- JPMorgan remain bullish, eyes liquidity boost from US reopening. Nvidia earnings, Fed cuts
- Bipartisan Senate bill proposes shifting crypto oversight from SEC to CFTC, crypto support
- Ethereum Futures: Key Breakout Zone Ahead (Apx. $3900)
- RBNZ inflation expectations: 1-year 2.39% (prior 2.37%) & 2-year 2.28% (prior 2.28% also)
- Tesla’s China sales slump 36% to three-year low amid fierce competition
- Fighting back: "Inside Opendoor’s plan to give short sellers a temporary middle finger"
- PBOC sets USD/ CNY central rate at 7.0866 (vs. estimate at 7.1204)
- Yen continuing to weaken in the face of feeble verbal intervention efforts, USD/JPY 154.40
- Japan economy minister Kuichi says the weak yen is pushing up prices, higher import costs
- Australian October business confidence dipped to 6 (prior 7)
- UK consumer spending slows ahead of budget and Black Friday promotions
- South Korean trade improved in early November, imports and exports higher
- Australia November Westpac-MI Consumer Confidence Index jumps 12.8% to 103.8
- ICYMI - U.S., Switzerland near deal to cut 39% import tariff, Trump confirms
- Saylor's MicroStrategy lifts its bitcoin trove past $68bn after fresh $50mn purchase.
- Media reports that Senator Thune 'locked in' an agreement for shutdown end vote to pass
- investingLive Americas FX news wrap 10 Nov: US stock surge on optimism of a shutdown deal
- UBS sees S&P 500 hitting 7,500 in 2026 on 14% earnings growth
- Nomura: China’s anti-involution push insufficient to revive growth as demand weakens
- Nasdaq has the best day since the end of May
- Tuesday, November 11, 2025 is a US holiday: NYSE and Nasdaq are trading, Bonds are closed
The U.S. Senate voted to approve the bill to end the government shutdown, as expected. The bill now heads to the House, where voting is set for Wednesday at 4 p.m. Eastern. Lawmakers are returning to Washington after the chamber’s 54-day recess. Gold extended its climb, trading above US$4,140 as I update.
USD/JPY was another mover. The weak yen prompted mild verbal intervention from Japan, with Economy Minister Kiuchi acknowledging that high inflation is eroding household purchasing power and that the weak yen continues to lift import costs and consumer prices. He said Tokyo will expand measures to cushion the impact of higher living costs, including targeted aid for vulnerable households and energy relief. Kiuchi reiterated the government’s goal of wage growth outpacing inflation to restore real income gains and sustain consumption. The remarks offered little support for the yen, USD/JPY rose to circa 154.50, its highest since February.
In Australia, consumer sentiment jumped sharply in November, with the Westpac-MI index surging 12.8% to 103.8, the first move into net optimism in nearly four years. The strength looks puzzling given rising unemployment, sticky inflation, and the RBA’s signal of no near-term rate cuts — especially as the separate ANZ-Roy Morgan weekly gauge remains near a 12-month low at 83.5. Respondents were more upbeat on the economy and job security, while dwelling-price expectations rose further amid ongoing policy support. Westpac called the data “extraordinary and somewhat surprising”; I’d add, not entirely credible.
Australian business conditions also strengthened in October, with the NAB index up to +9, the highest since March, as firms reported stronger sales and profits while cost pressures eased. Capacity utilisation stayed high at 83.4%, underscoring a tight economy that justifies the RBA’s cautious stance on cuts. Business confidence dipped slightly to +6 but remained above average, pointing to solid underlying momentum despite lingering margin and wage pressures.
The AUD/USD and NZD/USD both drifted a little lower on the session, though ranges were unremarkable. The U.S. dollar was bid more broadly also, with the CAD, EUR, and GBP easing modestly. Bitcoin edged higher.
Asia-Pac stocks:
Japan (Nikkei 225) +0.43%
Hong Kong (Hang Seng) -0.2% Hong Kong stocks near a 1-month high
Shanghai Composite -0.4%
Australia (S&P/ASX 200) -0.11%
