Dollar Slips as Weak U.S. Manufacturing Data Increases Pressure for Fed Rate Cuts 
Oil Prices Slip as Russia-Ukraine Peace Hopes Fade and Oversupply Fears Grow 
Trump and Lula Discuss Trade, Sanctions, and Security in “Productive” Phone Call 
U.S. Soybean Shipments to China Gain Momentum as Trade Tensions Ease 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Trump Administration Plans Major Rollback of Biden-Era Fuel Economy Standards 
Oil Prices Rise as Geopolitical Tensions and Supply Risks Intensify 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
South Korea Inflation Edges Up in November as Food and Service Costs Climb 
Intel Boosts Malaysia Operations with Additional RM860 Million Investment 
Gold Prices Steady as Markets Await Key U.S. Data and Expected Fed Rate Cut 
Australia’s Economic Growth Slows in Q3 Despite Strong Investment Activity 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
BOJ Governor Ueda Highlights Uncertainty Over Future Interest Rate Hikes 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
South Korea Posts Stronger-Than-Expected 1.3% Economic Growth in Q3 
Asian shares found firmer footing on Wednesday, supported by a recovery in U.S. markets and a pause in the global bond and cryptocurrency selloff that rattled investors earlier in the week. Bitcoin bounced back above the $90,000 mark, while Nasdaq and S&P 500 futures edged up 0.1%. MSCI’s Asia-Pacific index outside Japan gained 0.3%, and Japan’s Nikkeiadvanced 0.8%, reflecting improved sentiment across the region.
The earlier downturn was driven by renewed expectations of a potential Bank of Japan (BOJ) rate hike, which sparked heavy selling in global bond markets and deepened declines in major cryptocurrencies. According to Kerry Craig of J.P. Morgan Asset Management, narrowing yield spreads and yen movements revived concerns about strained carry trades and the unwinding of leveraged positions. He noted that crypto performance has often been viewed as a barometer of risk appetite, especially in periods of shifting liquidity.
Japanese government bonds remained under pressure as traders increased bets on a BOJ move later this month. The five-year JGB yield climbed to its highest level since 2008 at 1.38%, while the 40-year yield rose slightly to 3.695%.
With few immediate catalysts, investor attention has shifted back to the Federal Reserve, which is widely expected to cut rates next week. Analysts expect this anticipation to lift equities into mid-December, a period that has historically favored stock market rallies. Market optimism has also grown around the possibility of a more dovish Fed outlook, particularly with White House adviser Kevin Hassett seen as the top candidate to replace Jerome Powell.
The U.S. dollar weakened against major currencies, with the euro inching up to $1.1632 and sterling rising to $1.32235. The yen strengthened slightly to 155.77 per dollar, amid speculation about Fed leadership changes and concerns over monetary policy independence.
Elsewhere, the Australian dollar steadied after weaker-than-expected GDP data. In commodities, Brent crude hovered at $62.49, U.S. crude traded at $58.69, and gold ticked up to $4,216.13 an ounce as markets balanced geopolitical tensions with oversupply worries.
