Market Update
China Indexes Diverged Ahead of Key Economic Data and Quarterly Results
Li Chen
13 Nov, 2025
Hong Kong
Stock market indexes in China and Hong Kong diverged as investors awaited earnings from tech leaders and key macroeconomic data.
The Hang Seng index declined 0.6%, and the CSI 300 index rose 1.0% amid receding global tensions.
The U.S. government reopened after the longest shutdown as lawmakers approved short-term funding and passed several budgetary proposals to finance various government programs.
The 43-day shutdown also clouded the inner workings of the U.S. economy amid a data blackout, hampering rate decisions by policymakers.
Investor sentiment improved as the U.S. federal agencies are set to resume release of long-awaited macroeconomic data, including inflation and employment.
Closer to home, China's statistical bureau is scheduled to release updates on retail sales, fixed-asset investment, and industrial production.
Investors are looking for clues about the consumer spending and the impact of fading effects of front-loading ahead of the steep increase in U.S. tariffs.
China Indexes and Stocks
The Hang Seng Index decreased 0.6% to 26,766.78, and the mainland-focused CSI 300 index advanced 1% to 4,690.71.
JD.com and Tencent Holdings were in focus ahead of the release of their quarterly results later in the evening.
Tencent Holdings decreased 1.1% to HK $649.50, JD.com dropped 2.2% to HK $122.0, and Alibaba Group Holding fell 1.2% to HK $154.90.
China Thursday
Li Chen
13 Nov, 2025
Hong Kong
Stock market indexes in China and Hong Kong diverged as investors awaited earnings from tech leaders and key macroeconomic data.
The Hang Seng index declined 0.6%, and the CSI 300 index rose 1.0% amid receding global tensions.
The U.S. government reopened after the longest shutdown as lawmakers approved short-term funding and passed several budgetary proposals to finance various government programs.
The 43-day shutdown also clouded the inner workings of the U.S. economy amid a data blackout, hampering rate decisions by policymakers.
Investor sentiment improved as the U.S. federal agencies are set to resume release of long-awaited macroeconomic data, including inflation and employment.
Closer to home, China's statistical bureau is scheduled to release updates on retail sales, fixed-asset investment, and industrial production.
Investors are looking for clues about the consumer spending and the impact of fading effects of front-loading ahead of the steep increase in U.S. tariffs.
China Indexes and Stocks
The Hang Seng Index decreased 0.6% to 26,766.78, and the mainland-focused CSI 300 index advanced 1% to 4,690.71.
JD.com and Tencent Holdings were in focus ahead of the release of their quarterly results later in the evening.
Tencent Holdings decreased 1.1% to HK $649.50, JD.com dropped 2.2% to HK $122.0, and Alibaba Group Holding fell 1.2% to HK $154.90.
U.S. Movers: CoreWeave, RealReal, Rocket Lab
Scott Peters
11 Nov, 2025
New York City
CoreWeave Inc. dropped 10.2% to $94.84 after the cloud-infrastructure company's cofounder and chief executive, Michael Intrator, said on an earnings call that the company is struggling to secure access to data centers to place its equipment.
Revenue in the third quarter more than doubled to $1.36 billion from $583.9 million, net loss shrank to $110.1 million from $359.8 million, and diluted loss per share eased to 22 cents from $1.82 a year ago.
At the end of the third quarter, revenue backlog more than doubled to $55.6 billion, said CEO Intrator in a statement released to investors.
Stock plunged 10% after the company's 2025 revenue guidance fell short of market expectations.
CEO Intrator estimated full-year revenue to range between $5.05 billion and $5.15 billion and added that a delay in one of the data center buildouts is "impacting us, but it won't affect our backlog."
RealReal Inc. increased 17.3% to $13.15 after the operator of the online marketplace's third-quarter revenue surpassed market expectations and raised its full-year revenue outlook.
Revenue increased 17% to $173.5 million from $147.7 million, net loss attributable to stockholders surged to $54.0 million from $17.9 million, and diluted loss per share expanded to 47 cents from 16 cents a year ago.
