Dec 14 ,2025
Synopsis:
Asian markets set for negative start to Monday trade. Futures signaling opening declines in Japan and Hong Kong. Australia also experiencing losses in initial trade. S&P 500 futures flat following tech-driven selloff to end the week. Australian and New Zealand yield curves steepening after Treasuries weakened Friday. FX markets steady after dollar index slid to two-month low. Crude nudging higher after nearing two-month low. Gold little changed near two-month high. Bitcoin steady.
Tech weakness the big story on markets with ORCL a focal point of intertwined concerns surrounding infrastructure/debt/ROI/OpenAI. ORCL embroiled in fresh speculation it delayed data center completion dates to 2028 from 2027 due to shortages of labor and materials (report since denied by company). More articles highlighting views about AI bubble popping and debate about timing/triggers. Surge in CDS trading volumes also tying into concerns about extent of debt finance to fund capex plans and cash flow pressures.
Key economic releases on tap Monday. BOJ Tankan expected to show slight improvement in headline large firm business conditions DIs with FY25 capex plans remaining solid. Comes as front-page Nikkei article reported BOJ in final stages of preparation for a 25 bp rate hike on Friday while Reuters sources indicated BOJ will likely retain rate hike stance. China activity data forecast to show deepening contraction in fixed asset and property investment while growth in retail sales and industrial production seen holding at October's weak pace. China new home prices also due out.
Pre-open Company News:
3064.JP -- MonotaRO upgraded to neutral from sell at Goldman Sachs
002432.CH -- Andon Health's US subsidiary obtains FDA clearance for rapid antigen test kits for Flu A/B, COVID-19, and RSV
1952.HK -- Everest Medicines discloses multiple insider share purchases totaling more than HK$38.0M
541154.IN -- Hindustan Aeronautics upgraded to buy from reduce at Asian Markets Securities
Macquarie upgrades BUOU.SP, J85.SP
1877.HK -- FDA approves trials of Junshi Biosciences' ADC JS212 for advanced solid tumors
2565.HK -- PegBio to place 5.1M new shares at HK$58.41/sh under mandate
600009.CH -- Shanghai International Airport reports November operational statistics: Pudong takeoffs and landings 45,616, +9.2% y/y
9969.HK -- InnoCare Pharma's orelabrutinib meets primary endpoint in phase IIb trial for SLE; phase III approved by NMPA
1709.HK -- DL Holdings Group adds 4,000 Bitcoin miners for $39.2M, adding 1.89 EH/s hashrate
500550.IN -- Siemens downgraded to add from buy at Axis Capital
DXB.AU -- Dimerix completes recruitment and dosing for ACTION3 Phase 3 trial of DMX-200 in patients with focal segmental glomerulosclerosis
U96.SP -- SembCorp Industries upgraded to outperform from neutral at Macquarie
11.HK -- Hang Seng Bank shareholders to vote on HSBC privatisation proposal on 8-Jan
On Deck:
China:
Economic:
10:00 CST: Industrial Output NSA Y/Y; consensus +5%
10:00 CST: Retail Sales NSA Y/Y; consensus +2.9%
Japan:
Economic:
08:50 JST: Tankan Large Non-Manufacturing Index NSA; consensus
08:50 JST: Tankan Large Manufacturing Index NSA; consensus
13:30 JST: Retail Sales NSA Y/Y (Final); consensus
Earnings:
SanBio (4592.JP), Park24 (4666.JP)
Market Data:
Gold (Feb 26): +$7.40 or +0.17% to $4335.70
WTI Crude (Jan 26): +$0.20 or +0.35% to $57.64
$-¥: (0.01) or (0.01%) to 155.8120
$-KRW: (0.91) or (0.06%) to 1473.6100
A$-$: (0.00) or (0.06%) to 0.6648
$-INR: +0.16 or +0.18% to 90.5843
$-CNY: (0.00) or (0.01%) to 7.0535
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