Asia Market Quick Take – November 12, 2025

Asia Market Quick Take – November 12, 2025

Key points:

• Macro: US private employers cuts 11,250 jobs on average in October
• Equities: SoftBank sold $5.8B Nvidia stake; SEA Limited drops post-earnings
• FX: CHF rises as U.S.-Switzerland tariff deal nears, USDCHF at 0.8000
• Commodities: Oil steady after 3‑day rise ahead of OPEC monthly report
• Fixed income: Treasury yields down as cash trading resumed

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 Disclaimer: Past performance does not indicate future performance.

Macro:

• US private employers cut an average of 11,250 jobs weekly during the last four weeks ending October 25, 2025, per ADP Research, highlighting a slowdown in the labor market. The ongoing government shutdown has postponed the Labor Department's September employment data. Additionally, Challenger, Gray & Christmas reported 153,074 job cuts in October, marking the highest monthly total since 2003.

• Mexico set new sugar import tariffs to address falling global prices and potential domestic oversupply. The tariffs are 156% on most sugars and 210.44% on refined liquid sugar, per President Claudia Sheinbaum's decree. Previous tariffs were $360-$390 per ton. Carlos Blackaller of the sugarcane producers' group said the strategy protects local production and may raise prices during the 2025/26 harvest, effectively preventing imports.
• White House economic adviser Kevin Hassett expects U.S. growth to rebound to 3%-4% by early 2026 despite the recent government shutdown, which could reduce growth by 1-1.5 points. He predicts some losses are permanent, but growth should recover by next year. Economists warn of challenges like weak consumer spending and high inflation, but increased business investment might counteract these issues.
• Switzerland is nearing a 15% tariff agreement with the US, possibly finalized by Thursday or Friday, pending President Trump's approval.

Equities: 

• US - The S&P 500 rose 0.3% and the Dow jumped 630 points to a record high, while the Nasdaq slipped 0.3%. Progress in the Senate boosted economically sensitive sectors, with health care leaders Merck (+4.8%), Amgen (+4.6%), and J&J (+2.9%) driving the Dow. Optimism grew that reopening the government will release delayed data and support growth. Meanwhile, tech lagged as SoftBank’s $5.8B Nvidia stake sale pressured AI names; Nvidia fell 3%, while Micron, Oracle, and Palantir dropped up to 4.9%. SEA Limited fell 8% after reporting Q3 earnings that grew 144% yoy and boosted GMV by 28.4% yoy but adjusted earnings per share still fell short of estimates at $0.59 vs $1.02 est.
• EU - European stocks extended Monday’s rally to record highs Tuesday on optimism over a U.S. government shutdown resolution and upbeat corporate news. The STOXX 50 rose 1.1% to 5,728, while STOXX 600 gained 1.3% to 580 as the House prepared to vote on a Senate-approved spending bill that could end the 41-day shutdown. Adyen surged over 8% after unveiling new long-term targets. Luxury and auto names added strength, with Hermes, LVMH, Volkswagen, and Stellantis up 2.5–5%. Swiss shares outperformed on hopes of a U.S. trade deal cutting tariffs, lifting Roche, Novartis, Lonza, and Richemont.
• HK - Hang Seng edged up 0.2% to 26,696 on Tuesday, reversing early losses as property and financial stocks lifted sentiment. The index posted a second straight gain, supported by optimism over the U.S. shutdown’s imminent end after the Senate passed a funding deal and hopes for resilient Chinese activity amid ongoing stimulus. Investors await Hong Kong’s final Q3 GDP later this week, expected to show modest improvement. EV maker Xpeng soared nearly 18% on record October deliveries, while H World (+3.2%), KE Holdings (+2.7%), and Laopu Gold (+2.1%) advanced. SMIC fell 3% on renewed AI sector concerns.
• SG - SingTel reported a 14% rise in first-half profit to S$1.35 billion, slightly below expectations. Strong performance from Optus and regional associates like Airtel and AIS drove growth. Airtel posted an 89% profit surge, benefiting from higher-margin 4G/5G plan upgrades.