Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
Oil Prices Rise as U.S. Strikes on Iran Raise Strait of Hormuz Supply Fears 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
IEA Warns China Rare Earth Export Curbs Could Threaten $6.5 Trillion in Global Production 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
ECB's Kocher Says No Inflation Spillover Yet From Iran Conflict, Warns Risks Remain 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
Asian Currencies Hold Steady as Middle East Tensions Offset Weaker US Dollar 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Wall Street index futures ticked up slightly on Wednesday evening, continuing the week’s positive sentiment as technology stocks staged a recovery and traders grew more confident that the Federal Reserve will move ahead with interest rate cuts in December. Despite the upbeat tone, overall trading volumes remained thin ahead of the Thanksgiving holiday, while anticipation of key U.S. economic data next week kept some investors cautious.
S&P 500 futures edged up to 6,830.50 by 19:23 ET (00:23 GMT), while Nasdaq 100 futures added 0.1% to 25,321.25 points. Dow Jones futures also rose 0.1% to 47,519.0. The modest gains followed Wall Street’s fourth straight day of advances, driven largely by improving sentiment toward megacap tech stocks.
Investors found renewed optimism as spending on artificial intelligence technology remained strong, even as concerns lingered over competitive pressures in the AI chip market. NVIDIA shares climbed 1.4% after hitting a two-month low, following reports that Alphabet’s Google is developing its own AI chips and is in discussions with Meta to supply its data centers. Alphabet reached a record high earlier in the week before slipping 1% on Wednesday, while Meta also saw a slight decline after recent strong gains. Broader tech names continued to rebound after being hit earlier this quarter by worries over inflated AI valuations and circular funding trends.
Rate-cut expectations also boosted market sentiment. According to the CME FedWatch Tool, traders are now pricing in an 82.2% probability of a 25-basis-point cut at the Fed’s December 9–10 meeting, up sharply from just 24% a week earlier. Softer-than-expected September retail sales and producer inflation data added to the dovish outlook.
Markets are also watching the potential successor to Fed Chair Jerome Powell. Reports indicate that White House National Economic Council Director Kevin Hassett—an ally of President Donald Trump—is the leading candidate. Hassett is widely expected to support more aggressive rate cuts, aligning with the administration’s calls for lower borrowing costs. Powell’s term ends in May 2026, but an announcement could come much sooner as Trump continues to criticize the current Fed leadership for resisting rapid rate reductions.
