- Trump: Will permanently pause migration from all third world countries
- Ongoing issues have halted trade at the CME for an extended time - futures not trading
- Westpac sees Australia’s Q3 GDP accelerating, led by strongest domestic demand since 2012
- S&P cut Vanke to CCC-, flags deepening distress. New stage in Vanke’s rapid deterioration.
- Westpac: APRA’s new high-DTI cap pre-emptive, slightly dovish for RBA outlook
- Japan GDP at risk as China tensions threaten key tourism flows, Goldman says
- Repayment delay sparks panic selling in China Vanke debt. Record low, trading halt.
- Tokyo inflation stays hot as yen weakens, pushing BOJ closer to a rate hike
- PBOC sets USD/ CNY reference rate for today at 7.0789 (vs. estimate at 7.0779)
- Australian Private Sector Credit October +0.7% m/m (expected +0.6%, prior +0.6%)
- Japan October industrial production (preliminary) +1.5% y/y (expected -0.5%) & +1.4% m/m
- Japan October retail sales +1.7% y/y (expected +0.8%)
- US news: One of the two National Guard members shot in Washington on Wednesday has died
- Japan October unemployment rate 2.6% (expected 2.5%, prior 2.6%)
- Japan inflation: November Tokyo CPI Headline 2.7% y/y (expected 2.7%, prior 2.8%)
- South Korea industrial slump in Oct, but retail and services show resilience
- S&P warns UK finances remain vulnerable despite new budget revenue measures
- Belgium warns EU plan to use frozen Russian assets risks harming Ukraine peace talks
- Fed easing is reviving classic rotation trades as investors look beyond the AI megacaps
- New Zealand data - November consumer confidence improves to 98.4 (prior 92.4)
It was a subdued session for financial markets with the U.S. closed for the Thanksgiving holiday, leaving liquidity thin and ranges tight.
Japan delivered the bulk of the overnight interest, with a run of data that broadly supports the case for a Bank of Japan rate hike in the coming months. Tokyo core CPI, a lead indicator of nationwide inflation, rose 2.8% y/y in November, a touch firmer than expected and unchanged from October. The demand-driven gauge that excludes both fresh food and fuel also held at 2.8%, pointing to sticky underlying inflation. Services inflation eased slightly to 1.5% but remains consistent with persistent price pressure.
On the activity side, factory output surprised to the upside with a 1.4% m/m gain in October, driven by auto production. But manufacturers expect declines ahead, forecasting drops of 1.2% in November and 2.0% in December as the hit from U.S. tariffs looms larger. Retail sales and labour-market readings were steady, suggesting Japan’s domestic economy is proving resilient for now.
Major FX stayed confined to narrow ranges throughout the session.
Asia-Pac stocks:
- Japan (Nikkei 225) -0.1%
- Hong Kong (Hang Seng) -0.24%
- Shanghai Composite +0.2%
- Australia (S&P/ASX 200) -0.1%
