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Key moves (overnight / Asia session)
- Asia equities: Broadly steady-to-firmer in thin year-end trade; South Korea’s KOSPI +1.7% on chip strength (SK Hynix +~6%, Samsung +~1.5%), while Japan was mixed (Nikkei slightly lower; TOPIX slightly higher).
- Precious metals: Gold eased from Friday’s record on profit-taking (spot around $4,450/oz), while silver set a fresh record peak near $83.62/oz; platinum also touched a record before easing.
- Copper: London benchmark copper surged to a new record near $12,966/ton intraday.
- FX: The U.S. dollar index was modestly firmer in quiet trade; the Korean won outperformed after authorities signaled support to curb volatility.
- Oil: Brent ~$61.31 and WTI ~$57.39 as traders weighed Ukraine diplomacy headlines against broader surplus concerns and other geopolitical risks.
- US risk tone: U.S. equity futures were muted heading into another holiday-thinned week.
- Crypto: Bitcoin traded around the $90k area and ETH around $3k as risk appetite held up into year-end.
What’s driving markets
Markets are staying constructive into year-end, with expected Fed easing in 2026 acting as the key “macro backstop” for risk assets and duration-sensitive themes, even as participation remains thin. The standout signal today is cross-asset demand for hedges and real assets: precious metals remain exceptionally bid despite near-term profit-taking, while copper’s break to new highs is reinforcing the “tight supply / structural demand” narrative.
On the geopolitics side, traders are tracking the Ukraine peace-track headlines (supportive for risk if progress is sustained, but also a potential headwind for safe-haven positioning if it becomes durable), while Asia risk sentiment is also watching China–Taiwan tensions after reports of large-scale drills.
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