US futures fall; Asia mixed, oil jumps
Early Monday, U.S. stock futures slipped (S&P 500 ~0.7%, Dow ~0.4%) as Asian markets were mixed and oil rose more than $1 a barrel. Japan’s Nikkei fell 1.9% after weaker-than-expected capex data and a November manufacturing PMI of 48.7 (fifth straight contraction), while China’s factory activity also contracted for an eighth month; the update follows Friday’s CME outage-linked trading halt and a recent rally on Fed cut hopes.
📌 Key Facts
- S&P 500 futures down nearly 0.7% and Dow futures down ~0.4% early Monday, Dec. 1, 2025
- Japan Manufacturing PMI at 48.7 in November (S&P Global), fifth consecutive contraction; Nikkei 225 -1.9% to 49,285.66
- China factory activity contracted for the eighth straight month in November; oil up more than $1/barrel
📊 Relevant Data
The U.S. goods trade deficit with China was $295.5 billion in 2024, a 5.7 percent increase from 2023.
The People's Republic of China — United States Trade Representative
The Trump tariffs amount to an average tax increase of $1200 per US household in 2025.
Trump Tariffs: Tracking the Economic Impact of the Trump Trade War — Tax Foundation
Oil prices rose as much as 1.5% on December 1, 2025, after OPEC+ decided to maintain current production levels through early 2026.
Euro zone and Asian factory activity stagnated in October 2025 due to weak U.S. demand and Trump's tariffs.
Big manufacturing economies struggle as US tariffs hit order books — Reuters
China suspended all retaliatory tariffs announced since March 4, 2025, as part of a trade deal with the U.S.
Fact Sheet: President Donald J. Trump Strikes Deal on Economic and Trade Relations with China — The White House