Market Update
Zhipu AI Dominated List of Three New Issues In Hong Kong
Li Chen
08 Jan, 2026
Hong Kong
Stocks in China and Hong Kong turned lower as investors awaited the release of key macroeconomic data.
The Hang Seng Index fell 1.3%, and the mainland-focused CSI 300 index eased 0.5% amid worries about global implications of rising geopolitical tensions.
China's December consumer price inflation is likely to stay below 2%, and producer prices are expected to fall for the 39th consecutive month in the final month of 2025.
Moreover, the lack of immediate catalysts sapped market sentiment in trading in Hong Kong and mainland China.
Crude oil edged lower amid worries that slowing global economic growth compounded by rising energy supplies is likely to keep prices under pressure in the first quarter.
China Indexes and Stocks
The Hang Seng Index decreased 1.3% to 26,124.06, and the mainland-focused CSI 300 index fell 0.5% to 4,753.96.
Technology and artificial intelligence-linked stocks traded down as the market rally continued to lose steam.
Lenovo Group Ltd. decreased 5.5% to HK $8.80, SMIC increased 2.2% to HK $76.35, Alibaba Group Holding fell 1.5% to HK $143.70, and Tencent Holdings dropped 1.7% to HK $614.0.
Three new issues started trading on the Hong Kong Stock Exchange, and foreign investors continued to participate in China-based technology public offerings.
The maker of medical surgery robots, Shenzhen Edge Medical, priced its offering at HK $43.24 per share, and the company's stock shot up 29% to HK $55.83.
The robotics company raised HK $1.1 billion in gross proceeds through the sale of 27.72 million shares.
Shanghai Iluvatar CoreX Semiconductor increased 10% to HK $160.75, and the graphics processor maker priced its initial public offering at HK $144.60 per share.
The semiconductor company raised HK $3.7 billion in gross proceeds through the sale of 25.4 million shares.
The Knowledge Atlas Technology Company gained 7% to HK $129.70, and the AI developer of large language models priced its initial public offering at HK $116.20 per share.
The AI company raised HK $4.3 billion in gross proceeds through the sale of 37.4 million shares.
The parent company of Zhipu AI, marketed as z.ai, received strong interest from investors, and the public offering was oversubscribed by 1,159 times by retail investors and 14 times by institutional investors.
U.S. Market Rally Broadened Ahead of Nonfarm Payrolls Data Release
Barry Adams
07 Jan, 2026
New York City
Wall Street indexes were flat Wednesday after the S&P 500 index and the Tollbooth Strategy Index hit fresh records in the previous session.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite edged down 0.3%, after they logged 0.6% and 0.7% in the previous session, respectively.
Investors shrugged off the U.S. attack on Venezuela amid expectations that global crude oil supplies are not likely to be disrupted in the immediate future.
The market rally appears to broaden beyond the Magnificent 7 stocks, and cyclical stocks participated in the latest advance.
Later in the week, the durable goods orders and the nonfarm payrolls report are likely to garner investor attention.
The U.S. economy is likely to add 45,000 net new jobs in December, but September and November data are likely to be downwardly revised.
U.S. Movers
Data storage companies led the market advance on Tuesday after comments from Nvidia CEO Jensen Huang.
Western Digital soared 17% to $219.38, Seagate Technology jumped 14% to $330.42, and SanDisk Corp. soared 27.5% to $349.63.
Nvidia Corp. gained 0.6% to $188.37 after the company's CEO, Jensen Huang, said that its H200 AI chips are seeing "very high" demand from Chinese customers.
U.S. Market Rally Broadened Ahead of Nonfarm Payrolls Data Release
Barry Adams
07 Jan, 2026
New York City
Wall Street indexes were flat Wednesday after the S&P 500 index and the Tollbooth Strategy Index hit fresh records in the previous session.
The S&P 500 index decreased 0.1%, and the Nasdaq Composite edged down 0.3%, after they logged 0.6% and 0.7% in the previous session, respectively.
Investors shrugged off the U.S. attack on Venezuela amid expectations that global crude oil supplies are not likely to be disrupted in the immediate future.
