Dec 02 ,2025
Synopsis:
Asian markets set for mixed start to Wednesday trade. Futures signaling opening gains in Japan and decline in Hong Kong. ASX up slightly in early trade. S&P 500 futures unchanged afterhours. Australia bonds weakening ahead of Q3 GDP. Treasuries bit firmer at the short end overnight after JGB yields stabilized following 10Y auction. FX markets steady after dollar rebounded against yen. Crude flat near session lows. Gold off its earlier lows. Bitcoin steady after staging big rebound following Monday selloff.
Crypto bounce seen as a positive for risk sentiment after Bitcoin reclaimed $90K. Rate stabilization another area of focus after JGB yields stabilized following 10Y auction that drew firmer demand. However, these two areas still facing scrutiny with Bitcoin hit by liquidation of leveraged longs, while press highlighted negative funding rate and haven demand for stablecoins. Rise in BOJ rate hike expectations added to upward pressure on JGBs this week and there remain concerns about supply ahead of 30Y JGB auction on Thursday.
Another busy round of tech updates. INTC rally followed reports company is progressing toward supplying AAPL with advanced supply chips. AMZN announced Trainium3 AI chip available from Tuesday, anticipating very quick scale up. NVDA said previously announced $500B of bookings for Blackwell and Rubin does not include next part of agreement with OpenAI (implying pipeline upside). MRVL confirmed acquisition of Celestial AI and flagged accelerated growth in its custom chips.
Consensus is looking for Australian Q3 GDP growth of 0.7% q/q, a three-year high and up on 0.6% in Q2. Yearly rate projected to hit 2.2% following Q2's 1.8% increase. Growth to be underpinned by surge in construction work and plant capex amid spike in data centers. Focus will also be on extent of consumption growth amid a pickup in domestic demand that has weakened case for additional easing. Inflation upswing has also prompted some economists to predict RBA will pivot to rate hikes in 2026.
Pre-open Company News:
WAC.GR -- Wacker Neuson confirms discussions regarding acquisition of majority stake and takeover by Doosan Bobcat Inc.
688036.CH -- Shenzhen Transsion Holding files for Hong Kong IPO through CITIC Securities, JPMorgan
000878.CH -- Yunnan Copper to acquire 40% stake in Liangshan Mining from its controlling shareholder via share issuance
1913.HK -- Prada completes acquisition of Versace from Capri Holdings; deal announced on 10-Apr
500330.IN -- Raymond group CFO Amit Agarwal steps down due to his transition to Lifestyle Business, effective immediately
7267.JP -- America Honda reports November US sales 102,824 units, (15.3%) y/y
EU sets a provisional deadline of 15-Jan to rule on Jefferies and SMFG Japanese equities JV
EQT.SS -- EQT Life Sciences portfolio company Egle Therapeutics initiates Phase 1 healthy volunteer study of EGL-003 as a potential treatment for atopic dermatitis
2858.HK -- Yixin Group reports Q3 financed automobile transactions 235K, +22.6% y/y
300866.CH -- Anker Innovations Technology files for Hong Kong IPO through CICC, Goldman Sachs, JPMorgan
506395.IN -- Street Takeaways - Coromandel International Analyst meet
600863.CH -- Mengdian Huaneng to buy 70% stake in Zhenglanqi New Energy, 75.5% stake in Duolun New Energy for CNY5.34B, reduced from CNY5.72B
On Deck:
South Korea:
Economic:
08:00 KST: GDP NSA Y/Y (Final); consensus +1.7%
Australia:
Economic:
11:30 AEST: GDP Y/Y; consensus +2.1%
11:30 AEST: GDP SAAR Q/Q; consensus +1.8%
11:30 AEST: GDP SA Q/Q; consensus +0.6%
India:
Earnings:
Pine Labs (544606.IN)
Market Data:
Gold (Feb 26): +$19.30 or +0.46% to $4240.10
WTI Crude (Jan 26): ($0.01) or (0.02%) to $58.63
$-¥: +0.34 or +0.22% to 155.8200
$-KRW: (4.22) or (0.29%) to 1467.4600
A$-$: +0.00 or +0.26% to 0.6572
$-INR: +0.31 or +0.34% to 89.9173
$-CNY: (0.00) or (0.03%) to 7.0695
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