Nov 25 ,2025
Synopsis:
Asia equities poised for a firmer open Wednesday. Futures in Japan, Hong Kong, South Korea and Australia were all higher. Almost all Japan ADRs were higher while Golden Dragon China index rose 0.35%. US benchmarks broadly advanced overnight in a strong finish to the session and futures maintaining gains. Tech leads were positive (more in terms of breadth than magnitude) with SOX index up a moderate 0.16% and US big tech broadly higher. Treasuries were firmer with a bit of curve steepening. Dollar index was down 0.3%. Gold finished up 1.1%. Bitcoin futures were down 2.0% after a 5%+ rally on Monday. WTI crude settled down 1.5% on volatile Ukraine peace-deal headlines.
Symbiotic Fed rate cut expectations and tech strength were the main themes. Sentiment encouraged again by revival in rate cut expectations as latest dovish Fedspeak was reinforced by somewhat soft macro data. Also, press reported Hassett has emerged as the front runner to replace Powell as Fed chair, offering additional dovish implications. Alphabet (GOOGL) shares rose sharply after yesterday's report about how it may make its custom-designed TPU chips broadly available to Google Cloud customers. Meta (META) was the best performer among Mag 7 on a report they may use Google AI chips. Nvidia (NVDA) was the lone decliner reflecting competitive implications. Well-received Gemini 3 launch also seen as a potential threat to OpenAI in which SoftBank (9984.JP) is highly exposed. Broader market trading conviction apt to lighten toward the US Thanksgiving holiday.
Asia themes remain largely focused on better US-China headlines in the absence of other major catalysts. Treasury Secretary Bessent maintained positive rhetoric, noting China "right on schedule" in terms of US soybean purchases. Added Trump and Xi may meet four times next year that will serve to maintain stability in bilateral relations. Geopolitics remain a risk with Taiwan the most sensitive issue for Beijing, provoked by Japan PM Takaichi's recent remarks. US stance unchanged while also reassuring Tokyo with support. Yen weakness another key focus, stimulating elevated conjecture on how this raises the chances of a BOJ rate hike. Japan remains the outlier in the region as other central banks continue to lean dovish. Upcoming events include RBNZ meeting today expected to deliver a 25 bp rate cut, followed by BOK tomorrow seen on hold for now. On data, Australia monthly CPI to attract attention after latest readings wiped out near-term expectations for an RBA rate cut.
Pre-open Company News:
9666.HK -- Boyu Group extends offer for Jinke Smart Services Group to 26-Jan
A7RU.SP -- Keppel Infrastructure Trust completes acquisition of 46.7% stake in Global Marine Group; deal was announced on 1-Apr
2582.HK -- Jiangsu Guofu Hydrogen Energy Equipment to place up to 4.9M new H-shares at HK$41.166/share
4578.JP -- FDA approves Voyxact (sibeprenlimab) for adults with IgAN
601118.CH -- China Hainan Rubber Industry Group controlling shareholder Hainan State Farms Investment to issue CNY2.1B exchangeable bonds
US proxy advisor backlash; EIB green finance eligibility tool; Bloomberg transition risk analytics among ESG products & ratings highlights Oct-Nov
500294.IN -- NCC receives INR20.63B contract from Assam's Public Works Department
524230.IN -- Ministry of Chemicals & Fertilizers entrusts additional charge of CMD of Rashtriya Chemicals and Fertilizers to director (finance) Nazhat Shaikh for six months, effective 1-Jan-26
300144.CH -- Songcheng Performance Development acquires Hangzhou Songcheng Industry from controlling shareholder for CNY963.0M cash
Y92.SP -- Thai Beverage Public reports FY net income attributable THB25.36B vs FactSet THB28.32B [9 est, THB25.32-30.89B]
000977.CH -- IEIT Systems Co. completes CNY200-300M share buyback announced on 9-Jul
688516.CH -- Wuxi Autowell Technology obtains CNY700M equipment sales contract
603056.CH -- Deppon Logistics completes 30.0M shares purchase totaling CNY417.8M by controlling shareholder JD.com
2887.TT -- Taishin Shin Kong Financial Holdings receives Financial Supervisory Commission approval for Taishin-Shin Kong merger
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Envision Greenwise Holdings (1783.HK), China Dongxiang (Group) (3818.HK), Alibaba Health Information Technology (241.HK), China Education Group Holdings (839.HK)
Japan:
Economic:
14:00 JST: Leading Index (Final); consensus
New Zealand:
Earnings:
Ryman Healthcare (RYM.NZ), Tower (TWR.NZ)
Malaysia:
Earnings:
Petronas Dagangan (5681.MK)
Market Data:
Gold (Dec 25): ($9.90) or (0.24%) to $4130.10
WTI Crude (Jan 26): +$0.12 or +0.21% to $58.07
$-¥: (0.78) or (0.50%) to 156.1370
$-KRW: (9.74) or (0.66%) to 1464.9300
A$-$: +0.00 or +0.05% to 0.6466
$-INR: +0.01 or +0.01% to 89.1516
$-CNY: (0.02) or (0.27%) to 7.0837
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