Nov 24 ,2025
Synopsis:
Asian markets set for positive start to Tuesday trade. Futures signaling opening gains in Japan and Hong Kong. ASX higher in initial trade. S&P 500 futures flat following second straight rally, led by big tech. Australian bonds firming with yield curve flattening, in-line with Treasury price action. Dollar neutral against majors. Gold advancing to mid-November highs. Crude unchanged after reversing earlier declines. Bitcoin steady after rebounding from early April lows.
Rebound in momentum/growth continued amid thoughts recent drawdown mostly function of technicals with fundamental narrative still largely intact despite AI skepticism talking points. Positive sentiment has focused on GOOGL and release of Gemini 3 while The Information reported GOOGL in talks with META and other cloud customers about allowing them to run Google's TPU chips in their data centers. Revival in December Fed rate cut expectations has also been cited as a driver of the tech rebound (futures pricing in 80% chance of December cut).
Presidents Trump and Xi held a phone call with discussions involving Ukraine/Russia, fentanyl and soybeans. China readout noted Xi emphasized returning Taiwan to China. Bloomberg sources said US and China still negotiating key details of how Beijing will free up rare earth exports. Separately, Commerce Secretary Lutnick confirmed White House considering allowing sale of advanced NVDA chips to China though decision up to Trump. Follows reports US weighing greenlighting H200 chips, said to be twice as powerful as H20s.
Earnings attention turns to Alibaba (~9988.HK~), which reports later Tuesday. Extent of AI contribution to Alicloud growth will get usual attention after group in August flagged revenue acceleration in coming quarters amid robust demand for inference and training workloads. Details on Qwen AI will be eyed after app saw 10M downloads in strong first week. Capex revisions a related focus after company reaffirmed CNY380B in planned cloud/AI spend over three years. Quick commerce segment another focus area amid ongoing focus on competitive pressures.
Pre-open Company News:
293.HK -- Cathay Pacific Airways reports October traffic +30.4% y/y
1093.HK -- CSPC Pharmaceutical Group receives FDA approval for clinical trials of SYH2061 injection
688052.CH -- Suzhou Novosense Microelectronics launches CNY200-400M on-market buyback, to run for 12 months
1333.HK -- Breton Technology completes 10M new shares placement at HK$25.08/share
2880.TT -- Hua Nan Financial Holdings reports Q3 EPS NT$0.59 vs FactSet NT$0.59 [1 est]
532461.IN -- Punjab National Bank Chief Risk Officer Shri Amit Kumar Srivastava appointed as Executive Director
3680.TT -- Gudeng Precision Industrial Co. upgraded to overweight from equal-weight at Morgan Stanley
1795.TT -- Lotus Pharmaceutical receives approval from Taiwan MOEA's Department of Investment Review for acquisition of Alvogen Pharma US
1799.HK -- Xinte Energy chairman Zhang Jianxin resigns due to appointment at controlling holder TBEA; effective immediately
656.HK -- Fosun International completes sale of 99.7% stake in Hauck Aufhäuser Lampe for €703M
BKKT -- Bakkt Holdings subscribes to ~$10M of Transchem's warrants - 8-K
1155.MK -- Malayan Banking upgraded to buy from hold at CIMB Securities
2138.HK -- EC Healthcare guides H1 net income to fall by not more than (90%) vs prior year's HK$40.3M, implying net income of at least HK$4.0M
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Chow Tai Fook Jewellery Group (1929.HK), Tongcheng Travel Holdings (780.HK), Vitasoy International Holdings (345.HK)
Australia:
Earnings:
Select Harvests (SHV.AU)
Singapore:
Economic:
08:00 SST: GDP NSA Y/Y (Final); consensus +4%
Earnings:
Thai Beverage Public (Y92.SP)
Market Data:
Gold (Dec 25): +$35.40 or +0.86% to $4129.60
WTI Crude (Jan 26): +$0.07 or +0.12% to $58.91
$-¥: +0.56 or +0.36% to 156.9460
$-KRW: +5.23 or +0.36% to 1474.9600
A$-$: +0.00 or +0.14% to 0.6464
$-INR: (0.47) or (0.53%) to 89.1478
$-CNY: (0.01) or (0.07%) to 7.1019
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