<ul><li>APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.</li>
	<li>House Democratic caucus will meet at noon Wednesday in Washington, according to Punchbowl's Sherman</li>
	<li>UK’s Downing Street has launched an extraordinary operation to protect UK PM Starmer amid fears among the PM’s closest allies that he is vulnerable to a leadership challenge in the wake of the Budget, according to The Guardian's Crerar.</li>
	<li>European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 1.1% on Tuesday.</li>
	<li>Looking ahead, highlights include German CPI Final (Oct), Italian Industrial Output (Sep), BoC Minutes (Oct), EIA STEO, OPEC MOMR, Speakers including ECB’s Schnabel &amp; de Guindos, Fed’s Paulson, Bostic, Williams, Barr, Waller, Miran, Collins; US Treasury Secretary Bessent. Supply from Germany &amp; US, Earnings from E On, Bayer, Infineon, ABN AMRO, Cisco &amp; On.</li>
</ul><h2>SNAPSHOT</h2>

<figure><img src="https://newsquawk.com/uploads/ckeditor_wave/ck_images/530483a9-8c5c-41ac-a7b6-b3538033a476.jpg" /></figure><ul><li><a href="https://newsquawk.com/headlines/newsquawk-week-ahead-10-14th-november-2025-highlights-include-china-inflation-and-activity-data-uk-jobs-aussie-jobs-nz-inflation-forecasts-boj-soo-07-11-2025" target="_blank">Click for the Newsquawk Week Ahead.</a></li>
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<h2> </h2>

<h2>US TRADE</h2>

<h3>EQUITIES</h3>

<ul><li>US stocks mostly turned around initial losses seen in what was a day of two halves. At the cash open, and US equity futures prior to it, weakness was seen, which was led by CoreWeave cutting revenue guidance, and Softbank selling its whole stake in NVIDIA. While both those names still notched notable losses, with the former down in excess of 11%, and Technology the only sector in the red, broader indices pared losses. S&amp;P 500 and Russell 2000 settled with gains, while Nasdaq 100 had marginal losses as risk sentiment turned around after European players left for the day, albeit on no specific newsflow.</li>
	<li>SPX +0.21% at 6,847, NDX -0.31% at 25,533, DJI +1.18% at 47,928, RUT +0.11% at 2,458.</li>
	<li><a href="https://newsquawk.com/headlines/newsquawk-us-market-wrap-dollar-sold-on-poor-adp-report-while-stocks-see-two-way-trade-11-11-2025" target="_blank">Click here for a detailed summary.</a></li>
</ul>TARIFFS/TRADE

<ul><li>US President Trump said that they are going to lower some tariffs on coffee, according to a Fox News interview.</li>
	<li>Dutch Economy Minister Karremans said he spoke to EU Trade Commissioner Sefcovic about Nexperia and said they are both determined to ensure that supply chains are restored as quickly as possible, while they are committed to securing supply in the semiconductor space and are working closely with European and International partners.</li>
</ul>NOTABLE HEADLINES

<ul><li>US President Trump said US Senate Majority Leader Thune got a big victory in the stopgap funding deal, and they are opening up the country, while Trump said regarding the US House vote to end the government shutdown, that he thinks they will vote positively.</li>
	<li>House Democratic caucus will meet at noon Wednesday in Washington, according to Punchbowl's Sherman</li>
	<li>US Supreme Court extended the pause on a judge's order that required the Trump administration to fully fund food aid for 42mln Americans this month amid the federal government shutdown.</li>
	<li>White House is exploring rules that would upend shareholder voting with the Trump admin examining new measures to curb the influence of proxy advisers and index-fund managers, according to WSJ.</li>
</ul><h2>APAC TRADE</h2>

<h3>EQUITIES</h3>

<ul><li>APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.</li>
	<li>ASX 200 was rangebound with upside limited as strength in the commodity-related sectors was offset by weakness in tech, telecoms, consumer discretionary and financials, while the latest Home Loans data from Australia firmly topped estimates.</li>
	<li>Nikkei 225 swung between gains and losses and traded on both sides of the 51,000 level in the absence of any key data and following a slew of earnings, including from SoftBank, which is pressured despite reporting a 191% rise in 6-month net, as it also announced a 4-for-1 stock split and that it offloaded its entire stake in NVIDIA.</li>
	<li>Hang Seng and Shanghai Comp were mixed despite the PBoC's Q3 monetary policy implementation report, in which it reiterated to implement an appropriately loose monetary policy and strengthen the transmission of policy, while an NDRC official recently noted private investment has slowed down this year, and there are challenges in private investment but also flagged a plan to support private investment to flow to high-value service sectors.</li>
	<li>US equity futures held on to recent spoils after the prior day's intraday rebound on Wall St, which resulted in the Dow posting a record close.</li>
	<li>European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.3% after the cash market closed with gains of 1.1% on Tuesday.</li>
</ul><h3>FX</h3>