The net loss included a change in warrant liability of $43.9 million; however, operating loss decreased to $7.6 million from $14.6 million a year ago.
The second-hand luxury goods marketplace operator guided fourth-quarter revenue between $188 million and $191 million and full-year revenue between $687 million and $690 million.
The company is a beneficiary of an emerging trend as customers turn to authenticated second-hand luxury goods amid elevated prices and a rising cost of living.
Gross merchandise volume increased 20% from a year ago to $520 million, and the company forecast fourth-quarter GMV to range between $585 million and $590 million.
Despite the rising revenue, the company has struggled to be profitable, and the online marketplace operator estimated fourth-quarter adjusted operating earnings between $17.5 million and $18.5 million.
Rocket Lab Corp. soared 9.4% to $56.72, and the company's revenue in the third quarter was ahead of expectations, and the net loss was smaller than expected.
Revenue increased to $155.1 million from $104.8 million, net loss shrank to $18.2 million from $51.9 million, and diluted loss per share eased to 3 cents from 10 cents a year ago.
The space company estimated fourth quarter revenue to range between $170 million and $180 million and adjusted operating loss between $23 million and $29 million.
U.S. Movers: CoreWeave, RealReal, Rocket Lab
Scott Peters
11 Nov, 2025
New York City
CoreWeave Inc. dropped 10.2% to $94.84 after the cloud-infrastructure company's cofounder and chief executive, Michael Intrator, said on an earnings call that the company is struggling to secure access to data centers to place its equipment.
Revenue in the third quarter more than doubled to $1.36 billion from $583.9 million, net loss shrank to $110.1 million from $359.8 million, and diluted loss per share eased to 22 cents from $1.82 a year ago.
At the end of the third quarter, revenue backlog more than doubled to $55.6 billion, said CEO Intrator in a statement released to investors.
Stock plunged 10% after the company's 2025 revenue guidance fell short of market expectations.
CEO Intrator estimated full-year revenue to range between $5.05 billion and $5.15 billion and added that a delay in one of the data center buildouts is "impacting us, but it won't affect our backlog."
RealReal Inc. increased 17.3% to $13.15 after the operator of the online marketplace's third-quarter revenue surpassed market expectations and raised its full-year revenue outlook.
Revenue increased 17% to $173.5 million from $147.7 million, net loss attributable to stockholders surged to $54.0 million from $17.9 million, and diluted loss per share expanded to 47 cents from 16 cents a year ago.
The net loss included a change in warrant liability of $43.9 million; however, operating loss decreased to $7.6 million from $14.6 million a year ago.
The second-hand luxury goods marketplace operator guided fourth-quarter revenue between $188 million and $191 million and full-year revenue between $687 million and $690 million.
The company is a beneficiary of an emerging trend as customers turn to authenticated second-hand luxury goods amid elevated prices and a rising cost of living.
Gross merchandise volume increased 20% from a year ago to $520 million, and the company forecast fourth-quarter GMV to range between $585 million and $590 million.
Despite the rising revenue, the company has struggled to be profitable, and the online marketplace operator estimated fourth-quarter adjusted operating earnings between $17.5 million and $18.5 million.
Rocket Lab Corp. soared 9.4% to $56.72, and the company's revenue in the third quarter was ahead of expectations, and the net loss was smaller than expected.
Revenue increased to $155.1 million from $104.8 million, net loss shrank to $18.2 million from $51.9 million, and diluted loss per share eased to 3 cents from 10 cents a year ago.
The space company estimated fourth quarter revenue to range between $170 million and $180 million and adjusted operating loss between $23 million and $29 million.
Investors Seek Safety In Defensive Stocks as Circular AI Trade Loses Luster
Barry Adams
12 Nov, 2025
New York City
Stocks on Wall Street attempted to rebound on Wednesday amid sector rotation away from high-flying tech stocks.
The S&P 500 index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.6% as investors awaited the resumption of the release of macroeconomic data.
The U.S. federal government is likely to reopen as early as this week after the Senate passed a spending resolution on late Monday, and the bill is likely to win an approval on Wednesday.
