Japan’s unemployment rate inched up to 3.1 percent in October from 3.0 percent in the previous month, up from 2.4 percent in the same month of the previous year. The print matched expectations and was the highest since May 2017. The number of employed persons increased by 30 thousand to 66.58 million, while the number of unemployed increased by 80 thousand to 21.4 million. Meanwhile, the jobs-to-application ratio inched up to 1.04 from 1.03 in the previous month, surpassing consensus of also 1.03.

Australia's main stock index opened almost flat on Tuesday, with the S&P/ASX 200 hovering around the 6500 levels as investors remain cautious ahead of the central bank policy meeting, with escalating tensions with China weighing on the sentiment. China imposed tariffs of 107% to 212% on Australian wine coming into the country, a market that accounts for nearly 40% of total wine exports. Bank of Queensland and BlueScope Steel were the biggest laggards in the index, both down 2%. Breville Group jumped 4%, the most on the ASX.

South Korea’s GDP rebounded an upwardly revised 2.1 percent quarter over quarter in the three months to September after shrinking 3.2 percent quarter in the previous period, beating expectations of a 1.7 percent increase and a preliminary reading of 1.9 percent. Growth was mainly nudged by manufacturing, up 7.9 percent (vs 7.6 preliminary) after an 8.9 percent decline in the previous quarter. Also, services expanded 0.9 percent (vs 0.7 percent prel) after falling 0.9 percent. In contrast, construction (-5.2 percent) and utilities (-6.2 percent) fell further. On the expenditure side, consumption edged down 0.1 percent after growing 1.4 percent, while gross fixed capital formation declined further (-1.4 percent vs -0.4 percent). Growth was mainly explained by exports, up 16.0 percent after plunging 16.1 percent, well above imports (5.6 percent vs -6.7 percent). On an annual basis, the GDP fell by 1.1 percent after dropping by 2.7 percent.

Federal Reserve Chairman Jerome Powell highlighted the importance of the lending programs aimed at battling the economic fallout from the coronavirus pandemic. In prepared remarks for the Senate Finance Committee, he noted that even as recent positive vaccine news raised the prospect of a swifter economic recovery next year, it is not time to shut down emergency programs yet. In addition to the lending and liquidity programs, the Federal Reserve is expected to pump more money into the economy, expanding both its bond-buying programme and ultra-cheap loans to banks to support economic recovery. The Central Bank left the target range for its federal fund's rate unchanged at 0-0.25% during its November 2020 meeting.

The IHS Markit Manufacturing PMI in Australia rose to 55.8 in November of 2020 from 54.2 in October, a final estimate showed. The latest reading pointed to the fifth straight month of expansion and also the highest for nearly three years. The headline was mainly nudged by new orders, which expanded at the swiftest rate since January 2019, while the rate of job creation was the fastest since early 2018. On the price front, inflationary pressures intensified amid firmer freight fees and higher raw material costs. Looking ahead, expectations about output over the coming year remained positive, with confidence based on planned capacity on the rise.

Canada’s main stock index ended lower on Monday as losses for energy stocks offset advances for technology and materials stocks, whose recent strength helped the index notch its best monthly performance since December of 1999. On the bullish side, the prospect of a vaccine-driven global economic recovery next year and yet more government spending outweighed concerns about a worsening pandemic in the near-term. This month’s rally also pushed the index into positive territory for 2020.

European equities traded cautiously on Monday, but ended up booking double-digit gains for the month of November fueled by hopes for a COVID-19 vaccine and the prospect of easing coronavirus restrictions. On Monday only, stocks were slightly down as investors took a breath following a recent rally while awaited news about Brexit negotiations. The DAX 30 closed November at 13,291, booking a 15% monthly gain and enjoying its best performance since April 2009. In addition, the CAC 40 posted its best month in over three decades, and the FTSE MIB and IBEX 35 gained more than 20%, the most on record.

Contracts to buy previously owned homes in the US jumped 20.2 percent year over year in October, following a 20.8 percent rise in September as mortgage rates and the inventory of homes for sale remain at historic lows. At the same time, pending home sales went down 1.1 percent compared to the previous month, defying forecasts of a 1 percent gain, and marking the second straight month of declines as demand slowed due to high asking prices and low availability. Contract activity was mixed among four major US regions, with the only positive month-over-month growth happening in the South, although each region achieved year-over-year gains in pending home sales transactions.

New Zealand stocks started December in the red, with the benchmark S&P/NZX 50 easing from its record high as much of the enthusiasm over a potential coronavirus vaccine that has been driving markets faded. Shares of SKY Network Television and Fisher & Paykel Healthcare were the top losers on the main index, down about 6% and 3%, respectively.