- Geopolitics: Isreal wishes deeper into Lebanon in widening war campaign
- Japan revised industrial production for September 1.6% versus 1.4% estimate
- Goldman: Forecasts BOC to cut rates by 50 basis points December (up from 25 basis points)
- Japan sells JPY 1.75 trillion of 5year JGBs at a average yield of 0.706% (vs 0.562% last)
- China's stats Bureau : "Domestic demand is still insufficient", but seeing green shoots
- Japan finance minister Kato: Will take appropriate action versus excessive FX moves
- China retail sales YoY for October 4.8% versus 3.8% expected
- China October unemployment rate for 5.0% versus 5.1% expected
- China industrial production 5.3% versus 5.6% estimate
- Japan's economy minister : Expects modest economic recovery to continue
- China's home prices year on year for October -5.9% (previous -5.8%)
- Japan preliminary Q3 GDP 0.2% versus 0.2% estimate
- USDJPY runs higher yesterday and continues the bullish bias into the new trading day
- The EURUSD starts the new day with the bears still in control
- Elon Musk met with Iran's UN Ambassador in attempt to defuse US-Iran tension
- Forexlive Americas FX news wrap: Powell says no "need to be in a hurry to lower rates"
- Trump picks Robert F. Kennedy Jr as Secretary of Health and Human Services
- US stocks struggle after Powell sees no hurry to cut rates
- US Treasury:No manipulation of currency to gain trade advantage,but China needs monitoring
Market:
- Japan's Nikkei 225 +0.86%
- Shanghai Composite index -0.35%
- HongKong Hang Seng, +0.48%
- S&P ASX200 +0.61%
- China CSI300 -0.41%
- Gold up $2 at $2566.15
- Bitcoin little changed at $87,451
IN the forex, the USD is lower vs the AUD and NZD (0.20% and 0.21% respectively) as those currencies correct from lows for the week. Each of those currency pairs have been down each day this week. Today is seeing a rebound at least in the early hours of the trading day..
For the NZDUSD it fell to the lowest level since November 2023 and for the AUDUSD it fell to the lowest level since August 5.
The other currencies are trading within 0.11% of the closing levels from yesterday.
There was a dump of China data:
- Home prices continued to fall with MoM -0.5% and YoY down -5.9%
- Industrial production rose 5.3% vs 5.6% estimate,
- Retail sales YoY came in stronger at 4.8% vs 3.8% est and +3.2% last month
- The unemployment rate came in at 5.% vs 5.1% last month.
China's Statistic Bureua spokesperson said that China's economy is showing signs of recovery, though domestic demand remains weak. In October, key economic indicators improved, with consumer expectations rising and the property market beginning to stabilize. Positive factors, such as increasing cash flows for property developers and supportive policies, are expected to strengthen fourth-quarter growth. While consumption growth faces challenges, the government aims to boost household incomes, promote consumer goods trade-ins, and expand domestic demand amid sluggish producer prices. Additionally, China plans to extend policy support for urban village renovations to 300 cities, further supporting economic stability and growth.
In Japan economic activity according to statistics released today, rebounded from lower levels last month:
- Industrial production rose 1.6% versus -3.3% last month.
- Capacity utilization rose by 4.4% after -5.3% last month
- Tertiary industrial activity rose 1.9% after -2.9% last month.
TGIF to all.
