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The U.S. electric vehicle (EV) market, after experiencing robust growth, is encountering a slowdown, causing apprehension among automakers heavily invested in this transformative technology. In contrast to the U.S., EV sales in China and Europe are accelerating. Aggressive promotion, subsidies, and stringent emissions regulations in these regions have facilitated a more rapid transition to EVs.

The recent economic indicators from the Eurozone paint a bleak picture, as the downturn in business activity deepened in December, pushing the bloc's economy into a likely recession. The Purchasing Managers' Index (PMI), suggests that the Eurozone has experienced a decline in activity in every month of the current quarter, meeting the technical definition of a recession. ECB has adjusted its growth forecasts downward for 2023 and 2024, reflecting the grim economic reality. [1]

Investors were anxious with expectations ahead of monetary policy updates in December, mainly those of U.S. Federal Reserve (Fed) and European Central Bank (ECB). As inflation rate has been dropping both in the U.S. and Europe, many expected interests rate cuts early and it has driven some commodities like gold upwards but as tension rose investors flinched and took profits which has set prices tumbling down from their peaks.

In the seven days leading up to December 6, 2023, U.S. equity funds experienced a second consecutive week of outflows, reflecting investor caution amid anticipation of economic data that could shed light on the Federal Reserve's stance on interest rates. Investors withdrew a net amount of $577 million from U.S. equity funds during this period, a notable reduction compared to the preceding week's $3.26 billion in net sales.

The Organization of Petroleum Exporting Countries and allies (OPEC+) is the group of countries that together contribute to 40 % of global oil production which means they can significantly control oil prices. Since oil is still one of the world's most prominent commodities, it can have a huge impact on everyday lives. Recently traders were anxiously expecting what the outcome of the latest OPEC+ meeting that happened on 30th of November would be.