Market Update
China and Hong Kong Indexes Diverged Amid Uneven Recovery
Li Chen
02 Dec, 2025
Hong Kong
Optimism ruled markets in China and Hong Kong amid expectations of additional stimulus measures to stabilize economic growth.
The Hang Seng Index edged up 0.1%, and the mainland-focused CSI 300 index decreased 0.6% as investors reviewed the latest official survey on business activities.
China's manufacturing and non-manufacturing activities confirmed the ongoing slowdown, according to the latest data released by the National Bureau of Statistics on Sunday.
The Manufacturing Purchasing Managers' Index for November edged up to 49.2 from 49.0 in October, after both production and demand showed a slight improvement.
A level above 50 indicates expansion, while a level below 50 shows contraction.
The persistent weakness in domestic demand, intense price competition, and cautious export outlook kept manufacturing activity in check.
The PMI for non-manufacturing, which includes construction, eased to 49.5 in November, weaker by 0.6 percentage points than in the previous month.
The weak property sector and lackluster consumer demand dragged down the growth into negative territory for the first time in three years and to the lowest level since December 2022.
New orders, export demand, and employment remained in contraction as businesses struggled with thin margins.
China's Composite PMI Output Index eased to 49.7 in November from 50.0 in the previous month, marking the lowest reading in 35 months.
China Indexes and Stocks
The weaker-than-expected business activities surveys raised expectations for additional policy support measures at the end of the annual economic work conference later this month.
The Hang Seng Index increased 0.1% to 26,061.75, and the mainland-focused CSI 300 index edged down 0.6% to 4,548.78.
Electric vehicle makers turned lower after November's sales gains fell short of market expectations. The government subsidies and lower tax rates, set to expire at the end of 2025, drew a rush of buyers.
Li Auto decreased 1.5% to HK $69.20, Xiaomi Corp. edged up 0.5% to HK $40.52, and Xpeng fell 5.4% to HK $78.85.
Xpeng said vehicle sales soared 18.9% to 36,728, and Nio's soared 76.3% to 36,275 in November.
U.S. and Global Markets Extend YTD Gains Amid Slowing Economic Backdrop
Barry Adams
01 Dec, 2025
Mumbai
Wall Street indexes edged slightly higher on Monday, as investors braced for the final month of the year.
The S&P 500 index increased 0.01%, and the tech-heavy Nasdaq Composite edged up 0.02% amid optimism that the Federal Reserve is more likely to deliver a rate cut next week.
Benchmark indexes trimmed November's losses toward the end of the month, as investors returned to increase exposure to high-flying AI-linked stocks.
The tech-heavy Nasdaq Composite closed down 1.5% in November and managed to rebound from a loss of 8% after Fed officials' comments suggested a possible rate cut this month.
The S&P 500 index closed nearly unchanged in November and rebounded from the 5% loss by November 20 as the tech-powered market rally lifted the broader index.
The path for benchmark indexes is uncertain as the year 2025 enters its final month of trading, and investors search for catalysts to sustain the recent market rebound.
Global markets staged a sharp rebound as dip buyers returned in search of bargains. Crude oil prices declined for the second consecutive month in November, and gold traded at elevated prices amid uncertainties about the U.S. economy and monetary policy.
Chinese tech companies accelerated fundraising through Hong Kong listings supported by a strong demand from foreign investors.
Global markets are hovering near record highs, while the broader economy is flashing signals of exhausted middle- and lower-class families.
Much-delayed U.S. economic data released last month confirmed trends in place for several quarters, and the K-shaped economy is increasingly driven by a narrow segment of consumers while most families are struggling to make ends meet.
The top 12 financial markets from the Americas to Europe to Asia are up for the year so far, with the KOSPI index in Seoul leading world markets with a rise of 63%.
U.S. and Global Markets Extend YTD Gains Amid Slowing Economic
Barry Adams
01 Dec, 2025
Mumbai
Wall Street indexes edged slightly higher on Monday, as investors braced for the final month of the year.
