Dec 03 ,2025
Synopsis:
Asian markets set for positive start to Thursday trade. Futures signaling small opening gains in Japan and Hong Kong. Australia higher in initial trade. S&P 500 futures flat afterhours. Australian bonds firming, taking cues from Treasury curve bull flattening overnight. FX markets steady after dollar extended recent weakness. Crude hovering near Wednesday close while gold little changed. Bitcoin gaining towards mid-November highs.
Markets on watch for Japan 30Y bond auction today following sustained pressure on JGBs that has pushed yields to record highs beyond 10Y segment. Tuesday's well received Japan 10Y auction provided some semblance of relief though 30Y sale to provider clearer indications of investor appetite for longer-dated bonds (November's 30Y auction met weaker demand amid lower bid-cover and wider tail). Monday's hawkish remarks by BOJ Governor Ueda the main catalyst for this week's rise in yields while supply concerns persist following PM Takaichi's large-scale stimulus package.
In overnight AI news, MSFT hit by reports it has lower software sales quotes due to customer resistance to new products (since denied by company). More attention to ORCL CDS hitting financial crisis highs as ramp in debt issuance fans AI bubble concerns. Anthropic CEO also warned AI firms assuming excessive risk to fund expansion. Afterhours earnings mixed with SNOW (6%) margin guidance disappointing while CRM (+4%) revenue and RPO guidance beat. In latest deal activity, OpenAI to buy startup Neptune that aids with AI model training. SNOW and Anthropic announced $200M expanded partnership.
Pre-open Company News:
IFX.GR -- Infineon Technologies notes U.S. International Trade Commission rule in patent infringement case against Innoscience
1093.HK -- FDA approves US trials of CSPC Pharmaceutical Group's SYH2056 for major depressive disorder
3383.HK -- Agile Group Holdings reports November aggregated pre-sale value CNY0.64B; StreetAccount notes the year-ago figure was CNY1.20B
500295.IN -- NCLT approves Vedanta's resolution plan for acquiring Incab Industries for INR5.45B upfront cash
1729.HK -- Time Interconnect Technology completes acquisition of Dejinchang Investment as announced on 28-Aug
541233.IN -- Lemon Tree Hotels announces license agreement for new property in Rajasthan
544606.IN -- Pine Labs reports Q2 consolidated EPS INR0.06 vs year-ago (INR0.32)
8923.JP -- Tosei Corp releases 2024 ESG report
500228.IN -- JSW Steel and JFE Steel to enter 50:50 joint venture to hold BPSL Steel
601058.CH -- Sailun Group targets at least 30% payout in 2025-2027
532522.IN -- Petronet LNG enters 15-years ethane USH binding agreement with Oil and Natural Gas Corporation with INR50.00B gross revenue potential
500325.IN -- Reliance Industries subsidiary acquires 49% shareholding in Oval Invincibles Limited for £60.3M
600131.CH -- State Grid Information & Communication declares interim dividend CNY0.05/share vs year-ago nil
On Deck:
Japan:
Earnings:
Sekisui House (1928.JP)
Australia:
Economic:
11:30 AEST: Trade Balance on Goods; consensus +A$5.9B
Thailand:
Economic:
07:00 SAST: CPI NSA Y/Y; consensus (0.6%)
Market Data:
Gold (Feb 26): +$4.80 or +0.11% to $4237.30
WTI Crude (Jan 26): +$0.07 or +0.12% to $59.02
$-¥: (0.75) or (0.48%) to 155.1260
$-KRW: (1.77) or (0.12%) to 1466.6400
A$-$: +0.00 or +0.62% to 0.6601
$-INR: +0.25 or +0.28% to 90.1707
$-CNY: (0.01) or (0.11%) to 7.0628
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