Global equities held steady while US markets were closed for Thanksgiving. The market is pricing in an 80% chance of a Fed rate cut next month, with expectations leaning toward three more cuts by the end of 2026. Bitcoin is back above $91k. Puma stock jumped 16% in Europe on takeover rumors, with Anta Sports mentioned as a potential buyer. Morgan Stanley was fined €101 million by Dutch prosecutors over dividend tax issues. In China, Vanke was rejected for a loan by local banks, keeping default fears alive.