Asia Market Quick Take – September 8, 2025

Key points:

• Macro: NFP added only 22k jobs in Aug vs 75k est, unemployment rose to 4.3%
• Equities: S&P 500 reversed gains after NFP, down 0.3%; Lululemon -18% after earnings
• FX: Yen fell on PM Ishiba’s resignation announcement
• Commodities: OPEC+ raises oil output by 137,000 bpd in October as expected.
• Fixed income: US Treasuries rallied on a weak August payrolls miss

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Disclaimer: Past performance does not indicate future performance.

Macro:

• US non-farm payrolls showed the economy added just 22k jobs vs 75k expected in August and the unemployment rate rose to 4.3%. June's 14K previously revised print was again revised lower to –13K while July’s 73k figure was revised higher to 79k.
• Japanese PM Shigeru Ishiba has resigned as LDP President after election losses cost the coalition its majority. He’s called for an emergency leadership vote and will stay on until a successor is chosen.
• Japan annualized QoQ GDP for Q2 rose 2.2%, way above expectations of a 1% gain.

Equities: 

• US - US stocks dipped Friday after weak August jobs data raised concerns about economic slowdown, despite growing expectations for Fed rate cuts. The S&P 500 fell 0.3%, the Dow lost 220 points, and the Nasdaq 100 was flat. Only 22K jobs were added vs. 75K forecast, with unemployment rising to 4.3%. Traders increased bets on a 50bps rate cut this month. Banks, energy, and industrials led losses, while real estate gained. Broadcom surged 9.4% on strong AI revenue outlook and 10b deal with OpenAI. Nvidia and AMD dropped after Trump’s tariff warning. Lululemon plunged 18.6% on a second profit warning; major banks fell over 2.5%.
• EU - European stocks fell Friday, mirroring US losses after weak US jobs data raised global economic concerns. The STOXX 50 dropped 0.6% to 5,330, and the STOXX 600 slipped 0.2% to 549. Despite rising hopes for Fed rate cuts, fears of a slowdown and euro strength pressured Europe’s export-heavy sectors. Siemens and Airbus led industrial declines, while UniCredit, BNP Paribas, and Munich Re weighed on financials. The STOXX 600 was set to end the week flat.
• HK - The Hang Seng rose 1.4% (359 pts) to 25,418 on Friday, snapping a three-day losing streak, lifted by Fed rate cut hopes and a record close on Wall Street. The index also gained 1.4% for the week, supported by a CNY 1 trillion liquidity boost from China’s central bank. Gains were broad-based, led by tech, consumer, and property stocks. Ubtech Robotics jumped 4.4% on a major robot contract, while WuXi XDC rose 3.6% on a share sale. Other top movers included Horizon Robotics (+9.5%), SMIC (+6.0%), and Hansoh Pharma (+4.6%).

Earnings this week:

• Monday: Planet, Casey's General Stores, Abivax, Mission Produce, Mama's Creations
• Tuesday: Oracle, SailPoint Technologies, GameStop, Oriental Culture Holding LTD, FuelCell Energy, Core & Main, Designer Brands, Korn Ferry, Cognite,
• Wednesday: Chewy, Daktronics, Zenvia, Lesaka Technologies, Oxford Industries, Culp, Vince Holding Corp
• Thursday: Adobe