APAC Market Wrap - Nov 24
Mainland China stock market: At the close, the Shanghai Composite rose 0.05%, the Shenzhen Component rose 0.37%, and the ChiNext Index rose 0.31%.
In terms of sectors, defense, AI applications, commercial aerospace and other sectors led the gains, while energy metals, Hainan concept, natural gas and other sectors were among the biggest decliners.
Hong Kong stock market: Hong Kong stocks staged a long-overdue strong rebound today, with the tech index leading the gains.
At the close, the Hang Seng Index rose 1.97% to 25,716.50; the Hang Seng Tech Index rose 2.78% to 5,545.56; the H-Shares Index rose 1.79% to 9,079.42.
The Hong Kong market showed broad-based strength, with internet & tech, healthcare, autos and other sectors all rising sharply and investor risk appetite clearly improving.
Analysts point out that continued warming in Fed rate-cut expectations provided strong support for Hong Kong tech stocks, combined with a string of positive news from several heavyweight companies, together driving today’s rebound.
Japanese stock market: Closed
Korean stock market: The KOSPI fell 0.19% to 3,846.06. Consumer services, airlines, wireless telecom services and other sectors rose, while biotech, non-ferrous metals, department stores, electrical products and many other sectors declined.
Australian stock market: The S&P/ASX 200 rose 1.29% to 8,525.100. Industrial distribution, homebuilding, transportation and other sectors gained, while pharmaceutical manufacturers, healthcare distribution, apparel, other energy and other sectors fell.
Singapore stock market: The FTSE Singapore Straits Times Index STI rose 0.62% to 4,496.63. By sector, utilities, personalized services, cyclical retail, autos & parts and other sectors rose, while personalized services, industrial products, cyclical retail and other sectors declined.
Malaysian stock market: The FTSE Malaysia KLCI rose 0.07% to 1,618.78. By sector, real estate, consumer products, construction and other sectors rose, while utilities, healthcare, industrials and other sectors edged lower.
Key events
Yen suddenly one-sided? Japanese economic advisor: Japan can actively intervene in the FX market to support the yen
As the yen rapidly weakened to its lowest level in nearly ten months, the Takaichi administration, which had long touted “a weak yen is a good thing,” now appears to be getting nervous.
On Sunday, Takuji Aida, a member of the Japanese government’s advisory panel and chief economist at Crédit Agricole, publicly stated on a Japanese TV program that Japan can actively intervene in the currency market to mitigate the negative economic impact of yen weakness.
Takuji Aida is a member of Prime Minister Sanae Takaichi’s key economic team, which is responsible for reviewing and implementing the government’s growth strategy.
India and Canada agree to restart talks, aiming to double bilateral trade
Indian Prime Minister Narendra Modi and Canadian Prime Minister Mark Carney agreed to resume negotiations on a bilateral free-trade agreement, the latest sign of warming ties.
After meeting on the sidelines of the G20 summit in South Africa, the two leaders announced they would “launch negotiations for an ambitious Comprehensive Economic Partnership Agreement.”
Carney also accepted Modi’s invitation to visit India early next year.
Thailand’s Bitkub reportedly considering a Hong Kong IPO
People familiar with the matter say Thai cryptocurrency exchange Bitkub is considering an initial public offering in Hong Kong, a move that could help bolster Hong Kong’s status as a digital-asset hub.
Founded in 2018, Bitkub had previously explored an IPO in Thailand, but the local market has been one of the world’s worst performers in 2025, with the SET Index down about 10% year-to-date.
The sources say Bitkub could launch a Hong Kong IPO as early as next year to raise around $200 million.
They added that discussions are ongoing and details may change. Bitkub, headquartered in Bangkok, did not respond to requests for comment.
Institutional views
UBS: This week’s data expected soft enough to push Fed year-end cut probability higher
UBS Global Wealth Management strategists wrote that the dollar may weaken because this week’s U.S. data is expected to come in soft. Key releases include Tuesday’s retail sales, consumer confidence and pending home sales, and Wednesday’s durable goods orders, weekly jobless claims and new home sales.
The strategists note these figures will influence market expectations for growth, inflation and Fed policy. “We still expect the incoming data to be weak enough to push market pricing toward a higher probability of a December cut, putting downward pressure on the dollar into year-end.”
UBS: AI & broader tech to drive global equities +15% in 2026
UBS Global Wealth Management Chief Investment Office says artificial intelligence and the broader technology theme will continue to be the main driver of global equity performance in 2026, extending the strong momentum of 2025. In its latest outlook, UBS believes the macro environment is becoming more favorable, with global growth expected to stabilize in the second half of next year. Forecasts: U.S. GDP +1.7% (aided by easier financial conditions and expansionary fiscal policy), eurozone +1.1%, Asia-Pacific near 5%.
Despite lingering concerns over megacap tech valuations and potential bubble risk, UBS remains optimistic: AI, fiscal support and monetary easing should keep pushing markets higher even against long-term headwinds like demographics and deglobalization.
Global equities seen rising about 15% by end-2026. In the U.S., favors tech, utilities and healthcare; in Europe – industrials, tech and utilities; in Asia – China stands out, especially tech, with expected 37% earnings growth in 2026.
ANZ: Gold pulling back but fundamentals solid; silver still shining
ANZ says gold has retreated from its recent peak near $4,380 and is now trading around $4,000, yet fundamentals remain solid with strong investment demand and continued central-bank buying. The balanced risks in U.S. labor, inflation and consumer spending point to a probable 25 bps Fed cut next month.
Slower growth, elevated equity valuations, geopolitical uncertainty and global diversification away from U.S. assets should sustain healthy investment and CB demand. Silver continues to outperform gold – the gold/silver ratio has fallen to 80. October’s surge in retail investment tightened physical supply and added further upside momentum to silver.