Overview
- Hang Seng and Hang Seng Tech rose about 1%, with the benchmark closing above 26,000 as Alibaba, Tencent, Trip.com and NetEase advanced.
- Goldman Sachs said a Federal Reserve rate reduction next month was "locked in," citing labor-market softness and risk-management considerations.
- China’s renminbi strengthened to roughly 7.07 per US dollar, marking a 2025 high.
- Corporate signals diverged as Alibaba beat revenue expectations on AI and cloud growth while Meituan posted a RMB 17.7 billion Q3 net loss tied to heavy subsidy spending and expansion.
- Markets shrugged off weaker official November PMIs—49.2 for manufacturing and 49.5 for non-manufacturing—as regulators pressed to curb "irrational competition" with an MIIT-led battery industry symposium.