The global market narrative is currently centered on rapidly deteriorating U.S. labor market data, particularly an unexpected contraction in private payrolls, which has driven an almost certain consensus for a Federal Reserve interest rate cut next week. This dovish pivot fueled broad advances across U.S. equities, especially in technology, and sparked a rally in non-sovereign assets such as Gold and Bitcoin. However, fundamental economic performance remains uneven, as reflected by the November ISM Services PMI report, which indicated continued high cost inflation despite contracting sector employment. Consumer activity shows a clear divergence, where Dollar Tree and Macy's luxury brand, Bloomingdale's, reported strong earnings, yet the auto sector reported record-low customer traffic due to high interest rates. Additionally, geopolitical risks continue to impact commodity markets, with Oil prices rising due to Russian threats against tankers, while the European Central Bank formally warned Italy over proposed legislation challenging the independence of the Bank of Italy's gold reserves.