EU CONSUMER STAPLES: Asahi (ASABRE): Moody's Review for Downgrade    

Multiple reports in the Irish press stating that Finance Minister Paschal Donohoe is set to resign imminently from cabinet and as a TD for Dublin Central in order to take up the position of Managing Director of the World Bank in Washington, D.C., Donohoe's resignation as Ireland's finance minister will have broader implications for the eurozone, given that he has held the presidency of the Eurogroup since 2020. 

• For the Irish gov't, Donohoe's resignation comes at an inopportune time. He has served as finance minister twice (2017-2022, 2025-), as minister for public expenditure twice (2016-20, 2022-25), and is viewed as one of the gov'ts most effective communicators and respected voices.
• The resignation will mean a by-election in Dublin Central at a time when both parties in the coalition (Taoiseach Micheal Martin's centrist Fianna Fail and Tanaiste Simon Harris' centre-right Fine Gael) are both struggling with low support in the wake of a disastrous presidential election campaign for both parties, and broader public discontent with the political system. Harris will also be forced into nominating a new finance minister.
• For the Eurogroup (the cohort of finance ministers from the eurozone member states), this will set up a contest for the presidency. The election earlier in 2025 that confirmed Donohoe for a third term was initially viewed as a possibly bitter one, with socialists from Spain and Lithuania in the running, only for them to pull out at the last minute and re-elect the Irishman unopposed.
• It remains to be seen whether Spain's Carlos Cuerpo seeks to take over from Donohoe, given the dearth of other eurozone gov'ts led by parties from the centre-left. 

A sell-off in WTI futures on Nov 12 strengthens a bearish theme. A continuation lower would pave the way for a move towards key support and the bear trigger at $55.96, the Oct 20 low. Clearance of this level would confirm a resumption of the downtrend. Note that it is still possible a bullish corrective cycle remains in play. Resistance to watch is $62.59, the Oct 24 high. Clearance of this hurdle would signal scope for a stronger correction. The downleg in Gold between Oct 20 and 28 appears to have been a correction and has allowed an overbought condition to unwind. Recent gains suggest that correction is over. With the metal retracing from last week’s high, the key support to watch lies at the 50-day EMA, at $3932.1. Clearance of this EMA would signal scope for a deeper retracement. The short-term bull trigger has been defined at $4245.23, the Nov 13 high.

• WTI Crude down $0.18 or -0.3% at $59.73
• Natural Gas down $0.01 or -0.18% at $4.354
• Gold spot down $3.87 or -0.1% at $4043.47
• Copper down $2.5 or -0.49% at $506.15
• Silver up $0.17 or +0.34% at $50.4359
• Platinum up $7.42 or +0.48% at $1545.57