Good morning.

We begin with some overnight headlines worthy of your attention, and don’t miss the great, in-depth piece from Bloomberg about the Crowdstrike outage at the end.

• The US vetoed a UN Security Council ceasefire resolution for the War in Gaza, causing . [SOURCE - BBC] This came a day after Russia had been condemned for vetoing a similar resolution concerning the civil war in Sidan.

• Meanwhile, the UN has reported that no aid has reached the north of Gaza in 40 days due to the Israeli blockade and that the 65,000-75,000 Palestinians trapped there are ”facing diminishing conditions for survival” [SOURCE - BBC]

• Pakistan announced an imminent military operation against separatists in Baluchistan. Groups such as the Balochistan Liberation Army (BLA) have recently stepped up attacks. The Pakistani operation is supported by China, whose citizens were targeted in recent attacks, and mirrors an Iranian offensive taking place on its side of the border. [SOURCE - Al Jazeera]

• Three mining executives from Australian firm Resolute were freed by Mali. They had been held for several weeks over tax irregularities and were freed after the firm paid a $160 million settlement. [SOURCE - Bloomberg] Note, many commentators have suggested that the tax issue was an excuse for Mali to retake control of the Resolute mines and return these to Malian control, possibly also using these as payment to Russia in return for Moscow’s support.

A quick ask

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Commodity and Rate Snapshot

_{As at Nov 21, 06:00ET -Data is illustrative, not for decision-making.}

Financial data via Bloomberg, Freightos and AlphaVantage

Asia Stability Ratings and News Summary

More Unstable

🇦🇫 Afghanistan, 🇦🇲 Armenia, 🇦🇿 Azerbaijan, 🇧🇭 Bahrain, 🇧🇩 Bangladesh, 🇧🇹 Bhutan, 🇰🇭 Cambodia, 🇨🇳 China, 🇹🇱 East Timor, 🇬🇪 Georgia, 🇮🇳 India, 🇮🇩 Indonesia, 🇮🇷 Iran, 🇯🇵 Japan, 🇰🇿 Kazakhstan, 🇰🇬 Kyrgyzstan, 🇱🇦 Laos, 🇲🇻 Maldives, 🇲🇲 Myanmar, 🇳🇵 Nepal, 🇰🇵 North Korea, 🇵🇰 Pakistan, 🇵🇭 Philippines, 🇰🇷 South Korea, 🇱🇰 Sri Lanka, 🇹🇼 Taiwan, 🇹🇯 Tajikistan, 🇹🇭 Thailand, 🇹🇲 Turkmenistan, 🇺🇿 Uzbekistan

More Stable

No countries were more stable over this period

Unchanged

🇧🇳 Brunei, 🇰🇼 Kuwait, 🇲🇾 Malaysia, 🇲🇳 Mongolia, 🇴🇲 Oman, 🇶🇦 Qatar, 🇸🇬 Singapore, 🇦🇪 United Arab Emirates, 🇻🇳 Vietnam

Regional News Summary

In Singapore, the government has intensified its efforts to combat cybercrime by integrating it into cross-border crime cooperation with Malaysia, a move aimed at bolstering regional security against digital threats [SOURCE - The Sun Malaysia]. Concurrently, Singapore's economic indicators are promising, with home sales reaching an 11-month high driven by suburban demand, and Singapore Airlines reporting a 12.9% increase in passenger numbers in October, signaling a robust recovery from pandemic-related challenges [SOURCE - Bangkok Post].

In Vietnam, the economy continues to thrive, particularly in the Information and Communication Technology sector, which has seen exports grow for 12 consecutive months [SOURCE - Yonhap]. The country's leading tech firm, FPT, has partnered with Ericsson to invest in 5G-driven AI and digital transformation, further solidifying Vietnam's position in the global tech landscape [SOURCE - Investing.com]. Additionally, Vietnam has ramped up its worker exports, sending over 130,640 workers abroad in the past ten months [SOURCE - Thanh Nien News].

Meanwhile, India is poised to surpass Japan in GDP ranking by 2025, reflecting its growing economic influence [SOURCE - Zee News]. The Indian government is actively promoting digital growth, with significant investments from companies like Krafton and NTT Data aimed at enhancing the country's digital transformation [SOURCE - TOI].

