Japan

Malaysian palm oil futures held recent gains, hovering near MYR 4,500 per tonne, supported by a weaker ringgit and firmer edible oils on the Dalian markets. Sentiment also benefited from a smaller-than-expected stock build, with October inventories reaching a record 3.62 million metric tons, but below market estimates of 3.75 million tons. Meanwhile, seasonal production declines across Southeast Asia are expected as oil palm trees enter their lower-yield period in November. However, gains were limited by expectations of softer demand, with cargo surveyors reporting a 1.9

European natural gas prices climbed above

The yield on the 10-year US Treasury note held above 5.1% on Friday, hovering at three-week highs amid growing expectations for a faster pace of Federal Reserve policy tightening. The upward move followed hotter-than-expected US consumer inflation data and hawkish remarks from Fed officials, with some policymakers suggesting that a larger 50-basis-point rate increase may be needed to bring inflation under control. Markets are currently pricing in around an 85% probability of a 25-basis-point rate hike in December, while the likelihood of a larger 50-basis-point increase stands at around 15%. Investors are also increasingly anticipating further rate hikes next year. Market participants are now awaiting US PPI data for additional insights into inflationary pressures. Meanwhile, oil prices rebounded as President Donald Trump declared that the US no longer needs a deal with Iran, adding to upward pressure on Treasury yields.

The Japanese yen traded near the psychologically significant 160-per-dollar level on Friday after coming under sustained selling pressure throughout the week, prompting authorities to issue fresh warnings of potential currency market intervention. Finance Minister Satsuki Katayama stated that Japanese officials would maintain close coordination with their US counterparts and take appropriate measures if necessary to address excessive and rapid movements in the foreign exchange market. Japan

The US dollar index held above 103 on Friday after gaining for three consecutive sessions and reaching its highest level since April 2025, supported by rising expectations of a more aggressive Federal Reserve tightening cycle. The rally followed stronger-than-expected US consumer inflation data and hawkish comments from Fed officials, with some policymakers indicating that a larger 50-basis-point rate increase could be necessary to bring inflation under control. Markets are currently assigning an approximately 85% probability to a 25-basis-point rate hike in December, while the likelihood of a larger 50-basis-point increase stands at around 15%. Traders are also increasingly factoring in additional rate hikes next year. Investors are now turning their attention to US PPI data for further indications of inflationary trends. Meanwhile, oil prices rebounded as President Donald Trump declared that the US no longer needs a deal with Iran, boosting safe-haven demand for the dollar.

The Shanghai Composite fell 0.59% to close at 3,634.4 on Friday, while the Shenzhen Component slumped 2.05% to 10,968.8, extending losses from the previous session as investors remained cautious ahead of next week

Top currency gainers are South Korean Won (0.28%) and Chinese Yuan (0.06%). Meanwhile Japanese Yen was little changed.

Gold prices recovered above $3,900 per ounce on Friday after declining for three consecutive sessions, but remained on track for a sharp weekly loss as a stronger US dollar and rising Treasury yields reflected growing expectations of more aggressive Federal Reserve rate hikes. The shift in market sentiment followed hotter-than-expected US consumer inflation data and hawkish comments from Fed officials, with some policymakers suggesting that a larger 50-basis-point rate increase may be necessary to contain inflation. Markets are currently pricing in around an 85% probability of a 25 bps rate hike in December, as well as a 15% chance of a larger 50 bps increase. Traders are also increasingly anticipating additional rate hikes next year. Meanwhile, gold faced further downward pressure from recovering oil prices after President Donald Trump stated that the US no longer needs a deal with Iran.

US heating oil futures held around $4.28 per gallon after rebounding from their lowest level since early August, as markets weighed persistent geopolitical risks against signs of improving US inventories. President Donald Trump signaled the US could abandon efforts to reach a deal with Iran, dimming hopes for a diplomatic resolution. He also redirected Vice President JD Vance toward domestic priorities, casting doubt on ongoing backchannel talks. Meanwhile, continued attacks on Middle East shipping and energy infrastructure, alongside intensified Ukrainian strikes on Russian energy facilities, kept concerns over global supply disruptions elevated. However, EIA data showed US distillate inventories, including diesel and heating oil, rose by 4.1 million barrels in the week ended November 6, the largest weekly build since July. The increase offered some relief on the supply front, although stocks remained 8% below the five-year average.

The Nikkei 225 Index climbed 1.5% to above 61,700 on Friday, posting gains in four of the past five sessions and putting the index up more than 7% for the week, its strongest weekly performance since June. Japanese equities recovered from Thursday

US stock futures moved higher on Friday as selling pressure on Nvidia shares eased following the resignation of CEO Jensen Huang amid an ongoing scandal. Futures tied to the Dow Jones, S&P 500, and Nasdaq 100 gained between 0.2% and 0.6%. In after-hours trading, Nvidia shares advanced more than 1%, rebounding from Thursday

Brent crude prices hovered near $96 per barrel on Friday after rising in the previous session, as President Donald Trump stated that the US no longer needs a deal with Iran, dampening hopes for a diplomatic resolution to the war. Trump also directed Vice President JD Vance to prioritize domestic matters over negotiations with Tehran. Meanwhile, Iran maintained its position that Washington must lift its naval blockade and sanctions against the country before any direct peace talks can take place. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, further emphasized that Tehran has no intention of removing its enriched nuclear materials from the country. Despite these developments, oil prices remain on track for a second consecutive weekly decline as Middle Eastern crude exports continue to recover. Hopes for a faster resolution to the conflict have also been supported by a Democratic victory in the US midterm elections.

