Global equities surged Monday on optimism that President Donald Trump and Chinese Premier Xi Jinping will extend their trade truce during a summit in South Korea this week. Gains spread across Asia and into U.S. futures, with investors positioning for renewed cooperation after reports that Beijing may delay rare earth export curbs and Washington ease tariff threats. The rally comes as traders brace for a pivotal week of Fed and tech earnings news, reinforcing bullish momentum across global markets.

Current Federal Reserve board members Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House National Economic Council Director Kevin Hassett, and BlackRock executive Rick Rieder have been confirmed as the five finalists to succeed Jerome Powell as chair of the Federal Reserve, Treasury Secretary Scott Bessent has confirmed. Bessent said he hopes to present President Donald Trump a "good slate" of candidates after Thanksgiving, while Trump said he expects to make a nominee decision by the end of the year.

Investors are bracing for a busy week with the Federal Reserve's interest rate decision, a meeting between President Donald Trump and Chinese President Xi Jinping, and a slew of corporate earnings. The Consumer Price Index showed moderated inflation, keeping the Fed on track for a rate cut. Major companies including Microsoft, Amazon, Apple, Alphabet, Meta, ExxonMobil, Chevron, Shell, TotalEnergies, UnitedHealth Group and Verizon are set to report quarterly results.

President Donald Trump has nominated Mike Selig, a longtime crypto ally and current SEC Crypto Task Force general counsel, to chair the Commodity Futures Trading Commission, with Selig pledging to help make the US the "Crypto Capital of the World." While a market-structure bill is stalled in the Senate, the CFTC is expected to play a central oversight role if it advances; the industry welcomed the pick as the agency, short-staffed since early September, prepares for a bigger remit.

Barclays is re-entering Saudi Arabia after a 11-year hiatus, planning to open a Riyadh office next year as part of a broader effort to support the country's economic transformation. Barclays CEO C.S. Venkatakrishnan says the bank is securing licenses for investment banking activities and aims to connect Saudi Arabia with global markets.

Market participants are divided on the impact of prediction markets on sports betting integrity as the Commodity Futures Trading Commission oversees a growing sector with limited experience and resources. Critics argue that the CFTC's reliance on self-reporting and whistleblowers is insufficient compared with state-level regulations, while supporters believe that blockchain-based prediction markets offer greater transparency and would be helpful in catching misconduct.

MMSB Murmurs Sports are already a playground for odds and egos, but prediction markets could turn that into a high-speed casino with insider passes.

Transparency sounds nice until the refs are also the traders, then it’s just the world’s most entertaining compliance problem. -- Matt

Major commodity traders, hedge funds, and banks have ramped up hiring for specialist gold traders amid soaring interest in the metal. Companies like Trafigura Group and Gunvor Group have built new precious-metals teams, while rivals and financial institutions are looking to expand their presence in the sector.

A Pablo Picasso portrait of Dora Maar, hidden from public view for more than 80 years, has sold for €32 million at auction in Paris. "Bust of a Woman with a Flowered Hat (Dora Maar)," part of Picasso's "Woman in a Hat" series, was painted in 1943 as their relationship was ending.