EUR/USD
1.16419
-0.021%
Gold
4207.99
-0.017%
Oil
59.462
-0.037%
USD/JPY
155.108
-0.001%
GBP/USD
1.33236
-0.027%
GBP/JPY
206.663
-0.015%
Real-time News
Japans total household spending fell 3.5% month-on-month in October, compared to a forecast of 0.7% and a previous reading of -0.7%.Japans household spending in October fell 2.9% year-on-year, compared to a forecast of 1% and a previous reading of 1.80%.On December 5th, analysts stated that Bank of Japan Governor Kazuo Uedas emphasis on inflation risks and the danger of a weak yen persuaded Prime Minister Sanae Takaichi to accept his plan to raise interest rates in December. Just last year, Takaichi publicly called a rate hike a "foolish move." This communication appears to have worked: both the market and the new Japanese government received the signal that a small 25 basis point rate hike to 0.75% later this month is almost certain, alleviating concerns that the Bank of Japan might succumb to political pressure and abandon its tightening policy. However, a more pressing issue remains: how will the Bank of Japan communicate its future rate hike path? This task is far more complex than a single rate hike, given the lack of consensus on a reasonable range for the neutral interest rate. Currently, a "fragile truce" exists between the central bank and the government, keeping the bond market tense. Investors are now focused on how Ueda will articulate the pace of subsequent rate hikes.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average fell 0.07% to 47,850.94 points, the S&P 500 rose 0.11% to 6,857.12 points, and the Nasdaq Composite rose 0.22% to 23,505.14 points. 3M Inc. fell more than 2%, and UnitedHealth Group fell nearly 2%, leading the decline in the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.4%, Facebook rose more than 3%, and Nvidia rose more than 2%. Chinese concept stocks were mixed, with Wanwu New Energy rising nearly 9% and Daqo New Energy falling nearly 3%. Market sentiment was cautious ahead of the Federal Reserves monetary policy meeting next week. 2. European stock markets closed higher across the board. The German DAX index rose 0.87% to 23,899.33 points, the French CAC40 index rose 0.43% to 8,122.03 points, and the UK FTSE 100 index rose 0.19% to 9,710.87 points. Boosted by positive US ADP employment data and expectations of interest rate cuts, global risk sentiment improved, with strong performances in German auto stocks and French technology stocks driving the market upward. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 3.71 basis points to 3.521%, the 3-year Treasury yield rose 4.78 basis points to 3.545%, the 5-year Treasury yield rose 4.51 basis points to 3.673%, the 10-year Treasury yield rose 3.48 basis points to 4.098%, and the 30-year Treasury yield rose 2.39 basis points to 4.755%. 4. The WTI crude oil futures contract closed up 1.27% at $59.7 per barrel; the Brent crude oil futures contract rose 1.04% to $63.32 per barrel. 5. International precious metals futures closed mixed. COMEX gold futures rose 0.13% to $4237.9 per ounce, while COMEX silver futures fell 1.86% to $57.53 per ounce. White House officials hinted at a possible interest rate cut, reducing the opportunity cost of holding gold. EU policy adjustments and the US adding silver to its list of critical minerals impacted market demand for safe-haven assets. 6. London base metals traded mixed. LME lead rose 0.85% to $2016.00/ton, LME zinc rose 0.65% to $3085.00/ton, LME nickel rose 0.08% to $14885.00/ton, LME aluminum fell 0.33% to $2887.50/ton, LME copper fell 0.47% to $11434.00/ton, and LME tin fell 0.59% to $40540.00/ton. Commodity trader Mercuria plans to withdraw more than 40,000 tons of copper from LMEs Asian warehouses.South Koreas unadjusted current account balance for October was $6.81 billion, compared to $13.4674 billion in the previous month.
