Flat Open Reflects Wait-and-See Sentiment

Fed Cut Widely Expected, but Powell’s Tone Is the Wildcard

Corporate Earnings in Focus as Banking Results Surprise

Macro-Earnings Interplay Will Set Market Direction

Geopolitics Eases Slightly Ahead of Trump-Xi Meeting

Source: Reuters

French lawmakers voted to double its tax on large technology companies, risking a backlash from Donald Trump who has long threatened to retaliate against the measure with trade tariffs.France's lower house of parliament adopted an amendment to the 2026 budget bill late Tuesday that would potentially raise the levy on the digital revenues of firms like Amazon.com Inc., Google owner Alphabet Inc. and Facebook owner Meta Platforms Inc to 6% from 3% previously.

The change is softer than another proposal to increase the rate to 15%, but it would mark a considerable increase in a levy that has for years exacerbated transatlantic trade tensions.US Republican lawmakers have already warned that a hike to 15% would be an "unwarranted attack" on American tech companies and leave "Congress and the Trump Administration with little choice but to pursue aggressive retaliatory actions."The amendment is for one part of a budget bill to be voted possibly next month or in December, and is not guaranteed to ultimately become law. The French government has no majority in parliament and has said it won't use constitutional tools to bypass votes, effectively ceding more control to lawmakers over financial legislation.

The French government was also cautious about the move and said it would continue to work with parliament, even as the proposed amendment for the 6% rate came from lawmakers in President Emmanuel Macron's party."I take note of Parliament's desire to strengthen the tax on digital giants," Finance Minister Roland Lescure said. "This is a matter that must be handled with care, particularly regarding the increase of thresholds, and on which we must make progress at the European level and through international discussion."

The French government is under pressure to find measures to rein in what has become the largest deficit in the euro area. Adding to the difficulties, opposition parties are threatening to oust Prime Minister Sebastien Lecornu in no-confidence votes in the coming weeks if there aren't significant increases in taxes on big business and the wealthiest individuals.On Monday, the government already sought to appease lawmakers and bolster revenues with a revision to increase its initial plans for corporate tax rates.

Another amendment proposed by the far-left opposition and adopted late Tuesday would create a universal tax on multinational firms in proportion to their activity in France. Lescure said the measure would be "inoperable" as it likely infringes on 125 bilateral tax treaties France is bound by.France was among the first countries to implement a Digital Services Tax, or DST, in 2019 that hits the revenues of global tech companies. At the time, Trump said the levy unfairly discriminated against American firms and threatened retaliation with tariffs on iconic French goods including cheese, sparkling wine and handbags.

The two sides ultimately negotiated a truce, according to which France would withdraw the DST once new global rules on taxing digital multinationals came into effect. However, the negotiations on those rules never concluded.Lawmakers who proposed doubling the rate to 6% from 3% said the approximately €700 million ($814 million) France earns a year from the levy is still "out of proportion" with the profits made in France by major tech companies.The amendment also changes the threshold for companies to be in scope of the tax to €2 billion of global revenue from €750 million previously.

Source: Bloomberg Europe

Key Insights:

Ethereum Long-Term Setup Points to a Breakout Move Toward the $8,500 Level

Ethereum is gaining attention from analysts, institutions, and long-term holders as market data points to a potential breakout. Recent chart analysis, whale movements, and institutional activity suggest strong positioning around the $4,000 mark, with forecasts setting targets as high as $8,500.

Long-Term Chart Shows Bullish Pennant Pattern

According to Merlijn The Trader, the technical chart indicates that Ethereum's monthly price action is forming a bullish pennant pattern. This structure, often seen before a breakout move, has been forming since it peaked in 2021.

The price has been trading within narrowing trendlines, with higher lows near $1,500 and lower highs near $4,000. Merlijn stated that this pattern is "textbook" and not based on speculation, but on technical accuracy. The chart projects a breakout by 2026, potentially reaching $8,500.

Bullish Pennant Pattern

Ethereum is currently trading at $4,026.94, with a 24-hour volume of $37.4 billion. The price has dropped by 2.33% in the past 24 hours, but trading activity remains high, with both technical analysis and on-chain data supporting a long-term move toward $8,500. Market analysts are closely monitoring its behavior near the $4,000 zone.

BlackRock Buys Ethereum as Early ICO Investor Moves $6M

However, Onchain Lens reported that an ICO participant deposited 1,500 ETH to Kraken, valued at approximately $6.02 million. This is the first recorded exchange activity from the address since the 2015 ICO.

According to Nansen.ai, the wallet had received 20,000 ETH for $6,220, which is now worth over $80 million. The recent movement may indicate selling or rebalancing, as the investor has held the funds for over eight years without any prior exchange activity.

Meanwhile, BlackRock has purchased $76.4 million worth of Ethereum. The analyst stated that this move indicates strong institutional interest and believes it could soon reach $6,000. Although there is no on-chain confirmation, the size of the purchase suggests major financial involvement. While short-term moves remain uncertain, long-term signals from chart patterns, whale activity, and potential institutional purchases are being closely monitored.

