Gold Prices Hold Firm as Markets Await Fed Rate Cut; Silver Surges to Record High 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Wall Street Futures Slip as Oracle Earnings Miss Reignites AI Spending Concerns 
Asian Stocks Slip Ahead of Fed Decision as China Deflation Concerns Deepen 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Oil Prices Edge Higher as U.S. Seizes Sanctioned Venezuelan Tanker 
Brazil Holds Selic Rate at 15% as Inflation Expectations Stay Elevated 
Global Forex Markets Brace for Fed Decision as Yen Extends Weakness 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Hong Kong Cuts Base Rate as HKMA Follows U.S. Federal Reserve Move 
Silver Prices Surge to New Record Above $60 as Supply Concerns and Fed Expectations Boost Demand 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Stocks Slip as Investors Brace for Fed Decision and JPMorgan Warning Weighs on Markets 
Oil Prices Slide on Demand Concerns
Oil prices fell sharply in Asian trading on Tuesday, continuing recent declines as worries over weakening global demand weighed heavily on the market. The drop was also influenced by reports that Israel would not target Iranian oil facilities, reducing fears of an escalation in Middle East tensions.
Brent crude futures fell by 3% to $75.16 per barrel, while West Texas Intermediate (WTI) crude dropped to $71.03 per barrel, both extending losses from earlier in the week.
China's Declining Demand Adds Pressure
China's fifth consecutive monthly decline in oil imports has sparked concerns about slowing demand. Traders were underwhelmed by recent economic support measures announced by China's Ministry of Finance, which lacked details on the timing and scale of efforts to boost consumption. China's weak economic conditions have further diminished its appetite for crude, pressuring oil prices.
Additionally, the Organization of Petroleum Exporting Countries (OPEC) downgraded its global oil demand forecasts for the third month in a row. OPEC now expects a growth of 1.93 million barrels per day (bpd) in 2024, down from earlier estimates of 2.03 million bpd. The organization cited China's economic slowdown as a key factor in this revision.
Middle East Tensions Ease
Further weighing on oil prices, a report on Monday indicated that Israel will not attack Iran’s oil or nuclear facilities. This news has reduced the risk premium attached to oil prices, which had surged following Iran’s missile strike on Israel earlier in October. Traders now anticipate a less severe escalation in the region's conflict, providing some relief to the oil market.
