Weekend News Round Up - Newsquawk Daily Asia-Pac Market Open

Iran targeted an air base in Bahrain in the first direct strike on the Gulf state in several weeks, while it reiterated that a route towards ending the conflict with the US remained open.
Iran said early on Sunday that five tankers hit mines in the Strait of Hormuz over the past 48 hours, while Iran's Navy later announced that another oil tanker caught fire after hitting a naval mine east of the Strait of Hormuz.
Nvidia (NVDA) co-founder Jensen Huang is reportedly considering returning as Nvidia's CEO, with allies in Silicon Valley pressuring the Co.'s board to reinstate him, according to FT. In relevant news, US Treasury Secretary Bessent said Nvidia needs a 'shake-up' with an external CEO and stated that there needs to be an assessment of the Co.'s compliance with US export controls.
Looking ahead, highlights include Japanese Q3 GDP, Chinese House Prices, Industrial Production & Retail Sales, Thai GDP, Comments from BoJ's Tamura, Supply from Japan.

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LOOKING AHEAD

Highlights include Japanese Q3 GDP, Chinese House Prices, Industrial Production & Retail Sales, Thai GDP, Comments from BoJ's Tamura, Supply from Japan.
Click for the Newsquawk Week Ahead.

MIDDLE-EAST/IRAN CONFLICT

US Homeland Security Secretary Mullin said the US is fully prepared to counter Iranian assassination threats targeting President Trump and his cabinet, while he stressed that authorities take all threats seriously and remain focused on protecting Trump, his family and the wider public.
US Air Force responded to reports of suspicious drone activity at a base in eastern England on Friday, which was the latest in a series of security incidents at UK facilities used by the US military. The suspected unauthorised drone activity occurred at RAF Lakenheath in Suffolk, although no personnel, aircraft or infrastructure were affected.
US is reportedly not considering imminent airstrikes against Iran despite pressure from Israel, according to sources cited by Israeli i24News, while Mossad chief Gofman briefed senior US officials on Tehran's recent military build-up and sources noted that the final decision lies with President Trump, with military action remaining a possibility, although not in the immediate term.
Iran targeted an air base in Bahrain in the first direct strike on the Gulf state in several weeks, while it reiterated that a route towards ending the conflict with the US remained open. IRGC said on Sunday it had launched six drones at the Riffa helicopter base in response to what it called "blatant aggression of the US military" and claimed the drones had achieved "successful impact", although Bahrain's military said it had intercepted several Iranian aerial attacks and destroyed the projectiles.
Iran said early on Sunday that five tankers hit mines in the Strait of Hormuz over the past 48 hours, while Iran's Navy later announced that another oil tanker caught fire after hitting a naval mine east of the Strait of Hormuz.
Iranian Deputy Foreign Minister Gharibabadi suggested the IAEA's request to inspect damaged Iranian nuclear facilities could be aimed at evaluating the effectiveness of US strikes, while he added that Iran would not grant inspectors access until its conditions are fulfilled and the war has permanently ended. Gharibabadi stated that the US response to Tehran's conditions lacks binding commitments, with delays in meeting certain demands diminishing the prospects of a deal, as well as cautioned that Washington could be using talks to buy time and prepare for a potential attack. Furthermore, he insisted on guarantees that all of Iran's conditions will be fulfilled and stated that Iran is seeking to create a joint regional security mechanism without the presence of foreign powers.
Iran's Foreign Ministry spokesman Baghaei said Iran will not wait on others to safeguard national security and interests, and will rely on its own capabilities and take the most appropriate measures to protect them, while he added that Iran's use of diplomacy does not mean it expects or relies on the other side, and reiterated that any attack will be responded to. Baghaei also commented that at this stage, Iran rules out suspending uranium enrichment activities or reducing enrichment levels. Furthermore, Baghaei said that Germany, as Israel's second-largest arms supplier, should share responsibility for Israel's crimes, while he rejected French claims that Iran was responsible for a recent cyberattack on refrigeration systems at French supermarkets as baseless and stated that European states have a habit of making accusations without providing evidence.
Saudi-led coalition said it had intercepted missiles headed towards Riyadh and drones over the Eastern Province on Sunday, while Houthi militants claimed to have targeted pumping stations 5 and 6 along the east-west oil pipeline in Saudi Arabia's Riyadh region using two drones, adding that the operation successfully met its objectives.
Yemen government forces pulled out of an area close to the Bab el-Mandeb Strait, leaving the Houthis in control.
Australia, Canada, Italy and the UK issued a joint statement expressing concern over the dire humanitarian conditions in Gaza and called on Israel to end delays and permit the immediate, unrestricted delivery of aid throughout the territory.