The market rally appears to broaden beyond the Magnificent 7 stocks, and cyclical stocks participated in the latest advance.
Later in the week, the durable goods orders and the nonfarm payrolls report are likely to garner investor attention.
The U.S. economy is likely to add 45,000 net new jobs in December, but September and November data are likely to be downwardly revised.
U.S. Movers
Data storage companies led the market advance on Tuesday after comments from Nvidia CEO Jensen Huang.
Western Digital soared 17% to $219.38, Seagate Technology jumped 14% to $330.42, and SanDisk Corp. soared 27.5% to $349.63.
Nvidia Corp. gained 0.6% to $188.37 after the company's CEO, Jensen Huang, said that its H200 AI chips are seeing "very high" demand from Chinese customers.
China Imposed Export Controls On Military-Use Goods to Japan
Akira Ito
07 Jan, 2026
Tokyo
Japan's indexes declined and halted a two-day advance after investors locked in profit in select sectors.
The Nikkei 225 Stock Average decreased 1%, and the broader Topix Index fell 0.7% amid rising trade tensions between Japan and China.
China's commerce ministry said exports of goods with a potential military use to Japan would face immediate sanctions.
The latest expanded ban includes sensors, electronics, and equipment and technologies used in aerospace and shipbuilding.
The move is likely to be followed up by additional sanctions restricting the sale of rare earth-related products in the near future, according to a report in the state-controlled China Daily.
The latest trade tension episode between two neighboring countries clouded the recent market rally that has been carried over from the last year.
Benchmark indexes trimmed this year's advance to 0.7% from as high as 2%, after Prime Minister Sanae Takaichi's comments regarding Taiwan invited fresh ire from China.
Japan Indexes and Stocks
The Nikkei 225 Stock Average dropped 1% to 52,003.70, and the broader Topix Index declined 0.7% to 3,514.08.
Defense stocks led the decliners in Tokyo trading as investors turned cautious amid rising trade tensions between Japan and China, and the U.S. president reiterated his intentions to invade Greenland.
IHI Corp. fell 1.2% to ¥3,078.0, Mitsubishi Heavy Industries decreased 3.3% to ¥4,121.0, and Kawasaki Heavy Industries dropped 3.7% to ¥11,435.0.
Tokyo Electron gained 1.1% to ¥37,790.0, Advantest Corp. decreased 5% to ¥20,460.0, and Softbank Group Corp. eased 1.7% to ¥4,638.0.
China Imposed Export Controls On Military-Use Goods to Japan
Akira Ito
07 Jan, 2026
Tokyo
Japan's indexes declined and halted a two-day advance after investors locked in profit in select sectors.
The Nikkei 225 Stock Average decreased 1%, and the broader Topix Index fell 0.7% amid rising trade tensions between Japan and China.
China's commerce ministry said exports of goods with a potential military use to Japan would face immediate sanctions.
The latest expanded ban includes sensors, electronics, and equipment and technologies used in aerospace and shipbuilding.
The move is likely to be followed up by additional sanctions restricting the sale of rare earth-related products in the near future, according to a report in the state-controlled China Daily.
The latest trade tension episode between two neighboring countries clouded the recent market rally that has been carried over from the last year.
Benchmark indexes trimmed this year's advance to 0.7% from as high as 2%, after Prime Minister Sanae Takaichi's comments regarding Taiwan invited fresh ire from China.
Japan Indexes and Stocks
The Nikkei 225 Stock Average dropped 1% to 52,003.70, and the broader Topix Index declined 0.7% to 3,514.08.
Defense stocks led the decliners in Tokyo trading as investors turned cautious amid rising trade tensions between Japan and China, and the U.S. president reiterated his intentions to invade Greenland.
IHI Corp. fell 1.2% to ¥3,078.0, Mitsubishi Heavy Industries decreased 3.3% to ¥4,121.0, and Kawasaki Heavy Industries dropped 3.7% to ¥11,435.0.
