S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
The yen regained its footing on Wednesday in early Asian trading as investors moved into traditional safe-haven assets following a multi-day global stock selloff. After touching a nine-month low against the U.S. dollar on Tuesday, the yen edged up 0.1%, trading around 155.49 per dollar. Meanwhile, the U.S. dollar index held steady near a one-week high at 99.594, supported by increased demand for U.S. Treasury bonds.
Global equity markets have faced heavy pressure this week, with the S&P 500 extending its losing streak to four sessions. Concerns over lofty valuations in AI-related stocks have weighed heavily on sentiment, and U.S. equity futures continued to slide during Asian hours on Wednesday. Market anxiety deepened after U.S. initial jobless claims data showed a notable rise in Americans receiving unemployment benefits from mid-September to mid-October.
Tony Sycamore, market analyst at IG in Sydney, noted that this was the first major data release from the Department of Labor since the U.S. government shutdown began on October 1, adding that the results were “not great.” He emphasized that the upcoming delayed release of September’s non-farm payrolls report would be a more critical gauge of economic momentum.
Investor expectations for Federal Reserve policy also shifted slightly. Fed funds futures are now pricing a 46.6% chance of a 25-basis-point rate cut at the December 10 meeting, up from 42.4% the previous day, according to CME’s FedWatch tool. However, divisions within the Fed remain, with officials split between prioritizing labor market support and managing inflation risks.
Political pressure added another layer of uncertainty. U.S. President Donald Trump renewed criticism of Fed Chair Jerome Powell, whose term ends in May. According to Treasury Secretary Scott Bessent, Trump is expected to review the final shortlist of candidates after Thanksgiving and may announce his pick before Christmas.
In currency markets, the Australian dollar slipped to $0.65085 as wage data showed steady third-quarter growth, while the New Zealand dollar dipped 0.2% to $0.5659. The euro traded near a one-week low at $1.1580, and the British pound was steady at $1.3148.
Japan continued to increase its holdings of U.S. Treasuries for the ninth consecutive month in September, maintaining its position as the largest foreign holder with $1.189 trillion—its highest level since August 2022.
