Market Analysis

Japan’s core CPI rose 2.3% YoY in October, slightly above expectations but marking second straight month of slowdown. Non-perishable food prices jumped 3.8%, with rice surging 58.9% – highest since 1971. BOJ rate hike expectations grow for December meeting.

Anna
November 22, 2024

Japan’s core CPI rose 2.3% YoY in October, slightly above expectations but marking second straight month of slowdown. Non-perishable food prices jumped 3.8%, with rice surging 58.9% – highest since 1971. BOJ rate hike expectations grow for December meeting.
Asian markets broadly higher led by tech and chipmakers. Nikkei gained 1.2%, KOSPI added 1.2%, ASX 200 up 1.1%. MSCI Asia Pacific index up 0.7%. Chinese markets underperformed with CSI 300 down 0.5% amid stimulus uncertainty.
Bitcoin surges to record $99,368, nearing historic $100,000 mark on Trump presidency optimism. Crypto market gains $1 trillion since election as industry anticipates friendlier regulations.
US futures flat as Russia-Ukraine tensions escalate after Moscow launches hypersonic missile strike and threatens nuclear retaliation. NVIDIA hits record high on strong AI chip demand while Alphabet drops on breakup concerns.
Adani Group shares and bonds under pressure after US fraud indictment. S&P downgrades outlook on three Adani entities to negative, citing funding access risks. Flagship Adani Enterprises plunged 22.6%. Group cancels $600 million bond sale.
Dollar index steady near one-year high at 107.06 as markets reduce December Fed rate cut expectations. Chicago Fed’s Goolsbee sees rates moving “fair bit lower” as inflation eases. Treasury yields slip with 10-year marginally down.
Japanese yen stabilizes after CPI data, with USDJPY at 154.50. BOJ’s Ueda signals closer scrutiny of data ahead of December meeting while emphasizing yen impact on policy outlook.
Oil gains on rising Russia-Ukraine risks, with Brent at $73.77 and WTI at $70.10. Both contracts up 4-5% for the week. Gold extends rally to fifth session on geopolitical concerns and is currently at $2687 per ounce.
DirecTV terminates planned acquisition of Dish Network after failing to secure bondholder approval for debt exchange.
Singapore upgrades 2024 growth forecast after better-than-expected Q3 performance.
Key events ahead: European and UK flash PMIs, UK retail sales data, BOJ policy decision focus increases after inflation data.

Japan’s core CPI rose 2.3% YoY in October, slightly above expectations but marking second straight month of slowdown. Non-perishable food prices jumped 3.8%, with rice surging 58.9% – highest since 1971. BOJ rate hike expectations grow for December meeting.

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