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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.18%, Hang Seng (1.23%), Shanghai Composite +0.54% as of 03:10 ET

Dec 08 ,2025

  • Synopsis:

    • Asia equities traded mixed Monday in a quiet session ahead of the week's main catalysts. Japan's main boards saw modest gains and mainland China was also higher with a notable outperformance in Shenzhen. The Kospi and Taiex also added to recent gains. On the downside, the Hang Seng and Australia's ASX ended lower, India is down again, and Southeast Asia was also lower. US futures a few points higher, Europe a few points lower. US dollar slightly weaker, won rallying but quiet elsewhere. Treasury and JGB yields higher across tenors. Precious metals under pressure, crude oil futures slightly higher. Copper steady after Friday's climb to four-month high, iron ore giving up some gains. Cryptocurrencies seeing some gains.

    • Asia stocks in a cautious advance Monday ahead of several catalysts that are likely to prove among the final set of major drivers for the year. The US Fed is the main focus with a 25 bps cut almost completely priced in but traders wary of a potential 'hawkish cut' that could signal a pause ahead. Central bank decisions in Australia and the Philippines also due this week as well as the BOJ next week. In developments today, Japan's economy shrank by more than the preliminary reading in Q3 while October's real wages fell by 0.7% despite an uptick in nominal pay. Sentiment in Japan also on edge as relations with China deteriorated over the weekend after a fighter jet locked onto Japanese aircraft near Taiwan.

    • Elsewhere, China's November exports surged to beat forecasts while imports rose only modestly to give a trade surplus of more than $111B; forex reserves rose again in November but by less than expected. In trade talk developments, US officials gave an upbeat assessment of progress in talks with China, but France's President Macron warned over China's growing trade surplus with the EU. US officials are also set to arrive in New Delhi this week ahead of trade talks. Vietnam's monthly economic growth indicators showed continued growth in industrial output but a slowdown in retail sales; inflation climbed to an almost year-end high. Thailand launched airstrikes against Cambodia along their disputed border as tensions ratcheted sharply higher.

    • Softbank (9984.JP) is in discussions to buy AI-focused private equity group DigitalBridge. Baidu (9888.HK) confirmed it is assessing the potential Hong Kong listing of its AI chip unit Kulunxin. Pop Mart International (9992.HK) shares were under pressure Monday on reports its Black Friday US sales may have fallen short of forecasts. LG Energy Solution (373220.KS) has signed a battery supply agreement with Mercedes-Benz. National Storage (NSR.AU) is to be bought out by a Brookfield-GIC consortium in a $4.5B deal. Sembcorp Industries (U96.SP) is in advanced talks to buy Australia's Alinta Energy, owned by Chow Tai Fook Enterprises in a deal that could be worth A$3.4B ($2.3B). The India government has asked IndiGo's (InterGlobe Aviation, 539448.IN) CEO to explain recent disruptions caused by pilot shortages.

  • Digest:

    • Chinese leaders prioritize boosting domestic demand in 2026, setting tone for CEWC:

      • Xinhua published readout of December Politburo meeting on Monday in which top leaders pledged to keep expanding domestic demand and support broader economy with more proactive fiscal policy and maintain moderately loose monetary stance in 2026. The huddle of 24-member Politburo comes ahead of annual Central Economic Work Conference (CEWC), expected to be held in coming days, which will set key targets and policy directions for next year. Statement says China will adhere to domestic demand as main driver and build strong domestic market as it aims for "a good start" for new five-year economic planning period that starts in 2026. Bloomberg added authorities also pledged to adopt "cross-cyclical" policy adjustments, phrase emphasizing longer-term planning over volatility in economic growth, first time that phrase has appeared in Politburo readout in two years. Preventing and resolving risks in key areas, usually referring to local government debt, property and financial sectors, were lowered to bottom of list of eight major priorities, suggesting China may put more focus on growth. It also says China will better coordinate domestic and international economic work and trade battles next year.

