Global Markets in Flux Amid Economic Data and Political Shifts

Global markets are impacted by underwhelming data from China, discussions on yuan devaluation, South Korean political developments, and central bank meetings. Bitcoin soared as Trump suggested a strategic reserve. Attention is on the Fed meeting where interest rates are expected to be adjusted.

Global markets began the week facing challenges as China presented disappointing retail sales figures for November, rising only 3.0% year-on-year against expectations of 4.6%. Analysts noted a continued decline in house prices, while industrial output managed stability.

Amidst the economic concerns, Beijing's contemplation of allowing the yuan's devaluation faced criticism from U.S. President-elect Donald Trump's trade adviser. Meanwhile, South Korea's political tensions appeared to ease as Han Duck-soo assumed office amid an ongoing Constitutional Court review of the impeachment of President Yoon Suk Yeol.

Market focus is set on central bank meetings worldwide, with the U.S. Federal Reserve likely to announce a rate cut. In contrast, central banks in Japan, the UK, and Norway are expected to maintain current rates, while bitcoin experienced a notable surge following Trump's proposal for a U.S. strategic reserve.

(With inputs from agencies.)