China’s economy showed fresh signs of strain after retail sales rose just 1.3% year-on-year in November, the weakest pace outside the pandemic period, underscoring fading consumer momentum. Fixed-asset investment also disappointed, contracting 2.6% over the first 11 months of the year, adding to concerns that policy support has yet to gain traction.
Geopolitics remained in focus as US and Ukrainian officials continued peace talks in Berlin, with discussions centered on security guarantees. Ukraine has reportedly softened its stance on NATO membership, a move seen as an attempt to keep negotiations moving amid growing pressure to find a diplomatic path forward.
Market sentiment was dented late last week by renewed doubts over the sustainability of the artificial-intelligence rally, sending the Nasdaq down 1.7% on Friday. Despite the pullback, investors are now turning their attention to delayed US payroll data due for release tomorrow, with expectations skewed toward a weaker reading that could reinforce bets on easier monetary policy.
In Europe, stocks climbed about 0.6%, recovering some ground, while Asian markets struggled, with Japan and Hong Kong both falling around 1.3%. US futures pointed to modest gains, suggesting a cautious rebound at the open.
Safe-haven demand supported commodities, with gold rising 1.1% to $4,377 an ounce, as investors weighed slowing global growth against the prospect of lower interest rates.