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Asian Markets Struggle to Build on Week's Rally
Markets anticipate an 85% chance of a Federal Reserve rate cut next month amid delayed U.S. data and mixed regional moves in equities, currencies, and commodities.
- On Friday, Asian markets fluctuated at the end of a strong week as expectations grew of a Federal Reserve rate cut next month; Hong Kong, Shanghai, Seoul and Jakarta fell while Tokyo was marginally lower and Sydney, Singapore, Taipei and Wellington edged higher.
- Traders said New York's Thanksgiving break gave markets a pause to take stock after November's swoon and rebound, while a string of top Fed officials backed a third straight rate cut amid debate over tech valuations.
- Currency swings were pronounced as the yen pulled back from near 158 per dollar earlier this week and West Texas Intermediate rose 0.6 percent to $59.00 while Brent held flat at $63.34 around 0230 GMT.
- Attention now turns to private hiring, services activity, and personal consumption expenditure next week, with Market Insights' Michael Hewson writing, `This delay places much greater scrutiny on the latest November ADP payrolls report.`
- The government shutdown forced the postponement of key releases, pushing non-farm payrolls to mid-December; analysts cautioned a payroll surge may still not halt the Fed policy path cuts in coming months.
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66 Articles
66 Articles
Coverage Details
Total News Sources66
Leaning Left10Leaning Right8Center16Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
L 29%
C 47%
R 24%
Factuality
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