- Chinese Stocks Drive Asia Index Higher, Yen Gains: Markets Wrap
The yen strengthened Friday as Tokyo inflation data exceeded estimates. Asian stocks rose.
Shares in China gained amid speculation that Beijing will provide more support for the economy at a key
policy meeting in December. The nation also extended tariff exemptions on some American items, implying it
may be less willing to take a hard line amid US trade tensions. US markets were closed Thursday for the
Thanksgiving holiday. - Wall Street Holiday: Nasdaq, NYSE to remain closed on November 28 on account of Thanksgiving holiday
US stock markets will remain closed on Thursday, November 28 and close early on Friday, November 29, in
observance of the Thanksgiving holiday. According to the Securities Industry and Financial Markets
Association, the Nasdaq Stock Exchange and New York Stock Exchange (NYSE) will both be closed on account
of Thanksgiving. - Oil edges lower after jump in US gasoline stocks, OPEC+ supply decision in focus
Oil prices edged lower in Asian trading on Thursday, after a surprise jump in U.S. gasoline stocks ahead of the
nation’s Thanksgiving holiday sparked worry over demand in the top consumer of the motor fuel. Brent crude
futures LCOc1 fell by 4 cents, or 0.1%, to $72.79 per barrel by 0220 GMT, while U.S. West Texas Intermediate
crude futures CLc1 were a cent lower at $68.71 a barrel. - Gold gains on softer US dollar, geopolitical concerns; set for weekly fall
Gold prices rose on Friday, helped by a slight dip in the U.S. dollar and growing geopolitical tension, but
remained on track for a weekly decline as markets awaited key U.S. data for further insights into the Federal
Reserve’s monetary policy direction. Spot gold rose 0.7% to $2,660.03 per ounce, as of 0236 GMT. However,
bullion was down 2% so far this week. U.S. gold futures gained 0.8% to $2,659.70. The dollar index eased 0.2,
boosting gold’s appeal for holders of other currencies. - Tokyo CPI Speeds Up, Fueling Yen Move Amid BOJ Hike Speculation
Tokyo inflation accelerated more than expected in November while other data showed the economy moving
broadly in line with Bank of Japan projections, feeding into speculation over a possible December rate hike
and bumping the yen. Consumer prices excluding fresh food in the capital climbed 2.2% from a year earlier in
November, picking up from 1.8% largely on a winding down of energy subsidies, according to the ministry of
internal affairs Friday. Overall inflation sped up to 2.6%, as food prices also pushed up the gauge, also
outpacing economist expectations. - Japan PM Ishiba faces first major policy test with stimulus plan
Japanese Prime Minister Shigeru Ishiba is set to lay out his latest policy vision on Friday (Nov 29) in a speech
to an extraordinary session of parliament as he pursues approval of a 13.9 trillion yen (S$124 billion) extra
budget to fund a stimulus package. After early policy flip-flops and an uneven performance at international
summit meetings in South America, Ishiba is now looking to deliver on pledges to boost the economy and
help households struggling with rising costs of living, while also preparing for the incoming administration of
US president-elect Donald Trump. Ishiba’s government remains vulnerable after it lost its majority in an
election last month, but a deal with the opposition Democratic Party for the People over tax policy gives it
some stability as lawmakers prepare to debate the plans in a parliament session that’s set to run to Dec 21.
The Cabinet is expected to approve the extra budget on Friday. - France’s Le Pen Makes Budget Demands as Barnier Gives Ground
Marine Le Pen’s National Rally set out further demands for changes to the French government’s 2025 budget
bill after Prime Minister Michel Barnier dropped plans to raise taxes on electricity in a key concession. I’ve
listened to everyone, taking into account their opinions, their priorities, Barnier said during a speech in Paris
on Thursday about the future of small and mid-size companies as he announced the measure. Responding in
a post on X, National Rally President Jordan Bardella claimed a victory and followed up with more demands.