Crude oil prices hovered above $88 per barrel on Friday after rising in the previous session, as President Donald Trump stated that the US no longer needs a deal with Iran, dampening hopes for a diplomatic resolution to the war. Trump also directed Vice President JD Vance to prioritize domestic matters over negotiations with Tehran. Meanwhile, Iran maintained its position that Washington must lift its naval blockade and sanctions against the country before any direct peace talks can take place. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, further emphasized that Tehran has no intention of removing its enriched nuclear materials from the country. Despite these developments, oil prices remain on track for a second consecutive weekly decline as Middle Eastern crude exports continue to recover. Hopes for a faster resolution to the conflict have also been supported by a Democratic victory in the US midterm elections.

The NZX 50 dropped 80 points, or 0.6%, to 14,179 in Friday morning trade, tracking a downbeat session on Wall Street overnight amid a plunge in Nvidia shares following the resignation of CEO Huang, while rising oil prices lifted Treasury yields. Traders also took profit after the broader index hit a record high a day earlier, supported by strong earnings reports from heavyweight stocks. Fresh data also pressured sentiment, as growth in New Zealand's manufacturing sector eased in October amid rising fuel prices, the cost of living, and concerns over election uncertainty. Rising oil prices further pressured the index, as inflation concerns and expectations of interest rate hikes increased. Almost all sectors traded in the red, led by industrials, with notable losers including Auckland International Airport (-3.4%), Turners Automotive (-1.9%), Fletcher Building (-1.6%), and Brisco Group (-1.2%). However, the index was up 1.3% for the week, marking its third straight weekly gain.

Top commodity gainers are Coffee (3.93%), Rubber (3.20%) and Cocoa (2.76%). Biggest losers are Wheat (-2.88%) and Lumber (-2.01%).

Top commodity losers are Silver (-3.10%), Gold (-2.79%) and Iron Ore CNY (-1.83%).

Top commodity gainers are Natural Gas UK (9.58%), Natural Gas EU (9.39%), Germany Natural Gas THE (6.31%), Brent Oil (3.24%) and Crude Oil (2.51%). Biggest loser is Methanol (-5.95%).

Top currency losers are Brazilian Real (-1.06%), Australian Dollar (-0.58%), Swedish Krona (-0.53%), British Pound (-0.38%) and Euro (-0.30%). Gains are led by Dollar Index (0.27%) and South Korean Won (0.27%). Meanwhile Japanese Yen was little changed.

Top currency losers are Brazilian Real (-1.06%), Australian Dollar (-0.58%), Swedish Krona (-0.53%), British Pound (-0.38%) and Euro (-0.30%). Gains are led by Dollar Index (0.27%) and South Korean Won (0.27%). Meanwhile Japanese Yen was little changed.

New Zealand

Crude oil rose to around $89 a barrel on Thursday, extending gains for a second consecutive session and rebounding from a ten-week low of $86 reached on November 10th. Prices climbed after US President Trump declared that the US no longer needs a deal with Iran. The remarks marked a sharp departure from Monday, when Trump described the war as "militarily effectively over" following talks with Qatar's prime minister. Meanwhile, Iran has shown little willingness to soften its negotiating position. Mohsen Rezaee, secretary of Iran's Supreme National Security Council, said Tehran would not remove any enriched nuclear material from the country. Despite the diplomatic uncertainty, Middle Eastern crude supplies have recovered considerably. Saudi Arabia reported a 26% increase in October production, while Iraq also raised output. However, shipments remain dependent on alternative routes, ship-to-ship transfers and military protection.

US stock indices closed lower on Thursday as Nvidia

The US government budget deficit widened to $404 billion in October 2026 from $284 billion a year earlier, missing forecasts of a $298.6 billion gap. Outlays rose to $773 billion from $689 billion. The largest expenditures were Medicare ($170 billion), Social Security ($143 billion), national defense ($103 billion), and net interest ($103 billion), followed by health ($94 billion), income security ($58 billion), and veterans' benefits ($54 billion). Meanwhile, receipts declined to $369 billion from $404 billion, with individual income taxes ($186 billion), social insurance and retirement ($131 billion), and customs duties ($19 billion) as the largest revenue sources.

The S&P/TSX Composite Index fell 0.7% to close at 36,137 on Thursday amid losses in the banking and mining sectors. Miners posted losses as gold prices fell sharply, pressured by a stronger US dollar, expectations of further Fed tightening, and rising oil prices. Agnico Eagle lost 4.1%, while Barrick fell 3% and WPM shed 2.7%. Franco-Nevada edged 0.4% lower after signaling its annual earnings would land at the midpoint of earlier guidance rather than the top half. Meanwhile, financials declined as rebounding oil prices amid escalating US-Iran tensions revived inflation fears and reinforced expectations of a restrictive monetary policy stance from both the BoC and the Fed. Great-West Lifeco lost 1.7% and Manulife Financial fell 1.1% . In technology, Shopify fell 1.5% amid the Nvidia crisis, which increased uncertainty in the sector. Celestica gained 4.8%, extending an 8.4% surge from the prior session driven by recent investor-day commentary and strong third-quarter results.