🌅 Morning Update (21.11.2025) US markets opened strong but quickly reversed 📉. By the close, major indices posted sharp declines: S&P 500 –1.55%, Nasdaq 100 –2.2%, with tech stocks under the heaviest pressure. Early optimism after Nvidia’s impressive results and rising expectations for new AI products like Gemini 3 faded fast. Nvidia jumped 6% at the open but ended the session about 3% lower, reflecting a sudden shift in sentiment. 🇺🇸 Macro data continues to support the Fed’s cautious stance. September payrolls came in at 119k (forecast 50k), while initial jobless claims fell to 220k (forecast 230k). These solid figures highlight labour-market resilience and reduce pressure for a rapid December rate cut, prompting Fed officials to warn against premature easing. 🇯🇵 Japan approved a 21.3 trillion yen stimulus package (around USD 135bn) – the largest since the pandemic. Markets reacted cautiously due to rising debt concerns. The yen stabilised near USD/JPY 157.10, while other major currencies traded in tight ranges. 🇯🇵 Japanese inflation remains above target: core CPI 3.0%, headline CPI 3.0%, CPI ex-food & energy 3.1%. PMI data showed manufacturing in contraction for a fifth month at 48.8, while services held at 53.1. BoJ Governor Ueda noted that inflation above 3% and improving forecasts increase the probability of future rate hikes. 🌏 Asia–Pacific equities extended declines: Nikkei 225 –2.4%, Hang Seng –2.1%, Shanghai Composite –1.9%, S&P/ASX 200 –1.6%, hitting a five-month low. 🇨🇳 The PBOC set today’s USD/CNY midpoint at 7.0875, stronger than expected (7.1154). 💹 Crypto market correction continues. Bitcoin –3%, Ethereum –3%+, with sentiment pressured by reports of another major whale reducing positions. 📊 Stay tuned for more updates and trade the markets with confidence with NordFX!