Tokyo Electron gained 1.1% to ¥37,790.0, Advantest Corp. decreased 5% to ¥20,460.0, and Softbank Group Corp. eased 1.7% to ¥4,638.0.
China-Japan Trade Tension Flare-Up Halts Market Rally
Li Chen
07 Jan, 2026
Hong Kong
Stocks in China and Hong Kong faced headwinds after tensions flared between Japan and China.
The Hang Seng Index decreased 1%, and the mainland-focused CSI 300 index declined a fraction, and China imposed additional trade restrictions on shipments to Japan.
China's commerce ministry said exports of goods with a potential military use to Japan would face immediate sanctions.
The move is likely to be followed up by additional sanctions restricting the sale of rare earth-related products in the near future.
The latest trade tension episode between two neighboring countries clouded the recent market rally that has been carried over from the last year.
China's technology stocks extended 2025's gains amid a shift in allocation by global fund managers chasing more attractive valuations.
Moreover, investors are hoping that China's policymakers could provide additional support for the moribund property market, as prices continue to weaken in all major cities apart from Beijing and Shanghai.
Benchmark indexes in Tokyo edged lower 0.7%, but markets in Seoul, Sydney, Jakarta, Bangkok, and Mumbai traded in a tight range.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 26,431.05, and the mainland-focused CS 300 index fell 0.02% to 4,789.05 amid rising geopolitical tensions.
Alibaba Group decreased 4.4% to HK $144.60, Tencent Holdings decreased 2% to HK $620.0, and Baidu Inc. fell 4.2% to HK $146.40.
Zijin Mining Group increased 1.4% to HK $38.86, Aluminum Corporation of China gained 3.2% to HK $13.68, and China Nonferrous Mining Corp. added 1.7% to HK $15.60.
China-Japan Trade Tension Flare-Up Halts Market Rally
Li Chen
07 Jan, 2026
Hong Kong
Stocks in China and Hong Kong faced headwinds after tensions flared between Japan and China.
The Hang Seng Index decreased 1%, and the mainland-focused CSI 300 index declined a fraction, and China imposed additional trade restrictions on shipments to Japan.
China's commerce ministry said exports of goods with a potential military use to Japan would face immediate sanctions.
The move is likely to be followed up by additional sanctions restricting the sale of rare earth-related products in the near future.
The latest trade tension episode between two neighboring countries clouded the recent market rally that has been carried over from the last year.
China's technology stocks extended 2025's gains amid a shift in allocation by global fund managers chasing more attractive valuations.
Moreover, investors are hoping that China's policymakers could provide additional support for the moribund property market, as prices continue to weaken in all major cities apart from Beijing and Shanghai.
Benchmark indexes in Tokyo edged lower 0.7%, but markets in Seoul, Sydney, Jakarta, Bangkok, and Mumbai traded in a tight range.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 26,431.05, and the mainland-focused CS 300 index fell 0.02% to 4,789.05 amid rising geopolitical tensions.
Alibaba Group decreased 4.4% to HK $144.60, Tencent Holdings decreased 2% to HK $620.0, and Baidu Inc. fell 4.2% to HK $146.40.
Zijin Mining Group increased 1.4% to HK $38.86, Aluminum Corporation of China gained 3.2% to HK $13.68, and China Nonferrous Mining Corp. added 1.7% to HK $15.60.
Wall Street Shifts Focus to Earnings Releases, Oil Majors Show Little Enthusiasm to Return to Venezuela
Barry Adams
06 Jan, 2026
New York City
Stocks on Wall Street rested near recent highs as investors overlooked elevated tensions in South America.
The S&P 500 index edged up 0.01%, and the Nasdaq Composite inched higher 0.03% following gains in the previous session.
The Tollbooth Strategy Index closed at a record high, and the low-turnover index of 45 stocks logged a 21% return in 2025.
Benchmark indexes advanced 0.6% in Monday's trading as investors returned to increase exposure to stocks linked to artificial intelligence.
Crude oil explorers and defense stocks advanced following the U.S. military capturing the leader of Venezuela.
However, oil companies showed little urgency to set up operations in Venezuela amid worries about the lack of political stability and clarity about future U.S. involvement.
