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Good morning. Oil holds drop amid vague output cut plan by OPEC+, it was a strong month for US stocks and HPS Investment confidentially filed for IPO. Here's what people are talking about.

Oil steadied after tumbling on Thursday following an OPEC+ meeting that promised further output cuts but was hazy on the details. The absence of a concluding press conference and final communiques provided a slightly confusing set of numbers that left traders puzzling over the exact deal. The alliance announced roughly 900,000 barrels a day of additional oil output cuts from January, but the curbs are largely voluntary and Angola has already rejected them.

Investors in Tiger Global's biggest venture fund were sitting on an 18% paper loss at the end of September after the firm slashed valuations for multiple portfolio companies, according to people familiar with the matter. The nearly $13 billion Private Investment Partners 15 fund marked down AI-powered email company Superhuman, cut its valuation for privacy search engine platform DuckDuckGo, and marked down its stakes in Bored Ape Yacht Club and NFT marketplace OpenSea, said the people, who asked not to be identified because the information is private. The moves represent how much Tiger Global has written down the valuations since first investing in each company.

The US stock market just posted its best month in almost a year and a half, and one of its best Novembers in decades, defying skeptics and fueling hopes for more gains to come. The S&P 500 advanced 8.9% this month — that's its second-best November since 1980, behind only the pandemic-fueled rebound in 2020, data compiled by Bloomberg show. The surge in stocks was part of a pan-markets rally triggered by a plunge in bond yields that accelerated as signs mounted that policymakers are managing to tame inflation without breaking the economy.

HPS Investment, the private credit firm carved out of JPMorgan in 2016, confidentially filed for an initial public offering, according to people with knowledge of the matter. The firm submitted its registration to the US Securities and Exchange Commission more than a year ago, said one of the people, who asked not to be identified discussing information that isn't public. As a result of that filing, HPS is positioned to pursue a listing if equity capital markets become more favorable, said another of the people. The firm could be valued in a listing at about $8 billion, Bloomberg News reported this week.

European stocks are set for further gains off the back of their best month since January. Traders are awaiting remarks from Fed Chair Jerome Powell for clues on the central bank's next steps. Expected data include final manufacturing PMI figures for the EU and the UK. Swiss Re hosts an investor day, while Jyske Bank holds an extraordinary general meeting.

This is what's caught our eye over the past 24 hours.

Hong Kong to end stock market closures during typhoons from July.
Fed officials shift tone but remain wary of markets' aggressive cut bets.
ASML's new chief is stepping into the middle of a trade war.
Oil's wild ride is driven by a disruptive band of bot traders.
Vanguard's biggest bond ETF becomes first to break $100 billion.
EU weighs concession in US steel feud, fearing Trump return.
China secretly transforms Huawei into most powerful chip war weapon.

Bonds saw classic buy-the-rumor, sell-the-fact trading Thursday. Treasury yields are likely to climb a bit while staying within a newly established trading range.

The rally gained momentum Wednesday with dovish Fed commentary that ultimately pushed 10-year yields to 4.25%, a round figure and an objective of many. That level held again on Thursday even as PCE cooled and month-end approached.

Positioning surveys signaled that bond investors are extended a bit too long and took profits while month-end buyers stayed away. That means they head into Powell's comments on Friday a little less long.

Investors want to wait and see what the Fed chief has to say at 11am NYT. At the start of November, Powell said the Fed wasn't even thinking of cutting rates — a message echoed by Fed speakers Thursday. Yet bond traders pulled forward rate cuts from June to May this week.

With consumers spending at a record pace, companies remaining dedicated to their workforces with robust demand expected ahead and inflation still not at the Fed's 2% goal, Powell is likely to stay the course on inflation.

A record month for bond returns coupled with the potential for hawkish Fedspeak and last minute month-end positioning likely means bonds will remain in a holding pattern in a new range bound by 4.25% to 4.75%.

Alyce Andres is a rates/FX strategist in the Markets Live team for Bloomberg News, based in Chicago.