The S&P 500 index increased 0.01%, and the tech-heavy Nasdaq Composite edged up 0.02% amid optimism that the Federal Reserve is more likely to deliver a rate cut next week.
Benchmark indexes trimmed November's losses toward the end of the month, as investors returned to increase exposure to high-flying AI-linked stocks.
The tech-heavy Nasdaq Composite closed down 1.5% in November and managed to rebound from a loss of 8% after Fed officials' comments suggested a possible rate cut this month.
The S&P 500 index closed nearly unchanged in November and rebounded from the 5% loss by November 20 as the tech-powered market rally lifted the broader index.
The path for benchmark indexes is uncertain as the year 2025 enters its final month of trading, and investors search for catalysts to sustain the recent market rebound.
Global markets staged a sharp rebound as dip buyers returned in search of bargains. Crude oil prices declined for the second consecutive month in November, and gold traded at elevated prices amid uncertainties about the U.S. economy and monetary policy.
Chinese tech companies accelerated fundraising through Hong Kong listings supported by a strong demand from foreign investors.
Global markets are hovering near record highs, while the broader economy is flashing signals of exhausted middle- and lower-class families.
Much-delayed U.S. economic data released last month confirmed trends in place for several quarters, and the K-shaped economy is increasingly driven by a narrow segment of consumers while most families are struggling to make ends meet.
The top 12 financial markets from the Americas to Europe to Asia are up for the year so far, with the KOSPI index in Seoul leading world markets with a rise of 63%.
Wall Street Indexes Halted Multi-Month Advances Amid AI Bubble Jitters
Barry Adams
28 Nov, 2025
New York City
Stocks in New York barely budged on Friday as many investors stayed away for the Thanksgiving holiday.
The S&P 500 index and the Nasdaq Composite barely edged higher above the flatline as trading resumed after Thursday's holiday.
Financial markets are scheduled to close at 1:00 p.m. ET on Friday, and most traders are not expected to return on Monday.
For the week, the S&P 500 and the tech-heavy Nasdaq Composite are likely to be up more than 3%, but they are likely to close down more than 1% in November.
The S&P 500 index is set to halt its advance for the last six months, and the Nasdaq Composite is likely to end a rally over the last seven months.
Benchmark indexes have struggled to advance over the last three weeks amid fears of an AI bubble, macroeconomic uncertainty, and a frozen housing market.
Economists have been warning about a possible negative impact on economic growth and higher-for-longer inflation following the Trump administration's trade policy reversals and aggressive crackdown on immigrants.
In addition, the federal government shutdown led to an economic data blackout, contributing to market jitters and monetary policy uncertainty.
For now, investors are factoring in a 25-basis-point rate cut at the end of the two-day Federal Open Market Committee's meeting on December 10.
Wall Street Indexes Halted Multi-Month Advances Amid AI Bubble Jitters
Barry Adams
28 Nov, 2025
New York City
Stocks in New York barely budged on Friday as many investors stayed away for the Thanksgiving holiday.
The S&P 500 index and the Nasdaq Composite barely edged higher above the flatline as trading resumed after Thursday's holiday.
Financial markets are scheduled to close at 1:00 p.m. ET on Friday, and most traders are not expected to return on Monday.
For the week, the S&P 500 and the tech-heavy Nasdaq Composite are likely to be up more than 3%, but they are likely to close down more than 1% in November.
The S&P 500 index is set to halt its advance for the last six months, and the Nasdaq Composite is likely to end a rally over the last seven months.
Benchmark indexes have struggled to advance over the last three weeks amid fears of an AI bubble, macroeconomic uncertainty, and a frozen housing market.
Economists have been warning about a possible negative impact on economic growth and higher-for-longer inflation following the Trump administration's trade policy reversals and aggressive crackdown on immigrants.
In addition, the federal government shutdown led to an economic data blackout, contributing to market jitters and monetary policy uncertainty.
For now, investors are factoring in a 25-basis-point rate cut at the end of the two-day Federal Open Market Committee's meeting on December 10.