For now, Asian allies showed little enthusiasm about the U.S. invasion in Venezuela, and Japan, Australia, Thailand, and South Korea avoided condemning the move.
Investors are looking ahead to the start of the earnings season next week, and financial services providers and banks are set to kick off the releases.
U.S. Movers
Chevron Corp. jumped 0.8% to $165.18, SLB added 2.2% to $165.18, Halliburton Company increased 0.6% to 32.13, and Exxon Mobil Corp. added 0.5% to $125.95.
Lockheed Martin jumped 2.9% to $511.57, General Dynamics Corp. added 3.5% to $355.56, and Boeing Company added 0.6% to $228.55.
Wall Street Shifts Focus to Earnings Releases, Oil Majors Show Little Enthusiasm to Return to Venezuela
Barry Adams
06 Jan, 2026
New York City
Stocks on Wall Street rested near recent highs as investors overlooked elevated tensions in South America.
The S&P 500 index edged up 0.01%, and the Nasdaq Composite inched higher 0.03% following gains in the previous session.
The Tollbooth Strategy Index closed at a record high, and the low-turnover index of 45 stocks logged a 21% return in 2025.
Benchmark indexes advanced 0.6% in Monday's trading as investors returned to increase exposure to stocks linked to artificial intelligence.
Crude oil explorers and defense stocks advanced following the U.S. military capturing the leader of Venezuela.
However, oil companies showed little urgency to set up operations in Venezuela amid worries about the lack of political stability and clarity about future U.S. involvement.
For now, Asian allies showed little enthusiasm about the U.S. invasion in Venezuela, and Japan, Australia, Thailand, and South Korea avoided condemning the move.
Investors are looking ahead to the start of the earnings season next week, and financial services providers and banks are set to kick off the releases.
U.S. Movers
Chevron Corp. jumped 0.8% to $165.18, SLB added 2.2% to $165.18, Halliburton Company increased 0.6% to 32.13, and Exxon Mobil Corp. added 0.5% to $125.95.
Lockheed Martin jumped 2.9% to $511.57, General Dynamics Corp. added 3.5% to $355.56, and Boeing Company added 0.6% to $228.55.
Tokyo Tech Market Rally Expands to Defense and Financial Stocks
Akira Ito
06 Jan, 2026
Tokyo
Japan's indexes advanced for the second consecutive session this week amid sustained enthusiasm for semiconductor, financial, and defense stocks.
The Nikkei 225 Stock Average gained 1.3%, and the broader Topix Index soared 1.7% as foreign investors increased exposure to Japanese stocks.
Benchmark indexes in Japan tracked market advances in overnight trading in New York, and semiconductor stocks led the gainers.
Asian markets gained on Tuesday, tracking gains on Wall Street as investors shrugged off rising tensions in South America following the U.S. capture of Venezuelan president Nicolas Maduro.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.3% to 52,511.34, and the broader Topix Index advanced 1.7% to 3,534.81.
Artificial intelligence-driven stocks extended 2025 gains as foreign investors pumped up buying.
Softbank Group Corp. increased 2.5% to ¥4,731.0, Tokyo Electron added 0.7% to ¥37,190.0, and Advantest Corp. increased 1.3% to ¥21,455.0.
Sumitomo Mitsui Financial gained 2.5% to ¥5,311.00, Mitsubishi UFJ Financial advanced 2.4% to ¥2,604.50, and Mizuho Financial Group soared 4.4% to ¥6,131.0.
IHI Corp. added 3.3% to ¥3,099.0, Kawasaki Heavy Industries gained 6.6% to ¥11,890.0, and Mitsubishi Heavy Industries gained 2% to ¥4,249.0.
Tokyo Tech Market Rally Expands to Defense and Financial Stocks
Akira Ito
06 Jan, 2026
Tokyo
Japan's indexes advanced for the second consecutive session this week amid sustained enthusiasm for semiconductor, financial, and defense stocks.
The Nikkei 225 Stock Average gained 1.3%, and the broader Topix Index soared 1.7% as foreign investors increased exposure to Japanese stocks.
