Nordea rates strategist Jussi Hiljanen says stronger-than-expected US growth implies policy is not restrictive and supports further Fed tightening. Fed governor Waller has flagged a possible 50bp move, but Nordea expects most officials to prefer smaller, incremental hikes spaced every other meeting. Nordea forecasts a 25bp increase in December and another 25bp in March. It expects the 10-year US Treasury yield to trade around 5% in the coming weeks.

U.S. new-cloud stocks extended pre-market losses after Nebius (NBIS.O) reported results; CoreWeave (CRWV.O) fell 10.1%, IREN fell 6.6% and Nebius fell 13.4%.

LME on-warrant inventory and canceled warrants: copper on-warrants 308,725 tonnes, up 11,200 t; canceled warrants 20,375 t, down 10,700 t. Aluminum on-warrants 199,775 t, down 6,500 t; canceled warrants 24,375 t, up 4,300 t. Zinc on-warrants 130,400 t, down 825 t; canceled warrants 12,225 t, up 825 t. Nickel on-warrants 259,092 t, up 228 t; canceled warrants 13,632 t, down 30 t. Lead on-warrants 233,225 t, up 2,525 t; canceled warrants 50,125 t, down 5,825 t. Tin on-warrants 3,025 t, down 25 t; canceled warrants 715 t, down 25 t.