🌅 Morning Update (09.12.2025)

Global sentiment remains cautious. 📉 Futures on European and US indices point to mixed trading after a weak Asian session.

🇦🇺 RBA kept rates unchanged at 3.60%, in line with expectations. The initial market reaction pushed AUD/USD lower, yet Governor Bullock later struck a hawkish tone. She stressed that the baseline scenario allows for a long pause or further hikes, with no room for cuts, and highlighted February as crucial for fresh inflation data. Markets now price nearly two hikes in 2026.

🤖 Nvidia is back in focus. The US Commerce Department is expected to approve exports of the H200 chip to China, according to Semafor (via Reuters). Nvidia shares jumped ~2.5% on the news.

🎬 Paramount vs Netflix: Paramount Skydance issued a counter-offer to buy Warner Bros. Discovery for $108.4B, topping Netflix’s earlier $72B bid.

• WBD +3.5%

• Paramount +8%

• Netflix –4%

The move was driven by rising antitrust concerns around a possible Netflix–WBD merger.

🇯🇵 Japan meanwhile stands at a turning point.

• PM Sanae Takaichi signalled readiness to take “appropriate action” to support the yen.

• BoJ’s Ueda noted that the bank’s scenario is finally materialising – real rates remain very low, labour markets tighten, and wage–price pressures rise. Markets view a December policy shift as almost certain, with focus now on the speed of BoJ normalisation in 2026.

💱 On FX, the Australian dollar is the strongest performer after the RBA, while the yen continues to weaken. EUR/USD trades steadily near 1.1650.

🛢 Commodities remain under pressure:

• OIL.WTI –0.4%

• NATGAS –0.95%

• GOLD –0.17%

• SILVER –0.25%

₿ Crypto also softens: Bitcoin slips 1.13%, trading below £90,000.

📆 Today’s calendar is light in Europe with only the German trade balance, which should not impact either markets or the ECB. In the US session, attention turns to ADP and JOLTS, though most traders are waiting for tomorrow’s Fed decision and next week’s NFP and CPI.

🚀 Stay tuned for timely market insights and trade smarter with NordFX!