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The FTC has initiated an antitrust investigation into Microsoft, scrutinizing its software licensing and cloud practices amid allegations of market dominance abuse. In other news, Unusual Machines' stock surged following Donald Trump Jr.'s appointment to its advisory board, while Ikea reported a decline in profits due to price cuts. Additionally, South Korea unexpectedly cut interest rates to boost its economy, and U.S. consumer spending remains strong, although inflation progress has stalled.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the declines as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following persistent inflation. The S&P 500 dropped 22.85 points to 5,998.78, the Nasdaq Composite fell 113.80 points to 19,061.78, and the Dow Jones Industrial Average decreased by 136.31 points to 44,723.23. Consumer spending showed solid growth in October, indicating a strong economy, but progress on inflation appears to have stalled.
Wall Street's main indexes closed lower on Wednesday, with the Nasdaq leading the decline as technology stocks fell amid concerns over the Federal Reserve's cautious stance on rate cuts following strong inflation data. The S&P 500 dropped 22.85 points to 5,998.78, while the Nasdaq Composite lost 113.80 points, ending at 19,061.78. Despite solid consumer spending in October, inflation progress seems stalled, prompting traders to bet on a 25 basis point rate cut in December, but expect rates to remain unchanged in January and March. Investors are also assessing the implications of President-elect Donald Trump's recent trade pledges, which include imposing significant duties on imports from Mexico, Canada, and China.
South Korea's central bank unexpectedly cut its benchmark interest rate by 25 basis points to 3%, marking the first consecutive cuts since 2009. This decision follows a weaker-than-expected GDP growth of 1.5% in the third quarter and a reduction in the GDP forecast for 2024 to 2.2%. Inflation has also slowed, with October's rate at 1.3%, the lowest since February 2021.
The Bank of Korea unexpectedly cut its benchmark interest rate by a quarter-percentage point to 3%, responding to heightened trade and economic concerns following Donald Trump's presidential election victory. This move comes alongside a revision of growth forecasts, indicating a cautious outlook for the economy.
The Biden administration is advancing a $680 million arms sale to Israel, which includes thousands of joint direct attack munition kits and hundreds of small-diameter bombs. This move comes despite a newly brokered ceasefire in Lebanon between Israel and Hezbollah, as Israel continues its conflict with Hamas in Gaza. The arms package has been under consideration for several months, having been previewed to congressional committees in September and submitted for review in October.
Anil Rego, founder and fund manager of Right Horizons, expects the positive earnings trend in the BFSI sector to continue, despite a subdued overall corporate earnings performance in Q2FY25. He anticipates that the RBI will not cut policy rates in December but expects a reduction in interest rates by the last quarter of FY25, noting reasonable valuations in large caps following recent market corrections.
Emerging Asian bonds are becoming pricier, reducing their appeal compared to global counterparts if Donald Trump implements less severe tariffs than anticipated. Yield spreads for South Korea, the Philippines, India, China, Malaysia, and Indonesia are trading below their 12-month average, indicating higher valuations than other emerging markets like Colombia and Mexico.
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.
A senior member of the Democratic Party for the People, Motohisa Furukawa, stated that the Bank of Japan is unlikely to make abrupt policy changes that would disrupt budget discussions. He emphasized that while the economy faces deflation risks, the central bank should avoid hastily raising interest rates during this critical period.
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