Oil Prices Fall as Iran Peace Talks Progress, Hormuz Reopens, and U.S. SPR Hits 1983 Low 
South Korea Remains MSCI Emerging Market Despite Reform Progress 
Yen Near 40-Year Low as USD/JPY Approaches Key 162 Level, Raising Intervention Concerns 
Japan Manufacturing Growth Accelerates in June as Orders Surge Despite Iran War Cost Pressures 
Asian Stocks Slide as AI Rally Pauses, South Korean Chipmakers Lead Regional Decline 
Wall Street Ends Mixed as Alphabet Slumps, Middle East Developments and Fed Outlook Weigh on Markets 
Dollar Holds Firm as U.S.-Iran Talks Ease Tensions, GBP/USD Slips Amid UK Political Uncertainty 
Japan, U.S. Discuss Yen Weakness as Currency Intervention Concerns Grow 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
U.S.-Iran Diplomacy Helps Drive Gasoline Prices Down 15% From May Highs 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
Russian Stocks End Flat as MOEX Index Hits New 52-Week Low 
Gold Prices Mixed as Stronger Dollar Offsets Safe-Haven Demand Amid U.S.-Iran Peace Talks 
Singapore Inflation Stays Muted in May as Core CPI Misses Forecasts Ahead of MAS Review 
US dollar gained momentum after better than expected US ISM manufacturing PMI . It hits a high of 106.73 and is currently trading around 106.52.
Manufacturing Insights: Signs of Improvement Amid Contraction
The US ISM Manufacturing PMI for November 2024 rose to 48.4, up from 46.5 in October, showing slight improvement but still indicating contraction for the eighth month. The New Orders Index increased to 50.4, suggesting weak growth, while the Employment Index improved to 48.1. Price pressures eased, with the Prices Paid Index dropping to 50.3. Overall, the US Dollar strengthened following these mixed but hopeful manufacturing reports.
Political Crisis in France: Euro Faces Headwinds
Euro lost its shine amid France's political crisis. It is facing a serious political crisis with Prime Minister Michel Barnier's minority government at risk of collapsing due to a no-confidence vote.
His proposed €60 billion budget to reduce the deficit is encountering strong opposition from both right and left-wing parties. To bypass this, Barnier used a controversial method to pass a social security budget, prompting more opposition challenges. The political turmoil has raised concerns about France's financial stability, affecting its bond yields and raising questions about future governance.
