Nov 19 ,2025
Synopsis:
Asian markets set for positive start to Thursday trade. Futures signaling opening gains in Japan, with Australia also trading higher in initial trade. Hong Kong tracking for flat start. US contracts strengthening afterhours with NVDA +5% following earnings. Australian bonds weakening after Treasury yields reversed higher overnight. Dollar weakening against Aussie, steady against majors after straightening to mid-Jan highs against yen. Crude drifting up from earlier lows while gold flat. Bitcoin continues to hover around $90K.
NVDA delivered another beat and raise. Reiterated expectations for $500B in Blackwell and Rubin revenue through 2026, with potential to exceed that total. Did not make any H20 sales in China due to Beijing restrictions, and Q4 guidance assumes no China contribution. Touched on rising input costs (memory) but still aiming to keep GMs in mid-70s. Downplayed bubble concerns, pointing to AI proliferation. Addressed circularity concerns by pointing to growth potential of OpenAI and Anthropic.
China expected to keep 1Y and 5Y loan prime rates unchanged after PBOC left 7D reverse repo on hold earlier this month. Monetary easing expectations have receded recently after PBOC rhetoric shifted in a more neutral direction. Takeaways from broadly weak October activity data noted data still left government on track to achieve annual growth target of ~5%, reducing urgency for fresh measures. Economic support also expected from fiscal measures announced in September intended to boost investment.
In developments late Wednesday, BOJ Governor Ueda met Japan government ministers though no specific discussions about FX while Finance Minister Katayama said no objection to BOJ policy stance. Meeting occurred against backdrop of weakening yen and backup in JGB yields as government's stimulus push heightens concerns about fiscal risks. Latest reports noted government looking to compile package worth more than JPY20T, larger than had been mentioned before in press.
Pre-open Company News:
FLX -- BingEx reports Q3 non-GAAP net income CNY62.6M vs year-ago CNY20.4M
2586.HK -- Dmall inc. to launch share repurchase plan under existing mandate
500660.IN -- GlaxoSmithKline Pharmaceuticals CFO Juby Chandy to take up new role within GSK Group, effective 1-Dec
544574.IN -- Tata Capital initiated overweight at JPMorgan
600521.CH -- Zhejiang Huahai Pharmaceutical's HB0017 hits all primary and key secondary endpoints in China phase III for plaque psoriasis
272.HK -- Shui On Land forms JV for urban renewal project in Shanghai Pudong
532532.IN -- Adani Enterprises receives LoI from resolution professional for acquiring Jaiprakash Associates
601136.CH -- Capital Securities chairman Bi Jinsong retires, effective immediately
2556.HK -- Marketingforce Management reports Q3 AI+SaaS business revenue +45% y/y
DDRIL.NO -- Dolphin Drilling announces Oil India exercises option to extend drilling contract with deepwater capable semisubmersible rig Blackford Dolphin
S68.SP -- Singapore Exchange announces partnership with Nasdaq to simplify dual listings
3908.HK -- CICC to absorb Dongxing Securities and Cinda Securities via A-share swap merger; shares suspended from 20-Nov
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
09:30 CST: 5 Year Loan Prime Rate; consensus
09:30 CST: 1 Year Loan Prime Rate; consensus
Hong Kong:
Earnings:
Biocytogen Pharmaceuticals (2315.HK), Lenovo Group (992.HK), CSPC Pharmaceutical Group (1093.HK), Alliance International Education Leasing Holdings (1563.HK), Link REIT (823.HK)
Australia:
Earnings:
WEB Travel Group (WEB.AU)
New Zealand:
Earnings:
Eroad (ERD.NZ), Oceania Healthcare (OCA.NZ)
Market Data:
Gold (Dec 25): +$4.80 or +0.12% to $4087.60
WTI Crude (Dec 25): +$0.22 or +0.37% to $59.66
$-¥: +1.55 or +1.00% to 157.0650
$-KRW: +6.85 or +0.47% to 1466.2300
A$-$: (0.00) or (0.28%) to 0.6490
$-INR: (0.06) or (0.07%) to 88.4869
$-CNY: +0.00 or +0.04% to 7.1106
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