Taiwan’s cabinet warned on Monday the island’s security might be at risk after opposition parties passed laws that will require cuts in government spending, including defence, at a time when China has ramped up military activity nearby.
Asian currencies were nursing steep losses against the dollar from last week, although they trimmed some declines on Friday after the soft inflation data. The outlook for regional markets also remains clouded by uncertainty over U.S. interest rates and policy under incoming President Donald Trump.
Risk assets, including U.S. equity futures and crude oil, have started the week on a firmer footing,” IG markets analyst Tony Sycamore said, adding that cooler inflation data helped alleviate concerns following the Federal Reserve’s hawkish rate cut.
Bitcoin edged lower on Monday and traded in a narrow range after clocking steep losses last week, as traders remained cautious amid macroeconomic pressures induced by hawkish comments from the Federal Reserve.
Gold Futures for February delivery was down 0.06% or 1.70 to $2,643.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February rose 0.50% or 0.35 to hit $69.81 a barrel, while the March Brent oil contract rose 0.45% or 0.33 to trade at $72.89 a barrel.
The Louisiana Republican only ended up with the job in October 2023 after the unruly members of his House caucus deposed then-Speaker Kevin McCarthy and cast about for someone who could amass enough votes to replace him. He won after three other candidates fell short during a tumultuous three-week period that brought the House to…
Most Asian currencies weakened on Friday with the Japanese yen recovering marginally from a five-month low as strong inflation data only partially offset a dovish outlook for the Bank of Japan.
J.P. Morgan sees the oil market moving from balance in 2024 to a surplus of 1.2 million barrels per day (bpd) in 2025, as the bank forecasts non-OPEC+ growth increasing by 1.8 million bpd in 2025 and OPEC output remaining at current levels.
Bitcoin retreated further on Friday, marking its third consecutive day of declines as macroeconomic pressures induced by the Federal Reserve’s hawkish stance and recent profit-taking amid record highs sparked an extended pullback.
Government funding is set to expire at midnight on Friday, marking the beginning of a partial government shutdown that could disrupt operations ranging from border security to travel. The disruption is expected to be particularly dire amid increased travel trends during the holiday season.
