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Gold prices fell in Pakistan on Thursday, according to data compiled by FXStreet.

• FT: China aims to replace foreign imports with its own tech and dominate exports
• Fitch warns Japan’s new stimulus could add fiscal risk to its A/Stable rating
• Recap – BoJ’s Noguchi tempers December hike bets, urges measured, step-by-step tightening
• Wood Mackenzie: China nearing peak oil demand as growth drops toward zero by 2027
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• Talking innovation at the FIX Southeast Asia Multi-Asset Trading Conference 2025
• NAB’s Auld: RBA may need to hike rates by early 2026 as economy nears capacity
• BoK reveals split vote as three members signal openness to near-term rate cuts
• RBNZ’s Hawkesby: Further rate cuts face “high hurdle” as easing cycle ends
• Headline gains mask a weaker October as China’s industrial profit recovery loses steam.
• BoJ’s Noguchi: Policy easing to fade only if wage gains sustain inflation momentum
• JPMorgan: S&P 500 could top 8,000 by 2026 with deeper Fed rate cuts
• PBOC sets USD/ CNY mid-point today at 7.0779 (vs. estimate at 7.0733)
• Bank of Korea leaves its base rate on hold at 2.5% as widely expected
• Australian data: Q3 Private Capital Expenditure headline +6.4% q/q (vs. +0.5% expected)
• Financial Times says “Japan needs to end its dangerous debt delusion”
• New Zealand November business confidence 67.1% (up from 58.1% prior)
• Japan to boost short-term JGB issuance by ¥7tn to fund stimulus, Reuters reports
• WSJ: Trump urged Japan’s Takaichi to soften tone on Taiwan in private call
• Deutsche Bank lifts 2026 gold forecast to US$4,450 as structural demand strengthens
• RBNZ’s Hawkesby says policy now stimulatory but warns on global independence risks
• HSBC warns OpenAI may stay unprofitable to 2030 amid trillion-dollar compute bills
• JPMorgan now expects Fed rate cut in December after dovish Fedspeak shift
• New Zealand Q3 retail sales show huge jump, much improved from Q2
• investingLive Americas FX news wrap 26 Nov:NZD soars on Hawkish Cut/GBP rallies on budget
• BofA turns cautious, sees muted S&P 500 gains as valuations and AI risks rise
• Major US indices close higher for the 4th consecutive day
• Carney to meet Trump at World Cup draw as Canada-U.S. trade talks remain frozen

It was another session dominated by data and central-bank commentary from New Zealand, Australia and Japan.

New Zealand kicked things off with a strong set of Q3 retail sales numbers, followed by an eye-catching surge in business surveys. November business confidence jumped to 67.1%, an 11-year high, while firms’ own activity delivered its best reading in more than a decade. Fresh off Wednesday’s rate cut, the RBNZ continued reinforcing that further easing is now off the table, with Governor Hawkesby emphasising improved economic momentum in a round of post-decision media appearances. The NZD extended its gains across the session.

The Australian dollar also traded higher. Australia’s Q3 capital expenditure report was exceptionally strong: new capex rose 6.4% q/q (vs 0.5% expected), the biggest increase since 2012, with plant and machinery investment hitting a record high. Analysts at one of the major banks flagged that, after yesterday’s inflation upside surprise, rate hikes may need to return to the RBA discussion in the first half of next year.

From Japan, BoJ board member Asahi Noguchi reiterated the need for a “measured, step-by-step” approach to policy normalisation. Importantly, he avoided endorsing growing expectations for a December rate hike, stressing instead the importance of adjusting policy only at the right moment. The yen briefly firmed ahead of his remarks but later eased on the neutral tone.

China data showed industrial profits up 1.9% in the January–October period, but October alone fell 5.5% y/y, the weakest in five months, underscoring fading momentum after September’s strong rebound.

US markets will be closed Thursday for Thanksgiving, reopening for a shortened session on Friday. No major data releases, Treasury auctions or Fed speakers are scheduled for the day.

Asia-Pac
stocks:

• Japan
  (Nikkei 225) +1.1%
• Hong
  Kong (Hang Seng) +0.34%
• Shanghai
  Composite +0.49%
• Australia
  (S&P/ASX 200) flat

This article was written by Eamonn Sheridan at investinglive.com.

Gold prices fell in India on Thursday, according to data compiled by FXStreet.

Gold prices fell in Malaysia on Thursday, according to data compiled by FXStreet.

GBP/USD continues its winning streak for the sixth successive session, trading around 1.3260 during the Asian hours on Thursday. The pair appreciates as the US Dollar (USD) struggles amid rising odds of Federal Reserve (Fed) rate cut bets in December.

BoJ board member Asahi Noguchi said today that the central bank could resume interest rate hikes once U.S. tariff risks recede, but emphasized that any tightening must “measured, step-by-step”. He warned that maintaining very low real interest rates for too long risks undermining the economy by pushing Yen lower and stoking undesirable inflation. A weaker […]

The post Noguchi says BoJ can restart hikes gradually as Yen weakness turns problematic appeared first on Action Forex.

China is rapidly narrowing the space for foreign companies to trade with it, pursuing a model in which self-reliance overrides openness. As the FT argues, Beijing increasingly sees no imported product it cannot eventually redesign, produce more cheaply and control domestically. The country remains a major buyer of semiconductors, software, large commercial aircraft and advanced manufacturing equipment — but only temporarily.

China treats these purchases as a student absorbs training: essential for now, but merely a stepping stone. Its industrial policy is geared toward replacing foreign suppliers in every strategic sector, and ultimately exporting these same technologies abroad. The message for global manufacturers is blunt: China may still be a huge customer today, but it is working relentlessly to ensure it will no longer need them tomorrow.

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The narrative underscores long-term competitive pressure on global tech, aerospace and industrial-equipment exporters, heightening concerns around market access, supply-chain decoupling and strategic overdependence on China.

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This article was written by Eamonn Sheridan at investinglive.com.

Fitch Ratings warned that Japan’s new stimulus package could add fiscal risks if it leads to a sustained loosening of policy and pushes government debt higher. While the package is large — roughly 3.4% of GDP — Fitch said its true fiscal impact is unclear because some measures are non-fiscal, spread over multiple years, or face implementation risk.

Fitch noted Japan still has rating headroom after recent stronger fiscal performance, but stressed that persistently higher spending or rising real interest rates could threaten the country’s A/Stable rating. The agency continues to expect debt/GDP to decline gradually in coming years, but reiterated that Japan’s exceptionally high debt and weak medium-term growth remain major vulnerabilities.

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The Fitch caution may moderate JGB bullishness and raises focus on Japan’s debt path and policy mix, though the agency’s tone remains measured rather than overtly negative.

This article was written by Eamonn Sheridan at investinglive.com.