Most Asian markets rise as traders await key US data

Asian markets mostly rose Wednesday following a resumption of Wall Street’s rally, but gains were muted as investors await the last tranche of US data before next week’s Federal Reserve meeting.With a third successive interest rate cut already priced in, trading has softened ahead of key indicators this week that could still play a role in the central bank’s planning over the next year.Most in focus are the private jobs report from payrolls firm ADP, which is due later Wednesday, and Friday’s personal consumption expenditure (PCE) index, which is the Fed’s preferred gauge of inflation.Money markets have put the chances of a December 10 cut at around 90 percent, with another three forecast by the end of next year.The optimism has also been boosted by reports that President Donald Trump’s top economic adviser Kevin Hassett — a proponent of more reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.But while a number of bank decision-makers have thrown their hat in the ring for a reduction, observers said there appeared to still be some differences on the policy board about the need to target the soft labour market or stubbornly high inflation.And Andrew Brenner at NatAlliance Securities said this could lead to a “hawkish cut”.IG market analyst Fabien Yip wrote: “Friday’s core PCE index represents the final major inflation gauge before the Fed’s December policy meeting.”Any deviation could alter expectations regarding the Fed’s policy stance, particularly as the central bank weighs inflation persistence against a softening labour market.””The release of personal income and spending data alongside the PCE will provide additional perspective on consumer resilience,” Yip said.While calls for a rate cut have been driven by worries over the jobs outlook and signs the world’s top economy was slowing, the National Retail Federation provided some early festive cheer by releasing an upbeat appraisal of the “Black Friday” holiday shopping weekend.A record 202.9 million consumers shopped over the five-day stretch, topping estimates, the NRF said, adding that the reading “reflects a highly engaged consumer”.All three main indexes on Wall Street ended in the green, and most of Asia followed suit.Tokyo piled on more than one percent with Seoul, while Sydney, Singapore, Wellington, Taipei and Jakarta were also up.Hong Kong, Shanghai, Mumbai, Bangkok and Manila fell.London opened in the red, while Paris and Frankfurt rose.Bitcoin climbed back above $90,000, recovering from this week’s swoon that saw it lose almost 10 percent amid a risk-off start to the week for risk assets.However, sentiment in the crypto sector remains soft after the unit plunged last month to as low as $80,550, having hit a record above $126,250 in October.The Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.Dilip Parmar, an analyst at HDFC Securities, told AFP the rupee’s fall was “first and foremost” an “imbalance of demand and supply” with foreign fund outflows and trade deal uncertainties adding fuel to the fire.But another key factor, Parmar added, was a lack of “big and impactful” interventions from India’s central bank.Analysts believe the Reserve Bank of India has this year sporadically defended the rupee through aggressive dollar sales to support key levels, but also appears of late to be allowing greater currency flexibility.”Defending a specific level in the current macro backdrop would be costly and counterproductive,” Raj Gaikar, research analyst at SAMCO Securities, told AFP.”With inflation running well below earlier expectations, the policy priority has shifted toward supporting growth rather than expending reserves to hold an artificial line,” he said.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)London – FTSE 100: DOWN 0.1 percent at 9,694.82 Dollar/yen: DOWN at 155.71 yen from 155.86 yen on TuesdayEuro/dollar: UP at $1.1643 from $1.1622 Pound/dollar: UP at $1.3242 from $1.3209Euro/pound: DOWN at 87.92 pence from 88.00 penceWest Texas Intermediate: UP 0.5 percent at $58.95 per barrelBrent North Sea Crude: UP 0.5 percent at $62.74 per barrelNew York – Dow: UP 0.4 percent at 47,474.46 (close)

