Market Update
China's Economic Updates Confirmed Decelerating Growth Outlook
Li Chen
16 Dec, 2025
Hong Kong
Stocks in China and Hong Kong faced selling pressure following the release of the latest economic data.
The Hang Seng Index fell nearly 2%, and the mainland-focused CSI 300 index decreased 1.4% after weaker-than-expected economic data raised concerns about China's economic growth deceleration.
Retail sales rose 1.9% from a year ago in November and declined for the sixth month in a row; fixed-asset investment fell by 2.6% in the first 11 months to November; and industrial output advanced 4.8% in November.
The National Bureau of Statistics released the key economic data on Monday.
Persistent weakness in China's real estate continued to dampen consumer sentiment and kept retail sales growth in check for the sixth consecutive month.
Real estate investment fell by 15.9% in the first eleven months to November, expanding from the 14.7% decrease registered in the first 10 months to October.
The decline in new home sales extended to 7.8% in the January-November period, from a 6.8% fall for the January-to-October period.
In a separate report, the statistical agency said the jobless rate was unchanged at 5.1% in November from the previous month.
China's prolonged property market continued to weigh on the broader economy and consumer sentiment, and the leading developer China Vanke's struggle to reschedule its bond payments added to market anxieties.
China Indexes and Stocks
The Hang Seng Index dropped 1.9% to 25,143.69, and the mainland-focused CSI 300 index decreased 1.4% to 4,490.41.
Guoxia Technology soared more than 115% to HK $45.66, and the smart energy storage company listed its stock on the Hong Kong Stock Exchange.
The company priced its initial public offering at HK $20.10 per share and raised gross proceeds of HK $782.5 million through the sale of 38.9 million shares.
China's Economic Updates Confirm Decelerating Economic Ba
Li Chen
16 Dec, 2025
Hong Kong
Stocks in China and Hong Kong faced selling pressure following the release of the latest economic data.
The Hang Seng Index fell nearly 2%, and the mainland-focused CSI 300 index decreased 1.4% after weaker-than-expected economic data raised concerns about China's economic growth deceleration.
Retail sales rose 1.9% from a year ago in November and declined for the sixth month in a row; fixed-asset investment fell by 2.6% in the first 11 months to November; and industrial output advanced 4.8% in November.
The National Bureau of Statistics released the key economic data on Monday.
Persistent weakness in China's real estate continued to dampen consumer sentiment and kept retail sales growth in check for the sixth consecutive month.
Real estate investment fell by 15.9% in the first eleven months to November, expanding from the 14.7% decrease registered in the first 10 months to October.
The decline in new home sales extended to 7.8% in the January-November period, from a 6.8% fall for the January-to-October period.
In a separate report, the statistical agency said the jobless rate was unchanged at 5.1% in November from the previous month.
China's prolonged property market continued to weigh on the broader economy and consumer sentiment, and the leading developer China Vanke's struggle to reschedule its bond payments added to market anxieties.
China Indexes and Stocks
The Hang Seng Index dropped 1.9% to 25,143.69, and the mainland-focused CSI 300 index decreased 1.4% to 4,490.41.
Guoxia Technology soared more than 115% to HK $45.66, and the smart energy storage company listed its stock on the Hong Kong Stock Exchange.
The company priced its initial public offering at HK $20.10 per share and raised gross proceeds of HK $782.5 million through the sale of 38.9 million shares.
U.S. Indexes Hovered Near Record Highs as Industrial and Cyclical Stocks Gained Favor
Barry Adams
12 Dec, 2025
New York City
U.S. indexes hovered near record highs, and investors rotated into industrial and smaller cap companies.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite inched lower 0.2% amid growing worries that returns on huge investments in AI infrastructure could lag market expectations.
The Fed's rate cut, economic projections, and 2026 rate outlook generally met investors' expectations, and investors set aside rate-hike worries for now.
Despite the Fed's soothing words about the U.S. economic health, the job market continues to cool, and delayed economic data releases are contributing to market anxieties.
Investors are bracing for sharp downward revisions to nonfarm payrolls, which could show that the U.S. payrolls are shrinking by 20,000 a month between April and October.
For now, investors bid up stocks, and the Dow Jones Industrial Average and the S&P 500 index scaled new record highs and anticipated another uptick in earnings in the holiday-spending-driven fourth quarter.
