Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
US Stock Futures Rise as US-Iran Ceasefire Hopes Boost Market Sentiment 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Oil Prices Surge on OPEC+ Output Delay
Oil prices experienced significant gains on Monday, climbing more than $1 following OPEC+’s decision to delay output increases. This market movement comes as the U.S. prepares for a presidential election and China’s key economic meeting.
Price Movements
By 0402 GMT, Brent crude futures rose by $1.18, or 1.61%, to $74.28 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude increased by $1.21, or 1.74%, reaching $70.70 per barrel. OPEC+ announced on Sunday that it would maintain its 2.2 million barrels per day (bpd) output cut for an additional month in December, following a previous delay from October due to falling prices and weak demand.
Market Implications
While analysts from ING noted that this delay does not significantly alter market fundamentals, it may compel investors to reevaluate OPEC+’s strategy. The decision contradicts some market expectations for an output hike and indicates the group’s willingness to support oil prices amid ongoing geopolitical uncertainties.
Current Market Sentiments
Despite a recent weekly decline of approximately 4% for Brent and 3% for WTI due to record U.S. output, prices rebounded on Friday amid reports of potential Iranian military action against Israel. Market strategist Yeap Jun Rong cautioned that the upward trend in oil prices may face resistance, particularly around the $78.50 mark.
Upcoming Economic Events
As markets await the U.S. presidential election results, with polls indicating a tight race between Vice President Kamala Harris and former President Donald Trump, attention will also turn to the Federal Reserve's anticipated interest rate cut and China’s stimulus measures aimed at revitalizing its economy.