We can’t just stop there, he said. Other red lines remain. He called on Barnier to abandon plans to reduce
drug reimbursements, call a moratorium on any new or higher taxes, help boost competitiveness for small
and medium firms, and index pensions on inflation starting Jan. 1. He also demanded tougher policies on
migration and crime. - China Probes Top Military Official Overseeing Political Loyalty
China has abruptly suspended Miao Hua from the nation’s apex military body led by President Xi Jinping,
ramping up a graft probe that’s roiling the upper echelons of the People’s Liberation Army. The top official
overseeing political loyalty in the armed forces is under investigation for serious violations of discipline,
Defense Ministry spokesman Wu Qian said Thursday at a regular briefing in Beijing. For the ruling Communist
Party, that language typically refers to a graft probe. The six-man Central Military Commission is the armed
force’s premier decision-making body, and one of the most powerful institutions in China. Under Xi, there are
two vice chairmen serving as military leaders and three other members including Miao, who is seen as a close
ally of China’s top leader. - OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say
The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially
scheduled to meet on Dec. 1. They will now confer virtually next week. The OPEC+ coalition is currently
operating three sets of separate oil production cuts, in response to an uncertain demand outlook. - China plans to restrict exports of a critical metal. But the market isn’t that worried
China will start limiting exports of critical metal tungsten this weekend, just as alternatives to Chinese
suppliers of the metal are reopening. Tungsten is an extremely hard metal used in weapons and
semiconductors. The U.S. has not commercially mined tungsten since 2015, according to official records. But
this year, one of the world’s largest mines for the metal is moving close to resuming production in South
Korea. - US Bitcoin ETFs Head for Record Monthly Inflow on Trump Optimism
A group of one dozen US Bitcoin exchange-traded funds is on the cusp of a record monthly net inflow,
bolstered by the digital asset’s historic surge toward $100,000 on President-elect Donald Trump’s embrace of
crypto. The ETFs from issuers including BlackRock Inc. and Fidelity Investments have attracted $6.2 billion so
far in November, data compiled by Bloomberg show. The previous peak of $6 billion was achieved in
February amid investor euphoria over the launch of the products at the start of the year. - Trump’s tariff threats have rattled Europe’s auto giants, but Ferrari appears remarkably unfazed
President-elect Donald Trump has vowed to impose steep tariffs on China, Canada and Mexico in one of his
first acts in office, threatening to shake up the auto industry’s supply chains and raising investor concerns
about higher costs. The fact that Europe was not mentioned in Trump’s first tariff announcement will be
regarded as welcome news for European Union policymakers, although the 27-nation bloc is likely worried
that it’s just a matter of time before Trump turns his attention to the region’s auto sector. Ferrari, however,
is expected to be shielded from most of the fallout. - Shares of key chip suppliers jump as U.S. reportedly considers toned-down China curbs
Shares of key global semiconductor equipment firms jumped on Thursday after a report that the U.S. is
considering sanctions on China’s chip industry that stop short of earlier proposals. ASML was around 4.3%
higher in early trade in Europe. Tokyo Electron was more than 6% higher in Japan where it trades. Bloomberg
reported on Wednesday that Washington is considering further measures to restrict sales of semiconductor
equipment and AI memory chips to China, but that the new rules could stop short of earlier proposals that
were seen as stricter. - FTC opens probe into Microsoft
Microsoft (NASDAQ:MSFT) shares fell in after-hours trade after the Federal Trade Commission launched a
broad-based antitrust investigation, spanning several areas of the software giant’s business, including cloud
computing, artificial intelligence and cybersecurity. The probe is looking at whether Microsoft is leveraging its
market power in productivity software by imposing restrictive licensing terms that prevent customers from
transferring their data from its Azure cloud service to competing platforms. The inquiry was authorized by
FTC Chair Lina Khan ahead of her likely departure in January. The outcome of the investigation remains
uncertain as the election of Donald Trump has raised expectations he will appoint a fellow Republican with a
softer approach toward business.