India FRIDAY
Arjun Pandit
28 Nov, 2025
Select
Stocks in Mumbai lacked momentum amid weak global market sentiment.
The BSE Sensex 30 increased 0.1%, and the Nifty 50 index edged up 0.07%, and the rupee weakened to 89.49 against the U.S. dollar.
Investors stayed on the sidelines in Mumbai and foreign investors continued to lighten their exposure to Indian stocks as India-US trade negotiations dragged on.
Investors held out for a possible rate cut following the RBI's next three-day policy meeting on December 5.
The Sensex 30 and the Nifty 50 indexes edged up 0.5% at the end of this week, and advanced 1.2% in November.
India Indexes and Stocks
The BSE Sensex 30 index increased 0.1% to 85,830.36, and the Nifty 50 index edged up 0.07% to 26,235.05.
Wireless telecom stocks traded volatile after the telecom regulator proposed up to 1% fee for filing incorrect financial reports.
Vodafone Idea declined 0.2% to ₹10.09, Bharti Airtel fell 0.4% to ₹2,106.40, and Reliance Industries advanced 0.5% to ₹1,570.70.
Bandhan Bank increased 0.3% to ₹150.14, and the financial services provider said it plans to sell a portfolio of non-performing assets worth ₹7,000 crore through a bidding process.
Voltamp Transformers Ltd. increased 3.5% to ₹8,358.0, and the company secured an order worth ₹85 crore from Gujarat Energy Transmission Corporation.
Refex Industries jumped 11% to ₹355.50 after the company won an order worth ₹100 crore from a domestic conglomerate.
China and Hong Kong Indexes Extended Losses In November
Li Chen
28 Nov, 2025
Hong Kong
Stocks in China and Asia lacked direction amid a lack of fresh catalysts and local market-moving news.
The Hang Seng Index decreased 0.2%, the CSI 300 Index edged up 0.3%, and benchmark indexes in Tokyo, Seoul, and Mumbai struggled to advance in Friday's trading.
The Hang Seng Index and the CSI 300 advanced more than 1%, but for November they edged down 0.2% and 1.3%, respectively.
Market indexes swung wildly in November after AI bubble worries and uncertain U.S. monetary policy contributed to market jitters.
Investors stayed on the sidelines amid receding risk appetite as the year 2025 approached year-end and avoided increasing exposure to riskier assets.
On the economic front, investors are awaiting the release of China's business activities surveys for November, and market participants are estimating a decline in manufacturing activities amid weakening export growth and slim profit margins.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 25,901.12, and the CSI 300 index edged up 0.3% to 4,527.41.
Hebei Haiwei Electronic New Material Technology fell 15% to HK $12.10 after the company listed its stock on the Hong Kong Stock Exchange.
The thin-film capacitor maker priced its 35.45 million-share initial public offering at HK$14.28 per share and raised gross proceeds of HK$506.31 million.
China and Hong Kong Indexes Extended Losses In November
Li Chen
28 Nov, 2025
Hong Kong
Stocks in China and Asia lacked direction amid a lack of fresh catalysts and local market-moving news.
The Hang Seng Index decreased 0.2%, the CSI 300 Index edged up 0.3%, and benchmark indexes in Tokyo, Seoul, and Mumbai struggled to advance in Friday's trading.
The Hang Seng Index and the CSI 300 advanced more than 1%, but for November they edged down 0.2% and 1.3%, respectively.
Market indexes swung wildly in November after AI bubble worries and uncertain U.S. monetary policy contributed to market jitters.
Investors stayed on the sidelines amid receding risk appetite as the year 2025 approached year-end and avoided increasing exposure to riskier assets.
On the economic front, investors are awaiting the release of China's business activities surveys for November, and market participants are estimating a decline in manufacturing activities amid weakening export growth and slim profit margins.
China Indexes and Stocks
The Hang Seng index decreased 0.2% to 25,901.12, and the CSI 300 index edged up 0.3% to 4,527.41.
