- ICYMI: China home prices steepest fall in a year as industrial, investment data weaken
- FX intervention – Indian central bank likely selling U.S. dollars to support rupee
- U.S. approves potential US$330m fighter-jet parts sale to Taiwan
- Oil surges after drone strike hits Russian Novorossiysk terminal, heightening supply risks
- China say stabilisation taking hold despite weak investment and industrial slowdown in Oct
- Amazon, Microsoft back bill curbing Nvidia’s China chip exports to secure U.S. AI supply
- China Oct Retail Sale (YoY) 2.9% (exp 2.7%) & Industrial Production (YoY) 4.9% (exp 5.5%)
- US, South Korea unveil deal with major investments, tariff cuts and defence expansion
- Intervention: South Korea won-stabilising measures after currency sinks to seven-month low
- China October new house prices -2.2% y/y (prior -2.2% also)
- PBOC sets USD/ CNY reference rate for today at 7.0825 (vs. estimate at 7.0964)
- EUR/GBP above 0.8852, a 2.5 year high as UK ditches income tax rate hike plans
- Japan’s Takaichi backs away from minimum-wage target amid pushback from regional firms
- UBS: China’s AI power build-out (5–6GW) is modest vs U.S. (40–45GW), signalling no bubble.
- China – Evergrande Property Services invites updated bids as liquidation process advances
- Japan’s Economy Minister Kiuchi says a weak yen can push up CPI through import costs
- More on UK drops income-tax hike plans ahead of November budget
- GBP is taking a hit after the report that Starmer is going to drop plan to hike tax rates
- US media report Trump preparing to back down on some tariffs in order to lower food prices
- UK PM Starmer and fin min Reeves drop plan to hike income tax rates
- MUFG: Policy divergence supports AUD/NZD as RBA holds firm and RBNZ eyes more cuts
- Citi: September payrolls near, October data likely pushed to December
- US/Swiss talks very positive, tariff & barrier reductions expected pending Trump approval
- investingLive Americas market news wrap: Rough day in stock markets
- New Zealand October 2025 Manufacturing PMI jumps to 51.4 (prior 50.1, revised from 49.9)
- Biggest daily decline for stock markets since October 10
- RBNZ’s Gai says global tensions, trade shifts cloud outlook. Needs clearer policy signals.
GBP
There was necessary information out of the UK, with the Monetary Instances reporting that Prime Minister Keir Starmer and Chancellor Rachel Reeves have deserted plans to boost UK earnings tax charges simply weeks earlier than the 26 November finances. The federal government faces a fiscal hole of roughly £30 billion and can now be scrambling for different income sources. The pound took a success on the headlines, with EUR/GBP pushing to a 2½-year excessive.
NZD
The New Zealand greenback outperformed in the course of the session. The carry got here partly from information displaying the October Efficiency of Manufacturing Index jumped to 51.4 (from a revised 50.1 for September), however many of the consideration centred on the RBNZ’s affirmation that it’s going to ease mortgage loan-to-value restrictions on 1 December.
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For owner-occupiers, the share of latest lending allowed with an LVR above 80% will rise to 25% (from 20%).
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For traders, the LVR restrict at >70% will rise to 10% (from 5%).
Oil
Oil costs additionally surged greater than 2% after a Ukrainian drone strike broken an oil depot at Russia’s Novorossiysk port — a website dealing with round 2.2 million bpd of crude and condensate. Analysts stated the strike underscored persistent provide dangers tied to each Ukrainian assaults and tightening Western sanctions.
Different objects of curiosity:
A senior U.S. official stated commerce talks with Switzerland had been “very optimistic,” with Washington contemplating a deal to chop tariffs on Swiss imports pending President Trump’s approval.
The New York Instances reported that the Trump administration is getting ready tariff exemptions geared toward decreasing meals costs, following earlier stories this week that the White Home is seeking to ease cost-of-living pressures.
China’s property hunch deepened, with new-home costs in 70 cities falling 0.45% m/m in October, the steepest drop in a 12 months, and resale values sliding 0.66%, the quickest decline in 13 months. The four-year downturn continues to weigh closely on family sentiment and consumption. Industrial output rose 4.9% YoY, lacking forecasts, retail gross sales gained 2.9%, and fixed-asset funding fell 1.7% YTD. The unemployment price slipped to five.1%.
The Folks’s Financial institution of China set the every day USD/CNY repair at its strongest since October 2024, a sign geared toward supporting consumption by making imports cheaper. The yuan briefly hit a one-year excessive on exporter dollar-selling earlier than easing post-data.
In geopolitics and markets, the US and South Korea unveiled a sweeping financial and safety settlement that includes main tariff reductions and a whole lot of billions of {dollars} in Korean funding. In the meantime, South Korea’s FX authorities vowed to stabilise the received after it fell to a seven-month low. Sellers suspect authorities have already intervened through dollar-selling.
Individually, the Wall Road Journal reported that Amazon and Microsoft have publicly backed the proposed Achieve AI Act — laws that will prohibit Nvidia’s capacity to export superior chips to China — marking a uncommon coverage break up between the tech giants and considered one of their largest suppliers.
Crypto prolonged its losses.
Asia-Pac
shares adopted Wall Road decrease:
- Japan
(Nikkei 225) -1.81% - Hong
Kong (Hold Seng) -1.26% - Shanghai
Composite -0.16% - Australia
(S&P/ASX 200) -1.45%
