News

Oil prices decline for third straight week despite Friday bounce

US-China relations: US Treasury secretary Janet Yellen and Chinese vice-premier He Lifeng meet in San Francisco for a second day on Friday, ahead of an expected summit between Joe Biden and Xi Jinping at the Asia-Pacific Economic Cooperation forum, which begins on Saturday and lasts until November 17.

Economic indicators: China’s central bank is expected to publish November’s new renminbi loan figures, a gauge of credit demand, on Friday.

Earnings: Japanese multinational tyre manufacturer Bridgestone is to release third-quarter results on Friday.

Markets: Japanese stocks fell and Hong Kong futures pointed lower on Friday morning. US stocks ended an eight-session winning streak on Thursday after Federal Reserve chair Jay Powell warned against being “misled” by good data on prices, saying the mission to return inflation to the US central bank’s 2 per cent target still has a “long way to go”.

China’s Singles Day: The country’s biggest annual shopping festival wraps up on Saturday, with ecommerce sites including Alibaba and JD.com cutting prices to lure consumers.

Diwali: The annual “festival of lights” will be celebrated by Hindus in India and across Asia and the world on Sunday.

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