The latest labor market report highlighted ongoing weakening conditions as private businesses trimmed payrolls.
For the four weeks ending Oct. 25, private employers trimmed an average of 11,250 jobs a week, indicating that the labor market struggled to produce jobs consistently during the second half of the month.
These numbers are preliminary and could change as new data is added, according to an update released by ADP on Tuesday.
U.S. Stock Movers
AI-related stocks lacked direction as investors worried about stretched valuations and moved into defensive sectors.
Nvidia edged up 0.6% to $194.87, Alphabet Inc. jumped 0.4% to $293.50, Meta Platforms inched higher 0.3% to $629.30, and Apple Inc. inched higher 0.2% to $275.60.
Healthcare and general retailers extended this week's gains as investors sought safety in defensive stocks.
Walmart edged up 0.01% to $103.37, Home Depot decreased 0.1% to $372.21, and McDonald's dropped 0.2% to $306.30.
Hon Hai Precision Industry, or Foxconn, increased 1.8% to NT $251.0 in Taipei trading after the company reported a surge in revenue and earnings.
The supplier to Nvidia said demand for its AI server supported growth in revenue and earnings in the September quarter.
Revenue increased 11% to NT 2.06 trillion, net profit advanced 17% to NT $57.7 trillion, and diluted earnings per share rose to NT $4.15 from NT $3.55 a year ago.
Investors Seek Safety In Defensive Stocks as Circular AI Trade Loses Luster
Barry Adams
12 Nov, 2025
New York City
Stocks on Wall Street attempted to rebound on Wednesday amid sector rotation away from high-flying tech stocks.
The S&P 500 index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.6% as investors awaited the resumption of the release of macroeconomic data.
The U.S. federal government is likely to reopen as early as this week after the Senate passed a spending resolution on late Monday, and the bill is likely to win an approval on Wednesday.
The latest labor market report highlighted ongoing weakening conditions as private businesses trimmed payrolls.
For the four weeks ending Oct. 25, private employers trimmed an average of 11,250 jobs a week, indicating that the labor market struggled to produce jobs consistently during the second half of the month.
These numbers are preliminary and could change as new data is added, according to an update released by ADP on Tuesday.
U.S. Stock Movers
AI-related stocks lacked direction as investors worried about stretched valuations and moved into defensive sectors.
Nvidia edged up 0.6% to $194.87, Alphabet Inc. jumped 0.4% to $293.50, Meta Platforms inched higher 0.3% to $629.30, and Apple Inc. inched higher 0.2% to $275.60.
Healthcare and general retailers extended this week's gains as investors sought safety in defensive stocks.
Walmart edged up 0.01% to $103.37, Home Depot decreased 0.1% to $372.21, and McDonald's dropped 0.2% to $306.30.
Hon Hai Precision Industry, or Foxconn, increased 1.8% to NT $251.0 in Taipei trading after the company reported a surge in revenue and earnings.
The supplier to Nvidia said demand for its AI server supported growth in revenue and earnings in the September quarter.
Revenue increased 11% to NT 2.06 trillion, net profit advanced 17% to NT $57.7 trillion, and diluted earnings per share rose to NT $4.15 from NT $3.55 a year ago.
Japanese Yen Dropped to 10-Month Low, Manufacturing Confidence Index at 4-Year High
Akira Ito
12 Nov, 2025
Tokyo
Japan's stock market indexes barely stayed above the flatline and recouped losses from the previous session.
The Nikkei 225 Stock Average edged up a fraction, and the broader Topix advanced 0.8% amid improving global market sentiment.
In Tokyo's trading, indexes advanced following rising possibilities that the U.S. federal government is likely to reopen as early as Wednesday.
The House of Representatives is set to pass the U.S. Senate resolution to reopen the federal government, which will resume the flow of macroeconomic data.
Private businesses laid off about 45,000 employees in the four-week period ending on October 25, confirming weakening labor market conditions amid uncertain U.S. trade policy.
Closer to home, a survey of large manufacturing businesses showed improved confidence amid rising global sales of vehicles and electronics.
