Asian shares end mixed after a retreat on Wall Street
[December 02, 2025] By
ELAINE KURTENBACH
BANGKOK (AP) — Asian shares were mixed on Tuesday after U.S. stocks gave
back some of last week’s rally, pressured by rising global bond yields.
U.S. futures edged higher, while oil prices declined.
Tokyo's Nikkei 225 ended flat at 49,303.45, with financial shares the
biggest gainers after the governor of the central bank hinted at a
possible hike to interest rates this month.
In Hong Kong, the Hang Seng added 0.2% to 26,095.05, while the Shanghai
Composite index slipped 0.7% to 3,897.71.
Australia's S&P/ASX 200 added 0.2% to 8,579.70.
The Kospi in South Korea jumped 1.9% to 3,994.93, led by buying of
technology shares like Samsung Electronics, which surged 2.6%. Chip
maker SK Hynix leaped 3.7%.
Taiwan's benchmark Taiex climbed 0.8%, while the Sensex in India lost
0.6%.
On Monday, the S&P 500 slipped 0.5% and broke a five-day winning streak,
closing at 6,812.63. The Dow Jones Industrial Average dropped 0.9% to
47,289.33, while the Nasdaq composite dipped 0.4% to 23,275.92.
Last week’s rally was largely due to rising hopes that the Federal
Reserve will cut its main interest rate next week to help shore up the
slowing job market.
Jobs are under pressure at U.S. manufacturers, and the majority in a
survey by the Institute for Supply Management said they’re still focused
more on managing headcount than on hiring. Several manufacturers also
said tariffs are continuing to make things complicated.
“Conditions are more trying than during the coronavirus pandemic in
terms of supply chain uncertainty,” one manufacturer told the ISM.
Yields for longer-term Treasurys rose in the bond market, part of a
worldwide climb for yields after Bank of Japan Gov. Kazuo Ueda indicated
the central bank may raise its benchmark rate at its meeting later this
month.
Japan’s benchmark interest rate has remained near zero for years in
hopes of reviving sluggish growth. Now inflation is holding above the
Bank of Japan’s target of about 2%.
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A person stands in front of an electronic stock board showing
Japan's Nikkei index at a securities firm Tuesday, Nov. 25, 2025, in
Tokyo. (AP Photo/Eugene Hoshiko)
 “The prospect of the Bank of Japan
resuming its hiking cycle a bit sooner than previously thought has
sent tremors through global bond and equity markets this week, but
we suspect they could nonetheless weather further tightening,”
Thomas Mathews of Capital Markets said in a commentary.
When bonds are paying higher yields, they can attract investors who
would otherwise buy stocks or cryptocurrencies. Higher yields
undercut prices for all kinds of investments, particularly those
seen as the most expensive.
Bitcoin, which was soaring around $125,000 in October, dropped
toward $85,500. That’s down roughly 6% from a day earlier. It was
trading around $87,000 early Tuesday.
Crypto industry stocks fell, with Coinbase Global down 4.8% and
Robinhood Markets losing 4.1%.
On the winning side of Wall Street was Synposys, which rose 4.9%. It
said Nvidia is investing $2 billion in its stock as part of an
expanded partnership. Nvidia, which has become Wall Street’s most
influential stock, swung from an early loss to a gain of 1.6%.
The markets had a mixed reaction to what seems like a strong start
for the holiday shopping season. Consumer spending during the Black
Friday and Cyber Monday retailing bonanza was expected to exceed
expectations, despite uncertainty over the outlook for the U.S.
economy.
In other dealings early Tuesday, U.S. benchmark crude oil gave up 16
cents to $59.16 per barrel. Brent crude, the international standard,
shed 23 cents to $62.94 per barrel.
The dollar rose to 156.05 Japanese yen from 155.48 yen. The euro
slipped to $1.1609 from $1.1611.
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