S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
Asian Currencies Steady Amid Market Fluctuations
Most Asian currencies steadied on Thursday, following recent declines, as the Japanese yen lingered near three-month lows. The U.S. dollar remains supported by expectations of a slower pace of interest rate cuts, reflecting ongoing market uncertainty.
Increased risk aversion impacted regional currencies, with traders cautious ahead of a tight U.S. presidential race and rising tensions in the Middle East. The dollar and gold benefited from this risk aversion, while the yen struggled to attract safe-haven demand amid doubts about the Bank of Japan's (BOJ) capacity to raise interest rates further.
Japanese Yen Stabilizes with Intervention Concerns
The Japanese yen's USDJPY pair saw slight declines on Thursday after reaching a near three-month high in the previous session. Support for the yen emerged as Japanese officials warned against “one-sided” moves in the currency market, heightening fears of potential intervention. However, weak purchasing managers index (PMI) data indicated a contraction in business activity for October, keeping the yen fragile.
Anticipation of general elections in Japan this Sunday raises further doubts about future BOJ rate hikes. The ruling Liberal Democratic Party may need to form a coalition to maintain power, complicating the BOJ's monetary policy decisions.
Dollar Remains Strong Amid Rising Yields
The dollar index slightly dipped but remained close to three-month highs, bolstered by rising Treasury yields. Market expectations suggest the Federal Reserve may only cut rates by 25 basis points in November, supported by signs of resilience in the U.S. economy.
As broader Asian currencies made modest gains, the Australian dollar (AUDUSD) rose by 0.2%, while the South Korean won (USDKRW) remained stable after disappointing GDP data. The Chinese yuan (USDCNY) declined by 0.2%, while the Singapore dollar (USDSGD) and Indian rupee (USDINR) experienced slight drops.
