Japan PM Takaichi fills key panels with Abenomics-style stimulus advocatesNorth Korea have fired off another ballistic missileJPMorgan bullish through 2026, cites fading headwinds, sees S&P 500 breaking 7,000 soonChina October trade data: Exports -0.8% y/y (prior +8.4%) Imports +1.4% y/y (prior +7.5%)Recapping Fed’s Hammack – says inflation still trumps jobs on the Fed’s agendaWarburg Pincus says China becoming attractive again after valuation resetU.S. blocks Nvidia’s scaled-down AI chip sales to China despite Trump hintsTrump seek Central Asian rare earth – diversify US supply chains, reduce reliance on ChinaPBOC sets USD/ CNY reference rate for today at 7.0836 (vs. estimate at 7.1131)US VP Vance warns of suffering ahead for Americans (shut down)Morgan Stanley turns bullish on India as growth and policy support strengthenBoE made “right call” to hold rates, says J.P. MorganJapanese household spending (September) +1.8% y/y (missing the +2.5% expected)Fed’s Musalem (more): tariffs to stay, balance sheet move independent of policyHeads up for Chinese inflation data due over the weekend – CPI and PPI for OctoberFed’s Musalem sees upside risks for inflationOil – Gunvor drops bid for Lukoil assets after US calls firm Kremlin puppetThe Tesla TSLA board has approved Musk’s pay packageinvestingLive Americas FX news wrap 6 Nov:Challenger layoffs surge Inflation is FedconcernUS airlines must reduce operations at 40 high traffic airports by 6 am US ET FridayFed’s Hammack says she’d prefer to have rates on the restrictive side of neutralUS equity close: Signs of second thoughts in the AI investment boom
Tesla shareholders overwhelmingly approved a new 10-year, US$1 trillion performance-based pay package for CEO Elon Musk, tied to highly ambitious milestones. To receive it, Musk must steer Tesla to produce 20 million vehicles, operate 1 million robotaxis, and sell 1 million humanoid robots, while the company’s valuation climbs from US$1.5 trillion to US$8.5 trillion.
The decision initially boosted tech sentiment, with E-mini Nasdaq futures rallying in early (US) evening trade. But the optimism faded after reports that the White House would block Nvidia’s sale of its scaled-back AI chips to China, reversing earlier signals from President Donald Trump that such exports might be permitted.
Sources said no export licenses will be granted for the China-specific chips, designed to meet previous U.S. restrictions, sending Nasdaq futures back down.
On the central-bank front, Cleveland Fed President Beth Hammack reaffirmed her hawkish stance, saying inflation remains the more pressing concern and policy must stay restrictive. St. Louis Fed’s Alberto Musalem echoed that resilience in the U.S. economy persists but warned that tariffs and fiscal deficits are driving inflation. He expects growth to rebound in 2026 after a soft Q4.
Meanwhile, the People’s Bank of China drained a net ¥1.57 trillion from the banking system this week via open-market operations — its largest withdrawal since January 2024.
In data, Japan’s household spending rose 1.8% y/y in September, marking a fifth straight monthly gain but missing forecasts for +2.5%, supported mainly by automobile and leisure outlays. The yen traded quietly, as did most major FX pairs, while South Korea’s won weakened to its lowest since April 11.
In China, exports unexpectedly fell 1.1% y/y in October, while imports rose 1.0%, both undershooting forecasts, highlighting a loss of export momentum after September’s rebound.
On the energy and geopolitical front, Swiss trader Gunvor withdrew its offer to buy the overseas assets of Russia’s Lukoil after the U.S. Treasury branded the firm a “Kremlin puppet” and vowed never to approve the deal.
Asia-Pac
stocks:
Japan
(Nikkei 225) -2.13%Hong
Kong (Hang Seng) -1.14%
Shanghai
Composite -0.16%Australia
(S&P/ASX 200) -0.75%
This article was written by Eamonn Sheridan at investinglive.com.