<ul><li>DXY nursed some of the prior day's losses after suffering from the weekly ADP report, which unveiled an average loss of 11,250 jobs per week in private employment during the four weeks ending October 25th. Nonetheless, there were very few fresh developments for the US as participants await the House to vote on the funding bill to reopen the government, while there is also a slew of upcoming Fed speakers, with Paulson, Bostic, Williams, Barr, Waller, Miran &amp; Collins all scheduled to give remarks today.</li>
	<li>EUR/USD continued to fade yesterday's advances after failing to sustain a brief return to above the 1.1600 level.</li>
	<li>GBP/USD was lacklustre after the choppy performance so far this week, which was not helped by higher unemployment.</li>
	<li>USD/JPY eventually climbed to a 9-month high after re-emerging from a brief dip beneath the 154.00 handle.</li>
	<li>Antipodeans lacked direction given the tentative mood in risky assets and a catalyst-light environment.</li>
	<li>PBoC set USD/CNY mid-point at 7.0833 vs exp. 7.1141 (Prev. 7.0866).</li>
</ul><h3>FIXED INCOME</h3>

<ul><li>10yr UST futures pared some of their recent gains after climbing in the aftermath of the weak ADP jobs data.</li>
	<li>Bund futures were rangebound and held on to recent spoils heading into today's Bund issuances.</li>
	<li>10yr JGB futures kept afloat but lacked firm direction in the absence of any notable catalysts or tier-1 data releases.</li>
</ul><h3>COMMODITIES</h3>

<ul><li>Crude futures took a breather after rallying yesterday amid the turnaround in risk sentiment and Russian refinery attacks, while participants will have to wait an extra day for the latest weekly inventory data owing to Veterans Day.</li>
	<li>IEA's World Energy Outlook report stated that LNG supplies are to grow 50% or by 300bln cubic meters by 2030, while IEA sees no demand peak for oil before 2050 under the current policies scenario.</li>
	<li>Spot gold trickled following the prior day's fluctuations as recent weak ADP data spurred some dovish Fed bets.</li>
	<li>Copper futures gradually retreated alongside the indecisive risk tone across the Asia-Pac region.</li>
</ul><h3>CRYPTO</h3>

<ul><li>Bitcoin was choppy overnight around the USD 103k level in rangebound trade.</li>
</ul>NOTABLE ASIA-PAC HEADLINES

<ul><li>Chinese President Xi said in a meeting with Spain's King that China is willing to work with Spain to build a comprehensive strategic partnership that is steadier, while he added that a relationship of trust has been forged between China and Spain.</li>
	<li>RBA Deputy Governor Hauser said their best guess is that monetary policy is still restrictive, and the committee is debating this, while he added that if it turns out they are no longer mildly restrictive, that has important implications for future policy. Hauser also stated that there are some ups and downs in consumption readings, with the central case being for a gradual, modest recovery and noted there are no levels of unemployment that will make the central bank happy.</li>
</ul>DATA RECAP

<ul><li>Australian Home Loans QQ (Q2) 9.6% vs Exp. 2.6% (Prev. 2.0%)</li>
	<li>Australian Owner-Occupied Loan Value QQ (Q2) 4.7% vs Exp. 2.5% (Prev. 2.4%)</li>
	<li>Australian Investor Housing Finance QQ (Q2) 17.6% vs Exp. 4.0% (Prev. 1.4%)</li>
	<li>South Korean Unemployment Rate (Oct) 2.6% (Prev. 2.5%)</li>
</ul><h2>GEOPOLITICS</h2>

RUSSIA-UKRAINE

<ul><li>Russian defence units destroyed a Ukrainian drone heading towards Moscow.</li>
	<li>Ukrainian forces have been forced to withdraw from several positions in the Zaporizhzhia region and southeastern front, due to intense Russian assaults, according to a Ukrainian army spokesperson.</li>
</ul>OTHER

<ul><li>Australian PM Albanese said Indonesia and Australia have concluded negotiations on a new bilateral treaty on common security, and if either or both countries’ security is threatened, the treaty commits them to consult and consider what measures may be taken, individually or jointly, to deal with those threats. Furthermore, the treaty commits Australia and Indonesia to consult at a leader and ministerial level on a regular basis on matters of security, while it represents a major extension of existing security and defence cooperation.</li>
</ul><h2>EU/UK</h2>

NOTABLE HEADLINES

<ul><li>Downing Street has launched an extraordinary operation to protect UK PM Starmer amid fears among the PM’s closest allies that he is vulnerable to a leadership challenge in the wake of the Budget, according to The Guardian's Crerar.</li>
</ul>

APAC stocks traded mixed with the region indecisive amid light fresh catalysts and as participants digested earnings.

House Democratic to meet at noon today; Starmer vulnerable to leadership change and European equity futures positive - Newsquawk European Opening News

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