Market Update
China's Manufacturing Surveys Highlight Ongoing Weakness, Hong Kong Attracts Three Successful IPOs
Li Chen
30 Sep, 2025
Hong Kong
China's stock market indexes edged higher ahead of the start of the weeklong Golden Week holidays.
The Hang Seng index increased 0.2%, and the CSI 300 index edged up 0.5% after the official survey of manufacturing activities painted a gloomy picture.
The manufacturing purchasing managers' activities index was 49.8 in September, the National Bureau of Statistics reported Tuesday.
The persistent domestic demand weakness and export headwinds played key roles in contracting activities for the sixth consecutive month.
The nonmanufacturing activity index, which includes construction and services, dropped to 50 in September from 50.3 in August, data from the statistics bureau showed.
However, a private survey released Tuesday by S&P Global showed a slight increase in manufacturing activities in September.
The RatingDog China General Manufacturing PMI increased to 51.2 from 50.5 in August.
The private survey has a larger percentage of smaller and private companies, including businesses focused on export activities.
China Indexes and Stocks
The Hang Seng index increased 0.2% to 26,668.70, and the CSI 300 index advanced 0.5% to 4,642.62.
Techtronic Industries rose 1.4% to HK $99.85, Alibaba Group Holding increased 2.2% to HK $177.30, and Tencent Holdings edged up 0.2% to HK $661.50.
Semiconductor makers advanced after local reports suggested Huawei Technologies plans to double AI chip production in the near future.
SMIC rose 3% to HK$78.80, and SenseTime Group advanced 4% to HK$2.84.
Three mainland Chinese companies listed their stocks on the Hong Kong Stock Exchange.
Zijin Gold, the spinoff of Zijin Mining, soared 55% to HK$117, and the company priced its stock at HK$71.59 per share.
The company sold 349 million shares and raised HK$24.98 billion through the listing of its stock on the Hong Kong Stock Exchange.
The mining company plans to use about 33% of its offering to complete its acquisition of the Raygorodok Gold Mine in Kazakhstan.
About 90% of the offering was placed with international investors.
Singapore's GIC, the U.S.-based BlackRock, and the UK's Schroders attracted investments to the company's public offering.
Shenzhen Hipine Precision Technology soared more than 180% to HK$102.30 after the company listed its shares on the Hong Kong Stock Exchange.
The watch designer and manufacturer priced and sold 10.6 million shares at a price of HK$29.60 per share.
Pateo Connect Technology soared on the first day of trading on the Hong Kong Stock Exchange.
Pateo traded at HK$144.0, and the company sold 10.44 million shares at a price of HK$10.23 per share.
Circular AI Trade Keeps Investors On Edge, Wall Street Awaits Labor Market Updates This Week
Barry Adams
29 Sep, 2025
New York City
Stocks attempted to rebound on Monday following a week of decline as an AI-driven rally faced skepticism.
The S&P 500 index advanced 0.5%, the tech-focused Nasdaq Composite gained 0.6%, and gold reached a new record high of $3,828.53 in New York.
Nvidia, Oracle, Microsoft, and Alphabet Inc. lost ground over the last three sessions, but the tech leaders hovered near record highs amid optimism that large investment in data centers will deliver earnings growth.
In the week ahead, U.S. investors are looking forward to labor market updates, following last month's weak data.
Nonfarm payrolls in September are likely to rebound to 37,000 from the downwardly revised 22,000 in August, with a jobless rate at 4.3% and annual wage growth of 3.3%.
In addition, job openings are estimated to shrink to 7.1 million, amid tariff whiplash and patches of the economy going through sharp contraction.
On the earnings front, investors are anticipating quarterly results from Carnival Corp, Nike, Cal-Maine Foods, United Natural Foods, Lamb Weston Holdings, Paychex, Progress Software, and Village Super Market.
U.S. Stock Movers
Oracle increased 0.6% to $285.10, Nvidia advanced 1% to $179.88, Microsoft added 0.3% to $513.0, Amazon.com Inc. jumped 1% to $221.85, and Alphabet gained 1% to $249.80.
China-focused stocks edged higher after industrial profit advanced 20.4% in August, a sharp jump following three consecutive months of decrease.
Alibaba Group gained 3.3% to $177.70, JD.com Inc. increased 1.8% to $35.11, and Xpeng advanced 2.2% to $23.32.
