Limit Up! 2 December 2025
Markets turn negative as traders get back to work
News Overnight
A day of PMIs and pretty much all of them were worse than expected. Added to Chinese manufacturing PMI which has contracted for the last 9 months. So the mood was negative with JGBs taking the limelight away from Silver.
The return from Thanksgiving was in clear juxtaposition to the slow drift up of risk assets last week.
Breaking
Global bonds slide after hawkish Bank of Japan comments [FT]
Putin Allows Visa-Free Entry for Chinese Citizens Into Russia [Bloomberg]
Russia Gears Up for Yuan Bonds in Sign of Tighter Relations [Bloomberg]
Chinese airlines slash over 900 Japan-bound flights amid Taiwan tensions [Nikkei]
EU watchdog must be given more power over fund managers, markets [FT]
Bitcoin champion Strategy launches ‘dollar reserve’ amid crypto sell-off [FT]
For Free Subscribers
USD/YEN Update 2 December 2025
Japanese 10 year yield hits 1.88% - not seen since 2008. And X goes mad with Japan bringing the global financial system down and BoJ pre-warning us that they’re going to hike rates on 19 December.
US 10 Year Yield Update 2 December 2025
UST10 tagged the trend support at 3.97% as we suggested it would, and then spiked higher. Clear targets above at 4.18% and 4.20% before a big sell-off in price to yield 4.30%.
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Bitcoin Update 2 December 2025
We’re seeing some good sellers: sovereigns, funds - long term investors, liquidate their Bitcoin and it looks like they’re buying Silver. It not just X telling us that, it’s the BTC price action and the number of substantial buyers of physical metals.
Silver Update 2 December 2025
Conspiracy theories abound, from sabotage at the CME to the ghost of Bunker Hunt! All good fun, especially as Silver confirms the break over 54.40 and hits an all time high at 58.80.
Economic Indicators Today
