- Asian stocks rallied, with Chinese markets leading the charge after Beijing announced broad stimulus measures. China's blue-chip index is on track for its best week since 2008, up 15% for the week. Hong Kong's Hang Seng index is headed for a nearly 13% weekly gain, its biggest since 1998.
- The People's Bank of China cut the reserve requirement ratio (RRR) by 50 basis points to 6.6%, releasing about 1 trillion yuan ($142 billion) in liquidity. It also lowered the 7-day and 14-day reverse repo rates by 20 basis points each.
- China plans to issue special sovereign bonds worth about 2 trillion yuan ($284 billion) this year as part of a fresh fiscal stimulus. The funds will be used for various measures including consumer subsidies and support for families with multiple children.
- Commodities linked to China's economy surged. Iron ore prices rose above $100 a metric ton, copper broke the $10,000 a ton mark, gold hit another record, and silver reached a 12-year high.
- Oil prices eased for a third day and were on track for a weekly decline. Brent crude futures gained 0.13% to $70.96 per barrel, while WTI crude futures were down 0.21% to $67.53. The weekly losses were attributed to expectations of increased output from Libya and OPEC+.
- Japan's industrial output is expected to have fallen 0.9% in August from July, due to weak overseas demand and factory suspensions caused by a typhoon. The data will be released on Monday.
- South Korea's exports are forecast to have risen 6.5% in September year-on-year, marking the 12th straight month of growth but at a slowing pace. The country is expected to post a trade surplus for the 16th consecutive month.
- The U.S. core personal consumption expenditures (PCE) price index, the Fed's preferred inflation measure, is due later today. Forecasts center around a monthly rise of 0.2%.
- Japan's ruling Liberal Democratic Party is holding a leadership contest today, with results expected around 14:20 JST (08:20 BST). The outcome could influence Japanese monetary policy and the yen, which hit a three-week low of 145.56 per dollar.
- In corporate news, Toyota's global production fell 11% in August, declining for a seventh straight month. The drop was attributed to a typhoon, a certification scandal in Japan, and production pauses for two SUV models in the U.S.
- Intel and the U.S. government are reportedly close to finalizing $8.5 billion in direct funding for the chipmaker, with discussions at an advanced stage.
- EURUSD is down 0.12%, silver is down 0.4% and gold is lower 0.16% currently near new all-time-high. Cryptocurrency market is higher with recent gains; currently Bitcoin is up 0.33% today and Ethereum is trading almost 0.23% higher.
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