Circular AI Trade Keeps Investors On Edge, Wall Street Awaits Labor Market Updates This W
Barry Adams
29 Sep, 2025
New York City
Stocks attempted to rebound on Monday following a week of decline as an AI-driven rally faced skepticism.
The S&P 500 index advanced 0.5%, the tech-focused Nasdaq Composite gained 0.6%, and gold reached a new record high of $3,828.53 in New York.
Nvidia, Oracle, Microsoft, and Alphabet Inc. lost ground over the last three sessions, but the tech leaders hovered near record highs amid optimism that large investment in data centers will deliver earnings growth.
In the week ahead, U.S. investors are looking forward to labor market updates, following last month's weak data.
Nonfarm payrolls in September are likely to rebound to 37,000 from the downwardly revised 22,000 in August, with a jobless rate at 4.3% and annual wage growth of 3.3%.
In addition, job openings are estimated to shrink to 7.1 million, amid tariff whiplash and patches of the economy going through sharp contraction.
On the earnings front, investors are anticipating quarterly results from Carnival Corp, Nike, Cal-Maine Foods, United Natural Foods, Lamb Weston Holdings, Paychex, Progress Software, and Village Super Market.
U.S. Stock Movers
Oracle increased 0.6% to $285.10, Nvidia advanced 1% to $179.88, Microsoft added 0.3% to $513.0, Amazon.com Inc. jumped 1% to $221.85, and Alphabet gained 1% to $249.80.
China-focused stocks edged higher after industrial profit advanced 20.4% in August, a sharp jump following three consecutive months of decrease.
Alibaba Group gained 3.3% to $177.70, JD.com Inc. increased 1.8% to $35.11, and Xpeng advanced 2.2% to $23.32.
Abenomics and Koizumi Duel Out In LDP's Leadership Race
Akira Ito
29 Sep, 2025
Tokyo
Japan's benchmark indexes turned lower on Monday amid an uncertain political and trade outlook.
The Nikkei 225 Stock Average fell 0.7%, and the broader Topix dropped 1.4% as investors prepared for a flood of economic updates in the week ahead.
Investors are looking forward to the release of Japan's confidence index among large businesses, retail sales, industrial production, construction orders, jobless rate, and housing starts.
As the LDP leadership race narrows to two candidates, investors are looking for details about the possible trade policy, defense partnerships, and government budgetary priorities.
Ahead of the party's leadership election on October 4, and by default, the next prime minister, Sanae Takaichi, and Shijiro Koizumi are leading in early party votes, suggesting that the
On the earnings front, investors are awaiting interim results from Nishimatsuya Chain, Shimamura Co. Ltd., Takara Company, Nippon Filcon Co., Fast Retailing, Nitori Holding, and YASKAWA Electric Corp.
This week in Asia, South Korea, the Philippines, Indonesia, and Australia are scheduled to release their international trade data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.7% to 45,052.82, and the broader Topix dropped 1.4% to 3,143.02.
Financial stocks decreased for the second session in a row after July's BoJ meeting showed policymakers are open to continuing the rate-hike campaign if economic growth and consumer inflation evolve as expected.
Sumitomo Mitsui Financial Group decreased 1.4% to ¥4,115.0, Mitsubishi UFJ Financial declined 1.2% to ¥2,331.50, and Mizuho Financial dropped 1.6% to ¥4,932.0.
Abenomics and Koizumi Duel Out In LDP's Leadership Race
Akira Ito
29 Sep, 2025
Tokyo
Japan's benchmark indexes turned lower on Monday amid an uncertain political and trade outlook.
The Nikkei 225 Stock Average fell 0.7%, and the broader Topix dropped 1.4% as investors prepared for a flood of economic updates in the week ahead.
Investors are looking forward to the release of Japan's confidence index among large businesses, retail sales, industrial production, construction orders, jobless rate, and housing starts.
As the LDP leadership race narrows to two candidates, investors are looking for details about the possible trade policy, defense partnerships, and government budgetary priorities.
Ahead of the party's leadership election on October 4, and by default, the next prime minister, Sanae Takaichi, and Shijiro Koizumi are leading in early party votes, suggesting that the
On the earnings front, investors are awaiting interim results from Nishimatsuya Chain, Shimamura Co. Ltd., Takara Company, Nippon Filcon Co., Fast Retailing, Nitori Holding, and YASKAWA Electric Corp.