The Reuters Tankan Index for manufacturing advanced to +17 in November from +8, according to the latest update.
The weakness in the Japanese yen supported solid orders in the electronics and vehicle sectors, buoying confidence despite the U.S. tariff headwinds.
The measure of confidence advanced to the level last seen in January 2022, and the index is calculated by subtracting the percentage of pessimistic views from optimistic responses.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.04% to 50,863.08, and the broader Topix index advanced 0.8% to 3,348.03.
Softbank Group Corp. dropped 1.9% to ¥22,270.0, and the company sold its entire stake in Nvidia for $5.3 billion.
In addition, the AI-focused investment company pared its stake in T-Mobile and raised $9.2 billion, increasing its war chest to fund AI technology projects.
Softbank missed out on $100 billion in gains from Nvidia after selling its stake in the AI chipmaker in 2019 and then reinvesting at a higher price a year later.
Japanese Yen Dropped to 10-Month Low, Manufacturing Confidence Index at 4-Year High
Akira Ito
12 Nov, 2025
Tokyo
Japan's stock market indexes barely stayed above the flatline and recouped losses from the previous session.
The Nikkei 225 Stock Average edged up a fraction, and the broader Topix advanced 0.8% amid improving global market sentiment.
In Tokyo's trading, indexes advanced following rising possibilities that the U.S. federal government is likely to reopen as early as Wednesday.
The House of Representatives is set to pass the U.S. Senate resolution to reopen the federal government, which will resume the flow of macroeconomic data.
Private businesses laid off about 45,000 employees in the four-week period ending on October 25, confirming weakening labor market conditions amid uncertain U.S. trade policy.
Closer to home, a survey of large manufacturing businesses showed improved confidence amid rising global sales of vehicles and electronics.
The Reuters Tankan Index for manufacturing advanced to +17 in November from +8, according to the latest update.
The weakness in the Japanese yen supported solid orders in the electronics and vehicle sectors, buoying confidence despite the U.S. tariff headwinds.
The measure of confidence advanced to the level last seen in January 2022, and the index is calculated by subtracting the percentage of pessimistic views from optimistic responses.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.04% to 50,863.08, and the broader Topix index advanced 0.8% to 3,348.03.
Softbank Group Corp. dropped 1.9% to ¥22,270.0, and the company sold its entire stake in Nvidia for $5.3 billion.
In addition, the AI-focused investment company pared its stake in T-Mobile and raised $9.2 billion, increasing its war chest to fund AI technology projects.
Softbank missed out on $100 billion in gains from Nvidia after selling its stake in the AI chipmaker in 2019 and then reinvesting at a higher price a year later.
China Indexes Extend 2-Day Gains, AI-Linked Stocks Under Pressure
Li Chen
12 Nov, 2025
Hong Kong
Stocks in China and Hong Kong edged higher amid improving global market sentiment for the second consecutive session.
The Hang Seng Index increased 0.6%, and the mainland-focused CSI 300 index edged up 0.4% as foreign investors increased exposure to Chinese stocks.
The U.S. federal government is likely to reopen as early as Wednesday, as the U.S. House of Representatives and the U.S. president are expected to pass the Senate's resolution.
The ending of the record government shutdown will also resume the flow of economic data covering inflation, the labor market, consumer and construction spending, and international trade.
A private survey showed ongoing challenges in the U.S. labor market, and businesses cut about 45,000 jobs in the four-week period ending on October 25.
The rebound in China's consumer price inflation in October also supported the case for a possible rise in consumer spending in the months ahead.
China Indexes and Stocks
The Hang Seng Index increased 0.6% to 26,863.26, and the mainland-focused CSI 300 index fell 0.4% to 4,632.15.
AI-related stocks were under pressure after the Japan-based Softbank sold its entire stake in Nvidia for $5.8 billion to fund its investments in OpenAI, Stargate, and other AI-related projects.
Alibaba Group Holding decreased 2.5% to HK $156.30, Tencent Holdings edged up 0.6% to HK $655.50, and Baidu Inc. edged down 2.6% to HK $125.30.