Wall Street Slides as Warsh Fed Nomination, Hot Inflation, and Precious Metals Rout Shake Markets 
Japan Election Poll Signals Landslide Win for Sanae Takaichi, Raising Fiscal Policy Concerns 
JPMorgan Lifts Gold Price Forecast to $6,300 by End-2026 on Strong Central Bank and Investor Demand 
U.S. Stock Futures Slip as Markets Brace for Big Tech Earnings and Key Data 
Asian Currencies Hold Firm as Dollar Rebounds on Fed Chair Nomination Hopes 
IMF Forecasts Global Inflation Decline as Growth Remains Resilient 
India Budget 2025 Highlights Manufacturing Push but Falls Short of Market Expectations 
BOJ Policymakers Warn Weak Yen Could Fuel Inflation Risks and Delay Rate Action 
Philippines Manufacturing PMI Hits Nine-Month High Despite Weak Confidence Outlook 
Starmer’s China Visit Highlights Western Balancing Act Amid U.S.-China Rivalry 
U.S. Government Faces Brief Shutdown as Congress Delays Funding Deal 
South Korea Exports Surge in January on AI Chip Demand, Marking Fastest Growth in 4.5 Years 
South Korea Factory Activity Hits 18-Month High as Export Demand Surges 
UK Employers Plan Moderate Pay Rises as Inflation Pressures Ease but Persist 
Asian Markets Slide as Silver Volatility, Earnings Season, and Central Bank Meetings Rattle Investors 
The Nasdaq closed slightly lower on Friday, capping its steepest weekly decline since early April as investors reassessed the rapid gains in artificial intelligence (AI) and technology shares. The index dropped about 3% for the week, while chip and tech-related stocks were the biggest losers. Despite this setback, the Nasdaq remains up more than 50% since April, driven by optimism around AI following President Donald Trump’s sweeping tariff announcements.
Market sentiment cooled after The Financial Times reported Nvidia CEO Jensen Huang’s warning that China may surpass the U.S. in the AI race. “We’re seeing this AI selloff continue after those comments,” said Michael O’Rourke, chief market strategist at JonesTrading. “It’s a recalibration of valuations, along with some profit-taking after a strong rally this year.”
All three major U.S. stock indexes opened sharply lower but pared losses later in the day. The Dow Jones Industrial Average rose 74.80 points, or 0.16%, to 46,987.10; the S&P 500 gained 8.49 points, or 0.13%, to 6,728.81; while the Nasdaq Composite slipped 49.45 points, or 0.21%, to 23,004.54. Global markets also softened, with MSCI’s world stock index down 0.07% and Europe’s STOXX 600 off 0.55%.
Meanwhile, weaker China trade data highlighted the impact of U.S. tariffs. China’s exports fell 1.1% in October, their worst drop since February. U.S. Treasury yields edged down as consumer sentiment hit its lowest level since mid-2022 amid the ongoing government shutdown. The 10-year Treasury yield slipped to 4.091%.
The U.S. dollar weakened slightly, with the dollar index down 0.11% to 99.57, while oil and gold prices edged higher. U.S. crude settled at $59.75 per barrel, and Brent rose to $63.63, supported by hopes of energy cooperation between the U.S. and Hungary.
