Nov 23 ,2025
Synopsis:
Asian markets set for positive start to Monday trade. Futures signaling opening gains Hong Kong. ASX rebounding in initial trade. Nikkei closed for public holiday with futures ending flat on Friday. S&P 500 futures advancing after US indexes regained ground on Friday. Australian bonds unchanged after Treasuries firmed on Friday. FX markets steady after dollar index near late May highs. Crude extending losses amid latest Russia-Ukraine ceasefire headlines. Gold a touch lower. Bitcoin rallying from seven-month low.
Economic calendar mostly empty today. In a Nikkei interview, BOJ board member Masu signaled rate hike close though could not specify timing. Main justifications were that real rates are deeply negative and below neutral. Singapore CPI (Mon) the only data point of note. In corporate news, BHP Group (BHP.AU) confirmed it is no longer considering takeover offer for Anglo American (AAL.LN) following Bloomberg report Anglo knocked back the bid.
On trade front, Reuters sources said Trump administration weighing whether to allow sales of NVDA H200 AI chips to China. H200 said to be twice as powerful as H20 chips that China has effectively blocked from use. Bloomberg sources said administration weighing alternative trade authorities to reinstitute tariffs if SCOTUS rules against national security duties. India and Canada agreed to restart trade talks amid latest sign of thaw in tensions. India and Japan agreed to cooperate on AI.
Shapes as somewhat of a quieter week with RBNZ (Wed) expected to cut OCR by 25 bp while BOK (Thurs) expected to hold. Australian monthly CPI (Wed) comes after inflation rose to highest since Jul-2024, wiping out odds of near-term RBA rate cut. Tokyo CPI (Fri) follows nationwide figures showing core inflation moving back above 3%. India GDP (Fri), South Korea and Japan industrial production (Fri) among other regional data set for release. Corporate activity headlined by Alibaba's earnings (Tues).
Pre-open Company News:
540005.IN -- LTIMindtree downgraded to neutral from buy at DAM Capital
3750.HK -- Contemporary Amperex Technology upgraded to high-conviction outperform from outperform at CLSA
7272.JP -- Yamaha Motor downgraded to neutral from overweight at JPMorgan
HANA.TB -- Hana Microelectronics Public downgraded to hold from buy at Finansia Syrus
1060.HK -- Damai Entertainment Holdings initiated buy at BofA
8830.JP -- Sumitomo Realty & Development upgraded to outperform from hold at CLSA
543336.IN -- Chemplast Sanmar downgraded to reduce from add at Axis Capital
540222.IN -- Laurus Labs upgraded to hold at Mirae Asset Sharekhan
036570.KS -- NCsoft upgraded to buy from sell at Goldman Sachs
688506.CH -- Sichuan Biokin Pharmaceutical's new drug application for Iza-bren for treatment of nasopharyngeal carcinoma accepted by NMPA
328130.KS -- Lunit downgraded to underperform from neutral at Macquarie
5344.JP -- MARUWA upgraded to outperform from neutral at Tokai Tokyo
4065.MK -- PPB Group downgraded to hold from buy at Affin Hwang Investment Bank
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Want Want China Holdings (151.HK), Beisen Holding (9669.HK)
Australia:
Earnings:
Southern Cross Media Group (SXL.AU), Aroa Biosurgery (ARX.AU)
New Zealand:
Earnings:
Metro Performance Glass (MPG.NZ)
India:
Earnings:
Siemens Energy India (544390.IN)
Market Data:
Gold (Dec 25): ($12.50) or (0.31%) to $4067.00
WTI Crude (Jan 26): ($0.35) or (0.60%) to $57.71
$-¥: +0.25 or +0.16% to 156.6390
$-KRW: (0.99) or (0.07%) to 1468.7400
A$-$: +0.00 or +0.11% to 0.6462
$-INR: +0.02 or +0.02% to 89.6413
$-CNY: (0.00) or (0.01%) to 7.1062
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