[Morgan Stanley Expects ECB to Cut Interest Rates to 1.5% in the First Half of Next Year] Morgan Stanley expects the European Central Bank (ECB) to lower its policy rate from the current 2.00% to 1.50% in the first half of next year and maintain that level. Strategists stated that weak economic growth, inflation below expectations, and limited fiscal stimulus are the reasons prompting the ECB to further ease monetary policy. Morgan Stanley also predicts that the yield on 10-year German government bonds will be approximately 2.45% by the end of 2026. According to LSEG data, the money market expects the ECB to cut interest rates by nearly 10 basis points in June 2026.

[European Central Bank Vice President Guindos Expects Inflation to Converge Toward Target Level] European Central Bank Vice President Guindos stated that inflation is expected to gradually converge toward the target level.

[Russia Arrests Individual Suspected of Funding Ukrainian Armed Forces via Cryptocurrency] On November 17, Russian authorities arrested a resident of Tula Oblast, who is suspected of providing financial support to the Ukrainian Armed Forces through cryptocurrency. A criminal case has been filed against the individual for alleged treason.

BitMine co-founder Tom Lee has stated that Ethereum may be entering a super cycle similar to Bitcoin, and predicts that Ethereum's return rate may reach 100 times in the next few years. （Cointelegraph）

[Morgan Stanley Predicts S&P 500 Index Target of 7,800 Points by End of 2026] Morgan Stanley predicts the S&P 500 Index target of 7,800 points by the end of 2026, expects the US Dollar Index to drop to 94 in the first half of 2026, rebound to 99 by year-end, and forecasts gold prices to reach $4,500 per ounce in 2026.