U.S. Movers
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Oxford Industries said quarterly losses expanded, driven by higher impairment charges and a challenging sales environment.
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Broadcom delivered a sharp jump in revenue and earnings, driven by a surge in demand for its AI chips.
U.S. Movers: Broadcom, Oxford Industries
Scott Peters
12 Dec, 2025
New York City
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Revenue soared 28% to $18.0 billion from $14.0 billion, net income soared 97% to $8.5 billion from $4.3 billion, and diluted earnings per share jumped 93% to $1.74 from 90 cents a year ago.
The company issued a solid outlook for the current year, driven by a strong demand for its AI chips.
The company estimated fiscal first quarter 2026 revenue to rise to $19.1 billion and adjusted operating earnings margin to be 67% of projected revenue.
"We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches," said the company's CEO Hock Tan in a statement released to investors.
CEO Tan confirmed that the company's order backlog has swelled to $73 billion, which the company plans to fulfill over the next six quarters.
Broadcom revealed Anthropic as the mystery buyer, and the AI model start-up placed an additional order of $11 billion, on top of the $10 billion order confirmed in September.
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Revenue in the fiscal third quarter declined to $307.3 million from $308.0 million, net loss expanded to $63.7 million from $3.9 million, and diluted loss per share advanced to $4.25 from 25 cents a year ago.
Despite the company declaring a quarterly dividend, investors worried that future payments may be in jeopardy amid rising losses and negative effects of tariffs.
"The company's current annual EPS and adjusted EPS guidance reflect a net tariff impact of approximately $25 million to $30 million, or approximately $1.25 to $1.50 per share," said the company in the earnings release.
The company declared a 69-cent-per-share quarterly dividend to shareholders on record on January 16, 2026, and payable on January 30, 2026.
Oxford Industries revised its sales and adjusted earnings outlook for the fiscal year 2025 ending at the end of January 2026.
The retailer lowered its annual sales outlook range to between $1.47 billion and $1.49 billion from $1.52 billion in fiscal 2024.
The company estimated GAAP earnings per share to range between $1.32 and $1.52, compared to $5.87 in fiscal 2024, reflecting noncash impairment charges of $61 million, or $3.05 per share, primarily associated with the Johnny Was purchase in 2022.
U.S. Movers: Broadcom, Oxford Industries
Scott Peters
12 Dec, 2025
New York City
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Revenue soared 28% to $18.0 billion from $14.0 billion, net income soared 97% to $8.5 billion from $4.3 billion, and diluted earnings per share jumped 93% to $1.74 from 90 cents a year ago.
The company issued a solid outlook for the current year, driven by a strong demand for its AI chips.
The company estimated fiscal first quarter 2026 revenue to rise to $19.1 billion and adjusted operating earnings margin to be 67% of projected revenue.
"We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches," said the company's CEO Hock Tan in a statement released to investors.
CEO Tan confirmed that the company's order backlog has swelled to $73 billion, which the company plans to fulfill over the next six quarters.
Broadcom revealed Anthropic as the mystery buyer, and the AI model start-up placed an additional order of $11 billion, on top of the $10 billion order confirmed in September.
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Revenue in the fiscal third quarter declined to $307.3 million from $308.0 million, net loss expanded to $63.7 million from $3.9 million, and diluted loss per share advanced to $4.25 from 25 cents a year ago.
Despite the company declaring a quarterly dividend, investors worried that future payments may be in jeopardy amid rising losses and negative effects of tariffs.
"The company's current annual EPS and adjusted EPS guidance reflect a net tariff impact of approximately $25 million to $30 million, or approximately $1.25 to $1.50 per share," said the company in the earnings release.
The company declared a 69-cent-per-share quarterly dividend to shareholders on record on January 16, 2026, and payable on January 30, 2026.
Oxford Industries revised its sales and adjusted earnings outlook for the fiscal year 2025 ending at the end of January 2026.
The retailer lowered its annual sales outlook range to between $1.47 billion and $1.49 billion from $1.52 billion in fiscal 2024.
The company estimated GAAP earnings per share to range between $1.32 and $1.52, compared to $5.87 in fiscal 2024, reflecting noncash impairment charges of $61 million, or $3.05 per share, primarily associated with the Johnny Was purchase in 2022.
