- RBNZ raised rates again, second time in two meetings, although they were hawkish for the future, some thought they’d do more than 25bp this time and the currency and 10yr yield dropped.
- Japan confirms release of strategic oil reserves after US request; the US confirms it’s released 50m barrels, about 2.5 days of US consumption.
- Biden includes Taiwan in Democracy Summit.
- Kazakhstan considers nuclear power as it becomes second biggest Bitcoin mining nation.
- Singapore expects GDP growth of 3-5% next year, down from “around 7%” this year as “the recovery of the aviation- and tourism-related sectors is likely to be gradual as global travel demand will take time to recover and travel restrictions could persist in key visitor source markets”.
- Samsung to open new chip foundry in Texas by end of 2024, its largest US investment at $17bn.
- UK covid trajectory better than Europe due to booster jabs and an easing of restrictions in summer yielding more infections when the health service had more capacity; UK excess deaths increase but not due to Covid, which FT surmises is due to delayed treatment and failure to spot other illnesses.
- First female chair of KPMG UK, Bina Mehta’s term extended by two years after initial 12 months.
- First London SPAC to list after summer rule change.
The Nasdaq underperformed the S&P once again, with the latter just managing to eke out a gain on the day. Asian markets were mixed. Today brings the Fed Minutes and a slew of US data ahead of the Thanksgiving holiday including Durable Goods and Personal Spending. Overnight South Korea is expected to raise rates.
On this day in 1991, Freddie Mercury died. The Show Must Go On