Wednesday, November 11, 2026: $TSM's AI stake plan, China's record trade surplus, and Waller's hawkish Fed push are the three stories shaping Asia's open.

US Treasury yields are rising as Fed's Waller presses the rate-hike case. India bonds are already slipping as the Treasury rout offsets the oil slide. Bad signal for Asia duration. China exports stay brisk and the annual trade surplus tops $1TN. Strong external-demand print, but it keeps tariff and FX friction alive into the HK/China open. OpenAI posts steep losses even as quarterly revenue rises to $10 billion. Good demand signal, bad margin signal. Watch $MSFT and chip sentiment for read-through. TSMC sees 'insatiable' chip demand and earmarks up to $1BN to buy Anthropic and OpenAI shares. This is interesting: the foundry is moving from supplier to AI kingmaker. Japan's Akita AI data center is anchoring a tech hub and boosting tax revenue. This is the kind of local AI capex story that supports Japan industrials and power demand. Trump says the Iran war is 'effectively over.' That should cool crude and gold/silver risk premium, but India bonds are still dominated by Treasury yields. $

US Treasury yields are rising as Fed's Waller presses the rate-hike case. India bonds are already slipping as the Treasury rout offsets the oil slide. Bad signal for Asia duration.