Bond traders, rejoice: November was finally your month.
The Bloomberg US Aggregate Bond Index is up 4.8% this month. The widely followed index is on track to have its best month since the 1980s, according to FactSet data, after a sharp weakening in interest rate hike expectations sent investors on a bond-buying spree.
Stocks, international currencies and Bitcoin have also gained, with traders betting that the Federal Reserve is done raising interest rates.
Stock futures were on track to end November on a high note. Contracts tied to the S&P 500, the Dow Industrials and the Nasdaq-100 each rose less than 0.5%.
The yield on the 10-year US Treasury bond rose slightly, rose to around 4.28% after three consecutive days of declines. Yields move in the opposite direction to prices.
Oil prices rose ahead of a meeting between OPEC and its Russian-led allies. The cartel is expected to consider new production cuts during this period. Brent crude, the international benchmark, rose to about $83 a barrel.
In Europe, the Stoxx Europe 600 inches higher after data showed inflation in France eased in November. The euro weakened and European bond yields fell.
Front: Tesla will inform investors about the Cybertruck. Revenue from Canadian banks RBC And TDplus the retailer Kröger, are due before the market opens. Dell, Marvell And Ulta Beauty are on deck for after trading closes.
The Fed’s preferred inflation indicator, the PCE (Personal Consumption Expenses Price Index) is also due. Economists expect signs of easing inflation.