In the context of regional security, the United States, South Korea, and Japan have commenced a massive multidomain military drill, emphasizing their commitment to regional stability amid rising tensions with North Korea [SOURCE - WASHINGTON POST]. North Korea's military developments, including the mass production of suicide drones, further exacerbate concerns in the region [SOURCE - KCNA].

In the Philippines, the government is grappling with the impact of super typhoons, which have caused widespread damage and displacement, highlighting the urgent need for disaster preparedness and response strategies [SOURCE - The Hindu]. The economic implications of these natural disasters are significant, as the country faces challenges in maintaining development momentum.

Lastly, Malaysia's economy is on track for sustainable growth, bolstered by a surge in investments and a new clean air action plan aimed at promoting environmental sustainability [SOURCE - Bangkok Post]. However, the stock market has faced recent struggles, prompting a cautious outlook among investors [SOURCE - Malay Mail].

Oceania Stability Ratings and News Summary

More Unstable

🇦🇺 Australia, 🇰🇮 Kiribati, 🇳🇷 Nauru, 🇳🇿 New Zealand, 🇵🇬 Papua New Guinea, 🇼🇸 Samoa, 🇸🇧 Solomon Islands, 🇹🇻 Tuvalu, 🇻🇺 Vanuatu

More Stable

No countries were more stable over this period

Unchanged

🇫🇲 Federated States of Micronesia, 🇫🇯 Fiji, 🇲🇭 Marshall Islands, 🇵🇼 Palau, 🇹🇴 Tonga

Regional News Summary

In recent developments across Oceania, Australia is actively seeking to enhance its economic ties with India, particularly in the agri-tech sector. This initiative aims to bolster collaboration between the two nations, reflecting a broader strategy to strengthen international partnerships amid shifting global dynamics [SOURCE - Daily Excelsior].

However, domestic tensions are brewing as tens of thousands of public sector nurses in New South Wales (Australia) have staged walkouts against the government's pay caps, signaling a potential labor crisis that could compel the government to reassess its policies [SOURCE - WSWS]. This unrest comes at a time when the Australian regulator has filed a lawsuit against NAB for breaching financial hardship laws, a significant move that could reshape the banking landscape in the country [SOURCE - Investing].

On the geopolitical front, Australia, Japan, and the United States are intensifying their military collaboration as a countermeasure to China's expanding influence in the region [SOURCE - Manila Times]. This trilateral partnership underscores the strategic importance of defense alliances in an increasingly complex security environment.

In New Zealand, the government is grappling with mounting pressure from Maori protesters over a contentious bill aimed at reforming the country's founding treaty. This legislation has sparked widespread demonstrations in Wellington, highlighting deep-rooted grievances regarding indigenous rights and representation [SOURCE - CBC]. The protests have led to increased scrutiny of the government's approach to Maori issues, as activists argue that the proposed reforms fail to adequately protect their cultural and ancestral rights [SOURCE - Time].

Additionally, New Zealand's relations with China remain a focal point, as Prime Minister Christopher Luxon recently met with President Xi Jinping, who urged New Zealand to view China as a partner rather than a threat [SOURCE - RNZ]. This diplomatic engagement comes amid ongoing concerns about transparency in fisheries management, as an NGO criticized the government for restricting observer access at a recent fisheries summit [SOURCE - RNZ].

In the Pacific, Fiji is facing a dire financial situation, requiring at least two billion US dollars to address the impacts of climate change, particularly from storms and rising sea levels [SOURCE - Michael West]. Concurrently, the Pacific Specialist Healthcare Hospital has made strides in reducing the costs of open-heart surgery for Fijians, a crucial development given the economic pressures facing the nation [SOURCE - RNZ].

The Marshall Islands continue to confront existential threats from climate change, with new World Bank research advocating for adaptation strategies to mitigate rising sea levels and natural disasters [SOURCE - Scoop]. However, securing the necessary funding for these initiatives remains a significant challenge, as highlighted by the Climate and Clean Air Coalition's estimates that developing countries require trillions of dollars to combat climate change [SOURCE - Scoop].

Meanwhile, the Solomon Islands have gained international attention with the discovery of the world's largest coral reef, emphasizing the need for conservation efforts in the face of environmental challenges [SOURCE - UPI].

Final Factoid

Bloomberg Business Week has a great look at how American Airlines responded to July’s Crowdstrike outage, which shut down IT systems across the world. Definitely worth a read.

Carpe tomorrow!