Good morning, Asia. Here’s what’s making news in the markets:
Welcome to the Asia Morning Briefing, a daily summary of the top stories in the US hour and an overview of market moves and analysis. For a detailed overview of US markets, see The Americans.
Crypto markets entered the midweek in a holding pattern.
Bitcoin is trading around $108,164, up from Monday but still down 2% on the week, while Ether is changing hands near $3,815.
The rebound reflects what QCP Capital called A “narrow balance sheet range” as traders await Friday’s CPI report, the only major US economic data release not delayed by the shutdown.
In its note, QCP said the CPI is the “sole anchor” for policy expectations and risk sentiment, noting that a softer 0.2% print could “re-anchor soft trading ground” and support Bitcoin’s inverse skew as liquidity improves. Until then, volatility is likely to remain elevated, with dips finding support if the dollar and real yields are still easy.
Polymarket traders are now assigning a 77% probability That Washington and Beijing will reach a tariff agreement on November 10, while the odds of Trump 100% tariffs promised In China that occurred fell to 16%.
In its note, the QCP argued that Trump has again chosen a symbolic deal in the confrontation, making the upcoming meeting with Xi “Pragmatic”, a view reinforced by his softer statements over the weekend that “the USA wants to help China, not hurt it.”
The relative calm in both crypto and equities reflects this narrative.
Last week’s $20 billion round and Binance’s collateral uprising have largely run their course, setting a cleaner slate for macro traders heading into the CPI event. Whether the calm holds depends on whether Friday’s inflation print keeps alive the “soft landing” story, or revives the volatility that markets have just begun to shake.
Market movement
BTC: Bitcoin is trading above $108k, integration after a recent run – up.
Eth: Ethereum is trading around $3,800 with volume up 33% as traders gather ahead of US inflation data, though a $650 million move by the Ethereum Foundation triggered $700 million in profit-taking and long liquidity, leaving analysts divided between a potential breakout toward $5,000 or a slide toward $ 2,850 if support at $3,470 fails.
Gold: Gold continued to experience a record-setting sell-off with futures down 0.3% to $4,097.80 an ounce after Tuesday’s 5.7% plunge, as investors took profits from its record run, even as analysts said strong central-bank purchases and rate-cuts should keep the bullion supported.
Nikkei 225: Asia-Pacific markets fell Thursday, including Japan’s Nikkei 225, after reports that the Trump administration may restrict exports to China reignited US-China trade tensions.