U.S. Indexes Hovered Near Record Highs as Industrial and Cyclical Stocks Gain
Barry Adams
12 Dec, 2025
New York City
U.S. indexes hovered near record highs, and investors rotated into industrial and smaller cap companies.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite inched lower 0.2% amid growing worries that returns on huge investments in AI infrastructure could lag market expectations.
The Fed's rate cut, economic projections, and 2026 rate outlook generally met investors' expectations, and investors set aside rate-hike worries for now.
Despite the Fed's soothing words about the U.S. economic health, the job market continues to cool, and delayed economic data releases are contributing to market anxieties.
Investors are bracing for sharp downward revisions to nonfarm payrolls, which could show that the U.S. payrolls are shrinking by 20,000 a month between April and October.
For now, investors bid up stocks, and the Dow Jones Industrial Average and the S&P 500 index scaled new record highs and anticipated another uptick in earnings in the holiday-spending-driven fourth quarter.
U.S. Movers
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Oxford Industries said quarterly losses expanded, driven by higher impairment charges and a challenging sales environment.
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Broadcom delivered a sharp jump in revenue and earnings, driven by a surge in demand for its AI chips.
Japan's Indexes Extended Weekly Advance Powered by Friday's Surge
Akira Ito
12 Dec, 2025
Tokyo
Stocks in Tokyo rebounded and erased the previous session's losses ahead of rate decisions by the Bank of Japan next week.
The Nikkei 225 Stock Average advanced 1%, the broader Topix soared 1.8%, and the yen hovered at 155.72 against the U.S. dollar.
Stocks in Tokyo have traded in a tight range amid uncertainty about the Bank of Japan's monetary policy and persistent pressure on the yen.
Moreover, investors are worried that Japan's economy is likely to stall in 2026 amid geopolitical uncertainty and the expectations of a 5% increase in wages for the third year in a row.
Japan's consumer price inflation has been hovering near the Bank of Japan's target rate of 2%, supporting the case for the central bank to continue its rate-hike campaign.
The Bank of Japan is likely to increase its short-term rate at the end of its two-day policy meeting on December 19.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1% to 50,678.77, and the broader Topix jumped 1.8% to 3,417.37.
For the week, the Nikkei 225 advanced 1%, and the Topix gained 1.6%.
Volatile AI-linked stocks rebounded in Friday's trading, despite worries that returns in AI infrastructure are likely to lag expectations.
Softbank Group jumped 3.1% to ¥17,755.0, Tokyo Electron decreased 2.6% to ¥31,760.0, Lasertec Corp. inched higher 0.4% to ¥31,120.0, and Advantest Corp. fell 1.8% to ¥20,670.0.
Japan's Weekly Indexes Extended Weekly Advance Powered by Friday's Surge
Akira Ito
12 Dec, 2025
Tokyo
Stocks in Tokyo rebounded and erased the previous session's losses ahead of rate decisions by the Bank of Japan next week.
The Nikkei 225 Stock Average advanced 1%, the broader Topix soared 1.8%, and the yen hovered at 155.72 against the U.S. dollar.
Stocks in Tokyo have traded in a tight range amid uncertainty about the Bank of Japan's monetary policy and persistent pressure on the yen.
Moreover, investors are worried that Japan's economy is likely to stall in 2026 amid geopolitical uncertainty and the expectations of a 5% increase in wages for the third year in a row.
Japan's consumer price inflation has been hovering near the Bank of Japan's target rate of 2%, supporting the case for the central bank to continue its rate-hike campaign.
The Bank of Japan is likely to increase its short-term rate at the end of its two-day policy meeting on December 19.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1% to 50,678.77, and the broader Topix jumped 1.8% to 3,417.37.
For the week, the Nikkei 225 advanced 1%, and the Topix gained 1.6%.
Volatile AI-linked stocks rebounded in Friday's trading, despite worries that returns in AI infrastructure are likely to lag expectations.
Softbank Group jumped 3.1% to ¥17,755.0, Tokyo Electron decreased 2.6% to ¥31,760.0, Lasertec Corp. inched higher 0.4% to ¥31,120.0, and Advantest Corp. fell 1.8% to ¥20,670.0.