Hebei Haiwei Electronic New Material Technology fell 15% to HK $12.10 after the company listed its stock on the Hong Kong Stock Exchange.
The thin-film capacitor maker priced its 35.45 million-share initial public offering at HK$14.28 per share and raised gross proceeds of HK$506.31 million.
China Stocks Meandered and Industrial Profit Growth Slowed
Li Chen
27 Nov, 2025
Hong Kong
Stocks in China and Hong Kong meandered following a three-day rally, and investors continued to favor high-priced technology stocks.
The Hang Seng Index gained 0.3%, and the mainland-focused CSI 300 index edged up 0.4% as investors held out for supporting measures from policymakers.
On the economic front, profit at large industrial firms declined 5.5% from a year ago in October, according to the National Bureau of Statistics.
In the ten-month period to October, profit increased to 5.95 trillion yuan, a growth slowdown to 1.9% from a 3.2% rise in the previous 9-month period amid softening demand and persistent price pressures.
Profit growth at private companies slowed to a 1.9% increase compared to a 5.1% rise, and at the state-owned companies, it was flat from a 0.3% fall in the previous period, respectively.
China Indexes and Stocks
The Hang Seng Index increased 0.3% to 26,014.98, and the CSI 300 index advanced 0.3% to 4,531.83.
Alibaba Group decreased 2.3% to HK $151.20 and extended its decline for the second consecutive day after the company's quarterly results failed to inspire investors.
Quantgroup Holding soared 112% to HK $20.90 after the digital services provider listed its stock on the Hong Kong Stock Exchange.
Quantgroup priced its public offering of 13.34 million shares at a price of HK $9.80 per share and raised gross proceeds of HK $130.81 million.
China Stocks Meandered and Industrial Profit Growth Slowed
Li Chen
27 Nov, 2025
Hong Kong
Stocks in China and Hong Kong meandered following a three-day rally, and investors continued to favor high-priced technology stocks.
The Hang Seng Index gained 0.3%, and the mainland-focused CSI 300 index edged up 0.4% as investors held out for supporting measures from policymakers.
On the economic front, profit at large industrial firms declined 5.5% from a year ago in October, according to the National Bureau of Statistics.
In the ten-month period to October, profit increased to 5.95 trillion yuan, a growth slowdown to 1.9% from a 3.2% rise in the previous 9-month period amid softening demand and persistent price pressures.
Profit growth at private companies slowed to a 1.9% increase compared to a 5.1% rise, and at the state-owned companies, it was flat from a 0.3% fall in the previous period, respectively.
China Indexes and Stocks
The Hang Seng Index increased 0.3% to 26,014.98, and the CSI 300 index advanced 0.3% to 4,531.83.
Alibaba Group decreased 2.3% to HK $151.20 and extended its decline for the second consecutive day after the company's quarterly results failed to inspire investors.
Quantgroup Holding soared 112% to HK $20.90 after the digital services provider listed its stock on the Hong Kong Stock Exchange.
Quantgroup priced its public offering of 13.34 million shares at a price of HK $9.80 per share and raised gross proceeds of HK $130.81 million.
U.S. Movers: Dell Technologies, HP, Urban Outfitters
Scott Peters
26 Nov, 2025
New York City
Dell Technologies jumped 2.8% to $129.50 after the company's fourth-quarter sales outlook overwhelmed weaker-than-expected results in the third quarter.
Revenue increased 11% to $27.0 billion from $24.4 billion, net income advanced 32% from $1.5 billion to $1.1 billion, and diluted earnings per share increased 39% to $2.28 from $1.64 a year ago.
“AI momentum is accelerating in the second half of the year, leading to record AI server orders of $12.3 billion and an unprecedented $30 billion in orders year to date,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
Dell Technologies returned $1.6 billion to shareholders in the third quarter through share repurchases and dividends. Year to date, the company has returned $5.3 billion to shareholders and repurchased over 39 million shares.
The company guided sales in the full-year fiscal 2026 ending in January 2026 to fall between $111.2 billion and $112.2 billion, an increase of 17% from a year ago.
