shifts. Today’s recommended read: US Treasuries rebuilding risk premia, Mike Dolan Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest Produced by Eliza Davis Beard and Ethan Plotkin Sound engineering and music by Sebastian and Josh Sommer Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt out of targeted advertising. Our Standards: The Thomson Reuters Trust Principles. Learn more about your ad choices. Visit megaphone.fm/adchoices