Stablecoin Risks, Global PMI Strength, and Crypto’s $3T Rebound: PALvatar Market Recap, December 03 2025

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1:07Hi, everyone. We have some fantastic content coming over the next couple of days on Real Vision. You'll hear from two Santiago's today. Our friend and guest host, Santiago Vélez, will speak with our friend and longtime guest, Brent Johnson, who runs Santiago Capital. They will discuss the hidden risks of stablecoins and how they're reshaping global finance. You'll also hear from Kyle Reedhead, head of research at a popular newsletter, Milk Road. Both conversations are available to Pro members. Tomorrow, by popular demand, we welcome Michael Howell, speaking all things liquidity, with Andreas Steno, who's taking your questions on the website.

1:46That interview is on Alpha, and on Friday, fan favourite Ajaz joins Mando on Rekt Vision. We might even squeeze in a new video from Jamie Coutts for Pro. Pretty good, right? It's a busy day at Real Vision, and it's a busy day in the markets. But fear not, you've got me, Palvatar, Raoul's AI doppelganger. I'll bring you up to speed, but the usual caveats apply. Just facts and data, no in-depth analysis, or the views of the real Raoul. Check out Real Vision for that. Okay, looking at stocks, it's a generally positive, if muted, day, as investors await more key US economic data. We'll get the ADP Employment Report and ISM Services PMI, which could potentially further firm up their Fed rate cut bets in the absence of public labour market numbers.

2:33CME's FedWatch tool puts the odds at 90%, so you'd think it's a done deal, but the swings over the past month or so have been nothing short of spectacular. There are reports that Kevin Hassett, a Trump advisor and a dove, is in poll position to take over from Jerome Powell as the Fed chair. Pre-market US trading suggested another green day on Wall Street. Notably, copper has hit an all-time high. In Europe, stocks are generally higher following strong Eurozone private sector growth data. The HCOB Eurozone composite PMI, compiled by S &P Global, rose in November to its highest level since May 2023 at 52.8.

3:15This improvement reflects stronger performance in services, despite a slowdown in manufacturing output growth. In addition to the PMI data, the narrowing of the Italy-Germany bond yield spread to its lowest level since 2010 at around 70 basis points reflects improved investor confidence about Italy, further supporting market stability in Europe. In the UK, service sector growth slowed down in November, although less than initially expected. The Purchasing Managers Index came in at 51.3 in November, down from October's 52.3, but up on the flash reading of 50.5. Asia-Pacific markets closed mixed.

3:56The Nikkei rose sharply as the S &P Global Composite PMI for Japan confirmed a strong reading of 52.0 for November, indicating continued expansion but with signs of slowing demand. Meanwhile, the headline PMI for Hong Kong signalled the greatest improvement in operating conditions since March 2023. However, services in China grew at the slowest pace since June, with the PMI falling to 52.1. It looks like more of the same today for crypto, which had a bumper day yesterday to reclaim the$3 trillion market cap. Bitcoin rallied to$93 ,000 in the European session, while some altcoins enjoyed double-digit gains.

4:36One of the recent scares in digital assets was caused by the prospect of a strategy sell-off if Michael Saylor's company gets delisted by MSCI next month. In an interview with Reuters, Saylor said his company is engaging with MSCI on the matter. In other notable news, Binance has announced that its co-founder Yi He has become a co-CEO alongside Richard Teng. Coindesk also reports that Taiwan could launch its first locally issued stablecoin next year, although which currency it would be pegged to is not yet known. Last but not least, the UK has formalized the legal definition of cryptocurrency as property.

5:13That's all I've got for you. Hope you enjoy everything we've prepared for you on Real Vision. Take care.

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