General Trend:
- NVIDIA declines over 17% post earnings, weighs on Nasdaq Futures in Asian trading
- California Utility Pacific Gas & Electric (PCG) rises over 40% in afterhours trading amid comments from regulator
- Tech and automaker declines weigh on the Nikkei, Softbank down over 2%
- Shanghai Composite property sub-index rises over 1%
- Chinese educational shares trade lower amid reports of fund cancelation
- US Commerce Sec Ross: Still plans China tariff boost to 25% in January (press)
- Unnamed Trump Administration Official: China’s trade offer to US should be viewed with skepticism
- Singapore Oct exports to China down over 25%
- China sells 50-year bonds at lower yield and higher bid to cover; 30-yr yields decline
- Indonesian assets rise following surprise rate hike
- On Thursday, US equity markets rallied following FT article summarizing renewed efforts by US/China to engage in trade talks ahead of the G20 meeting at month’s end
- US Natural Gas futures remain volatile in Asian trading
- Hong Kong Q3 GDP data due later today
Headlines/Economic Data
Australia/New Zealand
- ASX 200 opened +0.3%
- (AU) Australia Regulator (APRA): To review whether capital levels of private health insurers are sufficient, review may conclude that minimum regulatory capital requirements should be increased
- (AU) Australia to sell A$1.0B in April 2029 bonds on Nov 19th
- (NZ) New Zealand Oct Non Resident Bond Holdings: 57.1% v 57.4% prior
- (NZ) New Zealand Oct Business Manufacturing PMI: 53.5 v 51.9 prior
China/Hong Kong
- Shanghai Composite +0.1%, Hang Seng -0.2%
- (CN) Commerce Sec Ross: US still plans China tariff boost to 25% in January – press
- (CN) US administration official: China’s trade offer to US should be viewed with skepticism; unlikely to see major breakthrough with China on trade substance at G20 meeting
- (CN) China Shandong Province plans CNY10B fund to support listed companies – Chinese Press
- (CN) China PBoC Open Market Operation (OMO): v skipped prior (16th straight skip)
- (CN) China PBoC sets yuan reference rate: 6.9377 v 6.9392 prior
- (CN) PBoC comments after release Oct banking data: Reiterates overall lending keeps stable growth; financing condition of private and small companies improved
- (CN) China said to request that internet companies review user data for security purposes – US financial press
Japan
- Nikkei 225 opened flat
- (JP) Japan Fin Min Aso: Q3 GDP decline was impacted by natural disasters, exports probably impacted by trade issues
Korea
- Kospi opened +0.5%
- (KR) North Korea state media says leader Kim Jong Un has inspected the site of a newly developed ‘high tech’ weapon
- (KR) South Korea govt reportedly considering expanding no-fly zone beyond the border area – Korean press
- (KR) South Korea President Moon approval rating declines to 52% v 54% prior – Gallup Poll
Other
- (ID) Indonesia Chief Economy Minister Nasution: Government to relax foreign investment restrictions in certain sectors; expands scope of tax holiday, to make it mandatory to repatriate natural resources exports revenue to local banks
- (MY) MALAYSIA Q3 GDP Q/Q: 1.6% V 2.0%E; Y/Y: 4.4% V 4.6%E (slowest growth since 2016)
- (SG) Singapore Oct Non-Oil Domestic Exports M/M: 4.2% v 3.6%e; Y/Y: 8.3% v 1.0%e
North America
- US equity markets ended higher: DOW +0.8%, S&P500 +1.1%, Nasdaq +1.7%, Russell 2000 +1.4%
- (US) DOE CRUDE: +10.3M V +2ME
- (US) Fed’s Powell: wages are now in a range reflecting inflation and productivity; I am carefully monitoring wages; haven’t increased as quickly as hoped
Europe
- (UK) UK PM May: Approach is to put national interest first; Does not judge harshly on colleagues who reach a different conclusion
- (UK) Conservative Party power sharing alliance with DUP is reportedly over unless PM May is replaced – UK’s Telegraph
