Well, Japan – China is going pressure again?
Data
– U.S. equities traded lower as investors positioned ahead of key delayed U.S. macro releases and major earnings from NVIDIA. The S&P 500 −0.9 %, Nasdaq −0.8 %, and Dow −1.2 %, marking a cautious start to the week.
– Large-cap tech underperformed, with NVIDIA down nearly 2 % — the first time in months that the broader U.S. tech complex closed below its 50-day moving average, signalling fatigue in AI-driven momentum.
– The U.S. dollar strengthened, with the DXY rising toward 99.6 as markets awaited the release of the U.S. data backlog and as odds of a December Fed cut drifted lower.
– Gold slipped −1.5 % to ~US$ 4 019 / oz, pressured by a firmer dollar and fading expectations of imminent Fed easing.
– The euro outperformed as a relative safe haven, gaining against both GBP and CHF as investors reassessed risk dynamics across Europe and the U.S.
– Asian equities showed mixed performance: Japan’s Nikkei edged −0.2 % amid China–Japan tensions, while South Korea’s KOSPI jumped +2 % on improved semiconductor-supply optimism.
– Geopolitical pressure intensified in Asia, after China issued a strong travel advisory targeting Japan, weighing on Japan’s tourism and retail names.
– Market volatility increased, with the VIX ticking higher and implied USD/JPY volatility reaching multi-week highs as the yen continued to weaken.
– Investor flows indicated rising caution, with reduced exposure to speculative tech and selective rotation toward defensives, even as overall liquidity remained abundant.
– Strategists warned that markets face a “liquidity-supported rally inside a correction structure,” with uncertainty elevated by missing U.S. data, shifting Fed pricing, and fragile tech sentiment.
Companies.
+) Global equities opened the week under pressure, as investors turned risk-averse ahead of several key catalysts, including delayed U.S. macro data releases and Nvidia’s highly anticipated earnings.
+) In the U.S., all three major indices closed lower: Dow Jones –1.2%, S&P 500 –0.9%, Nasdaq –0.8%, marking another session of broad-based weakness across sectors.
+) Both the S&P 500 and Nasdaq fell below their 50-day moving averages for the first time since April, signalling a shift towards a more fragile technical backdrop.
+) Asian markets dropped sharply, after Japan reported a 0.4% GDP contraction in Q3, its first decline in six quarters; U.S.-listed Chinese stocks also fell as export concerns and tariff uncertainty persisted.
+) Crypto markets extended their selloff, with Bitcoin and other major coins sliding to multi-month lows amid a broader de-risking in high-beta assets.
+) The U.S. Dollar Index strengthened, supported by safe-haven flows, while the 10-year Treasury yield hovered near 4.13%, reflecting cautious sentiment.
+) Market breadth weakened further — declines hit financials, energy, consumer defensives and technology, highlighting a market pullback that is broad rather than sector-specific.
+) AI- and semiconductor-related equities underperformed, reflecting ongoing concerns of overinvestment and stretched valuations.
+) With U.S. economic data still delayed from the shutdown, markets remain highly dependent on corporate guidance, Fed communication, and forward-looking earnings forecasts for directional cues.
+) Investor attention is firmly on upcoming retail earnings (Walmart, Target) and Nvidia’s quarterly results, which may shape sentiment across the entire technology complex.
| Company | Highlights | Key Metrics / Notes |
| Trip.com Group (TCOM) | Scheduled to report after-hours; earnings expected to reflect softer travel demand amid weaker China consumer spending. | Est. EPS: US$ 1.04 (–10.3% YoY) • Focus: international bookings, margin resilience |
| AECOM (ACM) | Infrastructure and engineering firm reporting today; analyst expectations point to a stable quarter supported by U.S. public-sector demand. | Est. EPS: ~US$ 1.34 (+5.5% YoY) |
| XP Inc. (XP) | Brazilian financial-services company expected to show resilient growth driven by higher client activity and wealth inflows. | Est. EPS: US$ 0.45 (+15.4% YoY) |
| HP Inc. (HPQ) | Pre-market focus on PC and printing demand trends; margins remain key watchpoint amid mixed hardware spending. | Est. EPS: US$ 0.84 |
General
Global equities soften ahead of key earnings and delayed U.S. data releases
Global stock markets drifted lower as investors stayed cautious ahead of Nvidia’s earnings and the release of delayed U.S. macro data following the reopening of government agencies. The S&P 500 fell around 0.9%, while the Nasdaq Composite slipped nearly 0.8%. Analysts noted that the data vacuum created by the shutdown has increased uncertainty around the economic outlook, keeping risk appetite subdued.