US TRADE

US stocks were mostly lower on Friday, with the Nasdaq underperforming as selling in Tech and AI stocks continued amid ongoing turmoil at Nvidia following Jensen Huang's departure, while Cisco's softer AI orders from hyperscalers added to the pressure. The FT reported that the NVDA board had approached Arm (ARM) CEO Rene Haas, though Nvidia later said it had not formally approached any candidates. As such, tech was the notable sector laggard, followed by Consumer Discretionary and Industrials, while Consumer Staples and Energy outperformed.
SPX -0.40% at 7,562, NDX -1.22% at 27,944, DJI +0.10% at 52,348, RUT -0.28% at 2,791.
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TARIFFS/TRADE

White House said US President Trump is to sign a trade deal with Thailand and will meet with Quad leaders in Manila on Tuesday, ahead of the APEC leaders meeting on Thursday in Shenzhen.
Canadian PM Carney and Brazil's President Lula signalled closer ties on Sunday, announcing funding to protect the world's tropical forests and plans for reciprocal visits. The two leaders met on the sidelines of the Association of Southeast Asian Nations summit in Manila.

NOTABLE HEADLINES

Fed's Jefferson (voter) said inflation had become the most important measure for policymakers as they considered further interest-rate increases, as well as noted that recent economic activity and labour market conditions had been solid, while price pressures remained persistent. Furthermore, he added that October price data was consistent with inflation running well above target.
Fed's Collins (2028 voter) said a gradual path of interest-rate increases would be appropriate to lower inflation, but added that she is open-minded, while she sees the price pressures broadening and stated that it's been elevated for a long time.
Fed's Schmid (2028 voter) said inflation is running too hot, and the Fed has some work to do on inflation, while he added that inflation is moving in the wrong direction and is uncomfortably above the 2% target. Schmid stated that he would push back on the idea that the Fed's inflation objective requires a reaction from any particular set of prices, such as prices for AI-related tech goods. Furthermore, he said it is not the Fed's role to affect the price of any one good or service and that the Fed, through its influence on demand, has the tools and responsibility to tackle inflation.
White House will not commit to complying with potential subpoenas from a Democratic-led Congress, according to White House Counsel Will Scharf, who added the Trump admin believes company executives who had been in contact with President Trump may be covered by executive privilege.
US air travel disruptions extended into a third day on Sunday, with more than 5,200 flights affected, including over 1,600 cancellations and around 3,600 delays, according to FlightAware. US Transportation Secretary Duffy said services were gradually resuming, although a full recovery may not be achieved until Monday, while the disruption followed a router replacement at an FAA facility in Arkansas, which reportedly caused a recently installed router in Texas to transmit excessive data and overwhelm other network routers.
Nvidia (NVDA) co-founder Jensen Huang is reportedly considering returning as Nvidia's CEO, with allies in Silicon Valley pressuring the Co.'s board to reinstate him, according to FT. In relevant news, US Treasury Secretary Bessent said Nvidia needs a 'shake-up' with an external CEO and stated that there needs to be an assessment of the Co.'s compliance with US export controls.

GEOPOLITICAL

RUSSIA-UKRAINE

US envoy Kushner said the Trump administration wanted to see direct talks between Moscow and US allies in Europe, while Kushner also commented that both Russia and Ukraine understand that practical compromises will be needed to end the war.
Ukrainian President Zelensky said US peace envoys had asked whether Ukraine would be willing to give up the Donbas region in the nation's east to Russia in exchange for NATO membership, signalling a potential shift in Washington's negotiating approach. Furthermore, Zelensky said that Russia is unwilling to agree to an energy ceasefire.
Ukrainian President Zelensky claimed that Russian casualties, including killed and wounded, topped 50,000 in October, while he added that Ukraine has disabled over 55% of Russian oil refining capacity to date.
Ukraine claimed a strike on a major crude-pipeline hub in Russia's Samara region on Friday, while it also said that missiles hit a petrochemical plant and a refinery in Russia's Tatarstan and defence facilities in Bryansk.
Russian forces targeted a Naftogaz Group facility in central Ukraine on Saturday, as attacks on energy infrastructure continued, while Russia struck a cargo vessel and infrastructure at Ukraine's Chornomorsk port.
Russian Foreign Minister Lavrov said any agreement to resolve the Ukraine conflict would be unworkable if Moscow's interests were disregarded, while he questioned the EU's potential role in peace talks and reiterated that Russia's position remains unchanged, with any settlement required to fulfil the objectives of its special military operation, in response to European Commission President von der Leyen's call for a ceasefire as a prerequisite for negotiations.
Estonia is to shut its border crossings with Russia from December 1st following a suspected sabotage attack on a drone maker in the Baltic state over the weekend, which authorities claimed was ordered by Russia’s GRU military intelligence service, while a Russian Foreign Ministry spokesperson said it would be another bout of 'Russophobia' if Estonia intends to close its border.

OTHER

Australia and the Philippines signed a new defence pact on Sunday, strengthening military cooperation as the US allies face a more assertive China in the Asia-Pacific region.

ASIA-PAC

DATA RECAP

South Korean Trade Balance (USD)(Oct) 42.7bln vs. Exp. 42.5bln (Prev. 42.5bln)
South Korean Exports YY (Oct) 93.9% vs. Exp. 93.7% (Prev. 93.7%)
South Korean Imports YY (Oct) 36.0% vs. Exp. 36.0% (Prev. 36.0%)
New Zealand Performance of Services Index (Oct) 51.7 (Prev. 50.9)

EU/UK