🌅 Morning Update (14.11.2025) Asian markets opened under pressure today 😟. After yesterday’s sell-off on Wall Street, China’s indices are down 1.50–1.80%, South Korea’s 🇰🇷 KOSPI has fallen more than 3.00%, and Japan’s 🇯🇵 JP225 is losing 1.75%. The British pound 💷 is the weakest currency this morning after the government suspended the planned income tax hike ahead of the 26 November budget, leaving a £30 billion fiscal gap. In contrast, the New Zealand dollar 🇳🇿 is among the strongest. October PMI rose to 51.4, and the RBNZ confirmed easing of LVR rules from 1 December. WTI crude 🛢️ is up 1.40% after a Ukrainian drone strike damaged the Novorossiysk oil terminal, which handles around 2.2 million barrels per day. US officials signalled progress toward lowering tariffs on Swiss imports 🇨🇭, while Washington considers targeted exemptions to ease food inflation 🍎. China’s data 🇨🇳 remains mixed: • New home prices –0.45% m/m, existing –0.66% m/m • Industrial production 4.9% y/y, retail sales 2.9%, fixed investment –1.7% YTD, unemployment 5.1% The PBoC set the USDCNY fixing at its highest since October 2024. A new US–South Korea 🇺🇸🇰🇷 trade agreement includes tariff cuts and major Korean investments, and Seoul is working to stabilise the weakening won. Crypto markets remain under pressure 😬. Bitcoin has fallen to its lowest levels since May 2025, near 96,000 USD. 📅 Economic Calendar – 14 November 2025 (High Impact) 🇷🇴 09:00 – GDP n.s.a. Y/Y 3Q: 1% y/y 🇪🇸 10:00 – CPI Y/Y October: 3.1% y/y 🇪🇸 10:00 – HICP Y/Y October: 3.2% y/y 🇪🇸 10:00 – GDP Y/Y 3Q: 0.7% y/y 🇪🇪 10:00 – CPI M/M October: 0.7% m/m 🇪🇸 10:00 – HICP M/M October: 0.5% m/m 🇵🇱 11:00 – CPI Y/Y October: 2.8% y/y