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Trading in the Asia–Pacific region is unfolding in negative sentiment, following the sell-off during yesterday’s session on Wall Street. Chinese indices are posting declines of around 1.50–1.80%, South Korea’s KOSPI is losing more than 3.00%, and Japan’s JP225 is down 1.75%.
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The weakest currency in the first part of the day is the British pound, which is falling after the income tax hike was suspended.
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Prime Minister Keir Starmer and Finance Minister Rachel Reeves dropped plans to raise income tax ahead of the budget scheduled for 26 November, leaving a fiscal gap of around £30 billion.
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On the other side, among the strongest currencies is the New Zealand dollar.
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October PMI rose to 51.4 (from 50.1), and the RBNZ confirmed the easing of mortgage loan-to-value restrictions (LVR) from 1 December.
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WTI crude is gaining 1.40% after a Ukrainian attack on a Russian terminal. A drone strike damaged the oil terminal at the Novorossiysk port, which handles around 2.2 million barrels per day.
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A senior U.S. official reported progress toward lowering tariffs on imports from Switzerland, pending approval from President Trump.
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The New York Times reports that the administration is preparing targeted tariff exemptions to ease food inflation. This is part of the government’s efforts to reduce the cost of living.
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New home prices in China fell 0.45% m/m, and existing home prices fell 0.66% m/m. The multi-year decline is hurting consumption. Industrial production in October rose 4.9% y/y (below forecasts), retail sales rose 2.9%, fixed-asset investment fell 1.7% YTD, and unemployment remained at 5.1%.
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The PBoC set the USDCNY fixing at its highest level since October 2024.
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A new agreement between the U.S. and South Korea includes significant tariff cuts and large Korean investments. Seoul announced measures to stabilize the won after it fell to its lowest level in 7 months. There is no shortage of speculation about FX intervention.
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Amazon and Microsoft have backed the Gain AI Act — regulations limiting the export of Nvidia’s advanced chips to China.
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The cryptocurrency market continued to decline, following broader risk-off sentiment and negative political headlines. Bitcoin fell to its lowest levels since May 2025, to around 96,000 USD.
BREAKING: French and Spanish inflation came in line with expectations 📌
Economic calendar: Eurozone GDP and speeches from additional FOMC members 🎙️
Daily Summary: Shutdown ends, rate cut fades and risk is off
BREAKING: Oil inventories raise more than expected! 🛢️📈