Gold declines over 1% as dollar firms and Fed cut expectations weaken
Spot gold fell roughly 1.5% to around USD 4,019/oz, pressured by a stronger U.S. dollar and fading expectations of a December rate cut by the Federal Reserve. With U.S. data set to resume, traders anticipate more clarity on inflation and labor conditions, prompting reduced hedging flows into precious metals.
Singapore Exchange to launch institutional Bitcoin & Ether perpetual futures
In a notable development for digital-asset markets, Singapore Exchange (SGX) announced that it will launch perpetual futures for Bitcoin and Ether starting November 24. The new products, aimed at institutional and accredited investors, signal Singapore’s continuing push to expand regulated crypto-derivatives access in Asia.
FX and bond markets reflect renewed policy-divergence focus
The U.S. dollar stayed near multi-month highs as investors continued to price in a more cautious Fed stance, while the Japanese yen weakened further due to the Bank of Japan’s commitment to ultra-loose monetary policy. Bond yields were mixed as markets waited for incoming U.S. payroll and inflation data.
Japan’s economy contracts; China–Japan tensions weigh on regional sentiment
Japan’s GDP shrank for the first time in six quarters, driven by weaker exports and softer domestic consumption. Regional risk sentiment worsened after China issued a travel advisory urging citizens to avoid Japan, which pressured Japanese tourism, retail, and airline stocks. Analysts warned that the renewed diplomatic tension could weigh on Q4 services activity.
Market breadth narrows as volatility rises beneath the surface
Implied volatility in equity markets edged higher, despite modest index movements. Fund-flow data continued to show narrow participation, with flows concentrated in a handful of mega-cap names. Strategists warned that the market remains exposed to negative surprises given this fragile backdrop.
Upcoming News
Global markets trade cautiously on Tuesday as investors digest a dense round of growth and inflation data released at the start of the week while awaiting key policy cues from central-bank officials. Monday’s data confirmed that inflation continues to cool across major economies — notably in Canada, where October CPI slowed in line with expectations, reinforcing bets that the Bank of Canada may begin easing by early 2026. In Japan, preliminary Q3 GDP surprised to the upside, suggesting moderate recovery in domestic consumption despite weak exports, while early Eurozone PMI figures signaled that activity remains subdued but stabilizing.
Today’s calendar brings several second-tier but market-relevant indicators, with investors particularly focused on the U.S. PPI (Producer Price Index) and retail sales data, both serving as leading signals for inflation persistence following last week’s CPI release. Any downside surprise could further support the view that the Federal Reserve’s easing cycle is well-timed, keeping U.S. yields and the dollar under pressure. Conversely, stronger producer-price or retail data could briefly halt the recent bond rally as traders reassess the Fed’s next steps.
In Europe, focus remains on the German ZEW Economic Sentiment and the U.K. labour-market report, which may provide insight into whether the region’s tentative recovery can extend into Q4. Meanwhile, in Asia, markets are largely steady, with the Chinese yuan holding firm amid signals of ongoing policy support from Beijing and renewed optimism around export demand.
