Asian stock markets displayed mixed performances as the trading day concluded, with the Philippines and South Korea showing gains while Hong Kong and Mainland China lagged. Investor sentiment was impacted by various factors, including ongoing trade negotiations between the United States and China. US Treasury Secretary Scott Bessent is reportedly aiming for notable advancements in specific sectors of trade by Thanksgiving, a deadline that adds urgency to discussions.
In the backdrop of these economic dialogues, former President Donald Trump announced that China has resumed purchasing soybeans, projecting that the country will meet its commitments by the end of the first quarter of 2026. Trading volumes in Hong Kong remained subdued, falling below the one-year average, suggesting a lack of buyer confidence outside of the Southbound Stock Connect initiative.
The tech giant Alibaba maintained a steady position after experiencing a decline of 3.78% in its US-listed shares. This drop followed a report from the Financial Times alleging that the White House supports the Chinese military against US interests. Alibaba responded robustly, declaring that the claims are “complete nonsense” and intended to mislead public perception. This response highlights the company’s strategy to prioritize its Hong Kong shares, which have seen a surge in purchases from Mainland investors, totaling a net RMB 266 million over three consecutive days.
As more investors flocked to Alibaba’s Hong Kong-listed stock, the broader market reflected a strong demand, with Mainland investors acquiring over RMB 1 billion in Hong Kong-listed stocks and ETFs during the trading day. Anticipation builds as Alibaba prepares to release its third quarter earnings report on November 25, 2025.
The People’s Bank of China is expected to announce its interest rate decisions on Thursday, with analysts forecasting that most rates will remain unchanged throughout 2025. This approach likely aims to stimulate the economy and support the stock market amid global economic pressures.
In a notable highlight, electric vehicle manufacturer and robotics innovator Xpeng released its third quarter earnings, surpassing market expectations. The company reported revenues from vehicle sales of RMB 18.05 billion, marking a significant increase of 105.3% compared to the same period in 2024. Although the adjusted net income was reported at a loss of RMB -0.15 billion, this was a substantial improvement from losses of RMB -1.53 billion in the previous year, exceeding analysts’ expectations of a loss of RMB -0.54 billion.
Xpeng’s adjusted earnings per share also improved, rising from RMB -1.67 to RMB -0.08, surpassing the anticipated RMB -0.70. This performance signals a positive trajectory for the company as it continues to innovate in the competitive electric vehicle and robotics markets.
In other news, the online travel booking platform Trip.com saw its shares decline by 3.56% following China’s travel advisory regarding Japan, which was influenced by comments from Japan’s new Prime Minister Seiko Noda concerning Taiwan’s territorial claims.
As the markets navigate these developments, the focus remains on the interplay between economic indicators, corporate earnings, and geopolitical factors that could shape the landscape in the coming months.