    • China exports rebound in November while imports underperform:

      • Dollar-denominated exports rose 5.9% y/y in November, beating Reuters estimates 3.8% growth and rebounded from unexpected 1.1% drop in October. Earlier both NBS and private RatingDog PMIs showed increase in new export orders sub-index, suggesting October's slowdown was likely temporary. Imports grew 1.9% in November, below consensus 2.8% and up from 1.0% rise in prior month, leaving a trade surplus of $111.68B. Meanwhile YTD trade surplus hit nearly 1.08T, surpassing $1T mark for first time in any year (Bloomberg). Noted milestone reached follows trade truce reached with Trump administration in end-Oct and highlights China's dependence on global demand with exports driving for almost third of economic growth in 2025 as it struggles to bolster domestic consumption. Exports to US fell 28.6% in November, extending double-digit declines into eighth straight month and bringing YTD drop to 19%. Meanwhile shipments to ASEAN and EU, Beijing's top two trading partners, rose 8.2% y/y and 14.8% y/y respectively, as Chine expanded markets beyond US. Trend likely to draw more scrutiny from these trading partners as Reuters reported French President Macron said he had threatened with tariffs on China during his recent state visit to the country if there was no action taken to reduce trade surplus.

    • Japan Q3 GDP shrinks by more than initial estimate, real wage decline narrows:

      • Japan final Q3 GDP shrunk annualized 2.3% against consensus for 2.0% drop and preliminary contraction of 1.8%. Growth fell 0.6% q/q, slightly worse than consensus 0.5% and preliminary 0.4%. Main drag came from capex, which shrunk 0.2% compared to preliminary 1% growth and consensus for a 0.4% increase. Capex weakness offset slightly more positive contributions from private consumption (+0.2% from +0.1%), inventories (-0.1% from -0.2%) and net exports (-0.1% from -0.2% previously). Separately, nominal wage growth rose to three-month high of 2.6% y/y in October from revised 2.1% in September, better than consensus for a 2.2% increase. While volatile special wage component rose 6.7%, base wage growth also climbed to 2.5% from revised 2.0% increase in September. Real wage decline narrowed to 0.7% from 1.4% in prior month. Overall, GDP weakness considered unlikely to prevent an expected rate hike next week amid view temporary factors influenced the result while private consumption nudged higher. BOJ confidence in outlook for wage growth ahead of next spring's shunto talks has also been a key factor driving expectations of December rate hike.

    • Baidu confirms it is assessing Kunlun spinoff amid China AI chip hype:

      • Baidu (9888.HK) confirmed speculation it is considering spinning off AI chip unit Kunlun. Follows Reuters source report it was weighing Hong Kong IPO of Kunlun, valuing it at CNY27B ($2.97B). Kunlun expected to achieve break-even this year following net loss of CNY200M in 2024. More than 50% of revenue expected to be generated from external sales with company to launch M100 chip for inference in early 2026, and M300 for training and inference in early 2027. Huawei and Alibaba (9988.HK) China other's established players working to develop in-house chips following Beijing's restrictions on Nvidia H20s and US maintaining export controls on Nvidia's more advanced chips (Reuters). Smaller China AI chip producers have arguably generated a lot more hype in 2025 and IPO pipeline remains healthy with MetaX Integrated Circuits, Biren Technology, SJ Semiconductor and Xiamen UX IC among other names slated to debut. While this reflects bets sector stands to benefit from Beijing's push to develop homegrown chip industry, it is also fanning concerns of a speculative frenzy in unprofitable tech. STAR CHIP index up 58% year-to-date, propelling its P/E to 118x compared to Shanghai Composite's 12x. Moore Threads (688795.CH) surged 425% on its trading debut Friday, more than 5x IPO price with retail portion oversubscribed by 2,750x (Reuters, Bloomberg).

