Bonds & Stocks
Stocks were poised to extend one of their biggest November rallies on record amid speculation the Federal Reserve will be able to pull off a soft landing as the economy remains strong and inflation shows signs of cooling. S&P 500 contracts signaled the benchmark gauge will rise for a second day. Treasury two-year yields, which are more sensitive to imminent Fed moves, dropped six basis points to below 4.7%.
Economy
The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending. Gross domestic product rose at an upwardly revised 5.2% annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6% rate, according to the government’s second estimate of the figures issued Wednesday.
World
Saudi Arabia has approached Iran with an offer to boost cooperation and invest in its sanctions-stricken economy if the Islamic Republic stops its regional proxies from turning the Israel-Hamas war into a wider conflict. The proposal has been delivered directly and through multiple means since Hamas’s attack on Israel last month and the ensuing war in Gaza, according to Arab and Western officials familiar with the matter.