Pop goes the weasel!!

China's gasoline demand drops 9% as EV adoption surges, with EVs making up 50% of new car sales. Oil demand peak nears.

Trump’s trade deal with South Korea cuts U.S. car tariffs to 15% and includes $350 bn in Korean investment in the U.S. The plan lifts the Kospi but may weigh on the won as annual outflows near $20 bn tighten liquidity.

Mortgage rates jump to 6.33% as Fed signals fewer cuts. Lock-in effect keeps home prices high.

South Korea September Industrial Output -1.2% m/m and +11.6% y/y. Retail sales fell also.

Fed cuts rates 0.25% again, but yields rise, pressuring bonds. Two dissenters signal internal Fed friction.

Nikkei 225 futures show mixed action; Nov '25 up 340 pts to 51320, but open interest drops significantly.

PIMCO said Powell’s warning that a December rate cut isn’t guaranteed shows a more data-dependent Fed. Markets trimmed odds of a December move to 70%. The firm expects QT to end Dec. 1 and a slower easing path into 2026 as inflation cools.