🤝Ukraine-Russia Peace Deal

🌅 Good morning. It's Wednesday, Nov. 26, and we're covering, Gold Jumps As Dollar Weakens And Markets Bet On A Fed Rate Cut, HP To Cut Up To 6,000 Jobs By 2028 As It Doubles Down On AI, Trump Walks Back Deadline For Ukraine-Russia Peace Deal, 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 $3.02 Trillion, a 0.15% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $138.88B, which makes a 7.32% decrease.

• The total volume in Defi is currently $13.72B, 9.88% of the total crypto market 24-hours.

• The volume of all stablecoins is now $122.01B, which is 87.85% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 57.99%, a decrease of 0.15% over the day.

Bitcoin Flashes Red Again, But Whales May Be Returning

Bitcoin is set to break its long-standing bullish November streak, with the asset down more than 20% this month and on track for a second consecutive red close. Historically, November has been Bitcoin’s strongest month, averaging gains of 40%, but seasonality has completely failed this cycle, according to Bitfinex analysts. (Read More)

BUSINESS & FINANCE

Gold Jumps As Dollar Weakens And Markets Bet On A Fed Rate Cut

Gold climbed toward $4,165 an ounce in Asian trading as the U.S. dollar slipped for a second straight session and markets grew more confident that the Federal Reserve will cut interest rates next month. Analysts say the Fed’s upcoming decision is becoming the biggest swing factor for global risk sentiment heading into 2026. Meanwhile, gold remains above the $4,000 mark and is on track for its strongest annual gain since 1979, driven by central-bank buying and investor demand amid fears of currency debasement.

Why It Matters: Lower interest rates boost gold because it pays no yield, making rising bets on a December cut a direct tailwind. A softening dollar makes gold cheaper for international buyers, helping lift prices. Gold is up 55% this year, supported by central-bank purchases and investors moving away from sovereign debt and fiat currencies. (Read More)

Ackman Targets $5B IPO For New Closed-End Fund

Billionaire investor Bill Ackman is aiming to raise $5 billion for a new U.S.-listed closed-end fund, backed by $2 billion from major institutional investors. The launch will coincide with the long-awaited IPO of his hedge fund, Pershing Square Capital Management — and in a rare move, Pershing’s partners will give fund investors up to 10% of their shares for free to offset the typical post-IPO discount that plagues closed-end funds. Ackman has spent years preparing for a public debut, previously valuing Pershing at over $10 billion in a private stake sale.

Why It Matters: Hedge fund firms almost never go public, making this a rare and closely watched event. Giving investors a slice of the management company could solve the biggest fundraising problem with closed-end funds: IPO discounts. With investments in Howard Hughes and ambitions to build an insurer-backed conglomerate, Pershing is increasingly resembling a mini–Berkshire Hathaway. (Read More)

TECHNOLOGY & SCIENCE

HP To Cut Up To 6,000 Jobs By 2028 As It Doubles Down On AI

HP plans to eliminate between 4,000 and 6,000 jobs globally by fiscal 2028 as part of a sweeping restructuring effort aimed at accelerating its shift toward AI-driven productivity. CEO Enrique Lores says the cuts, which will hit product development, internal operations, and customer support, are expected to generate $1 billion in savings over the next three years. HP shares dropped 5.5% in after-hours trading following the announcement.

Why It Matters: The move comes amid rising demand for AI-enabled PCs, now more than 30% of HP’s shipments, and growing cost pressures from surging memory chip prices tied to the global AI buildout. DRAM and NAND costs are rising sharply due to data-center demand, putting pressure on PC makers’ profits. (Read More)

Robinhood & Susquehanna Just Bought 90% Of LedgerX

Robinhood and Susquehanna International Group have struck a deal to acquire 90% of LedgerX, a regulated futures and derivatives exchange once owned by FTX, giving the pair a major foothold as prediction markets explode in mainstream popularity. LedgerX, now under the MIAX umbrella after being bought out of FTX’s bankruptcy for $50 million, will anchor a new joint venture where Robinhood and Susquehanna plan to launch a futures and derivatives exchange and clearinghouse.

