In today’s briefing:
- Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium
- Ohayo Japan | S&P Extends Win Streak
- HK Strategy: Focusing Back on Yields
- Japan Morning Connection: Strong Month-End for Tech Sets Japan up for a Solid Start to Dec
Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium
- Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
- Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
- Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.
Ohayo Japan | S&P Extends Win Streak
- Fed December rate cut probability at 86.9%; FOMC meets Dec 9-10.
- Kevin Hassett emerging as frontrunner to succeed Jerome Powell as Fed Chair.
- Asics denied Puma bid rumours after a 2.2% dip, refocusing attention on its superior organic growth and premium valuation despite China consumer risks
HK Strategy: Focusing Back on Yields
- In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%.
- The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.
- China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash.
Japan Morning Connection: Strong Month-End for Tech Sets Japan up for a Solid Start to Dec
- Intel reportedly producing chips for Apple should also help Ibiden.
- Kioxia shakes off Bain selling although there looks to be plenty of upside yet after recent correction.
- China tensions simmer further over the w/e positive for defense, negative for tourism related.
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