Author: admin

Netherlands, The Consumer Spending Volume fell from previous 1.1% to 0.8% in September

Netherlands, The Consumer Spending Volume fell from previous 1.1% to 0.8% in September

Nomura penciled in a rate cut for this week but that didn’t materialise of course as seen yesterday here. Their note going into the meeting decision was that if there was a rate cut in November, then they see the BOE cutting rates just one more time in February next year.

But now, it seems that they pushing back that final rate cut with a shift in the timeline for November to December as well for the next one. The terminal rate forecast by Nomura is still maintained at 3.50%.

For the time being at least, the analyst forecasts for the BOE terminal rate are seemingly all over the place. So, it’s safe to say that the final destination is still very much up in the air even though there will surely be some more rate cuts down the road. Here’s a quick snippet:

• Barclays: 3.50%
• BNP Paribas: 3.50%
• Citi: <3.00%
• Deutsche: 3.25%
• Goldman Sachs: 3.00%
• ING: 3.25%
• Morgan Stanley: 2.75%
• Nomura: 3.50%
• Societe Generale: 3.00%
• UBS: 3.25%

This article was written by Justin Low at investinglive.com.

The Indian Rupee (INR) opens cautiously against the US Dollar (USD) on Friday. The USD/INR pair ticks up to near 88.75 despite hints from United States (US) President Donald Trump that his relations with Indian Prime Minister (PM) Narendra Modi are stable.

China’s trade momentum faltered in October, with exports contracting -1.1% yoy, far below expectations for a 3.0% rise and the weakest reading since February. The figures suggest that the earlier tariff frontloading surge has fully dissipated, exposing underlying fragility in external demand. In particular, shipments to the U.S. tumbled -25.2% yoy, extending a seven-month run […]

The post China exports fall -1.1% in October as tariff frontloading fades appeared first on Action Forex.

The AUD/JPY cross oscillates in a narrow trading range, around the 99.00 mark during the Asian session on Friday, and remains within striking distance of a two-week low, retested the previous day.

DBS CEO Tan Su Shan cautioned investors about persistent market swings amid stretched U.S. valuations and concentrated AI stock exposure.

Silver price (XAG/USD) gains ground after recovering losses registered in the previous session, trading around $48.40 per troy ounce during the Asian hours on Friday.

• Japan PM Takaichi fills key panels with Abenomics-style stimulus advocates
• North Korea have fired off another ballistic missile
• JPMorgan bullish through 2026, cites fading headwinds, sees S&P 500 breaking 7,000 soon
• China October trade data: Exports -0.8% y/y (prior +8.4%) Imports +1.4% y/y (prior +7.5%)
• Recapping Fed’s Hammack – says inflation still trumps jobs on the Fed’s agenda
• Warburg Pincus says China becoming attractive again after valuation reset
• U.S. blocks Nvidia’s scaled-down AI chip sales to China despite Trump hints
• Trump seek Central Asian rare earth – diversify US supply chains, reduce reliance on China
• PBOC sets USD/ CNY reference rate for today at 7.0836 (vs. estimate at 7.1131)
• US VP Vance warns of suffering ahead for Americans (shut down)
• Morgan Stanley turns bullish on India as growth and policy support strengthen
• BoE made “right call” to hold rates, says J.P. Morgan
• Japanese household spending (September) +1.8% y/y (missing the +2.5% expected)
• Fed’s Musalem (more): tariffs to stay, balance sheet move independent of policy
• Heads up for Chinese inflation data due over the weekend – CPI and PPI for October
• Fed’s Musalem sees upside risks for inflation
• Oil – Gunvor drops bid for Lukoil assets after US calls firm Kremlin puppet
• The Tesla TSLA board has approved Musk’s pay package
• investingLive Americas FX news wrap 6 Nov:Challenger layoffs surge Inflation is Fedconcern
• US airlines must reduce operations at 40 high traffic airports by 6 am US ET Friday
• Fed’s Hammack says she’d prefer to have rates on the restrictive side of neutral
• US equity close: Signs of second thoughts in the AI investment boom

Tesla shareholders overwhelmingly approved a new 10-year, US$1 trillion performance-based pay package for CEO Elon Musk, tied to highly ambitious milestones. To receive it, Musk must steer Tesla to produce 20 million vehicles, operate 1 million robotaxis, and sell 1 million humanoid robots, while the company’s valuation climbs from US$1.5 trillion to US$8.5 trillion.

The decision initially boosted tech sentiment, with E-mini Nasdaq futures rallying in early (US) evening trade. But the optimism faded after reports that the White House would block Nvidia’s sale of its scaled-back AI chips to China, reversing earlier signals from President Donald Trump that such exports might be permitted.

Sources said no export licenses will be granted for the China-specific chips, designed to meet previous U.S. restrictions, sending Nasdaq futures back down.

On the central-bank front, Cleveland Fed President Beth Hammack reaffirmed her hawkish stance, saying inflation remains the more pressing concern and policy must stay restrictive. St. Louis Fed’s Alberto Musalem echoed that resilience in the U.S. economy persists but warned that tariffs and fiscal deficits are driving inflation. He expects growth to rebound in 2026 after a soft Q4.
Meanwhile, the People’s Bank of China drained a net ¥1.57 trillion from the banking system this week via open-market operations — its largest withdrawal since January 2024.

In data, Japan’s household spending rose 1.8% y/y in September, marking a fifth straight monthly gain but missing forecasts for +2.5%, supported mainly by automobile and leisure outlays. The yen traded quietly, as did most major FX pairs, while South Korea’s won weakened to its lowest since April 11.

In China, exports unexpectedly fell 1.1% y/y in October, while imports rose 1.0%, both undershooting forecasts, highlighting a loss of export momentum after September’s rebound.

On the energy and geopolitical front, Swiss trader Gunvor withdrew its offer to buy the overseas assets of Russia’s Lukoil after the U.S. Treasury branded the firm a “Kremlin puppet” and vowed never to approve the deal.

Asia-Pac
stocks:

• Japan
  (Nikkei 225) -2.13%
• Hong
  Kong (Hang Seng) -1.14%
• Shanghai
  Composite -0.16%
• Australia
  (S&P/ASX 200) -0.75%

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

The EUR/JPY cross loses ground around 176.60 during the Asian session on Friday. The Japanese Yen (JPY) strengthens against the US Dollar on minutes of the Bank of Japan’s (BoJ) September policy meeting and verbal intervention from Japanese officials.