Asia-Pacific markets traded mixed Friday as U.S. stock futures stayed flat over Thanksgiving Day, leaving the Nasdaq Composite on track to end a seven-month winning streak. Traders in Asia will parse fresh economic data, including Tokyo’s inflation print, a leading indicator of Japan’s broader price trends. Headline inflation in Japan’s capital eased to 2.7% in October from 2.8% the month before. Core inflation, which strips out prices of fresh food but includes energy prices, came in at 2.8%, slightly higher than the 2.7% expected by economists polled by Reuters. This was above the central bank’s 2% target, boosting the case for a near-term rate hike.
Wall Street futures rose slightly in Thanksgiving-thinned trade on Thursday evening, as markets remained largely upbeat on the prospect of lower interest rates in the coming months. Focus was on a host of upcoming economic prints due next week, which also will be among the last few official readings the Federal Reserve receives before its final meeting for the year on December 9 and 10. S&P 500 Futures rose 0.1% to 6,835.0 points by 21:44 ET (02:44 GMT). Nasdaq 100 Futures rose 0.2% to 25,347.75 points, while Dow Jones Futures rose 0.1% to 47,542.0 points. Futures rose after Wall Street logged a sharp rebound this week, aided by renewed bets that the Fed will cut interest rates next month. Technology stocks were a key beneficiary of this trade, although there were some uneven performances.
Gold prices rose to around $4,190 per ounce on Friday, approaching a five-week high and on track for a fourth consecutive monthly gain, as investors grew more confident of a December Federal Reserve rate cut. A series of remarks from Fed officials supporting further monetary easing, along with delayed economic data showing weakness, has reinforced expectations. Additionally, Kevin Hassett, seen as a frontrunner to replace Jerome Powell, has echoed President Trump’s support for a rate reduction. Markets now price in more than an 80% probability of a 25 bps cut next month, up sharply from 30% a week ago. Investors are also pricing in three additional cuts by the end of 2026. The metal is poised for its strongest annual performance since 1979, supported by heavy central-bank buying and strong non-sovereign inflows into ETFs.
WTI crude oil futures traded around $59 per barrel on Friday, heading for a fourth consecutive monthly loss, the longest streak in more than two years, pressured by oversupply concerns. Forecasts of a global glut grew as OPEC+ resumed capacity and producers outside the group increased output. Meanwhile, President Putin said President Trump’s proposals for ending the Ukraine war could underpin future agreements and signalled readiness for talks. A breakthrough could lift sanctions on Russian crude and release restricted supplies to key buyers. Still, many doubt a deal will come soon, and even if it does, Russian shipments are expected to take time to ramp up. Traders are now eyeing Sunday’s virtual OPEC+ meeting, where the group is expected to maintain its plan to pause output increases in early 2026.
Two National Guard soldiers were shot on Wednesday near the White House in what officials described as a targeted ambush, and the suspect was in custody after suffering gunshot wounds during the attack. President Donald Trump was in Florida at the time of the attack, which prompted the White House to go into lockdown as law enforcement from multiple federal and city agencies swarmed the area. The Guard soldiers were part of a “high-visibility patrol” around 2:15 p.m. near the corner of 17th and I streets, a few blocks from the White House, when the suspect came around a corner and “ambushed” them, Metropolitan Police Assistant Chief Jeff Carroll said at a press briefing. After an exchange of gunfire, other Guard members were able to subdue the suspect, he said.
Ukraine still has a critical need for external financing, officials said on Thursday, issuing a fresh appeal for the EU to approve a loan backed by frozen Russian funds after Kyiv secured preliminary approval for billions from the IMF. On Wednesday Kyiv secured a staff-level agreement with the International Monetary Fund on a new four-year, $8.2 billion programme to help Ukraine maintain macroeconomic and financial stability during the war with Russia. The lending must still be approved by the fund’s board, provided Ukraine meets conditions. Despite the potential IMF funding, "the need for timely, large-scale external financing on concessional and grant-like terms remains critical," Ukraine’s finance ministry said in a statement. Foreign Minister Andriy Sybiha called on Kyiv’s EU partners to approve a decision to use frozen Russian assets to support 140 billion euros of loans to Ukraine.