Source: CryptoSlate

Hurricane Melissa slammed into Cuba early on Wednesday, hours after causing devastation in neighbouring Jamaica as the strongest-ever storm on record to hit that Caribbean island nation.Melissa hit the southern coast of eastern Cuba with maximum sustained winds of 120 mph (195 kph), the U.S. National Hurricane Center (NHC) said.Around 735,000 people were evacuated from their homes in eastern Cuba as the storm approached, authorities said. Cuban President Miguel Diaz-Canel warned on Tuesday the storm would cause "significant damage" and urged people to heed evacuation orders.

Melissa had weakened to a still dangerous Category 3 hurricane after roaring ashore near Jamaica's southwestern town of New Hope on Tuesday, packing sustained winds of up to 185 mph, according to the Miami-based forecaster.Category 5 storms, the highest level on the Saffir-Simpson hurricane scale, carry winds of 157 mph and over.

'SOME LOSS OF LIFE EXPECTED,' HOLNESS SAYS

In southwestern Jamaica, the parish of St. Elizabeth was left "underwater," an official said, with more than 500,000 residents without power."The reports that we have had so far would include damage to hospitals, significant damage to residential property, housing and commercial property as well, and damage to our road infrastructure," Jamaican Prime Minister Andrew Holness said on CNN after the storm had passed.Holness said the government had not received news of any confirmed deaths from the storm, but given the strength of the hurricane and the extent of the damage, "we are expecting that there would be some loss of life."

Meteorologists at AccuWeather said Melissa ranked as the third most intense hurricane observed in the Caribbean after Wilma in 2005 and Gilbert in 1988 - the last major storm to make landfall in Jamaica.Scientists say hurricanes are intensifying faster with greater frequency as a result of warming ocean waters. Many Caribbean leaders have called on wealthy, heavy-polluting nations to provide reparations in the form of aid or debt relief to tropical island countries.

Melissa's winds subsided as the storm drifted past the mountains of Jamaica, lashing highland communities vulnerable to landslides and flooding.Local media reported at least three deaths in Jamaica during storm preparations, and a disaster coordinator suffered a stroke at the onset of the storm and was rushed to hospital. Late on Tuesday, many areas remained cut off.In the Bahamas, next after Cuba in Melissa's path to the northeast, the government ordered evacuations of residents in southern portions of that archipelago.

Farther to the east, the island shared by Haiti and the Dominican Republic had faced days of torrential downpours leading to at least four deaths, authorities there said.

Source: TradingView

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China's state-owned COFCO bought three U.S. soybean cargoes, two trade sources said, the country's first purchases from this year's U.S. harvest, shortly before a summit of leaders Donald Trump and Xi Jinping.As the two nations battle over trade tariffs, the lack of Chinese buying has cost U.S. farmers billions of dollars in lost sales, after they largely supported Trump in his campaigns for president.Although COFCO's deal for December-January shipment of about 180,000 metric tons of soybeans was China's first such buy in months, traders do not expect a significant resumption in demand for U.S. cargoes after recent large South American purchases.

COFCO did not immediately respond to a Reuters request for comment.

"COFCO has proceeded to purchase U.S. beans even before the two leaders have reached a trade agreement," said a trader at an international trading company that supplies Chinese crushers."The volumes booked by COFCO are not that large, three cargoes for now."Benchmark Chicago soybean futures prices jumped this week to their highest in 15 months, rebounding from recent five-year lows on hopes for a U.S.-China trade deal.

The prime U.S. soybean export season normally runs from October through January, but China has shunned soybeans from the autumn U.S. harvest this year, amid protracted trade friction with Washington, turning instead to South American suppliers.

Reuters was the first to report China's purchase of three cargoes.

LACKLUSTRE DEMAND

China, which takes more than 60% of world soybean imports, has nearly completed booking cargoes from Brazil and Argentina through November, with limited purchases expected for December and January ahead of the Brazilian harvest."U.S. suppliers have missed out on most of oilseed crushing business," said a second oilseed trader, who expected China to need about 5 million tons of shipments in December and January, for which market conditions favour Brazil.

U.S. soybeans, which traded at a steep discount to Brazilian cargoes in recent weeks due to subdued Chinese demand, have strengthened this week and are now priced at parity at about $2.45 per bushel above Chicago futures, traders said.Private Chinese buyers tend to prefer Brazilian soybeans for their higher protein content, which typically brings a premium over U.S. soybeans, said Jeffrey Xu, general manager of Shanghai-based OCI, a soybean consultant and two other traders.

Still, China could take about 8 million tons of U.S. soybeans for its strategic reserves in the period from December to May, traders said, buying through state-owned enterprises such as Sinograin, which would be worth roughly $4 billion.

Source: Yahoo Finance