Dell Technologies estimated full-year fiscal 2026 diluted earnings per share of $8.38 at the midpoint, up 31% year over year, and adjusted earnings per share of $9.92 at the midpoint, an increase of 32%.
Urban Outfitters jumped 19% to $81.34, and the specialty apparel retailer reported stronger-than-expected third-quarter results.
Revenue increased 12.3% to $1.5 billion from $1.4 billion, net income advanced to $116.4 million from $102.9 million, and diluted earnings per share rose to $1.28 from $1.10 a year ago.
Total retail segment net sales jumped 9.6%, with comparable retail segment net sales advancing 8.0%.
The increase in comparable net sales was driven by "high single-digit positive growth" in both online and store sales.
Comparable retail segment net sales increased 12.5% at Urban Outfitters, 7.6% at Anthropologie, and 4.1% at Free People.
Subscription segment net sales increased by 48.7%, primarily driven by a 42.2% increase in average active subscribers from a year ago.
Of the company's 20 million stock repurchase plan, 14.7 million remained under the program.
HP Inc. decreased 6% to $22.97 after the company's outlook fell short of expectations and reported weaker-than-expected fiscal fourth-quarter results ending in October.
Revenue increased 3.2% to $14.6 billion from $14.1 billion, net income decreased $795 million from $906 million, and diluted earnings per share declined to 84 cents from 93 cents a year ago.
HP estimated fiscal 2026 first-quarter diluted earnings per share to be in the range of 58 cents to 66 cents, and for the full year between $2.47 and $2.77.
HP stock faced selling pressure after the company announced a broad restructuring plan with gross cost savings of $1 billion by the end of fiscal 2028 and cut its workforce by 10%. The company said it will take a one-time charge of $650 million for restructuring and other charges.
U.S. Movers: Dell Technologies, HP, Urban Outfitters
Scott Peters
26 Nov, 2025
New York City
Dell Technologies jumped 2.8% to $129.50 after the company's fourth-quarter sales outlook overwhelmed weaker-than-expected results in the third quarter.
Revenue increased 11% to $27.0 billion from $24.4 billion, net income advanced 32% from $1.5 billion to $1.1 billion, and diluted earnings per share increased 39% to $2.28 from $1.64 a year ago.
“AI momentum is accelerating in the second half of the year, leading to record AI server orders of $12.3 billion and an unprecedented $30 billion in orders year to date,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
Dell Technologies returned $1.6 billion to shareholders in the third quarter through share repurchases and dividends. Year to date, the company has returned $5.3 billion to shareholders and repurchased over 39 million shares.
The company guided sales in the full-year fiscal 2026 ending in January 2026 to fall between $111.2 billion and $112.2 billion, an increase of 17% from a year ago.
Dell Technologies estimated full-year fiscal 2026 diluted earnings per share of $8.38 at the midpoint, up 31% year over year, and adjusted earnings per share of $9.92 at the midpoint, an increase of 32%.
Urban Outfitters jumped 19% to $81.34, and the specialty apparel retailer reported stronger-than-expected third-quarter results.
Revenue increased 12.3% to $1.5 billion from $1.4 billion, net income advanced to $116.4 million from $102.9 million, and diluted earnings per share rose to $1.28 from $1.10 a year ago.
Total retail segment net sales jumped 9.6%, with comparable retail segment net sales advancing 8.0%.
The increase in comparable net sales was driven by "high single-digit positive growth" in both online and store sales.
Comparable retail segment net sales increased 12.5% at Urban Outfitters, 7.6% at Anthropologie, and 4.1% at Free People.
Subscription segment net sales increased by 48.7%, primarily driven by a 42.2% increase in average active subscribers from a year ago.
Of the company's 20 million stock repurchase plan, 14.7 million remained under the program.
HP Inc. decreased 6% to $22.97 after the company's outlook fell short of expectations and reported weaker-than-expected fiscal fourth-quarter results ending in October.
