SINGAPORE, Nov 22 (Reuters) - Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.
The risk of escalation also sent European gas prices to a one-year high and pushed investors towards safe havens, underpinning German debt and putting the Swiss franc on course for its first weekly rise in two months.
In Asia on Friday, chipmakers led stocks a little higher after Nvidia (NVDA.O), ouched a record high in U.S. trade on solid earnings, with shares in Taiwan (.TWII), and South Korea (.KS11) up more than 1% and the Nikkei (.N225), opens new tab gaining 0.8%.
Gold was steady at $2,677 an ounce and up more than 4.5% for the week so far while bitcoin , stood on the brink of breaking above $100,000 for the first time.
Assets linked to Adani Group companies remained under pressure, with dollar bonds nursing losses following chairman Gautam Adani's indictment for fraud by U.S. prosecutors.
Russia on Tuesday lowered its threshold for using nuclear weapons and overnight responded to the U.S. and UK allowing Kyiv to strike Russian territory with western weapons by firing a hypersonic intermediate-range missile at Ukraine's Dnipro.
"Those weapons typically carry nuclear warheads," said analysts at ANZ Bank, noting the attack sent oil prices higher.
"The exchange indicates the war has entered a new phase, raising concerns around disruptions to supply."
Brent crude futures are up nearly 4.5% on the week and edged up to touch a two-week high of $74.44 a barrel in Asia trade.
The euro has been friendless and down for seven of the past eight weeks as Europe faces U.S. tariffs, slowing growth, the collapse of Germany's government and strains in France's government over its 2025 budget.
"There doesn't seem to be anything on the plus side of the euro ledger just at the moment," said National Australia Bank's head of FX research, Ray Attrill.
At $1.0469 the common currency is close to breaking support at last year's low of $1.0448. European stocks (.STOXX) are also headed for a fifth weekly drop in a row, while world stocks (.MIWD00000PUS) are up 1% this week.
The dollar index eyed a weekly gain of 0.4% and traded at 107.05. S&P 500 futures were flat. Benchmark 10-year Treasury yields held at 4.432%, more or less steady on the week.
Markets imply about a 58% chance of a Fed cut, down from 83% a week earlier.
Data in Japan showed core inflation held above the central bank's 2% target in October, keeping pressure for a rate rise. Markets are pricing about a 57% chance of a 25 basis point Bank of Japan rate hike in December and the prospect has injected some volatility and even support for the yen .
The yen, down 4% this quarter, was trading firmer at 154.38 per dollar in morning trade.
"Together with speculation about (finance ministry) intervention, I think selling on upticks on dollar/yen is quite decent," said Keita Matsumoto, head of financial institution sales and solutions at Citigroup Global Markets Japan in Tokyo.
"Our investor clients and corporate clients are rather sellers of dollar/yen close to 155."
President Donald Trump said Thursday that Ukraine peace talks cannot advance until he and President Vladimir Putin meet, after Putin’s absence from the scheduled Istanbul negotiations left the process in limbo.
Massive ice blocks breaking off from Argentina’s Perito Moreno glacier have grown larger in recent years, raising concerns among experts about its long-term stability amid signs of retreat.
Uzbekistan has proposed a new law requiring bloggers and influencers with over 10,000 followers to pay taxes and follow strict rules on content verification, moderation, and advertising. The draft aims to regulate growing online influence amid rapid internet use growth in the country.
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
China and Russia have agreed to build a nuclear-powered lunar base by 2036 at the Moon’s south pole. The International Lunar Research Station will support scientific research and resource exploration, marking a major step in their joint space efforts amid shifting global space priorities.
Kazakhstan and Azerbaijan are considering issuing a commemorative coin to celebrate their bilateral relations, as part of broader efforts to deepen financial and diplomatic cooperation between the two countries.
President Serdar Berdimuhamedov has authorized state corporations Turkmengaz and Turkmenneft to enter into agreements with PETRONAS Carigali Sdn. Bhd. (Malaysia) and ADNOC Turkmenistan RSC Limited (UAE), marking a significant step in enhancing country's energy sector
Massive ice blocks breaking off from Argentina’s Perito Moreno glacier have grown larger in recent years, raising concerns among experts about its long-term stability amid signs of retreat.
Uzbekistan has proposed a new law requiring bloggers and influencers with over 10,000 followers to pay taxes and follow strict rules on content verification, moderation, and advertising. The draft aims to regulate growing online influence amid rapid internet use growth in the country.
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
Israeli Prime Minister Benjamin Netanyahu said the war in Gaza will not stop until Hamas is destroyed, following the release of US-Israeli soldier Edan Alexander.
Qatar signed a landmark agreement with U.S. aerospace giant Boeing on Wednesday to acquire 160 aircraft for Qatar Airways, a deal valued at $200 billion. The signing took place in Doha during the visit of U.S. President Donald Trump.
EU approves 17th Russia sanctions, blacklisting almost 200 shadow‑fleet ships, 30 evasion firms and 75 defence figures, banning missile chemicals and arming Brussels to strike Kremlin hybrid and operations.
U.S. President Donald Trump kicked off his Gulf tour with a high-profile visit to Saudi Arabia, securing a major strategic economic agreement and pledging deep investment ties between the two nations.
President Serdar Berdimuhamedov has authorized state corporations Turkmengaz and Turkmenneft to enter into agreements with PETRONAS Carigali Sdn. Bhd. (Malaysia) and ADNOC Turkmenistan RSC Limited (UAE), marking a significant step in enhancing country's energy sector
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
Microsoft has announced 6,000 job cuts, representing nearly 3% of its workforce, as part of a strategy to streamline operations and prioritize investments in artificial intelligence.
Burberry, the iconic British luxury brand, has announced global job cuts and revealed a better-than-expected profit as part of its turnaround strategy under CEO Joshua Schulman.
Nissan Motor announced major cost-cutting measures, including the elimination of 11,000 additional jobs and reduced production, as the automaker faces declining profits and tough market conditions.
Kazakhstan and Azerbaijan are considering issuing a commemorative coin to celebrate their bilateral relations, as part of broader efforts to deepen financial and diplomatic cooperation between the two countries.
President Serdar Berdimuhamedov has authorized state corporations Turkmengaz and Turkmenneft to enter into agreements with PETRONAS Carigali Sdn. Bhd. (Malaysia) and ADNOC Turkmenistan RSC Limited (UAE), marking a significant step in enhancing country's energy sector
Massive ice blocks breaking off from Argentina’s Perito Moreno glacier have grown larger in recent years, raising concerns among experts about its long-term stability amid signs of retreat.
Uzbekistan has proposed a new law requiring bloggers and influencers with over 10,000 followers to pay taxes and follow strict rules on content verification, moderation, and advertising. The draft aims to regulate growing online influence amid rapid internet use growth in the country.
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
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