RBA Hikes Interest Rate to 4.60% as Inflation Risks Rise 
Gold Slides Below $4,300 as Oil Surge Fuels Fed Rate Hike Bets 
South Korea Tax Windfall Could Top 50 Trillion Won on Chip Boom 
XRP Price Targets $1.70 as Bullish Momentum Builds 
Australia Budget Deficit Narrows to A$22.3 Billion on Stronger Tax Revenue 
U.S. Stock Futures Fall as Iran, Oil and AI Risks Rattle Markets 
US Stocks Face Jobs, Inflation Test as Fed Rate Hike Bets Rise 
Europe’s AI Data Centre Boom Strengthens Case for Nuclear Power 
Oil Surge Pressures Global Stocks as U.S.-Iran Truce Hopes Fade 
China, US Extend Trade Truce Through January 10 After Trump-Xi Summit 
Japan Warns Markets Over Yen Weakness 
U.S. Stock Futures Steady as AI, Rate Concerns Weigh 
Asian Stocks Fall as Bond Yields and Oil Prices Surge 
Asian Chip Stocks Tumble as OpenAI Safety Pause Sparks AI Growth Concerns 
RBA Set for September Rate Hike as Inflation Stays High 
Nvidia China Chip Sales Report Sends Chinese Semiconductor Stocks Lower 
Add as a preferred source on Google
Japan’s Business Activity Shrinks in October: PMI Data
Preliminary data from the au Jibun Bank showed Japan’s business activity contracted in October 2024, with both manufacturing and services sectors shrinking. This marks a significant downturn in Japan’s economic outlook, driven by weak demand and production challenges in key industries.
Manufacturing Sector Contraction
Japan's manufacturing PMI fell to 49.0 in October, down from 49.7 in September, indicating a deeper contraction than expected. This is the third consecutive month of decline for the sector, reflecting disruptions in major automakers facing a growing safety scandal. Additionally, shrinking local and overseas demand caused order growth to decline, further exacerbating the slowdown.
The Services Sector Slips into Contraction
The services sector, which had previously been a source of resilience for Japan's economy, also saw a sharp drop. The services PMI decreased from 53.1 in September to 49.3 in October, falling into contraction for the first time since June. The dip in services activity contributed to a decline in overall business activity, as the composite PMI fell to 49.4 from 52.0 in the previous month.
Economic Outlook
Economists from S&P Global highlighted weaker economic conditions, noting that while private spending had picked up, it was insufficient to offset broader challenges. Japanese companies are growing more cautious about the country’s economic future.
