🟠 MSCI confirmed Strategy’s exclusion from global indices after the market close on November 30: the company was classified as a non-operating issuer under new rules that screen out firms whose assets are primarily digital assets. Metaplanet and Upexi are also set to be removed, while SharpLink, with its ether treasury, remains on the watchlist. Funds tracking the indices will have to sell their shares by November 30: JPMorgan estimates that the pressure on Strategy could amount to around $2.8 billion. The company does not need to sell its bitcoin; its shares fell about 1.65% in after-hours trading following the news.

🛢 Oil has fallen for a third straight day: Brent has dropped to $91.6, and WTI to $85.5, nearly 22% below October’s peak of $118. Prices are under pressure from hopes for diplomacy, increased OPEC+ output (in October, mainly due to Saudi Arabia), and a 9-million-barrel increase in U.S. inventories. The market does not expect a new escalation between the U.S. and Iran before the APEC summit, although the Houthis continue to attack Saudi energy infrastructure: the latest strike hit the East–West Pipeline, causing a small fire that was extinguished. Iran, meanwhile, refuses to hand over its enriched uranium and demands that sanctions and the blockade be lifted before it opens the Strait of Hormuz.

🏦 The diplomatic front is heating up: American negotiators Witkoff and Kushner have arrived in Moscow, and markets are pricing in possible progress on Ukraine. The U.S. stock market added around $1 trillion in market capitalization yesterday.

🚗 Amid the scandal surrounding Huang, an X user wrote to Elon Musk: “Elon, please hire Jensen.” Musk reportedly replied that it would be a great honor. Nvidia shares are trading nearly 30% below their peak.

🔽 The main backdrop for crypto is the Fed’s rate policy. Waller is open to a 50-basis-point hike in December, while Goldman Sachs expects two 25-basis-point hikes: in December and March. Bitcoin is trading around $73.5K–$75K, and spot ETFs continue to see outflows: in November, BTC funds have already seen around $1.5 billion in outflows, while ether ETFs are recording their sixth consecutive week of outflows.

📅 What’s next: PPI tomorrow, Nvidia’s earnings report on November 17, the minutes of the Fed meeting on the 18th, and trading in Anthropic shares begins on the 19th.