U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year. Despite a dip in U.S. stock markets, investors remain optimistic, with many stocks above their 200-day moving average, indicating a solid market trend. Meanwhile, South Korea unexpectedly cut interest rates amid disappointing economic growth, and forecasts suggest the offshore yuan may hit a record low against the dollar by 2025.
U.S. inflation rose slightly in October, with the personal consumption expenditures price index increasing by 0.2% month-over-month and 2.3% year-over-year, while core inflation hit 2.8%. Despite a dip in U.S. stock markets, investors remain optimistic, with many betting on a potential rate cut by the Federal Reserve in December. The market shows resilience, as over three-quarters of S&P stocks are above their 200-day moving average, indicating a solid upward trend.
Asia markets opened mixed following a stall in Wall Street's rally, with attention on the Bank of Korea's upcoming rate decision. U.S. inflation data aligns with the Federal Reserve's goals, suggesting stability in employment and prices, while the S&P 500's strong moving averages indicate solid market internals despite a slight downturn. Analysts are also exploring opportunities in international markets, citing U.S. stocks as relatively expensive.
Asia-Pacific markets declined as Wall Street's postelection rally lost momentum following Donald Trump's election win. The S&P 500 fell 0.29%, the Nasdaq Composite dropped 0.09%, and the Dow Jones Industrial Average decreased by 0.86%. Small-cap stocks, particularly the Russell 2000, experienced a significant 1.4% decline, reversing gains from the previous day, amid concerns of potential profit-taking and market positioning risks. The dollar index rose 0.4%, reaching its highest level against a basket of currencies since July 2024.
Asia-Pacific markets showed mixed results following Donald Trump's election victory, with Taiwan's economy minister indicating support for companies relocating production from China due to anticipated tariffs. The Philippines' GDP growth slowed to 5.2% in Q3, while China's exports surged 12.7% in October, despite a decline in imports. Electric vehicle stocks faced pressure, particularly after Trump's win, with analysts noting potential benefits for traditional automakers like Ford and GM under a less stringent regulatory environment.
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