Overseas investors are identifying opportunities in India, even amidst record outflows from local equities last month. This trend suggests potential growth in specific sectors, highlighting India's resilience in attracting foreign investment despite market fluctuations.
Tokyo's inflation accelerated to 2.6% in November, driven by rising food prices and the reduction of energy subsidies. Consumer prices excluding fresh food rose 2.2%, surpassing economists' expectations of 2%. Following the report, the yen strengthened against the dollar.
Macquarie Group Ltd. is shifting its investment focus from China to Japan and India, driven by increasing regulatory risks in Greater China. Verena Lim, the firm's Asia CEO, highlighted that while current geopolitical and macroeconomic uncertainties make other Asian markets more appealing, the situation could change rapidly.
Asian stocks are set to open lower on Friday, with Japanese shares down about 0.2% and Australian stocks falling 0.3%. In contrast, Hong Kong futures are slightly higher after a decline in Chinese benchmarks. Treasury cash trading resumes in Asia following the US Thanksgiving holiday.
European stocks rebounded, led by technology shares, as concerns eased over US semiconductor sales restrictions to China. However, political turmoil in France caused its stocks and bonds to underperform, with yields on French bonds nearing those of Greece for the first time. Meanwhile, the Brazilian real hit a record low amid disappointing government spending cuts, and US equity futures rose slightly ahead of the Thanksgiving holiday.
President Joe Biden criticized President-elect Donald Trump's plan to impose a 25% tariff on Canada and Mexico, calling it "counterproductive" and urging him to reconsider. Trump announced the tariffs as part of his strategy to combat drug trafficking and illegal immigration, but economists warn that such measures could raise consumer costs. Meanwhile, Mexican President Claudia Sheinbaum clarified that Mexico's stance is not to close borders, while Canadian Prime Minister Justin Trudeau emphasized the importance of maintaining strong trade relations with the U.S.
Lebanon's foreign minister, Abdallah Bou Habib, stated that the government had no role in the decision to engage in war with Israel, emphasizing support for Hezbollah while opposing the conflict. He affirmed commitment to a U.S.-France brokered cease-fire and the implementation of UN resolution 1701, which aims to ensure Israeli withdrawal and control by the Lebanese Armed Forces. The ongoing conflict has severely impacted Lebanon's economy, with damages estimated at $8.5 billion, and the government is seeking foreign funding for reconstruction amidst significant challenges.
South Sudan President Salva Kiir has urged citizens to remain calm amid fears that the dismissal of top military officials could lead to violence. The president, who has canceled upcoming elections, is also facing a cash crisis following a rupture in a key oil pipeline in Sudan that supplies over 90% of government revenue.
Mexican President Claudia Sheinbaum warned that proposed U.S. tariffs could lead to significant job losses in the U.S. and retaliatory measures from Mexico. Economy Minister Marcelo Ebrard emphasized the need for regional cooperation, stating that tariffs would harm both economies, particularly the automotive sector, which heavily relies on cross-border trade. Analysts view the tariff threats as a negotiating tactic rather than a firm trade policy.
Rupert, chairman of Richemont and South Africa's wealthiest individual, emphasized the importance of extending a trade pact that allows South Africa and over 30 African nations duty-free access to the U.S. market. He highlighted the necessity for South Africa to remain part of the African Growth & Opportunity Act, which is set to expire in September.
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