- European indices gained yesterday, despite mixed sentiment in Asia, while trading in stocks and bonds on Wall Street did not take place due to the Thanksgiving holiday. Today's session in Asia was held in a declining mood; the KOSPI loses more than 2% and the Nikkei retreats 0.4% after the release of a slew of macro data. Today's focus will be on data from Europe: prelim CPI inflation from the Eurozone, retail sales and data from the German labor market, as well as readings from Swiss economy and Canadian GDP
- The yen strengthened after inflation data from Japan, with the USDJPY pair losing almost 1% and falling from 156 to 150 today since mid-November. CPI inflation from the Tokyo region rose 2.6% y/y; beating forecasts of 2.2% after 1.8% previously; core CPI in Tokio rose by 2.2%, versus 2% forecasts and 1.8% previously. Fresh food prices excluding energy rose 1.9% y/y, in line with forecasts. The unemployment rate came in 2.5%, versus 2.4% previously
- Other data from Japan came in weaker, however it doesn't stop the Japanese Yen. Japan's industrial production rose 1.6% year-on-year, below the 2% forecast. On a month-on-month basis, it rose 3% versus 4% forecasts and 1.6% previously. The economy ministry estimates it will fall -2.2% m/m in November and -0.5% m/m in December
- Japan's retail sales in October rose 1.6% y/y, forecast to rise 2% after 0.5% in September. Month-on-month growth indicated 0.1% vs. 0.4% forecast-.
- Japanese consumer sentiment came in 36.4, versus 36.5 expectations and 36.2 previously. Housing starts fell -2.9% y/y vs. -2% forecast and -0.6% decline previously. The ministry indicated that the state will invest an additional 100 billion yen in the semiconductor and new technology sector
- The Asian session is in mixed mood today; China's Hang Seng erased almost all the gains from the middle part of the session and is trading under the dash; on track to close a second down month in a row. China has indicated that it is extending tariff exemptions on some US goods until February 28, 2024
- The Eurodollar is trading 0.2% higher, with the USDIDX dollar index contract losing more than 0.3%. Commodity quotes were suspended yesterday, and today energy commodities oil and gas gained slightly. Japanese Prime Minister Ishiba indicated that the country needs wage growth above inflation. The USDJPY pair is losing almost 1% today, and since November 15 the pair has retreated from 156 to 150 today
- Australia's private sector credit rose 0.6% m/m vs. 0.5% forecast and 0.5% previously.
- ANZ is forecasting two 25bp cuts from RBNZ, versus three cuts previously expected. The easing cycle is expected to start in May, previously put at February
- Russia's defense minister is to make another trip to North Korea, according to Financial Times sources. Lebanon's army has indicated that Israel has violated the ceasefire agreement several times
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