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10:37 AM · 5 December 2025

Morning wrap (05.12.2025)

  • The Asia-Pacific session unfolded in a calm and optimistic mood. Chinese indices are gaining between 0.80–1.10%, SG20cash is down 0.08%, AU200.cash is up 0.10%, and Japan’s JP225 is down 0.25%.

  • Today we will receive the delayed U.S. PCE report for September.

  • In October, household spending in Japan fell –3.0% y/y and –3.5% m/m, significantly below forecasts, signaling fragile demand and complicating the BOJ’s December policy debate.

  • Despite this, the BOJ is leaning toward a 25 bp hike in December. Internal discussions suggest policymakers prefer raising rates to 0.75% next month and are open to further gradual tightening.

  • The WSJ reports that Masayoshi Son is exploring a multi-billion-dollar AI industrial-parks project on U.S. federal land, tied to the new U.S.–Japan trade framework.

  • Gold held above 4,200 USD per ounce, gaining 0.42% today. Oil, on the other hand, is down 0.27% to 59.50 USD per barrel.

  • Netflix is reportedly in exclusive talks to acquire Warner Bros Discovery studio. According to reports, Netflix is negotiating a purchase at 28 USD per share with an exclusivity clause.

  • India’s central bank, the RBI, is cutting rates by 25 bp to 5.25% in a unanimous decision. Despite pressure on the Indian rupee, resilient growth and recent disinflation allowed for easing. Governor Malhotra described the current environment as a “rare golden period.”

  • Moore Threads surged 400% on debut in Shanghai as part of China’s GPU offensive. Shares of the “Chinese Nvidia” exploded after a 1.1 billion USD IPO, showcasing intense capital support for domestic GPU manufacturers amid U.S. export controls on Nvidia.

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