EUROPEAN EQUITY OPEN: Stocks open a little lower, gold and BTC jumped; key data due this week

• EUROPEAN OPEN: After a mixed APAC trading session, European equities start the new week in the red. There is attention on the prices of gold and Bitcoin, with the former rising above USD 2,100 to all time highs, while the latter topped USD 40k for the first time in a year. While the docket is benign for Monday, there are other key risk events this week, including the key US jobs report, which will help shape Fed expectations ahead of the December 13th meeting (the Fed is on blackout now ahead of this). We are also due to get China trade and CPI data, as well as rate decisions from the BoC and RBA. Geopolitics is also featuring in traders minds amid reports that some Israeli vessels were targeted in the Red Sea area. 
• DATA: Data out of Germany showed its trade surplus widened to EUR 17.8bln in October (exp. 17.1bln, prev. 16.7bln); exports fell -0.2% M/M (exp. +1.1%), while imports fell -1.2% M/M (exp. +0.8%). In Switzerland, CPI cooled to 1.4% Y/Y in November (exp. 1.7%, prev. 1.7%); the data was the first to incorporate the mid-2023 rental reference rate increase; despite leaving rates unchanged in September, the SNB incrementally trimmed its inflation forecast from Q3-2024 onwards, but maintained the near-term view at just over the 2.0% target level. Our equity specific briefings for December 4th can be accessed here and here.

TODAY’S AGENDA:

• Our full interactive calendar can be accessed here; a pdf version can be downloaded here.
• DAY AHEAD: Eurozone Sentix is seen improving slightly in December. Scandy watchers will be eying the Riksbank’s meeting minutes (preview in our week ahead note here). On the speakers’ front, ECB’s Elderson, Vice President de Guindos, and President Lagarde are all due to make remarks. With the Fed in blackout ahead of its December 13th confab, the calendar is quiet on Monday, with US factory orders and durable goods revisions the only notable releases due.
• WEEK AHEAD: Highlights include US jobs report; China CPI/trade data; RBA, BoC rate decisions. Our week ahead briefing can be accessed here. Earnings this week are due from NIO, AZN, SJM on Tuesday; CPB, BF.B on Wednesday; DG, LULU, AVGO on Thursday; our weekly US earnings estimates sheet can be accessed here.