China's Economic Planners Showed Little Urgency for Additional Stimulus Measures
Li Chen
12 Dec, 2025
Hong Kong
Stock market indexes in China edged slightly higher after China's economic planners vowed to consider providing additional support to bolster domestic demand.
The Hang Seng Index gained 1.4%, and the mainland-focused CSI 300 index increased 0.2% amid growing speculation that policymakers may follow through with a mix of fiscal and monetary stimulus measures.
China's top economic planners, political leaders, and heads of state-owned enterprises sent a signal to investigate how to improve domestic demand and revive the residential property market.
At the end of the annual Central Economic Work Conference on Thursday, a meeting attended by the members of the CCP Central Committee and State Council, China's leaders sent signals to boost domestic demand and support "high-quality growth."
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 25,878.49, and the mainland-focused CSI 300 index edged up 0.2% to 4,562.08.
Benchmark indexes dropped 0.7% after a week of trading, as investors stayed on the sidelines and debated the 2026 growth outlook and possible stimulus measures.
Residential property developers advanced for the second consecutive session, following a rate cut by the Hong Kong Monetary Authority to maintain its currency's peg with the U.S. dollar.
Sun Hug Kai Properties rose 2.7% to HK $98.45, CK Asset Holding Ltd. gained 1.2% to HK $39.82, China Vanke added 0.7% to HK $3.75, and Longfor Group advanced 0.7% to HK $9.42.
China's Economic Planners Showed Little Urgency for Additional Stimulus Measures
Li Chen
12 Dec, 2025
Hong Kong
Stock market indexes in China edged slightly higher after China's economic planners vowed to consider providing additional support to bolster domestic demand.
The Hang Seng Index gained 1.4%, and the mainland-focused CSI 300 index increased 0.2% amid growing speculation that policymakers may follow through with a mix of fiscal and monetary stimulus measures.
China's top economic planners, political leaders, and heads of state-owned enterprises sent a signal to investigate how to improve domestic demand and revive the residential property market.
At the end of the annual Central Economic Work Conference on Thursday, a meeting attended by the members of the CCP Central Committee and State Council, China's leaders sent signals to boost domestic demand and support "high-quality growth."
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 25,878.49, and the mainland-focused CSI 300 index edged up 0.2% to 4,562.08.
Benchmark indexes dropped 0.7% after a week of trading, as investors stayed on the sidelines and debated the 2026 growth outlook and possible stimulus measures.
Residential property developers advanced for the second consecutive session, following a rate cut by the Hong Kong Monetary Authority to maintain its currency's peg with the U.S. dollar.
Sun Hug Kai Properties rose 2.7% to HK $98.45, CK Asset Holding Ltd. gained 1.2% to HK $39.82, China Vanke added 0.7% to HK $3.75, and Longfor Group advanced 0.7% to HK $9.42.
U.S. Movers: Adobe, Oracle, Synopsys
Scott Peters
11 Dec, 2025
New York City
Oracle plunged 11% to $198.69 after the company's revenue in its fiscal second quarter ending in November fell short of market expectations.
Revenue increased 14% to $16.0 billion from $14.0 billion, net income soared 95% to $6.1 billion from $3.1 billion, and diluted earnings per share rose to $2.10 from $1.10 a year ago.
Revenue in the cloud segment increased 34% to $8.0 billion, cloud infrastructure revenue soared 68% to $4.1 billion, and cloud applications advanced 11% to $3.9 billion.
The board of directors declared a quarterly cash dividend of 50 cents per share paid on January 23, 2026, to shareholders on record on January 9, 2026.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter ending in November.
The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Revenue increased to $6.2 billion from $5.6 billion, net income advanced to $1.9 billion from $1.6 billion, and diluted earnings per share rose to $4.45 from $3.79 a year ago.
The software company guided fiscal first quarter revenue to range between $6.25 billion and $6.30 billion, and diluted earnings per share to range between $4.45 and $4.60.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter ending in October.
Revenue increased to $2.3 billion from $1.6 billion, net income from continuing operations advanced to $448.7 million from $279.3 billion, and diluted earnings per share rose to $2.39 from $1.79 a year ago.
The company estimated fiscal year 2026 revenue of $9.610 billion at mid-point, including $2.9 billion of expected Ansys revenue and reflecting the impact of approximately $110 million of divested Optical Solutions Group and PowerArtist RTL businesses.
