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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.89%), Hang Seng +0.67%, Shanghai Composite +0.65% as of 03:10 ET

Dec 01 ,2025

  • Synopsis:

    • Asia equities ended mixed Monday. Worst declines in tech-leaning benchmarks in Japan, South Korea and Taiwan while Australia also saw losses. Southeast Asia also mostly lower. A small gain for Singapore while India reached a fresh record high before setting back. Greater China benchmarks were led higher by Shenzhen but ended off their highs. US futures lower, Europe opened with declines. US dollar a little lower, yen stronger but little movement of note elsewhere. Treasury and JGB yields higher with 2Y above 1% for the first time in 17 years. Oil surging as OPEC+ reiterated commitment to pause production hikes next quarter. Precious metals higher, metals also rallying. Cryptocurrencies steeply lower as PBOC moved to curb virtual currencies.

    • Equities ex China under pressure Monday as a modest risk-off kicks in to start the month ahead of key US data that will precede the Fed Reserve rate decision next week. Fed Fund Futures showing an 87% chance of a rate cut while in Asia, swaps markets pricing in a 75% chance of a BOJ rate hike following a hawkish speech by Governor Ueda. Regional PMIs for November were mixed: China's official and RatingDog private surveys showed manufacturing had contracted while non-manufacturing was below 50 for the first time in three years. South Korea and Taiwan saw continued contraction while Southeast Asia expanded further.

    • India saw slower PMI growth as US tariffs began to bite. On Friday, India Q3 GDP was significantly better than expected to place the RBI rate decision later this week on a knife edge, according to economists; today, the rupee fell to a record low against the dollar as the central bank stepped away from providing support, according to a Bloomberg report. Separate data showed South Korea export growth for November adjusted for workdays held near October levels, led by chips and autos. The Bank of Thailand said it is considering measures to ease pressure on the baht and sees room for a rate cut while Bank Indonesia Governor Warjiyo said he believed there was further room for rate cuts just as trade data showed exports falling amid weak China demand. Taiwan officials said it is looking to cut tariffs on US exports to 15% from the current 20% but training US workers in not among a condition being discussed.

    • Coupang (CPNG) admitted nearly 34M customer accounts were compromised by an employee-related data breach last week. Reuters reported Huawei and ZTE (763.HK) have secured a set of contracts with Vietnam authorities to supply 5G equipment. Meituan (3690.HK) CEO said the ongoing food delivery price war is a 'low quality, low-level form of vicious competition" that his company has no intention of joining. ASX (ASX.AU) confirmed it had been hit by an outage to its announcements' platform on Monday in another setback for the exchange operator already being probed by regulators.

  • Digest:

    • China manufacturing and services activity both shrink in November:

      • China official manufacturing PMI inched up to 49.2 in November from 49.0 in prior month, in-line with consensus. Underlying components showed improvement with output swinging back to neutral. New orders and new export order declines narrowed amid stabilization in domestic and external demand. Pricing measures indicative of ongoing margin pressures with raw material costs quickening. Non-manufacturing PMI fell to 49.5 from 50.1 and below consensus 50.0, marking first contractionary read since China came out of Covid lockdowns in late 2022. New orders declined at a faster pace amid weakness across construction and services sectors, reflecting a deepening property market downturn. Services turned negative for first since Sep-2024 with NBS attributing decline to payback for October holiday boost. Separate RatingDog manufacturing PMI fell to 49.9 from 50.6 in prior month, below consensus 50.5. Output stalled amid weaker new orders and despite eight-month high in new export orders following US-China trade truce. Policymakers have resisted calls to step up stimulus amid the weak data trends. Attention now on December Central Economic Work Conference (CEWC), which will set tone for next year's economic goals.

    • India's economy grows at fastest pace in 18 months but gives RBI rate decision dilemma:

      • India's GDP grew 8.2% in Q3 versus consensus forecast of 7.2% driven by strong consumer spending post GST cut, lingering export frontloading, stronger-than-expected financial services activity; offset threats to exports from US tariffs and slowdown in global trade. Private consumption rose 7.9% y/y to reflect GST cut, manufacturing grew 9.1%, government spending fell 2.7%, close to expectations. Economists upped FY forecasts post strong Q2 growth with FY consensus now at 7.5% y/y citing potential for US trade deal, improvement in credit trends (BusinessStandard) however IGB yields rose and rupee hovered around record lows as robust figure reduces chances of RBI rate cut this week (Bloomberg). Economists also warned lower deflator effect, festival timing likely to be temporary while lack of US trade deal could be impediment although separately Friday, senior official said New Delhi optimistic trade deal with US could be signed this month (Bloomberg).

    • StreetAccount Event Preview: Reserve Bank of India policy meeting, 5 December:

      • In a speech to business leaders in Nagoya, BOJ Governor Ueda confirmed board will debate pros and cons of raising interest rates at December MPM. Reaffirmed core policy stance that rate hikes will continue if economic and inflation outlook is realized. Sees increasing likelihood of this outlook being achieved amid factors such as declined in tariff-related uncertainties. Said BOJ at stage where it should examine whether firms' wage-setting behavior will continue, noting corporate profits expected to remain high, labor shortages remain acute, and record minimum wage increase for FY25 highly likely to encourage wage hikes among firms. Echoed board member observations (Noguchi) that real rates are considerably below level that is neutral to economic activity and prices, adding that financial conditions will remain accommodative even if policy is tightened. Ueda's remarks follow hawkish-leaning rhetoric from multiple policymakers over recent weeks, including those that did not dissent in favor of rate hikes at recent meetings. Import inflation from yen weakness said to be a factor in board member thinking with Reuters sources last week noting BOJ has been preparing markets for near-term rate hike.

    • Monthly PMIs again indicate slower growth in Taiwan and South Korea, expansion in ASEAN:

      • S&PGlobal PMIs in South Korea and Taiwan continued to contract during November with output and new orders falling further, input costs gaining but forward looking sentiment components were more upbeat. South Korea's headline reading stabilized at 49.4, still second consecutive month of manufacturing contraction; new orders weighed by slump in domestic conditions. Reading in contrast to separate government November export data published Monday that showed exports rose 8.4% y/y on strong chip, auto shipments to reinforce economists' view of South Korea experiencing 'K' shaped recovery (Yonhap). Meanwhile, Taiwan PMI deteriorated at slower pace with overall reading at 48.8 from 47.7. S&P economist said slowest reductions in output, new orders for six months could indicate relative demand improvement. India saw slowest expansion in output and demand in nine months as US tariffs begin to bite. ASEAN 53.0 reading third highest ever, strong expansions in new orders and output; upturns throughout region ex Philippines, which saw steepest contraction since pandemic period.

    • BOJ Governor Ueda says board will debate pros and cons of rate hike this month:

      • In a speech to business leaders in Nagoya, BOJ Governor Ueda confirmed board will debate pros and cons of raising interest rates at December MPM. Reaffirmed core policy stance that rate hikes will continue if economic and inflation outlook is realized. Sees increasing likelihood of this outlook being achieved amid factors such as declined in tariff-related uncertainties. Said BOJ at stage where it should examine whether firms' wage-setting behavior will continue, noting corporate profits expected to remain high, labor shortages remain acute, and record minimum wage increase for FY25 highly likely to encourage wage hikes among firms. Echoed board member observations (Noguchi) that real rates are considerably below level that is neutral to economic activity and prices, adding that financial conditions will remain accommodative even if policy is tightened. Ueda's remarks follow hawkish-leaning rhetoric from multiple policymakers over recent weeks, including those that did not dissent in favor of rate hikes at recent meetings. Import inflation from yen weakness said to be a factor in board member thinking with Reuters sources last week noting BOJ has been preparing markets for near-term rate hike.

    • Notable Gainers:

      • +13.9% ~763.HK~ (ZTE): report of Huawei and ZTE have secured multiple contracts to supply 5G equipment in Vietnam

      • +10.2% ~358.HK~ (Jiangxi Copper): China's smelter group agrees to cut copper production capacity by over 10% in 2026

      • +9.2% ~112040.KS~ (Wemade): on report of Imir Global maintaining around 160,000 concurrent users on Wemix Play

      • +3.6% ~1303.TT~ (Nan Ya Plastics): enters partnership with Nitto Boseki for glass cloth

      • +1.5% ~2303.TT~ (United Microelectronics): sees mass shipment in 2027 from the collaboration with IMEC in Belgium in silicon photonics

      • +0.1% ~068270.KS~ (Celltrion): report of signing deal with US PBM for bone disease treatment Stoboclo

    • Notable Decliners:

      • -6.6% ~087010.KS~ (Peptron): technology evaluation period with Eli Lily may extend beyond the originally planned 14 months

      • -2.9% ~3690.HK~ (Meituan): reports Q3 adjusted net income (CNY16.01B) vs FactSet (CNY12.11B); rejects price war after intense competition leads to first quarterly loss since 2022

      • -1% ~5401.JP~ (NIPPON STEEL): report of firefighters battling fire after explosion at Nippon Steel steelworks in Muroran City

  • Data:

    • Economic:

      • China November

        • Official manufacturing PMI 49.2 vs consensus 49.2 and 49.0 in prior month (30-Nov)

        • Non-manufacturing PMI 49.5 vs consensus 50.0 and 50.1 in prior month

        • Composite PMI 49.7 vs 50.0 in prior month

        • RatingDog Manufacturing PMI 49.9 vs consensus 50.5 and 50.6 in prior month

      • Japan

        • November final manufacturing PMI 48.7 vs flash 48.8 and 48.2 in prior month

        • Q3 MOF corporate survey capex +2.9% y/y vs consensus +6.0% and +7.6% in prior quarter

          • Ex-software capex +2.9% y/y vs consensus +5.4% and +5.2% in prior quarter

        • November final manufacturing PMI 48.7 vs flash 48.8 and 48.2 in prior month

      • Australia

        • Q3 business inventories (0.9%) vs consensus 0.0% and +0.1% in Q2

        • Q3 company profits 0.0% vs consensus +1.6% and revised (2.6%) in Q2

        • November ANZ-Indeed job advertisements (0.8%) m/m vs revised (1.9%) in October

    • Markets:

      • Nikkei: (1.89%) to 49,303

      • Hang Seng: +0.67% to 26,033

      • Shanghai Composite: +0.65% to 3,914

      • Shenzhen Composite: +1.25% to 13,146

      • ASX200: (0.57% to 8,565

      • KOSPI: (0.16% to 3,920

      • SENSEX: (0.03%) to 85,681

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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