Benchmark indexes in Japan tracked market advances in overnight trading in New York, and semiconductor stocks led the gainers.
Asian markets gained on Tuesday, tracking gains on Wall Street as investors shrugged off rising tensions in South America following the U.S. capture of Venezuelan president Nicolas Maduro.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.3% to 52,511.34, and the broader Topix Index advanced 1.7% to 3,534.81.
Artificial intelligence-driven stocks extended 2025 gains as foreign investors pumped up buying.
Softbank Group Corp. increased 2.5% to ¥4,731.0, Tokyo Electron added 0.7% to ¥37,190.0, and Advantest Corp. increased 1.3% to ¥21,455.0.
Sumitomo Mitsui Financial gained 2.5% to ¥5,311.00, Mitsubishi UFJ Financial advanced 2.4% to ¥2,604.50, and Mizuho Financial Group soared 4.4% to ¥6,131.0.
IHI Corp. added 3.3% to ¥3,099.0, Kawasaki Heavy Industries gained 6.6% to ¥11,890.0, and Mitsubishi Heavy Industries gained 2% to ¥4,249.0.
Foreign Demand Push China and Hong Kong Indexes Higher
Li Chen
06 Jan, 2026
Hong Kong
Benchmark indexes in China and Hong Kong advanced for the second consecutive session this week, and investors rotated into mainland-focused tech stocks.
The Hang Seng Index increased 1.7%, and the mainland-focused CSI 300 index advanced 1.2% ahead of the start of the earnings season in two weeks.
Tech stocks were in favor as foreign investors continued to pour capital into leading service providers and platform operators.
Global bargain hunters increased exposure to Chinese stocks as investors rooted for faster earnings growth in 2026 amid persistent push by Chinese policymakers to support the development of renewable energy, robotics, and electric vehicles.
Chinese tech companies are trading at a significant discount to their peers in the U.S. and Europe, reflecting tighter operating margins and slimmer net income.
China Indexes and Stocks
The Hang Seng Index gained 1.7% to 26,793.73, and the mainland-focused CSI 300 index advanced 1.2% to 4,774.06.
Tencent Holdings gained 2.6% to HK $637.50, Baidu Inc. increased 2.9% to HK $147.50, and Alibaba Group Holding inched higher 0.1% to $153.0.
Commodities mining companies advanced for the second consecutive trading session this year and extended a four-month upward trend as prices of copper, gold, and silver inched higher.
Zijin Mining Group soared 5% to HK $38.50, China Aluminum International jumped 9.2% to HK $2.85, and China Hongqiao Group advanced 7% to HK $35.52.
Foreign Demand Push China and Hong Kong Indexes Higher
Li Chen
06 Jan, 2026
Hong Kong
Benchmark indexes in China and Hong Kong advanced for the second consecutive session this week, and investors rotated into mainland-focused tech stocks.
The Hang Seng Index increased 1.7%, and the mainland-focused CSI 300 index advanced 1.2% ahead of the start of the earnings season in two weeks.
Tech stocks were in favor as foreign investors continued to pour capital into leading service providers and platform operators.
Global bargain hunters increased exposure to Chinese stocks as investors rooted for faster earnings growth in 2026 amid persistent push by Chinese policymakers to support the development of renewable energy, robotics, and electric vehicles.
Chinese tech companies are trading at a significant discount to their peers in the U.S. and Europe, reflecting tighter operating margins and slimmer net income.
China Indexes and Stocks
The Hang Seng Index gained 1.7% to 26,793.73, and the mainland-focused CSI 300 index advanced 1.2% to 4,774.06.
Tencent Holdings gained 2.6% to HK $637.50, Baidu Inc. increased 2.9% to HK $147.50, and Alibaba Group Holding inched higher 0.1% to $153.0.
Commodities mining companies advanced for the second consecutive trading session this year and extended a four-month upward trend as prices of copper, gold, and silver inched higher.
Zijin Mining Group soared 5% to HK $38.50, China Aluminum International jumped 9.2% to HK $2.85, and China Hongqiao Group advanced 7% to HK $35.52.