Most Asian markets rise as traders await key US data

Asian markets mostly rose Wednesday following a resumption of Wall Street’s rally, but gains were muted as investors await the last tranche of US data before next week’s Federal Reserve meeting.With a third successive interest rate cut already priced in, trading has softened ahead of key indicators this week that could still play a role in the central bank’s planning over the next year.Most in focus are the private jobs report from payrolls firm ADP, which is due later Wednesday, and Friday’s personal consumption expenditure (PCE) index, which is the Fed’s preferred gauge of inflation.Money markets have put the chances of a December 10 cut at around 90 percent, with another three forecast by the end of next year.The optimism has also been boosted by reports that President Donald Trump’s top economic adviser Kevin Hassett — a proponent of more reductions — is the frontrunner to take the helm at the Fed when Jerome Powell’s tenure ends in May.But while a number of bank decision-makers have thrown their hat in the ring for a reduction, observers said there appeared to still be some differences on the policy board about the need to target the soft labour market or stubbornly high inflation.And Andrew Brenner at NatAlliance Securities said this could lead to a “hawkish cut”.IG market analyst Fabien Yip wrote: “Friday’s core PCE index represents the final major inflation gauge before the Fed’s December policy meeting.”Any deviation could alter expectations regarding the Fed’s policy stance, particularly as the central bank weighs inflation persistence against a softening labour market.””The release of personal income and spending data alongside the PCE will provide additional perspective on consumer resilience,” Yip said.While calls for a rate cut have been driven by worries over the jobs outlook and signs the world’s top economy was slowing, the National Retail Federation provided some early festive cheer by releasing an upbeat appraisal of the “Black Friday” holiday shopping weekend.A record 202.9 million consumers shopped over the five-day stretch, topping estimates, the NRF said, adding that the reading “reflects a highly engaged consumer”.All three main indexes on Wall Street ended in the green, and most of Asia followed suit.Tokyo piled on more than one percent with Seoul, while Sydney, Singapore, Wellington, Taipei and Jakarta were also up.Hong Kong, Shanghai, Mumbai, Bangkok and Manila fell.London opened in the red, while Paris and Frankfurt rose.Bitcoin climbed back above $90,000, recovering from this week’s swoon that saw it lose almost 10 percent amid a risk-off start to the week for risk assets.However, sentiment in the crypto sector remains soft after the unit plunged last month to as low as $80,550, having hit a record above $126,250 in October.The Indian rupee weakened past 90 per dollar for the first time, extending declines through the year as New Delhi struggles to strike a trade deal with the United States.Dilip Parmar, an analyst at HDFC Securities, told AFP the rupee’s fall was “first and foremost” an “imbalance of demand and supply” with foreign fund outflows and trade deal uncertainties adding fuel to the fire.But another key factor, Parmar added, was a lack of “big and impactful” interventions from India’s central bank.Analysts believe the Reserve Bank of India has this year sporadically defended the rupee through aggressive dollar sales to support key levels, but also appears of late to be allowing greater currency flexibility.”Defending a specific level in the current macro backdrop would be costly and counterproductive,” Raj Gaikar, research analyst at SAMCO Securities, told AFP.”With inflation running well below earlier expectations, the policy priority has shifted toward supporting growth rather than expending reserves to hold an artificial line,” he said.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.1 percent at 49,864.68 (close) Hong Kong – Hang Seng Index: DOWN 1.3 percent at 25,760.73 (close)Shanghai – Composite: DOWN 0.5 percent at 3,878.00 (close)London – FTSE 100: DOWN 0.1 percent at 9,694.82 Dollar/yen: DOWN at 155.71 yen from 155.86 yen on TuesdayEuro/dollar: UP at $1.1643 from $1.1622 Pound/dollar: UP at $1.3242 from $1.3209Euro/pound: DOWN at 87.92 pence from 88.00 penceWest Texas Intermediate: UP 0.5 percent at $58.95 per barrelBrent North Sea Crude: UP 0.5 percent at $62.74 per barrelNew York – Dow: UP 0.4 percent at 47,474.46 (close)

A close-up of a stack of newspapers resting on a desk, symbolizing information and media.

La Norvège va repousser de 4 ans les activités minières sous-marines

La Norvège, premier pays d’Europe à avoir décidé d’ouvrir une partie de ses eaux à d’éventuelles activités minières sous-marines, va encore repousser de quatre ans l’attribution de premières licences, au terme d’un accord politique conclu dans la nuit de mardi à mercredi.Le gouvernement travailliste, minoritaire au Parlement, a accepté de ne “pas lancer le premier appel d’offres pour l’exploitation des minerais des fonds marins au cours de la présente législature” qui court jusqu’en 2029.En 2024, le Parlement norvégien avait donné son feu vert à l’ouverture d’une partie des fonds sous-marins à la prospection minière, sur 280.000 km2, soit plus que la superficie totale du Royaume-Uni.Ce vote semblait devoir faire de la Norvège un des premiers pays au monde à autoriser l’exploitation commerciale de ses ressources minérales sous-marines, une activité hautement controversée.Selon nombre de scientifiques et défenseurs de l’environnement, de telles activités minières dans les abysses risquent de perturber ou de détruire des écosystèmes dont on ignore presque tout.De son côté, le gouvernement norvégien fait valoir l’importance de ne pas dépendre de pays comme la Chine, poids lourd du domaine, pour la fourniture en minéraux essentiels notamment à la transition énergétique et aux industries de défense.Si le gouvernement comptait attribuer dès 2025 des licences de prospection -nécessaires, selon lui, pour recueillir les connaissances qui font actuellement défaut-, des petits partis de gauche ou écologistes, indispensables pour former une majorité au Parlement, pèsent de tout leur poids pour bloquer ce processus.Afin de faire adopter leur projet de budget 2026 qui doit être examiné vendredi, les travaillistes ont ainsi dû concéder à leurs alliés au Parlement un nouveau report de l’ouverture des fonds sous-marins à l’exploration minière.Dans la nuit de mardi à mercredi, les deux derniers partenaires se sont ralliés à un projet de budget conditionné, entre autres, à un tel report, assurant ainsi une majorité parlementaire en ce sens. Selon les autorités norvégiennes, le plateau continental du pays recèle très probablement du cuivre, du cobalt, du zinc ainsi que certains éléments de terres rares utilisés pour produire des batteries, des éoliennes, des ordinateurs ou encore des de téléphones portables.phy/abx    

