Asian Currencies Trade Sideways as Dollar Weakens Ahead of Key U.S. Data 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Bank of Korea Downplays Liquidity’s Role in Weak Won and Housing Price Surge 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Oil prices dropped to their lowest levels in over four years on Wednesday, driven by mounting concerns over global demand due to a deepening U.S.-China trade war and increasing crude supply. Brent crude futures fell $2.13, or 3.39%, to $60.69 a barrel, while U.S. West Texas Intermediate (WTI) slid $2.36, or 3.96%, to $57.22. Brent hit its lowest since March 2021 and WTI since February 2021.
The sharp decline follows five consecutive sessions of losses after U.S. President Donald Trump imposed sweeping tariffs on Chinese imports. The U.S. will now enforce a 104% tariff on Chinese goods starting Wednesday, adding 50% after Beijing failed to remove its 34% retaliatory tariffs. In response, China condemned the move as "blackmail," further straining hopes for a trade resolution.
Experts warn that the intensifying trade conflict between the world’s two largest economies could trigger a global economic slowdown and weaken fuel demand. Ye Lin, VP of oil markets at Rystad Energy, noted that China’s oil demand growth, estimated between 50,000 and 100,000 barrels per day, is now under threat. However, potential domestic stimulus measures could cushion the impact.
Adding to the bearish outlook, OPEC+ announced a production increase of 411,000 barrels per day starting in May, which analysts believe could tip the oil market into surplus. As a result, Goldman Sachs revised its oil price forecast, predicting Brent at $62 and WTI at $58 by the end of 2025, and further declines to $55 and $51 by 2026.
Meanwhile, API data showed a surprise 1.1 million-barrel drop in U.S. crude inventories, offering a glimmer of hope for demand. Official EIA data is expected later Wednesday.
