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Date: 4th December 2025. Global Markets Update: US Data Fuels Rate-Cut Hopes as Japan Edges Toward Tightening. US markets continued to react positively to signs of a cooling labour market on Wednesday, as a surprisingly weak ADP employment report reinforced expectations that the Federal Reserve could deliver another 25 bp rate cut at its 10 December meeting. ADP private payrolls fell by 32,000, far below forecasts, adding to speculation that policymakers may feel comfortable easing again. The data helped extend the rally in Treasuries. Yields erased their overnight gains and moved lower across the curve, with the 2-year declining to 3.483%, back below the 3.50% threshold, while the 10-year slipped to 4.058%. The drop in yields provided a tailwind for equities: Dow Jones: +0.86%, approaching its record high from mid-November S&P 500: +0.30% Nasdaq: +0.17%, held back by early weakness in big tech Microsoft was a notable drag after reports suggested the company had reduced AI-related sales targets, though later denials helped the stock stabilise. Meanwhile, the latest ISM Services PMI painted a mixed picture but did little to change expectations for policy easing next week. Asia: Markets Mixed as Bank of Japan Prepares to Shift Gears Asian equities delivered a mixed performance on Thursday, even as US markets hovered near record highs. The focus in the region centred squarely on Japan, where Bank of Japan Governor Kazuo Ueda has been quietly preparing political leaders for the country’s first rate hike in years. Ueda reportedly stressed the risks of a persistently weak yen and rising inflation during discussions with Prime Minister Sanae Takaichi, who just last year referred to rate hikes as ‘stupid.’ The diplomatic effort appears to have worked, markets now view a December hike to 0.75% as almost certain and believe political resistance to tightening is diminishing. However, the bigger uncertainty lies in the BOJ’s long-term rate trajectory, particularly as there is little clarity around where Japan’s neutral interest rate sits. The uneasy balance between political expectations and monetary policy will likely keep Japan’s bond market volatile. Japanese Bond Yields Hit 17-Year Highs The shift in expectations has pushed the 10-year JGB yield to 1.92%, its highest level since 2007. Analysts warn that yields near these levels may prompt Japanese banks to revisit their long-term bond strategies. The move comes amid broader global bond-market jitters and ahead of the BOJ’s key meeting on 18-19 December. 30-year JGB yield briefly touched 3.44%, a record high, before easing after a well-received government auction. Strong demand came from pension funds and foreign investors, even as domestic insurers remained cautious. Asia-Pacific Market Snapshot Nikkei 225: +2.3% to 51,028.42, approaching its all-time high. Gains were supported both by expectations of a Fed rate cut and speculation about BOJ tightening. SoftBank Group: +9.2% after its founder reiterated plans to prioritise AI investments following the exit from Nvidia. Despite the jump, shares remain down nearly 28% over the past month. Hang Seng: +0.5%, reversing earlier losses on strength in tech and consumer stocks. Shanghai Composite: −0.1% Kospi: −0.2%, as tech and autos weighed on the index ASX 200: +0.3%, recovering mid-session Taiex: flat India Sensex: +0.2% US futures were slightly higher in early Thursday trading. US Market Recap: Stocks Edge Closer to Records The broader US market continued edging towards new highs: S&P 500: +0.30%, now within 0.6% of its record Dow Jones: +0.9% Nasdaq: +0.2% Semiconductor names led the charge, Microchip Technology surged 12.2% after forecasting stronger-than-expected profit and sales, and Marvell Technology rose nearly 8% on solid earnings. Treasury yields continued to ease: the 10-year slipped to 4.06%, extending the move lower sparked by the weak ADP report. Bitcoin also rebounded strongly, climbing back above $93,000 after last month’s slide below $81,000. Oil prices firmed modestly early Thursday: WTI crude: $59.40 (+$0.45) Brent: $63.07 (+$0.40) The US dollar softened slightly, slipping against major currencies except the yen. FX Market Spotlight: Sterling Surges on Strong UK Data The British pound delivered its strongest one-day rally since April, jumping 1.1% against the US dollar on Wednesday. Sterling held those gains early Thursday, trading near $1.335, its highest level in over a month. The move came as UK business activity surprised to the upside: UK Composite PMI (Nov): 51.2 (forecast: 50.5) The upbeat data supported the view that economic momentum is stabilising, easing concerns surrounding last week’s Budget. Strategists at Bank of America and MUFG highlighted that the rally reflected both stronger data and the unwinding of negative positions built up ahead of the Budget announcement. The dollar’s softness was amplified by the weak US payrolls data and renewed speculation around the Federal Reserve leadership, after President Trump signalled that Kevin Hassett may be nominated as the next Fed Chair, fuelling expectations of faster rate cuts. The DXY fell 0.5% on the day. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. 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**Aa528a0 0.1USDT - Dec-02-2025 19:33 0x01bdcf1067e995e9bfb26bef836f36f4a2c5371fd45ad9c57682823e6ea54a9f Примечание: Викторина в чате Profit-Hunters BIZ