Indian rupee hits fresh record low past 90 per dollar

India’s rupee fell to a fresh record low of over 90 per dollar Wednesday, extending recent declines, with traders partly blaming the delay in striking a trade deal with the United States.The rupee is among Asia’s worst forex performers this year, pressured by India’s current account deficit and foreign outflows.New Delhi’s early trade negotiations with Washington sparked optimism that foreign capital would flow into the world’s fifth-largest economy — helping push the rupee to a nearly six-month-high of 83.75 against the dollar in May.But setbacks in trade talks and weak corporate earnings have caused overseas investors to offload well over $16 billion in Indian shares this year so far.On Wednesday morning, the rupee weakened as much as 0.35 percent to a symbolic new low of 90.19, according to Bloomberg data.Dilip Parmar, an analyst at HDFC Securities, told AFP the rupee’s fall was “first and foremost” an “imbalance of demand and supply” with foreign fund outflows and trade deal uncertainty adding fuel to the fire.But another key factor, Parmar added, was a lack of “big and impactful” intervention from India’s central bank.Analysts say the Reserve Bank of India (RBI) has this year sporadically defended the rupee through aggressive dollar sales to support key levels, but also appears of late to be allowing greater currency flexibility.”Defending a specific level in the current macro backdrop would be costly and counterproductive,” Raj Gaikar, research analyst at SAMCO Securities, told AFP.”With inflation running well below earlier expectations, the policy priority has shifted toward supporting growth rather than expending reserves to hold an artificial line,” he said.The central bank was intervening only to ease volatility, not to reverse a trend driven by fundamentals, Gaikar added.He expects the rupee to settle in a “88-92 range”.”This more hands-off approach signals a transition to a market-aligned regime rather than a rigid defence of symbolic levels,” he said.

Indian rupee hits fresh record low past 90 per dollar

India’s rupee fell to a fresh record low of over 90 per dollar Wednesday, extending recent declines, with traders partly blaming the delay in striking a trade deal with the United States.The rupee is among Asia’s worst forex performers this year, pressured by India’s current account deficit and foreign outflows.New Delhi’s early trade negotiations with Washington sparked optimism that foreign capital would flow into the world’s fifth-largest economy — helping push the rupee to a nearly six-month-high of 83.75 against the dollar in May.But setbacks in trade talks and weak corporate earnings have caused overseas investors to offload well over $16 billion in Indian shares this year so far.On Wednesday morning, the rupee weakened as much as 0.35 percent to a symbolic new low of 90.19, according to Bloomberg data.Dilip Parmar, an analyst at HDFC Securities, told AFP the rupee’s fall was “first and foremost” an “imbalance of demand and supply” with foreign fund outflows and trade deal uncertainty adding fuel to the fire.But another key factor, Parmar added, was a lack of “big and impactful” intervention from India’s central bank.Analysts say the Reserve Bank of India (RBI) has this year sporadically defended the rupee through aggressive dollar sales to support key levels, but also appears of late to be allowing greater currency flexibility.”Defending a specific level in the current macro backdrop would be costly and counterproductive,” Raj Gaikar, research analyst at SAMCO Securities, told AFP.”With inflation running well below earlier expectations, the policy priority has shifted toward supporting growth rather than expending reserves to hold an artificial line,” he said.The central bank was intervening only to ease volatility, not to reverse a trend driven by fundamentals, Gaikar added.He expects the rupee to settle in a “88-92 range”.”This more hands-off approach signals a transition to a market-aligned regime rather than a rigid defence of symbolic levels,” he said.