CONCLUDED Stock Market News From Nov. 25, 2025: Dow Pops 660 Points Last Updated: Gold Rises on Renewed U.S. Rate-Cut Bets By Giulia Petroni, Dow Jones Newswires Gold prices were rising on growing expectations that the Federal Reserve will cut interest rates further this year and as investors await key U.S. data this week. Futures in New York gained 0.5% to $4,107.30 a troy ounce, while spot was up 1.7% to $4,133.98 an ounce. Traders are pricing in a nearly 81% chance of a December rate cut after Fed Govern ...

Core Insights - The U.S. dollar remains stable ahead of a potential government shutdown, which could impact the release of key economic data, particularly the monthly jobs report [1][2] - The Australian dollar is performing well due to the central bank's cautious stance on inflation [1] Economic Impact - The U.S. government funding is set to expire, and without a temporary spending deal, economic data releases, including employment statistics, will be halted [2] - The payrolls report, crucial for Federal Reserve policymakers, is scheduled for release on Friday, and any delay could lead to increased market volatility [3] Market Reactions - Traders are anticipating at least one more U.S. rate cut this year, with a strong likelihood of a second cut by year-end [4] - The dollar index has decreased nearly 10% this year and was down 0.1% at 97.82 [4] Currency Performance - The Japanese yen has strengthened against the dollar, which was down 0.4% at 148.02 yen [5] - There is a 60% chance of a rate hike by the Bank of Japan in December, influencing investor sentiment [5] Strategic Outlook - Selling the dollar against the yen may become a popular strategy if the U.S. government shutdown occurs, as the dollar has been under pressure from political uncertainty [6][7] - The dollar has faced challenges from the risk of a government shutdown and declining oil prices, while the yen has emerged as a strong performer [7]

Summary of the Conference Call Industry Overview - **Industry**: Property Market in Mainland China and Hong Kong SAR - **Key Insights**: The property market is experiencing mixed signals with leading indicators in Mainland China showing declines while Hong Kong sees strong tourist arrivals. Mainland China Property Market - **Leading Indicators**: - Centaline tier-1 cities' secondary asking price index decreased from 19.4 to 18.5, marking the lowest since May 2024 [4] - Centaline manager confidence index fell from 45 to 44, reaching a new low since October 2024 [4] - **Sales Performance**: - 60-city primary sales increased by 1% year-over-year, recovering from a previous decline of 8% [4] - Sales registrations in Beijing improved by 17% year-over-year following policy easing on August 7, but asking prices remained stable [4] - 12-city secondary sales year-over-year growth improved from 4% to 6% [4] - **Market Dynamics**: - The sector's share price rose by 3% last week, with Vanke outperforming at +9% [4] - Notable underperformers included Shimao (-14%) and A-Living (-7%) [4] - **Investment Recommendations**: - Top picks include CR Land, CR Mixc, and Jinmao, with potential upside in laggards like COLI, COPH, and Longfor [4] Hong Kong Property Market - **Tourism Impact**: - Tourist arrivals increased by 1% week-over-week to 1.24 million, the highest year-to-date, with a year-over-year growth of 19% [4] - **Residential Sales**: - Residential sell-through rates have slowed, with Blue Coast II achieving a 56% sell-through rate, lower than expected [4] - Home price index fell by 0.5% week-over-week [4] - **Market Indicators**: - Centa Valuation Index rose to 65.2, indicating banks are revising up valuations, which supports price stabilization [4] - Secondary transactions in top 35 estates increased by 52% week-over-week to 82 units [4] - **Investment Recommendations**: - Among landlords, top picks include Swire Prop, Hang Lung, Wharf REIC, and Link REIT; among developers, Henderson and Sino are favored [4] Additional Insights - **Market Sentiment**: - The overall sentiment in the property market remains cautious, with leading indicators suggesting potential challenges ahead [4] - **Credit Views**: - Vanke reported a quarterly net loss of RMB 6 billion, with net gearing rising to 90% in Q2 2025, but is not expected to default due to support from Shenzhen Metro [9] - **Share Price Movements**: - The property sector in Mainland China and Hong Kong showed varied performance, with some companies experiencing significant fluctuations in share prices [4][55] This summary encapsulates the key points from the conference call regarding the property markets in Mainland China and Hong Kong, highlighting both challenges and opportunities for investors.