Спасибо за бонус! +0.1 USDT 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 2025-12-03 16:26:17. Викторина в чате Profit-Hunters BIZ

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Спасибо за бонус! + 0.1USDT - Dec-02-2025 05:33:11 PM UTC 0x01bdcf1067e995e9bfb26bef836f36f4a2c5371fd45ad9c57682823e6ea54a9f Примечание: Викторина в чате Profit-Hunters BIZ

Викторина от Profit-Hunters 0.1 USDT 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Dec-03-2025 03:26:17 PM UTC

0.1 USDT 0x8D1565265BD41926d6A9B1608bAE1561cC04**** 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Dec-03-2025 17:26:17

Спасибо за викторину! *****0551692b8F4e925C6fF 0.1 USDT Bep-20 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 2025-12-03 15:26:17.

Dec-03-2025 03:26:17 PM UTC +0.10 USDT 0x9ad6dd57a7f753ca8a50da8be657b00268e2**** 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Спасибо за бонус!

Спасибо! *52150 - *8eE8a $0.2 USDT Bep-20 03.12.2025 20:26:17 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Викторина в чате Profit-Hunters BIZ

Name: Weekly Yields Start: Nov 11th, 2025 Features: Strong DDoS protection | SSL encryption | Unique script | Online chat About Program: Weekly Yields was founded on a simple observation: The most successful crypto traders don't trade daily—they trade in cycles. Specifically, 52-week cycles that align with institutional market movements. Investment Plans: 0.28% daily for 1 year | 3% weekly for 1 year | 5% weekly for 1 year | 10% weekly for 1 year Principal Return: At the end Charging: Working days Minimal Spend: 10 USD Maximal Spend: 50,000 USD Referral: 5%, 2%, 1%* Withdrawal: Manual (Up to 72 hours) Minimum Withdrawal: 1 USD Payment systems: Tether ERC20 | Tether TRC20 | Bitcoin | Bitcoin Cash | Litecoin | Ethereum | Ripple | Solana | Shiba Inu | MATIC https://blockchair.com/bitcoin/transaction/cd90f365d850fcf77ef78f846685c179fdc8d71ed9063ff0d5fd2fa9412bacb6 28 Nov 2025 14:42:15 UTC 0.00215775 BTC (~$200.00) Visit Weekly Yields and Sign Up P.S. Listing is bought. I am not the owner or administrator. Information provided here for viewing and discussion only.

USDT-TRC20: 60b4be9cefc37b4570c78898d4136f74b7a91349808a217ce11a2d4f015aab96 2025-12-03 12:35:18 (UTC) 0.5 Tether USD

Dogecoin: 54d7d91dee2491b97b7ed67c09cc2bb00fba2b6280e1a8ac504d359d9f9a31d2 2025-12-02 18:54:43 UTC 12 DOGE (~$1.76)

0xc6f10cbf0f24ae5d6b83ebc8c6bc19eb267aadae3b35607a4aa14f76430e02d4 Dec-01-2025 11:36:40 PM UTC 1.57 BSC-USD

USDT-BEP20: 0x58ad87d10777b5ad5f6cd2bcc7b8fdb889515bc3d9dc07d74fec8173a670af52 Dec-02-2025 05:48:10 AM UTC 2.3 BSC-USD

USDT-BEP20: 0x8d15ae569f0a1f831b9bc8c1957342dad11c07b7c6cadd019e9b048d68d7df52 Dec-02-2025 09:32:16 PM UTC 10 BSC-USD

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Спасибо за бонус *0x75aDa375f8e4* + 0.3 USDT - Dec-03-2025 03:26:17 PM UTC 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Примечание: Викторина в чате Profit-Hunters BIZ

Спасибо! 0.10 USDT Dec-03-2025 03:26:17 PM UTC 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Примечание: Викторина в чате Profit-Hunters BIZ

Спасибо за викторину! +0.10 USDT 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Dec-03-2025 03:26:17 PM Викторина в чате Profit-Hunters BIZ

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Спасибо за бонус +0.2 usdt bep20 0x01bdcf1067e995e9bfb26bef836f36f4a2c5371fd45ad9c57682823e6ea54a9f 2.12.2025 19:33:33 Примечание: викторина в чате Profit Hunter

Спасибо за бонус 0xf33ce1e85c262a2c8be + 0.1 USDT - Dec-03 2025 17:26 PM UTC 0x850f01483c00b33767adcb8cfb8cd6c563cfcb3fbf73bff6f1fcdda041fadde4 Викторина