🛍️Black Friday Hit A Record $11.8B

Good morning. It's Monday, Dec. 1, and we're covering, Asia Markets Open Mixed As China Factory Activity Weakens, AI Pushes Black Friday Online Sales To A Record $11.8B, Hong Kong’s Deadliest Fire In 75 Years Leaves 146 Dead As Search Continues, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.93 Trillion, a 5.17% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $124.86B, which makes a 52.27% increase.

• The total volume in Defi is currently $12.8B, 10.25% of the total crypto market 24-hours.

• The volume of all stablecoins is now $105.99B, which is 84.89% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 58.64%, an increase of 0.11% over the day.

Bitcoin Crashes Below $87K As Market Kicks Off December In Full Risk-Off Mode

Bitcoin tumbled more than 5% to below $87,000 early Monday, leading a sharp crypto selloff as markets opened December on a defensive footing. Ether slid over 6% and Solana more than 7%, extending a weeks-long downturn triggered in October when $19 billion in leveraged bets were wiped out shortly after Bitcoin’s record high of $126,251. Traders are bracing for further declines, with weak ETF inflows, fading dip-buying, and new concerns around major holders like Strategy Inc. (Read Deeper)

BUSINESS & FINANCE

Asia Markets Open Mixed As China Factory Activity Weakens

Asia-Pacific markets started December on a mixed note as Chinese manufacturing unexpectedly contracted. The RatingDog PMI slipped to 49.9, below forecasts and signaling weakening demand. Hong Kong and mainland Chinese equities rose, while Nikkei and ASX fell. Digital-asset-linked stocks in Hong Kong tumbled after China’s central bank warned against illegal crypto activity. Meanwhile, traders now see an 87% chance of a Federal Reserve rate cut this month.

Why It Matters: Manufacturing has now been in contraction for 8 straight months, weighing on regional growth. Regulatory pressure continues to ripple through Hong Kong markets. A December rate cut could ease global financial conditions. Japan’s Nikkei slid sharply while India’s markets continued to climb. (Read More)

Oil Rises As OPEC+ Holds Production Pause And Trump Targets Venezuela

Oil inched higher after OPEC+ confirmed it will pause production hikes through Q1, citing weak seasonal demand. Traders are also monitoring rising geopolitical risk after Trump warned airlines to avoid Venezuelan airspace comments he later softened, as U.S. forces build up in the region. A potential Russia-Ukraine ceasefire could also shift global crude flows.

Why It Matters: Despite a bearish supply outlook and expectations of a 2026 glut, geopolitical tension is keeping a floor under oil prices. Markets remain fragile, with headlines, not fundamentals steering sentiment. (Read More)

TECHNOLOGY & SCIENCE

AI Pushes Black Friday Online Sales To A Record $11.8B

AI-powered shopping tools sparked a record $11.8 billion in U.S. online Black Friday spending up 9.1% from last year, as consumers leaned on chatbots to find deals amid rising prices and tariff-driven cost pressure. AI-driven traffic to retail sites surged a staggering 805% year-over-year, thanks to new tools like Walmart’s Sparky and Amazon’s Rufus. Globally, AI agents influenced over $14.2 billion in purchases, according to Salesforce. Despite the spending surge, shoppers bought fewer items as prices climbed and discounts remained flat.

Why It Matters: Shoppers are using LLMs like personal deal hunters—accelerating discovery and boosting sales conversions. Inflation, tariffs, and higher product costs mean shoppers pay more for fewer items. Online sales jumped 10.4% vs. just 1.7% growth in physical stores. Adobe forecasts $14.2B in sales, the largest shopping day of the year. (Read More)

Amazon & Google Join Forces On New Multicloud Network To Deliver Faster

Amazon and Google have launched a jointly built multicloud networking service designed to help companies move data between AWS and Google Cloud in minutes instead of weeks. The initiative comes as demand for resilient cloud infrastructure reaches new highs—especially after an AWS outage last month knocked out major apps like Snapchat and Reddit, costing U.S. companies up to $650 million. The new system combines AWS Interconnect–multicloud with Google Cloud’s Cross-Cloud Interconnect, enabling high-speed, private links between the two tech giants’ platforms.

Why It Matters: Amazon and Google usually compete head-to-head. A joint product signals how critical multicloud has become as companies try to reduce downtime and avoid vendor lock-in. The October AWS outage that cost companies up to $650M was a wake-up call. Faster cross-cloud failover = less downtime risk. (Read More)

AROUND DE WORLD & POLITICS

Hong Kong’s Deadliest Fire In 75 Years Leaves 146 Dead As Search Continues

Hong Kong authorities continue to comb destroyed apartment towers after a massive fire killed at least 146 residents. The blaze is the city’s worst since 1948 has triggered public anger over ignored safety warnings and allegedly unsafe renovation practices. Eleven people have already been arrested as investigations widen.

Why It Matters: The disaster has become both a humanitarian crisis and a political flashpoint. Beijing is warning against “anti-China” protests, while residents demand accountability amid evidence of faulty fire alarms, flammable materials, and ignored complaints. (Read More)

Nigerian Villages Gripped By Fear After Mass Kidnapping Of Schoolchildren

A wave of mass kidnappings has struck central and northern Nigeria, leaving families paralyzed with fear as more than 300 schoolchildren remain missing after armed men raided St. Mary’s Catholic School in Niger State. Parents, too scared to speak publicly, say the kidnappers threaten retaliation for any cooperation with authorities. The attack is part of a broader resurgence in abductions driven by bandits and jihadist groups, exposing deepening security failures and forcing rural communities into makeshift “peace deals” with armed groups.

Why It Matters: Mass abductions once concentrated in Nigeria’s northwest are spreading to new regions, highlighting collapsing rural security. Many communities are too terrified to speak out, fearing deadly reprisals from kidnappers who operate with near impunity. Despite U.S. criticism and international attention, locals say they’ve been left to fend for themselves often negotiating directly with armed groups. (Read More)

ENTERTAINMENT & SPORTS

Chelsea Holds Arsenal 1-1 Despite Red Card; European Weekend Highlights

Chelsea survived a 38th-minute red card to Moisés Caicedo and still managed to draw 1-1 against league leaders Arsenal. Despite being down a man, Trevoh Chalobah put Chelsea ahead before Merino equalized for Arsenal. Elsewhere, Barcelona won but left Hansi Flick fuming over refereeing, and Luis Díaz delivered a stoppage-time winner for Bayern in the Bundesliga. Serie A’s title race remains the tightest in Europe. (Read More)

Paul Walker’s Daughter Pays Tribute 12 Years After His Death

Meadow Walker honored her late father on Instagram, sharing photos and a heartfelt message. Through the Paul Walker Foundation, she continues his philanthropic legacy in ocean conservation, wildlife protection, and scholarships. (Read More)

EXTRA BREVITI

• NYT Report Questions Whether David Sacks’ White House Role Benefits His Investments. (Read More)

• Databricks in Talks to Raise $5B at $134B Valuation. (Read More)

• HSBC has inked a multi-year deal with French start-up Mistral AI to integrate generative AI tools across the bank. (Read More)