Gold and Oil Stocks Advanced After U.S. Conducted Precision Strikes In Venezuela
Barry Adams
05 Jan, 2026
New York City
Stocks on Wall Street advanced amid rising geopolitical tensions, and crude oil inched lower in early trading on Monday.
The S&P 500 index increased 0.3%, and the Nasdaq Composite advanced 0.7% ahead of the start of the earnings season next week.
Gold jumped 1.6% to $405.01 an ounce after the U.S. military conducted a surprise operation in Venezuela.
Crude oil prices rebounded from the early decline in trading after the U.S. military conducted a surprise precision attack and captured Venezuela’s president, Nicolas Maduro.
The surprise attack over the weekend sent shock waves through the commodities trading in Asia, but prices rebounded after initial worries of global supply disruption waned.
Gold soared as much as 1.7% to $4,404.24 an ounce, and the crude oil price for the immediate month's delivery eased 0.4% to $56.95 a barrel.
In 2025, market indexes in the U.S. registered double-digit gains for the second consecutive year and soared in Tokyo, Hong Kong, London, and Frankfurt amid receding fears of U.S. tariffs.
Global markets advanced, defying geopolitical tension, the U.S. tariff war, and macroeconomic uncertainty. Benchmark indexes in the U.S., Europe, Japan, and Hong Kong delivered solid returns, driven by a rally in AI-linked stocks and the defense and banking sectors.
Gold soared 65%, and silver surged 148% as the U.S. dollar and Treasury bonds lost their luster.
U.S. Movers
Oil companies advanced following the U.S. military operation in Venezuela.
Investors are worried that Venezuela may be destabilized for several years, impacting its crude oil production, which accounts for about one million barrels a day, or about 1% of global output.
Chevron soared 6.4% to $165.85, Exxon Mobil advanced 2.4% to $125.89, and ConocoPhillips increased 5.9% to $102.44.
Haliburton Company advanced 7.5% to $31.87, and Baker Hughes increased 5.6% to $49.80.
Gold and Oil Stocks Advanced After U.S. Conducted Precision Strikes In Venezuela
Barry Adams
05 Jan, 2026
New York City
Stocks on Wall Street advanced amid rising geopolitical tensions, and crude oil inched lower in early trading on Monday.
The S&P 500 index increased 0.3%, and the Nasdaq Composite advanced 0.7% ahead of the start of the earnings season next week.
Gold jumped 1.6% to $405.01 an ounce after the U.S. military conducted a surprise operation in Venezuela.
Crude oil prices rebounded from the early decline in trading after the U.S. military conducted a surprise precision attack and captured Venezuela’s president, Nicolas Maduro.
The surprise attack over the weekend sent shock waves through the commodities trading in Asia, but prices rebounded after initial worries of global supply disruption waned.
Gold soared as much as 1.7% to $4,404.24 an ounce, and the crude oil price for the immediate month's delivery eased 0.4% to $56.95 a barrel.
In 2025, market indexes in the U.S. registered double-digit gains for the second consecutive year and soared in Tokyo, Hong Kong, London, and Frankfurt amid receding fears of U.S. tariffs.
Global markets advanced, defying geopolitical tension, the U.S. tariff war, and macroeconomic uncertainty. Benchmark indexes in the U.S., Europe, Japan, and Hong Kong delivered solid returns, driven by a rally in AI-linked stocks and the defense and banking sectors.
Gold soared 65%, and silver surged 148% as the U.S. dollar and Treasury bonds lost their luster.
U.S. Movers
Oil companies advanced following the U.S. military operation in Venezuela.
Investors are worried that Venezuela may be destabilized for several years, impacting its crude oil production, which accounts for about one million barrels a day, or about 1% of global output.
Chevron soared 6.4% to $165.85, Exxon Mobil advanced 2.4% to $125.89, and ConocoPhillips increased 5.9% to $102.44.
Haliburton Company advanced 7.5% to $31.87, and Baker Hughes increased 5.6% to $49.80.