Asian shares set for weaker open, crude oil falls

Market Overview - Equity-index futures for Japan, Hong Kong, and mainland China declined following a 1.1% drop in the tech-heavy Nasdaq 100 Index and a 0.5% decrease in the S&P 500, despite a majority of companies experiencing gains [1][10] - Contracts for US stocks fell 0.2% in early Asian trading, while Australian shares opened higher [1][10] Oil Market - Oil prices fell for the first time in six days, with West Texas Intermediate decreasing by 1.7% after President Trump indicated that Iran would cease its violent actions against protesters, suggesting a potential delay in military response [2][10] US Market Dynamics - The US market has seen a rotation away from large tech companies, which had previously been considered safe investments during economic uncertainty, leading to a decline in the "Magnificent Seven" stocks [3][11] - Despite the S&P 500's decline, over 300 companies within the index recorded gains, and small-cap stocks continued to outperform, with the Russell 2000 index surpassing the S&P 500 for the ninth consecutive session, matching the longest streak since 1990 [8][11] Economic Indicators - US retail sales increased in November, marking the largest rise since July, driven by a rebound in auto purchases and strong holiday shopping [9][11] - Wholesale inflation saw a slight uptick due to rising energy costs, while service prices remained stable [9][11] International Focus - Attention is on Japan as Prime Minister Sanae Takaichi plans to call a snap election, which has led to a rise in equities and pressure on the yen [7][11] - The South Korean won is under scrutiny following comments from US Treasury Secretary Scott Bessent, who provided verbal support amid concerns over the currency's decline [6][11]