December begins with a decided risk-off mood in financial markets, led by more painful liquidations in crypto. Bitcoin starts off the month with a nearly 7% drop to what would be a new recent low. Why? Economic woes continue to dominate concerns. Starting with Chicago, ISM’s regional business barometer put up its largest single month decline in new orders in more than two years. Backlogs crashed by nearly 22 points to the lowest since March 2009. Its employment index fell to the worst since May 2009, with not a single respondent saying it had increased employment last month. Eurodollar University's Money & Macro Analysis --------------------------------------------------------------------------------------------------------------------- What if your gold could actually pay you every month… in MORE gold? That’s exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month. Check it out here: https://monetary-metals.com/snider --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Eurodollar University's AFTER BLACK FRIDAY SALE Get our DDA+ subscription including the DDA, a membership, and the Daily Briefing for one ultra-low price. Not only that, we'll also include the Substack One Big Weekly Theme subscription to. Huge value and huge savings. https://https://www.eurodollar.university/black-friday-2025 --------------------------------------------------------------------------------------------------------------------- ISM Chicago Business Barometer November 2025 https://drive.google.com/file/d/1N7xXT_P4Z_g7u0dJYI_kOYkSk1fcvLcQ/view ISM Manufacturing November 2025 https://www.ismworld.org/supply-management-news-and-reports/reports/ism-pmi-reports/pmi/november/ S&P Global Press Releases https://www.pmi.spglobal.com/public/release/pressreleases Bloomberg Small Businesses Turn to Lending Startups as Tariff Costs Mount https://www.bloomberg.com/news/articles/2025-09-15/tariffs-drive-small-importers-to-costly-loans-as-lending-startups-surge Bloomberg First Brands’ Blowup Puts Trade Finance in Spotlight https://www.bloomberg.com/news/newsletters/2025-10-19/first-brands-blowup-puts-trade-finance-in-spotlight-jnj-jpm-ubs-jef https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU
