Asia report: Markets finish mixed after volatile session
By Josh White
Date: Tuesday 11 Nov 2025
(Sharecast News) - Asia-Pacific equities lost early gains in volatile trading on Tuesday, breaking ranks with Wall Street, where a revived artificial intelligence rally and hopes of a US government shutdown resolution had boosted sentiment overnight.
Stephen Innes, head of trading and market strategy at SPI Asset Management, said: "Asia traders are now munching their lunchtime bento boxes as they watch a market refusing to follow the script.
"The US had handed off a bright baton - government shutdown resolved, liquidity set to re-enter the bloodstream, and equities roaring on cue. Yet Asia hesitated at the handoff.
"The MSCI regional index managed a brief half-percent lift before China pulled it back to earth, with the mainland down almost 1%.
"It was a reminder that in this cycle, optimism doesn't always travel well across time zones."
Nvidia shares surged 5.8% on Wall Street overnight, leading advances across the S&P 500.
Other major technology names followed suit, with Alphabet up 4% and Microsoft gaining 1.9%, snapping an eight-day losing streak.
Innes noted that "the US backdrop was supposed to be textbook global risk-on.
"The White House signalled bipartisan peace, Treasury's TGA drain was soon to reverse, and even Trump's floated 'tariff dividend' had traders spinning fiscal-boost theories."
He added that with the 41-day shutdown apparently on its last legs, "the data blackout that left the Fed flying blind was nearly over - a return to visibility, if not clarity."
Markets mixed, Japan current account surplus rises to record
Japan's Nikkei 225 slipped 0.14% to 50,842.93, weighed down by sharp declines in industrial and materials names including Taiheiyo Cement, down 7.22%, Kawasaki Heavy Industries, off 6.11%, and Fujikura, down 5.97%.
The broader Topix rose 0.13% to 3,321.58, supported by financials and technology stocks.
Orix climbed 0.54% after announcing a $2.5bn private equity partnership with Qatar Investment Authority to invest in Japanese firms undergoing succession or privatisation.
Sony Group jumped 5.51% after reporting a stronger-than-expected quarterly profit and unveiling a JPY 648m share buyback.
Economic data showed Japan's current-account surplus rose 14.1% in the six months to September to a record JPY 17.51trn, buoyed by a swing to a trade surplus and record income from overseas subsidiaries.
In China, sentiment weakened as the Shanghai Composite fell 0.39% to 4,002.76 and the Shenzhen Component dropped 1.03% to 13,289.00.
Losses were led by Spic Yuanda Environmental Protection, down 9.94%, and Yijiahe Technology, off 7.43%.
Hong Kong's Hang Seng Index edged 0.18% higher to 26,696.41, lifted by Sinopharm Group, up 3.98%, and China Resources Mixc Lifestyle, which gained 3.88%.
Xpeng extended its recent surge, soaring 17.93% to its highest level since 2022 after unveiling robotaxis and humanoid robots powered by its own AI chips.
South Korea's Kospi rose 0.81% to 4,106.39, led by strong rebounds in small- and mid-cap names including Koas, which jumped 16.93%, F&F Co, up 13.97%, and Sewon Precision Industry, up 13%.
Innes said this divergence underscored Asia's selective participation in the global AI trade.
"Asia chose skepticism over celebration," he said.
"Bond desks were bracing for $125bn of Treasury supply, and yields held their ground despite the global cheer.
"The AI trade is still the market's heartbeat, but even heartbeats need oxygen."
Aussie, Kiwi bourses in the red despite rise in consumer confidence
Australia's S&P/ASX 200 slipped 0.19% to 8,818.80, dragged by weakness in financial and tech stocks.
Bendigo and Adelaide Bank dropped 8.49%, while Life360 lost 5.22%.
The declines came despite robust data showing a sharp rebound in consumer confidence.
The Westpac Consumer Sentiment Index surged 12.8% in November to 103.8, its highest level in seven years and first positive reading since early 2022.
Westpac said the result "draws a clearer line" under years of strain from high inflation and interest rates.
NAB's separate survey showed business confidence eased slightly to 6, but conditions remained firm at 9, supported by higher sales and profitability.
Across the Tasman Sea, New Zealand's S&P/NZX 50 fell 1.2% to 13,604.55, with Vital Healthcare Property Trust plunging 7.8%, Vector down 2.62%, and Synlait Milk off 1.39%.
Greenback gains against regional peers as oil prices rise
In currencies, the dollar gained modestly, with the yen weakening to JPY 154.26, the Australian dollar slipping to AUD 1.5329, and the New Zealand dollar easing to NZD 1.7718.
On the commodities front, Brent crude futures were last up 0.52% on ICE at $64.39 per barrel, and the NYMEX quote for West Texas Intermediate added 0.47% to $60.41.
Reporting by Josh White for Sharecast.com.
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