This week in Asia, South Korea, the Philippines, Indonesia, and Australia are scheduled to release their international trade data.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.7% to 45,052.82, and the broader Topix dropped 1.4% to 3,143.02.
Financial stocks decreased for the second session in a row after July's BoJ meeting showed policymakers are open to continuing the rate-hike campaign if economic growth and consumer inflation evolve as expected.
Sumitomo Mitsui Financial Group decreased 1.4% to ¥4,115.0, Mitsubishi UFJ Financial declined 1.2% to ¥2,331.50, and Mizuho Financial dropped 1.6% to ¥4,932.0.
China's Industrial Profit Rebounded In August, CSI 300 and Hang Seng Indexes Advanced On Monday
Li Chen
29 Sep, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced on Monday following the release of the industrial profit report for August.
The Hang Seng index increased 1.4%, and the mainland-focused CSI 300 index gained 0.5% amid optimism that corporate profits are likely to hold up despite macroeconomic worries.
Industrial profits among mainland firms with at least 20 million yuan rose 20.4% from a year ago in August, according to the National Bureau of Statistics.
Corporate profits rebounded from an annual decrease of 1.5% in July, as activities at industrial companies picked up pace.
In the eight months to August, industrial profits inched higher 0.9% from a year ago to 4.7 trillion yuan, compared to a decrease of 1.7% in the first seven month of the year.
Investor enthusiasm remained muted ahead of the start of the eight-day Golden Week holidays, despite Monday's advance.
China's indexes advanced more than 30% from the lows reached in the first week of April, driven by domestic investors chasing higher returns from riskier assets.
Foreign investors piled into Chinese stocks amid hopes of a recovery in profits and annual economic growth of 5% or better.
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 26,476.48, and the mainland-focused CSI 300 index advanced 0.5% to 4,571.66.
Alibaba Group Holding increased 3.1% to HK$171.45, Tencent Holdings advanced 1.7% to HK$655.0, and JD.com Inc gained 2.4% to HK$135.70.
However, electric vehicle makers led Monday's decliners.
Xiaomi Corp. decreased 2.4% to HK$53.35, Li Auto Inc. declined 1% to HK$99.10, and Xpeng Inc. dropped 2% to HK$89.0.
China's Industrial Profit Rebounded In August, CSI 300 and Hang Seng Indexes Advanced On
Li Chen
29 Sep, 2025
Hong Kong
Stock market indexes in China and Hong Kong advanced on Monday following the release of the industrial profit report for August.
The Hang Seng index increased 1.4%, and the mainland-focused CSI 300 index gained 0.5% amid optimism that corporate profits are likely to hold up despite macroeconomic worries.
Industrial profits among mainland firms with at least 20 million yuan rose 20.4% from a year ago in August, according to the National Bureau of Statistics.
Corporate profits rebounded from an annual decrease of 1.5% in July, as activities at industrial companies picked up pace.
In the eight months to August, industrial profits inched higher 0.9% from a year ago to 4.7 trillion yuan, compared to a decrease of 1.7% in the first seven month of the year.
Investor enthusiasm remained muted ahead of the start of the eight-day Golden Week holidays, despite Monday's advance.
China's indexes advanced more than 30% from the lows reached in the first week of April, driven by domestic investors chasing higher returns from riskier assets.
Foreign investors piled into Chinese stocks amid hopes of a recovery in profits and annual economic growth of 5% or better.
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 26,476.48, and the mainland-focused CSI 300 index advanced 0.5% to 4,571.66.
Alibaba Group Holding increased 3.1% to HK$171.45, Tencent Holdings advanced 1.7% to HK$655.0, and JD.com Inc gained 2.4% to HK$135.70.
However, electric vehicle makers led Monday's decliners.
Xiaomi Corp. decreased 2.4% to HK$53.35, Li Auto Inc. declined 1% to HK$99.10, and Xpeng Inc. dropped 2% to HK$89.0.
Rising Trade Uncertainties and Inflation Worries Keep Wall Street Indexes In Check
Barry Adams
26 Sep, 2025
New York City
U.S. stocks lacked direction in Friday's trading, amid new U.S. tariffs and rising risks of a federal government shutdown.
