ORLANDO, Florida, Dec 1 (Reuters) - Global bond yields

rose and stocks fell on Monday after Bank of Japan Governor

Kazuo Ueda hinted that interest rates may rise later this month,

cooling investor optimism around an expected U.S. rate cut and

getting December trading off to a rocky start.

If you have more time to read, here are a few articles I

recommend to help you make sense of what happened in markets

today.

1. Flurry of Fed dissents in coming meetings could

pose

market, political risks

2. Hassett may be 'shadow Fed Chair' for five

months: Mike

Dolan

3. BOJ to consider rate hike in December, governor

says;

yen, yields rise

4. China export controls push European firms to move

supply

chains

5. Blue Owl's teachable moment for investors and

asset

managers chasing yield and 'hot money'

Today's Key Market Moves

* STOCKS: Most major markets fall, except China/Hong

Kong.

Japan's Nikkei -2%, Germany's DAX -1%, Dow -0.9%.

* SECTORS/SHARES: U.S. utilities -2.3%, healthcare

-1.5%,

energy +1%. Moderna ( MRNA ) -7%, Coinbase -5%, Strategy -3% (Strategy is

down nearly 60% in just two months).

* FX: Dollar index at 2-week low, USD/JPY has

biggest fall

since Oct 10 but recovers some ground. Bitcoin tumbles 7% below

$85,000.

* BONDS: JGB yields surge to new historic highs.

U.S.

Treasury yields up 8 bps at long end, curve bear steepens.

* COMMODITIES/METALS: Silver leaps to new high of

$58.83/oz. Oil +1% on Ukraine, Venezuela, OPEC.

Today's Talking Points

* Japan's Ueda scares the horses

A heavy wave of equity and bond selling in Japan rippled

through global markets on Monday, as investors braced for a Bank

of Japan rate hike on December 19. Interestingly though, for

once the spike in JGB yields lifted the yen. Has the Japanese

currency bottomed?

The prospect of an imminent rate hike intensifies the

spotlight on JGBs, how much longer Japan's consumers and

businesses can tolerate surging yields, and the fiscal-monetary

policy nexus. Prime Minister Sanae Takaichi's planned fiscal

stimulus may not be accompanied by her preferred monetary

accommodation after all.

* High-ho, silver lining

The latest run-up in silver means the metal has now

doubled in price so far this year. Silver hit a record high of

$58.83 an ounce on Monday, up 104% from the $28.87 close on

December 31. It is up as much as 20% in the last week alone.

Tight supply, the prospect of more Fed easing, investor

diversification, and bullish momentum have all fueled the surge.

Silver has shown remarkable resilience in recent weeks,

consolidating and even strengthening when gold, stocks, crypto

and other assets have retreated to varying degrees.

* Global manufacturing down in the dumps

Global growth may be holding up ok, but tariffs and trade

tensions are taking their toll on manufacturing - the latest

purchasing managers' index (PMI) figures show activity in the

United States, euro zone, China and Japan contracted last month.

Factory activity in the U.S. has now shrunk nine months in a

row, suggesting that President Donald Trump's plans to onshore

and ultimately revive U.S. industry have yet to bear fruit.

There are some bright spots - notably Britain and Italy - but

overall it's a fairly gloomy picture.

What could move markets tomorrow?

* Japan consumer confidence (November)

* South Korea inflation (November)

* Euro zone inflation (November, flash)

* Euro zone unemployment (October)

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