Asian Markets Mixed As Rate-Cut Optimism Eases And Global Rally Loses Steam

IC Markets

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Summary:

Asian stock markets were mixed on Friday, taking in slightly positive signals from Europe and no guidance from Wall Street due to the Thanksgiving holiday.

Global Markets:

· Asian Stock Markets : Nikkei down -0.07%, Shanghai Composite up 0.21%, Hang Seng down -0.23% ASX up 0.05%

· Commodities : Gold at $4,221.65 (0.76%), Silver at $52.235 (1.98%), Brent Oil at $63.04 (0.27%), WTI Oil at $59.05(-0.08%)

· Rates : US 10-year yield at 4.010, UK 10-year yield at 4.4530, Germany 10-year yield at 2.6775

News & Data:

· (USD) Unemployment Claims 216K to 226K expected

· (USD) Core Durable Goods Orders m/m 0.6% to 0.2% expected

· (USD) Durable Goods Orders m/m 0.5% to 0.5% expected

Markets Update:

Asian stock markets were mixed on Friday, taking in slightly positive signals from Europe and no guidance from Wall Street due to the Thanksgiving holiday. Traders continued to respond to growing expectations of a U.S. Fed rate cut in December after soft economic data and dovish comments from several Fed officials. The global equity rally seen over the past week also slowed.

Markets now price in an 84.7 percent chance of a 25-basis-point cut in December, sharply higher than 30.1 percent just a week earlier, with additional cuts expected next year.

In Australia, stocks traded slightly higher in choppy action, extending gains from earlier sessions. The S&P/ASX 200 held above 8,600 as strength in gold miners and tech names offset weakness in iron ore miners and financials. Major miners were mixed, while technology stocks such as Appen, Xero and WiseTech gained. Banks traded mostly lower, and gold miners advanced modestly.

Japanese shares were slightly weaker as the Nikkei slipped below 50,150, pressured by declines in exporters and tech stocks, though financials provided some support. SoftBank gained, while Fast Retailing and major chip equipment makers declined. Economic data showed retail sales and industrial production rising in October, both beating expectations. Inflation in Tokyo's Ku-area remained above the Bank of Japan's target, while unemployment held at 2.6 percent.

Elsewhere, South Korea, Hong Kong and Malaysia traded lower, while New Zealand, Singapore and Taiwan edged higher. European markets finished modestly positive, and crude oil extended its decline ahead of the OPEC+ meeting.

Source: IC Markets

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