U.S. Movers: Adobe, Oracle, Synopsys
Scott Peters
11 Dec, 2025
New York City
Oracle plunged 11% to $198.69 after the company's revenue in its fiscal second quarter ending in November fell short of market expectations.
Revenue increased 14% to $16.0 billion from $14.0 billion, net income soared 95% to $6.1 billion from $3.1 billion, and diluted earnings per share rose to $2.10 from $1.10 a year ago.
Revenue in the cloud segment increased 34% to $8.0 billion, cloud infrastructure revenue soared 68% to $4.1 billion, and cloud applications advanced 11% to $3.9 billion.
The board of directors declared a quarterly cash dividend of 50 cents per share paid on January 23, 2026, to shareholders on record on January 9, 2026.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter ending in November.
The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Revenue increased to $6.2 billion from $5.6 billion, net income advanced to $1.9 billion from $1.6 billion, and diluted earnings per share rose to $4.45 from $3.79 a year ago.
The software company guided fiscal first quarter revenue to range between $6.25 billion and $6.30 billion, and diluted earnings per share to range between $4.45 and $4.60.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter ending in October.
Revenue increased to $2.3 billion from $1.6 billion, net income from continuing operations advanced to $448.7 million from $279.3 billion, and diluted earnings per share rose to $2.39 from $1.79 a year ago.
The company estimated fiscal year 2026 revenue of $9.610 billion at mid-point, including $2.9 billion of expected Ansys revenue and reflecting the impact of approximately $110 million of divested Optical Solutions Group and PowerArtist RTL businesses.
AI-Linked Stocks Under Pressure After Oracle's Results Overshadow Fed's Rate Actions and Projections
Barry Adams
11 Dec, 2025
New York City
High-flying technology stocks faced sharp headwinds after Oracle's quarterly results and outlook raised worries about the sustainability of elevated investment in AI infrastructure.
The S&P 500 index decreased 1%, and the tech-heavy Nasdaq Composite declined 2%, as investors shifted focus away from the Fed's rate actions.
The Federal Reserve lowered its short-term fed funds rate range for the third time in a row and signaled fewer cuts in 2026.
The fed funds rate range was cut by 25 basis points to between 3.50% and 3.75%, and the divided rate-setting committee focused on weakening labor market conditions.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
In the absence of economic data because of the government shutdown, Fed officials worried that the "low-hire, low-fire" labor market may be weaker than the data suggests.
The central bank is likely to hold off from revising rates at the end of its next meeting in late January, as it evaluates additional economic data and the impact of the Trump administration's aggressive tariffs on goods.
The Federal Open Market Committee's projections signaled one possible rate cut in 2026, while the market is still holding out for as many as two 25 basis point rate cuts in the next year.
U.S. Stock Movers
Oracle plunged 11% to $198.69 after the company's revenue in its latest quarter fell short of market expectations.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter. The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter.
AI-Linked Stocks Under Pressure After Oracle's Results Overshadow Fed's Rate Actions and Projections
Barry Adams
11 Dec, 2025
New York City
High-flying technology stocks faced sharp headwinds after Oracle's quarterly results and outlook raised worries about the sustainability of elevated investment in AI infrastructure.
The S&P 500 index decreased 1%, and the tech-heavy Nasdaq Composite declined 2%, as investors shifted focus away from the Fed's rate actions.
The Federal Reserve lowered its short-term fed funds rate range for the third time in a row and signaled fewer cuts in 2026.
The fed funds rate range was cut by 25 basis points to between 3.50% and 3.75%, and the divided rate-setting committee focused on weakening labor market conditions.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
In the absence of economic data because of the government shutdown, Fed officials worried that the "low-hire, low-fire" labor market may be weaker than the data suggests.
The central bank is likely to hold off from revising rates at the end of its next meeting in late January, as it evaluates additional economic data and the impact of the Trump administration's aggressive tariffs on goods.
The Federal Open Market Committee's projections signaled one possible rate cut in 2026, while the market is still holding out for as many as two 25 basis point rate cuts in the next year.
U.S. Stock Movers
Oracle plunged 11% to $198.69 after the company's revenue in its latest quarter fell short of market expectations.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter. The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter.