Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
U.S. Dollar Reaches One-Year High as Tech Sell-Off and Fed Rate Hike Expectations Support Demand 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Asian stock markets traded mostly flat on Wednesday as subdued year-end trading volumes and holiday-thinned liquidity limited investor activity across the region. With Christmas and New Year holidays approaching, many market participants continued to wind down positions, resulting in narrow trading ranges despite generally supportive global cues. Investors also closely assessed the latest Bank of Japan meeting minutes for signals on future interest rate hikes, adding to cautious sentiment.
Regional benchmarks struggled to gain momentum as the lack of strong conviction restricted follow-through buying. This seasonal slowdown, common across Asian, European, and U.S. markets during the final weeks of the year, kept risk appetite muted. Even positive global developments failed to spark meaningful rallies, highlighting the impact of reduced participation and defensive positioning.
Overnight, Wall Street ended higher, with the S&P 500 closing at a fresh record high. Gains were driven largely by large-cap technology stocks, while optimism was reinforced by U.S. economic data showing a stronger-than-expected 4.3% annualised expansion in the third quarter. The robust growth outlook helped support confidence in corporate earnings and sustained broader risk sentiment, although the spillover into Asian equities remained limited.
In Asia, China’s Shanghai Composite rose 0.3%, while the CSI 300 index was largely unchanged. Hong Kong’s Hang Seng Index edged up 0.2%. South Korea’s KOSPI slipped 0.2%, Singapore’s Straits Times Index traded flat, and India’s Nifty 50 gained 0.2%. Australia’s S&P/ASX 200 declined 0.4%, reflecting mixed regional performance.
Japanese stocks were also subdued, with the Nikkei 225 down 0.1% and the broader TOPIX falling 0.4%. Attention remained on the Bank of Japan’s latest meeting minutes, which revealed internal debate over the need for further interest rate increases following a recent hike. While some policymakers supported gradual tightening to keep inflation near target, others emphasized monitoring economic and wage trends. This uncertainty over future policy normalization kept Japanese equities and the yen largely range-bound, reinforcing the cautious tone across Asian markets.
