<Dealing Room 24 Hours—Key International Economic News to Watch>

New York Stocks Surge as Google Redefines AI Landscape—Nasdaq Closes Up 2.7%

The three major U.S. stock indices closed higher, led by strong buying in technology shares. Excitement spread across the tech sector after Google unveiled its Gemini 3.0 artificial intelligence (AI) service, signaling a new direction for the AI industry. On the New York Stock Exchange (NYSE) on the 24th (U.S. Eastern Time), the Dow Jones Industrial Average finished up 202.86 points, or 0.44%, at 46,448.27.

[New York FX Market] Dollar Holds Firm—Trades Sideways Ahead of Thanksgiving on December Rate Cut Hopes

The U.S. dollar traded slightly higher, remaining range-bound as expectations for a Federal Reserve rate cut in December persisted ahead of the Thanksgiving holiday. Trading volumes were thin. According to Yonhap Infomax (screen number 6411), as of 16:00 on the 24th (U.S. Eastern Time), the dollar-yen exchange rate stood at 156.832 yen, up 0.442 yen (0.283%) from the previous New York close of 156.390 yen.

[New York Stocks—First Report] Google Reshapes AI Landscape—Nasdaq Ends Up 2.7%

The three major U.S. stock indices closed higher, driven by strong buying in technology shares. Google’s Gemini 3.0 AI service set a new direction for the industry, fueling enthusiasm across the tech sector. Near the close on the 24th (U.S. Eastern Time) at the NYSE, the Dow Jones Industrial Average finished up 202.86 points, or 0.44%, at 46,448.27.

San Francisco Fed President Backs December Rate Cut—“Labor Market Sufficiently Vulnerable”

Mary Daly, President of the Federal Reserve Bank of San Francisco, voiced support for a December rate cut, citing the risk of a sharp deterioration in the labor market. In an interview with foreign media on the 24th (local time), Daly said, “The labor market is currently vulnerable enough that there is a risk of nonlinear change,” adding that the likelihood of a sharp rise in inflation is low. She emphasized that the Fed can still bring inflation back to its 2% target without a rise in unemployment.

Dollar-Won Narrows Gains in Thin Trading—Closes at 1,476.50 Won

The dollar-won exchange rate trimmed its overnight gains but remained elevated in the mid-1,470 won range. At 02:00 KST on the 25th, the rate closed at 1,476.50 won, up 0.90 won from the previous Seoul close. Compared to the week’s session close (1,477.10 won), it was down 0.60 won.

[New York Gold Prices] Rise on December Rate Cut Expectations

International gold prices rose as expectations for a Federal Reserve rate cut in December boosted demand. Gold, which pays no interest, tends to be favored in low-rate environments. As of 12:30 on the 24th (local time) at the Chicago Mercantile Exchange (CME) COMEX, December gold futures (GCZ5) were trading at $4,092.10 per troy ounce, up $12.60 (0.31%) from the previous settlement of $4,079.50.

Trump: “Discussed Russia-Ukraine War, Fentanyl, Soybeans with Xi”—No Mention of Taiwan

U.S. President Donald Trump said on the 24th (local time), “Just had a very good call with Chinese President Xi Jinping.” Posting on his social media platform Truth Social, Trump said they discussed a range of topics including the Russia-Ukraine situation, fentanyl, soybeans, and other agricultural products. He emphasized, “We reached an agreement that is very important and helpful for our farmers, and things will get even better going forward.”

Bundesbank President: “Grocery Prices Remain Elevated”

Joachim Nagel, President of Germany’s Bundesbank, warned on the 24th (local time) that the recent surge in inflation has not fully dissipated. Speaking at a forum hosted by law firm FPS in Frankfurt, Nagel stressed that supermarket prices, especially for food, remain high. He cited European Central Bank (ECB) data showing that post-pandemic, the cost of buying food ingredients at supermarkets is 30% higher than before, and surveys indicate consumers feel the burden and worry about further price increases.

Nvidia Rebuts “AI Bubble” Claims in Letter to Shareholders

Nvidia Corp. (NASDAQ: NVDA), a leading U.S. AI company, has issued a detailed rebuttal to so-called “AI bubble” concerns in a recent letter to shareholders. Despite posting stronger-than-expected Q3 results, skepticism about an AI bubble persisted, prompting the company to respond. According to the tech industry, Nvidia sent a seven-page “Fact Check FAQ” to shareholders, addressing more than 10 allegations related to the AI bubble debate.

JP Morgan: “Oil Could Plunge to $30s per Barrel by End-2027 Without Production Cuts”

JP Morgan Chase warned on the 24th (local time) that without further oil production cuts, Brent crude prices could plunge into the $30s per barrel by the end of 2027. The bank’s latest report projects that supply growth this year and next will be three times faster than demand growth, with half of the increase coming from OPEC and OPEC+ countries.

Trump-Xi Phone Call—Taiwan Issue Discussed (Update)

Chinese President Xi Jinping discussed the Taiwan issue with U.S. President Donald Trump in a phone call, according to China’s Xinhua News Agency on the 24th (local time). Xi reportedly told Trump that Taiwan’s return to China has been a core part of the international order since World War II, and both countries should jointly uphold the postwar settlement. The White House confirmed the two leaders spoke by phone.

New York Stocks Open Mixed—Nasdaq Up 1.4% on Google’s New Direction

The three major U.S. stock indices opened mixed by sector. Alphabet led the tech sector higher after Google’s Gemini 3.0 launch received positive reviews, while traditional industries and blue chips lagged. On the NYSE on the 24th (U.S. Eastern Time), the Dow Jones Industrial Average was down 6.40 points (0.01%) at 46,239.01.

Lagarde: “Europe Must Remove Barriers Slowing AI Adoption”—Calls for Capital Market Integration

Christine Lagarde, President of the European Central Bank (ECB), proposed on the 24th (local time) that Europe must immediately remove obstacles slowing the spread of AI. Speaking at an OECD-hosted AI forum in Bratislava, Slovakia, Lagarde warned that the pace of AI adoption could outstrip the speed of regulatory and institutional preparation in Europe. She cited high energy costs, fragmented regulations, and lack of capital market integration as key barriers.

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