News

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.

Gold (XAU/USD) attracts fresh buyers following the previous day’s late pullback from the vicinity of the weekly high and trades around the $4,000 psychological mark during the Asian session on Friday.

Takaichi fills key panels with Abenomics advocates to drive pro-growth agenda

Prime Minister Sanae Takaichi has stacked top economic panels with reflationist economists and big-spending advocates, signalling a return to Abenomics-style stimulus as Japan’s new government pushes to revive growth and keep policy loose.

Reuters carry this very intersting piece. More:

The government confirmed that former Bank of Japan deputy governor Masazumi Wakatabe — a well-known supporter of aggressive fiscal and monetary stimulus — will join the Council on Economic and Fiscal Policy, Japan’s top economic decision-making body. The panel shapes the country’s long-term fiscal framework and includes key ministers and the BOJ governor.

Wakatabe, who served at the BOJ between 2018 and 2023 under Haruhiko Kuroda, backed massive asset purchases aimed at ending deflation. He said recently that while rate hikes are possible once Japan sustainably hits its 2% inflation target, achieving that this year remains difficult.

Another appointee, Toshihiro Nagahama of Dai-ichi Life Research Institute, has long advocated measures to stimulate demand, aligning closely with Takaichi’s agenda. Economic Revitalisation Minister Minoru Kiuchi said the new line-up reflects the administration’s priorities after “consulting with the prime minister.”

The shift contrasts sharply with former premier Shigeru Ishiba’s era, when fiscal hawks such as BNP Paribas’ Mana Nakazora called for faster normalisation of ultra-loose policy and greater fiscal restraint.

Takaichi has also appointed Takuji Aida — an economist seen as one of her closest advisers — to a key growth strategy panel. Aida argues that stimulus should continue until Japan’s output gap exceeds 2%, rejecting the emphasis on fiscal consolidation.

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

Indonesia Gross Domestic Product (QoQ) down to 1.43% in 3Q from previous 4.04%

Indonesia Gross Domestic Product (YoY) fell from previous 5.12% to 5.04% in 3Q

USD/CAD continues its winning streak that began on October 30, trading around 1.4120 during the Asian hours on Friday. The pair remains near the six-month high of 1.4140, reached on November 5, as the US Dollar (USD) rebounds after posting losses in the previous session.

USD/CAD continues its winning streak that began on October 30, trading around 1.4120 during the Asian hours on Friday. The pair remains near the six-month high of 1.4140, reached on November 5, as the US Dollar (USD) rebounds after posting losses in the previous session.