    • Japan-China tensions show no sign of easing, Thailand-Cambodia borderzone dispute flares again:

      • Tensions between Tokyo and Beijing over Taiwan escalated after Japan said China carrier group launched air operations near Okinawa islands. Tokyo summoned China ambassador to protest 'dangerous, regrettable behavior' after China jet pointed radar at Japanese aircraft although Beijing denied story, countered Japanese aircraft had endangered flight safety by approaching carrier group (Reuters). Comes after Tokyo asked Washington to be more vocal in dispute after growing frustrated with lack of backing from US. FT said President Trump instructed state department team not to take actions that would jeopardize trade deal reached with Beijing. Elsewhere, tensions between Cambodia and Thailand along disputed border flared up with Bangkok admitting it had launched airstrikes, but both sides blaming other for instigating breakdown in ceasefire (Reuters). Thai soldiers reported injured as Cambodia resumed own aerial attacks (BangkokPost), as locals were evacuated from border zone (BangkokPost).

    • Notable Gainers:

      • +6.0% 373220.KS (LG Energy Solution): signs battery supply deal worth KRW2.060T with Mercedes-Benz

      • +5.8% 6856.JP (Horiba): Oasis Management discloses 9.9% stake

      • +3.5% 9888.HK (Baidu): confirms it is assessing potential spinoff, listing of Kunlunxin

      • +1.9% 6239.TT (Powertech Technology): reports November revenue NT$7.14B, +25.1% y/y

      • +1.7% 6030.HK (CITIC Securities): brokerage companies in China and Hong Kong trading higher following CSRC chairman's speech

    • Notable Decliners:

      • -3.3% 9984.JP (SoftBank Group): reportedly in talks to acquire DigitalBridge

      • -1.7% U96.SP (SembCorp Industries): Sembcorp reportedly likely to sign deal to buy Alinta Energy this week

      • -1.0% 3.HK (Hong Kong & China Gas): EcoCeres reportedly considering listing in Hong Kong rather than London

      • -0.5% 3034.TT (Novatek Microelectronics): reports November revenue NT$7.62B, (7.2%) y/y

      • -0.3% 2328.HK (PICC Property & Casualty): president Yu Ze under disciplinary review and supervision investigation

  • Data:

    • Economic:

      • China November

        • Trade balance $111.68B vs consensus $100.15B and $90.07B in prior month

          • Exports +5.9% y/y vs consensus +3.8% and (1.1%) in prior month

          • Imports +1.9% y/y vs consensus +2.8% and +1.0% in prior month

      • Japan

        • Q3 final GDP (2.3%) q/q annualized vs consensus (2.0%) and preliminary (1.8%)

          • GDP (0.6%) q/q vs consensus (0.5%) and preliminary (0.4%)

        • October average nominal wages +2.6% y/y vs consensus +2.2% and revised +2.1% (from +1.9%) in prior month

          • Real wages (0.7%) y/y vs consensus (1.2%) and (1.4%) in prior month

        • November bank lending +4.2% y/y vs +4.1% in prior month

        • October current account balance ¥2,833.5B vs consensus ¥3,129.9B and ¥4,483.3B in prior month

    • Markets:

      • Nikkei: 90.07 or +0.18% to 50581.94

      • Hang Seng: (319.72) or (1.23%) to 25765.36

      • Shanghai Composite: 21.27 or +0.54% to 3924.08

      • Shenzhen Composite: 30.04 or +1.22% to 2498.92

      • ASX200: (10.20) or (0.12%) to 8624.40

      • KOSPI: 54.80 or +1.34% to 4154.85

      • SENSEX: (572.22) or (0.67%) to 85140.15

    • Currencies:

      • $-¥: (0.08) or (0.05%) to 155.2860

      • $-KRW: (6.78) or (0.46%) to 1467.0300

      • A$-$: (0.00) or (0.08%) to 0.6637

      • $-INR: +0.21 or +0.23% to 90.1582

      • $-CNY: (0.00) or (0.02%) to 7.0687

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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