The S&P 500 index hugged the flatline, and the Nasdaq Composite decreased 0.1% as investors reviewed the latest update on the Fed's inflation gauge.
The federal government is likely to face its first shutdown in five years as lawmakers from both parties dig in their heels and fail to strike a compromise on healthcare spending.
The looming shutdown could stop or delay payments for social security, federal contractors, and as many as two million federal employees.
The U.S. president threatened to impose additional tariffs on trucks, furniture, and pharmaceuticals, which could lead to more disruptions in global supply chains and support elevated inflation at home.
Trump threatened to impose tariffs of as much as 100% on branded or patented drugs, 25% on heavy-duty trucks, and 30% on upholstered furniture.
The latest tariff salvo adds more confusion to the so-called trade agreements and imports from countries deemed as most favored nations.
The Trump administration's constant tinkering of trade policy, random announcements, pullbacks, withdrawals, and reimpositions have shaken the faith of foreign investors.
PCE Price Index Accelerated In August
On the economic front, the personal consumption price index, the Fed's preferred measure of inflation, accelerated o a six-month high.
Personal Consumption Price index increased 2.7% from a year ago in August, and core inflation which excludes food and energy, advanced 2.9%, according to the U.S. Bureau of Economic Analysis.
Both measures of watered-down inflation met expectations set by economists on Wall Street.
The PCE price index understates broader inflation in the economy because it includes consumer behavior to price changes, as families may substitute branded goods for generic versions to stretch their budgets.
U.S. Stock Movers
Costco Wholesale Corp. decreased 1% to $935.49, and the membership warehouse club operator reported solid quarterly results.
However, the retailer's same-store sales growth slowed for the second quarter in a row.
Revenue in the fiscal fourth quarter increased to $86.2 billion from $79.7 billion, net income advanced to $2.61 billion from $2.35 billion, and diluted earnings per share rose to $5.87 from $5.21 a year ago.
Same-store sales, excluding store openings and closures, foreign exchange adjustments, and gasoline sales, increased 6.4%, and e-commerce sales surged 13.5% from a year ago, respectively.
Membership fee income soared 14% from a year ago in the quarter, as the company attracted younger and paying customers.
Concentrix Corp. plunged 19.5% to $44.24 after the business process outsourcing company reported weaker-than-expected quarterly results and the service company tightened its outlook.
Rising Trade Uncertainties and Inflation Worries Keep Wall Street Indexes In Check
26 Sep, 2025
New York City
U.S. stocks lacked direction in Friday's trading, amid new U.S. tariffs and rising risks of a federal government shutdown.
The S&P 500 index hugged the flatline, and the Nasdaq Composite decreased 0.1% as investors reviewed the latest update on the Fed's inflation gauge.
The federal government is likely to face its first shutdown in five years as lawmakers from both parties dig in their heels and fail to strike a compromise on healthcare spending.
The looming shutdown could stop or delay payments for social security, federal contractors, and as many as two million federal employees.
The U.S. president threatened to impose additional tariffs on trucks, furniture, and pharmaceuticals, which could lead to more disruptions in global supply chains and support elevated inflation at home.
Trump threatened to impose tariffs of as much as 100% on branded or patented drugs, 25% on heavy-duty trucks, and 30% on upholstered furniture.
The latest tariff salvo adds more confusion to the so-called trade agreements and imports from countries deemed as most favored nations.
The Trump administration's constant tinkering of trade policy, random announcements, pullbacks, withdrawals, and reimpositions have shaken the faith of foreign investors.
U.S. Stock Movers
Costco Wholesale Corp. decreased 1% to $935.49, and the membership warehouse club operator reported solid quarterly results.
However, the retailer's same-store sales growth slowed for the second quarter in a row.
Revenue in the fiscal fourth quarter increased to $86.2 billion from $79.7 billion, net income advanced to $2.61 billion from $2.35 billion, and diluted earnings per share rose to $5.87 from $5.21 a year ago.
Same-store sales, excluding store openings and closures, foreign exchange adjustments, and gasoline sales, increased 6.4%, and e-commerce sales surged 13.5% from a year ago, respectively.
Membership fee income soared 14% from a year ago in the quarter, as the company attracted younger and paying customers.
Concentrix Corp. plunged 19.5% to $44.24 after the business process outsourcing company reported weaker-than-expected quarterly results and the service company tightened its outlook.