Global Markets Grapple with China Slowdown, Vanke Debt Woes, and ASX Outage

Economic Overview - Global financial markets are facing challenges due to a slowdown in China's manufacturing sector, distress in its property market, and operational disruptions at a major stock exchange [2] - China's manufacturing activity contracted in November 2025, with the RatingDog China General Manufacturing PMI falling to 49.9, below the 50-point threshold, marking the first contraction since July [3][8] - The property sector in China is under strain, highlighted by China Vanke's significant bond market event, where trading in its 2028 yuan bond was halted after a 36% price drop [4][8] Market Dynamics - The Australian Securities Exchange (ASX) experienced an outage affecting the publication of company announcements, with initial assessments indicating no cybersecurity issues [5][8] - In currency markets, the Thai Baht strengthened against the US Dollar, climbing 0.3% to 32.075 per USD, while the Chinese Yuan opened slightly higher at 7.0750 per USD [6] Commodity and Digital Asset Developments - Gold prices saw a slight pullback, trading around US$4,221.68 per ounce, down 0.2% from a recent peak, amid expectations of a potential US interest rate cut [7][8] - Sony Bank applied for a US national banking license to issue a US dollar-backed stablecoin, positioning itself among the first global corporations to pursue federally regulated stablecoin issuance [9]