British finance minister Rachel Reeves fought back on Thursday against criticism that she was raising the tax burden to a post-World War Two high to fund extra welfare spending and returning the Labour Party to its high-tax, high-spend past. A day after announcing plans to raise taxes by 26 billion pounds ($34 billion) on top of 40 billion pounds in her first budget last year, Reeves faced questions about her decision to end restrictions on child benefits for low-income families with more than two children. The change is supported by most Labour lawmakers but finds more limited support among voters, according to opinion polls. "I don’t think children should be punished by this pernicious policy any longer, and the cost to society of this is huge," Reeves told LBC Radio.
Taiwan has already held preliminary talks with the United States about what weapons it wants to buy as part of a $40 billion supplementary defense budget, Defense Minister Wellington Koo said on Thursday. Taiwan President Lai Ching-te announced the previous day the new spending plan, which runs from 2026-2033, to underscore the island’s determination to defend itself in the face of a rising threat from China. China, which views democratically governed Taiwan as its own territory, has ramped up military and political pressure over the past five years to assert its claims, which Taipei strongly rejects. Speaking to reporters in Taipei, Koo said purchases from the United States naturally constitute a significant part of the spending plans.
JPMorgan Chase & Co will build a tower in London’s Canary Wharf financial district, unveiling plans on Thursday to invest billions of pounds on the heels of a budget that sought to boost Britain’s finances and growth. The bank said the project would contribute 9.9 billion pounds ($13.1 billion) over six years to the local economy - including the cost of construction - and create 7,800 jobs. "The UK government’s priority of economic growth has been a critical factor in helping us make this decision," JPMorgan’s Chairman and CEO Jamie Dimon said, after praising UK finance minister Rachel Reeves’ budget on Wednesday that spared banks from fresh taxes. Reeves said the decision was a "multi-billion pound vote of confidence in the UK economy". JPMorgan’s decision to remain in Canary Wharf is a big win for the financial district, which struggled to retain tenants after the COVID-19 pandemic. The area is now enjoying a rebound as more firms, including JPMorgan, push staff to return to the office.
Puma shares finished 18.9% higher on Thursday following a report that China’s Anta Sports is among a number of firms looking to buy the struggling German athletic brand. Puma is in the middle of what is calls a “reset,” as sales growth has dramatically dropped after a revenue bump during Covid-19. Post-pandemic, however, the brand has wrestled with fading customer resonance with customers and resulting high inventories. Earlier this month, shares hit their lowest level in more than 10 years, while year-to-date losses amount to more than 50% amid an increasingly competitive sportswear market and tariffs hitting customer sentiment. The company is now reportedly considering a buy-out, according to a report from Bloomberg citing unnamed sources.
Chinese private firms pledged tens of millions of dollars to support rescue and relief efforts after a deadly residential fire in Hong Kong killed at least 55 people and left hundreds missing. Alibaba Group and its affiliate Ant Group together committed 30 million Hong Kong dollars to support fire relief efforts. Alibaba founder Jack Ma, one of the most recognizable Chinese entrepreneurs, also pledged $30 million through his charity foundation to provide emergency aid to those affected. Sportswear maker Anta, which owns brands such as Jack Wolfskin and Fila, said it would donate HK$30 million in cash and equipment. The wave of donations followed comments from President Xi Jinping, who urged all-out efforts to reduce casualties and rallied relevant authorities and parties to provide “necessary support.”
Online sales in the U.S. on the Thanksgiving holiday are expected to rise 6% compared with last year to reach $8.6 billion, data from Salesforce showed on Thursday, suggesting shoppers were lapping up steep discounts from retailers to splurge amid tariff-induced macroeconomic uncertainty. As of 2 p.m. ET (1900 GMT), Thanksgiving spending in the U.S. was 5.8% higher than at the same time last year, reaching $2.6 billion, the data showed. Thanksgiving and the day after, Black Friday, usher in the holiday shopping season, a critical stretch that typically delivers about a third of U.S. retailers’ yearly sales and profits. This year’s kickoff comes amid economic uncertainty and heightened volatility from President Donald Trump’s tariffs on imported goods, which have raised costs for both retailers and consumers.