- Risk appetite has infused investors with more optimism, confirmed this morning by a 0.2% rise in Nasdaq futures and Bitcoin climbing above $91.8K, rebounding more than 10% from the recent price low near $81K. Asian markets had a mixed session; Chinese indices slipped slightly, while Japanese benchmarks edged higher. South Korea’s KOSPI index ends November with a 4% decline, marking its weakest month since October 2024.
- In Japan, housing starts rose 3.2% y/y, compared with a forecast of -4.9% and the previous reading of -7.3%. Large-scale retail sales increased 5% y/y, with no forecast available and up from 3% previously.
- Preliminary industrial production increased 1.4% m/m sa, beating expectations of -0.6%, though below the earlier 2.6%. Retail sales rose 1.7% y/y, above the forecast of 0.8% and the previous 0.5%.
- Foreign investment in Japanese stocks came in at -348.7B in November, down from 1,020.9B previously, while foreign investment in Japanese bonds totaled 576.5B, up from 348.4B.
- Tokyo inflation data showed core CPI rising 2.8% y/y, matching the prior reading and slightly above the 2.7% forecast, while the headline Tokyo CPI reached 2.7%, in line with estimates but below the prior 2.8%.
- Market sentiment in Europe is mixed as well, with DAX futures slightly lower. In Germany, seasonally adjusted unemployment change came in at -1K, compared with expectations of 4.5K and the previous 13K. Meanwhile, import prices rose 0.2% m/m, beating the 0% forecast and improving from -0.5% earlier.
- The global MSCI World equity index is on track to close its best week since June, gaining 3.1%. Despite the rebound, Asian stocks are close to recording their first monthly decline since March this year. Fitch Ratings informed that APAC tech to face softer consumer demand and AI tailwinds in 2025.
- Gold is heading toward its fourth consecutive monthly gain as markets grow more confident about another interest-rate cut in the US. Bullion has been climbing almost every month this year and is now on track for its strongest annual performance since 1979.
- Oil Brent is holding above $63 a barrel but remains set for a fourth straight monthly decline in November, its longest losing streak since May 2023. Investors are watching Sunday’s OPEC+ meeting, where producers are widely expected to stick to their plan to curb any production increases going into early 2026.
- The CME experienced a problem that hampered trading. Trading in futures and options on the CME was halted owing to technical concerns. The issue affected, among other things, trade in US Treasuries futures and S&P 500 Index contracts. Traders reported that forex trading on the EBS platform was disrupted due to the CME halt.
- (Morning briefing edition)
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