Dec 17 ,2025
Synopsis:
Asian markets set for negative start to Thursday trade. Futures signaling opening declines in Japan and Hong Kong. ASX marginally lower in initial trade. S&P 500 futures up slightly afterhours with MU rallying following earnings. Australian bonds strengthening after Treasury yields came off earlier highs. FX markets steady after dollar rebounded against yen. Crude extending rebound amid geopolitical tensions (Venezuela and Russia). Gold little changed following overnight advance. Bitcoin fluctuating following sharp pullback from $90K.
Negative leads for Asian indexes from tech-led retreat in US, where AI trade came under fresh scrutiny. ORCL at the center of concerns after confirming OWL backed out of data center in Michigan while insisting project proceeding as expected. Big tech all ended lower with semis also under notable pressure, SOX down 4%. Elsewhere, dovish-leaning comments from Fed Governor Waller provided no reprieve for markets amid sense of caution ahead of November US CPI (Thurs) and BOJ meeting (Fri).
MU earnings may set tone for Asian chip stocks after company guided Q2 revenue above expectations with HBM revenue expected to see robust growth. Echoed view memory shortage likely to persist beyond 2026 amid strong demand for HBM from AI data centers, while supply constraints leaving MU only able to fulfil about 50-66% of orders from key customers over medium-term. Company raised 2026 capex estimate to $20B from $18B estimate focused on HBM with further increase expected in 2027. Stock up 7% afterhours.
In economic news, New Zealand GDP growth rebounded in Q3 by slightly more than expected, driven by capex and rebounds in manufacturing, construction and services sectors. With BOJ widely expected to hike by 25 bp on Friday, focus is largely on rate path beyond December. Nikkei reported BOJ plans to retain rate hike bias from 2026 with officials internally viewing policy rate of 0.75% as accommodative given negative real rates. Taiwan central bank expected to keep interest rate unchanged Thursday.
Pre-open Company News:
2502.JP -- CORRECTION: Diageo to sell to Asahi its 65% shareholding in EABL, and its shareholding in Kenyan spirits business UDVK; estimated net proceeds after tax and transaction costs of $2.3B (¥357.54B)
534091.IN -- Multi Commodity Exchange of India sets 2-Jan-26 as record date for five-for-one stock split
XZL.SP -- Acrophyte Hospitality Trust to sell Hyatt Place Memphis Primacy Parkway to Shivam Patel for $7.8M
532175.IN -- Cyient acquires 65% stake in Kinetic Technologies for up to $93M (INR8.41B) cash
2228.HK -- XtalPi CFO Tam Man Hong to step down, effective 31-Dec
300115.CH -- Shenzhen Everwin Precision Technology's senior management to sell 383K shares on market between 12-Jan to 11-Apr
BMY -- Bristol Myers Squibb Canada announces CDA recommendation for OPDIVO plus YERVOY as first-line treatment for MSI-H/dMMR metastatic colorectal cancer
COYA -- Coya Therapeutics, Inc. receives $4.2M milestone payment from Dr. Reddy's for dosing of first patient in COYA 302 trial - 8-K
2563.HK -- Beijing Biostar Technologies doses first patient in pivotal trial for UTD1 in HER2-negative BCBM
543396.IN -- One 97 Communications (Paytm)'s unit Paytm Payments receives receives additional payment approvals from RBI
China Jan-Nov government land sale revenue CNY2.912T, (10.7%) y/y
1918.HK -- Sunac China Holdings's holistic offshore debt restructuring to become effective on 23-Dec
3593.JP -- Carlyle Group to acquire Hogy Medical through tender offer at ¥6,700/share
2357.TT -- ASUSTek Computer downgraded to neutral from buy at Goldman Sachs
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Australia:
Economic:
11:00 AEST: Consumer Inflation Expectation; consensus
Market Data:
Gold (Feb 26): ($4.10) or (0.09%) to $4369.80
WTI Crude (Jan 26): +$1.05 or +1.88% to $56.99
$-¥: +0.81 or +0.52% to 155.5320
$-KRW: +0.98 or +0.07% to 1474.0000
A$-$: (0.00) or (0.43%) to 0.6603
$-INR: (0.54) or (0.59%) to 90.4091
$-CNY: +0.00 or +0.01% to 7.0428
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