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Asia off to slow start, lot of easing already priced in

Asian shares start the week slowly as market valuations already reflect aggressive global policy easing for next year. The Black Friday sales will test the US consumer-driven economy, while the Thanksgiving holiday will result in thin markets. Markets have priced out the risk of further rate hikes and imply a 30% chance of easing starting in March. The flow of US economic data is light this week, but the Federal Reserve's minutes will provide insight into policymakers' thinking. Closely watched European manufacturing surveys are due, and any hint of weakness may encourage early rate cuts from the European Central Bank.

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