| Region / Country | Event / Indicator | Expected Impact |
| 🇺🇸 United States | Producer Price Index (PPI, Oct) | 🔴 High — early inflation gauge influencing Fed outlook |
| 🇺🇸 United States | Retail Sales (Oct) | 🔴 High — key for assessing post-CPI consumer demand |
| 🇩🇪 Germany | ZEW Economic Sentiment (Nov) | 🔴 High — market-confidence barometer for Eurozone outlook |
| 🇬🇧 United Kingdom | Unemployment Rate & Wage Growth (Sep) | 🔴 High — vital labour signal ahead of BoE easing cycle |
| 🇨🇳 China | Foreign Direct Investment (Oct) | 🟠 Medium — insights into capital inflows and policy confidence |
| 🇯🇵 Japan | Trade Balance (Oct) | 🟠 Medium — reflects export recovery trajectory |
| 🇪🇺 Eurozone | Construction Output (Sep) | 🟡 Low–Medium — secondary confirmation of growth stability |
| 🌍 Global | ECB & Fed Officials’ Speeches | 🔴 High — tone on policy coordination and forward guidance |
G7 – Index (NQ + ES + DJ) – Gold – (BTC + ETH)
G7 FX
The U.S. Dollar Index (DXY) firmed to 99.533 (+0.26%) on November 17 as risk sentiment deteriorated and U.S. equities sold off. European currencies softened, while the yen edged higher amid a rise in volatility. Commodity FX underperformed slightly as equities weakened.
EUR/USD: 1.15899 (–0.01%) — euro slipped as USD demand picked up.
GBP/USD: 1.31530 (0.00%) — sterling flat in line with broader market indecision.
USD/JPY: 155.244 (+0.05%) — yen weakened slightly despite risk-off tone.
AUD/USD: 0.64930 (–0.01%) — Aussie pressured by equity decline.
NZD/USD: 0.56535 (–0.08%) — kiwi eased with softer risk appetite.
USD/CAD: 1.40524 (–0.02%) — loonie stable despite lower sentiment, supported by steady oil prices.
Analysis:
The USD advanced modestly on defensive flows as equities retreated globally. G7 FX showed a mild risk-off pattern: EUR and AUD softened, NZD lagged, while JPY gains were muted by yield differentials. CAD held steady thanks to resilient crude.
Metals
Precious metals softened as higher DXY and elevated volatility weighed on sentiment. Gold slipped further, while silver saw deeper pressure despite stable Treasury yields.
Gold: US$ 4,035.40/oz (–0.23%) — extended mild downside under stronger USD.
Silver: US$ 49.780/oz (–0.80%) — underperformed gold amid broader risk weakness.
Analysis:
Metals retreated in a classic USD-up/risk-off session. The pullback remains orderly and within recent ranges, though near-term upside may stay capped until the dollar stabilizes.
Global Equities (NQ / S&P 500 / DJ / Nikkei 225 / FTSE 100)
Equities faced broad selling as risk appetite weakened and volatility surged. The Dow led declines, while the S&P 500 fell nearly 1%. VIX spiked above 22.
S&P 500: 6,672.42 (–0.92%) — dragged lower by tech and industrials.
Dow Jones: 46,590.24 (–1.18%) — heavy losses in financials and cyclicals.
Nasdaq 100: 25,060.66 (+0.20%) — tech managed to hold slightly firmer intraday.
FTSE 100: ~9,610 (–0.3%) — weaker commodity sectors weighed on the index.
Nikkei 225: ~49,200 (–0.4%) — profit-taking amid global equity softness.
VIX: 22.38 (+12.86%) — volatility surged as risk sentiment soured.
Analysis:
Markets shifted into risk-off mode as investors reduced exposure ahead of macro catalysts. The divergence between Nasdaq resilience and Dow weakness highlighted sectoral rotation and positioning stress. Elevated VIX confirmed rising caution across global assets.
Crypto Markets
Crypto followed the broader risk-off pattern, with major tokens dropping sharply during the session. BTC fell over 2%, while ETH tracked closely behind.
Bitcoin (BTCUSD): US$ 92,068 (–2.25%) — retreated sharply as risk sentiment deteriorated.
Ethereum (ETHUSD): US$ 3,023.6 (–2.24%) — mirrored BTC weakness amid low liquidity.
Analysis:
Higher volatility and weaker equities pressured crypto across the board. BTC’s break below 93k reinforced near-term downside momentum. ETH underperformed slightly as traders de-risked alt and DeFi exposures.
This report is provided to The Concept Trading from Van Hung Nguyen
