Trump: Will permanently pause migration from all third world countriesOngoing issues have halted trade at the CME for an extended time – futures not tradingWestpac sees Australia’s Q3 GDP accelerating, led by strongest domestic demand since 2012S&P cut Vanke to CCC-, flags deepening distress. New stage in Vanke’s rapid deterioration.Westpac: APRA’s new high-DTI cap pre-emptive, slightly dovish for RBA outlookJapan GDP at risk as China tensions threaten key tourism flows, Goldman saysRepayment delay sparks panic selling in China Vanke debt. Record low, trading halt.Tokyo inflation stays hot as yen weakens, pushing BOJ closer to a rate hikePBOC sets USD/ CNY reference rate for today at 7.0789 (vs. estimate at 7.0779)Australian Private Sector Credit October +0.7% m/m (expected +0.6%, prior +0.6%)Japan October industrial production (preliminary) +1.5% y/y (expected -0.5%) & +1.4% m/mJapan October retail sales +1.7% y/y (expected +0.8%)US news: One of the two National Guard members shot in Washington on Wednesday has diedJapan October unemployment rate 2.6% (expected 2.5%, prior 2.6%)Japan inflation: November Tokyo CPI Headline 2.7% y/y (expected 2.7%, prior 2.8%)South Korea industrial slump in Oct, but retail and services show resilienceS&P warns UK finances remain vulnerable despite new budget revenue measuresBelgium warns EU plan to use frozen Russian assets risks harming Ukraine peace talksFed easing is reviving classic rotation trades as investors look beyond the AI megacapsNew Zealand data – November consumer confidence improves to 98.4 (prior 92.4)
It was a subdued session for financial markets with the U.S. closed for the Thanksgiving holiday, leaving liquidity thin and ranges tight.
Japan delivered the bulk of the overnight interest, with a run of data that broadly supports the case for a Bank of Japan rate hike in the coming months. Tokyo core CPI, a lead indicator of nationwide inflation, rose 2.8% y/y in November, a touch firmer than expected and unchanged from October. The demand-driven gauge that excludes both fresh food and fuel also held at 2.8%, pointing to sticky underlying inflation. Services inflation eased slightly to 1.5% but remains consistent with persistent price pressure.
On the activity side, factory output surprised to the upside with a 1.4% m/m gain in October, driven by auto production. But manufacturers expect declines ahead, forecasting drops of 1.2% in November and 2.0% in December as the hit from U.S. tariffs looms larger. Retail sales and labour-market readings were steady, suggesting Japan’s domestic economy is proving resilient for now.
Major FX stayed confined to narrow ranges throughout the session.
Asia-Pac
stocks:
Japan
(Nikkei 225) -0.1%Hong
Kong (Hang Seng) -0.24%
Shanghai
Composite +0.2%Australia
(S&P/ASX 200) -0.1%
This article was written by Eamonn Sheridan at investinglive.com.