Why It Matters: The timing is no accident: prediction markets have surged since a federal court overturned the CFTC’s ban on election betting, drawing in major players like ICE, CBOE, CME, and new entrants such as InPlay Global. MIAX will retain a 10% stake in LedgerX. Robinhood says user interest in prediction markets is “strong,” and the acquisition positions it to compete with Polymarket, Kalshi, and new entrants like InPlay Global. (Read More)

AROUND DE WORLD & POLITICS

Trump Walks Back Deadline For Ukraine-Russia Peace Deal

President Donald Trump is stepping away from the Thursday deadline he previously set for Ukraine to accept a U.S.-backed peace plan, saying negotiations should wrap up “when it’s over,” not on a fixed timetable. Speaking aboard Air Force One, Trump defended his negotiating team, including envoy Steve Witkoff and advisor Jared Kushner, amid reports that Witkoff coached Russian officials on how to approach Trump in talks.

Why It Matters: Trump insists progress is being made and that Russia has offered concessions, he also suggested Moscow currently holds the advantage on the battlefield, pressuring Ukraine to strike a deal sooner rather than later. Reports that a U.S. envoy advised Moscow on how to pitch Trump raise sharp concerns about who the peace plan is built to favor. (Read More)

Taiwan Unveils $40B Defense Surge As Beijing Ramps Up Military Pressure

Taiwan President Lai Ching-te announced a massive 1.25 trillion TWD ($40B) supplemental defense budget as China accelerates military drills and political interference across the region. The move comes amid heightened tensions with Beijing, warnings of a potential forced takeover by 2027, and a fresh diplomatic clash between China and Japan. Lai accused Beijing of escalating “gray-zone harassment,” influence operations, and destabilizing maneuvers across the Indo-Pacific.

Why It Matters: The new funding is aimed at pushing Taiwan to top-tier combat readiness within three years. China’s dispute with Japan and calls with Trump show how fast a Taiwan flashpoint risks pulling in the U.S. and key allies. Xi Jinping has long framed “reunification” as inevitable. Experts fear China is building military capacity to force the issue by mid-decade. (Read More)

ENTERTAINMENT & SPORTS

Champions League Chaos: Chelsea Hammer Barça, Man City Stunned By Bayer Leverkusen

A blockbuster Champions League night delivered shocks everywhere. Chelsea dismantled Barcelona 3–0 at Stamford Bridge, with 18-year-old sensation Estevão scoring again and joining elite company of becoming the second-youngest player to net in each of his first Champions League starts, trailing only Kylian Mbappé. Barcelona ended with ten men after Ronald Araújo’s red card, and Raphinha’s return couldn’t save them. Manchester City were stunned by Bayer Leverkusen as Pep Guardiola’s heavily rotated squad fell flat. Goals from Patrick Schick and Alejandro Grimaldo handed City their second straight defeat, raising real concerns as they slide down the league-phase table. (Read More)

50 Cent’s Bombshell Diddy Documentary Gets Release Date

Two years after its announcement, 50 Cent’s explosive documentary on Sean “Diddy” Combs is finally dropping. Netflix will release Sean Combs: The Reckoning on December 2, unveiling a four-part deep dive into the music mogul’s meteoric rise, sprawling empire, and the dark allegations that have engulfed him. Directed by Alexandria Stapleton and executive-produced by 50 Cent, the series promises new testimony from people once inside Combs’ inner circle — painting a picture of power, influence, and a hidden underworld beneath the Bad Boy empire. (Read More)

EXTRA BREVITI

• OpenAI & Perplexity Jump Into AI Shopping. But Niches Aren’t Scared. (Read More)

• Amazon Drone Snaps Internet Cable in Texas, FAA Opens Probe. (Read More)

• Dell sees AI server demand skyrocketing and raises Q4 revenue & EPS forecasts above Wall Street expectations. (Read More)