Revenue increased 3.2% to $14.6 billion from $14.1 billion, net income decreased $795 million from $906 million, and diluted earnings per share declined to 84 cents from 93 cents a year ago.
HP estimated fiscal 2026 first-quarter diluted earnings per share to be in the range of 58 cents to 66 cents, and for the full year between $2.47 and $2.77.
HP stock faced selling pressure after the company announced a broad restructuring plan with gross cost savings of $1 billion by the end of fiscal 2028 and cut its workforce by 10%. The company said it will take a one-time charge of $650 million for restructuring and other charges.
U.S. Stocks Flatlined After 2-Day Surge In AI Stocks
Barry Adams
26 Nov, 2025
New York City
In early trading, Wall Street indexes showed little movement after advancing back-to-back sessions.
The S&P 500 index and the Nasdaq Composite flatlined, gold edged higher, and crude oil retained its downward bias.
Investors returned to increase exposure to high-flying stocks after setting aside concerns about the AI stock's lofty valuations.
Google parent Alphabet Inc. soared as much as 5% on a report that Meta Platforms is considering implementing the search company's TPU chip in 2027.
Sharp advances in tech stocks lifted broader averages, and Alphabet extended its string of new record highs this month to 13.
Wall Street indexes are likely to trade sideways over the next five weeks amid a lack of meaningful catalysts. The Fed's possible rate cut in December is already factored into the current market valuation, providing a limited upside to benchmark indexes.
U.S. Stock Movers
Dell Technologies jumped 2.8% to $129.50 after the company's fourth-quarter sales outlook overwhelmed weaker-than-expected results in the third quarter.
Revenue increased 11% to $27.0 billion from $24.4 billion, net income advanced 32% from $1.5 billion to $1.1 billion, and diluted earnings per share increased 39% to $2.28 from $1.64 a year ago.
“AI momentum is accelerating in the second half of the year, leading to record AI server orders of $12.3 billion and an unprecedented $30 billion in orders year to date,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.
Dell Technologies returned $1.6 billion to shareholders in the third quarter through share repurchases and dividends. Year to date, the company has returned $5.3 billion to shareholders and repurchased over 39 million shares.
The company guided sales in the full-year fiscal 2026 ending in January 2026 to fall between $111.2 billion and $112.2 billion, an increase of 17% from a year ago.
Dell Technologies estimated full-year fiscal 2026 diluted earnings per share of $8.38 at the midpoint, up 31% year over year, and adjusted earnings per share of $9.92 at the midpoint, an increase of 32%.
Urban Outfitters jumped 19% to $81.34, and the specialty apparel retailer reported stronger-than-expected third-quarter results.
Revenue increased 12.3% to $1.5 billion from $1.4 billion, net income advanced to $116.4 million from $102.9 million, and diluted earnings per share rose to $1.28 from $1.10 a year ago.
Total retail segment net sales jumped 9.6%, with comparable retail segment net sales advancing 8.0%.
The increase in comparable net sales was driven by "high single-digit positive growth" in both online and store sales.
Comparable retail segment net sales increased 12.5% at Urban Outfitters, 7.6% at Anthropologie, and 4.1% at Free People.
Subscription segment net sales increased by 48.7%, primarily driven by a 42.2% increase in average active subscribers from a year ago.
Of the company's 20 million stock repurchase plan, 14.7 million remained under the program.
HP Inc. decreased 6% to $22.97 after the company's outlook fell short of expectations and reported weaker-than-expected fiscal fourth-quarter results ending in October.
Revenue increased 3.2% to $14.6 billion from $14.1 billion, net income decreased $795 million from $906 million, and diluted earnings per share declined to 84 cents from 93 cents a year ago.
HP estimated fiscal 2026 first-quarter diluted earnings per share to be in the range of 58 cents to 66 cents, and for the full year between $2.47 and $2.77.
HP stock faced selling pressure after the company announced a broad restructuring plan with gross cost savings of $1 billion by the end of fiscal 2028 and cut its workforce by 10%. The company said it will take a one-time charge of $650 million for restructuring and other charges.