- Stock market indices in the Asia-Pacific region traded at mixed levels during Tuesday's trading session. Korea's KOSPI gained nearly 1.01% intraday, while Japan's Nikkei was down 0.11%. The Hang Seng is currently performing poorly, trading down 0.88%.
- Japan's Nikkei media released a report expressing confidence that the end of the Bank of Japan's negative interest rate policy is imminent. It stated that the Bank of Japan will decide whether to end its negative interest rate policy as early as the first half of 2024.
- It is also worth noting that Japan's main business lobby, Keidanren, will discuss the potential negative impact of yen weakness on the economy at next month's meeting on 4 December.
- Volatility in the FX market is somewhat limited for the moment. Relative to other currencies, the euro and the British pound are currently performing poorly. Slightly better sentiment is seen on the Japanese yen and the Australian dollar, among others. The EURUSD pair is currently trading slightly below the 1.095 barrier.
- China is tightening export controls on rare earths. The new law comes into force this Friday.
- Australian retail sales for October came in at -0.2% m/m (+0.1% m/m expected; +0.9% m/m previously)
- Volkswagen is to cut thousands of jobs. The cost-cutting is linked to low productivity at the company.
- Today's energy commodity price momentum is somewhat subdued. On an intraday basis during European morning trading, Brent crude oil loses 0.34% and WTI crude oil loses 0.38%. Natural gas is doing better, gaining 0.4%.
- Bitcoin loses close to 0.4% intraday, but remains close to the $37,000 barrier. Other cryptocurrencies (altcoins) are seeing slightly larger declines. Ethereum loses 1% and is trading below the $2 000 zone.
- Precious metals are trading close to yesterday's closing levels, with gold gaining 0.05% and silver losing 0.12%.
- On Tuesday's macro calendar, we can find, among others: the GfK report from Germany, CB data on US consumer confidence, a number of speeches by Fed and ECB bankers, and API survey data on the change in US oil inventories.
The USDJPY pair extends declines during morning trading and is currently trading close to the psychological 148.00 zone. Source: xStation
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