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Gold prices hovered near record highs around $4,300 per ounce on Tuesday, as investors awaited the US nonfarm payrolls report later in the day for more clues on the Federal Reserve’s policy outlook. Retail sales figures and preliminary manufacturing data are also due, while November inflation readings scheduled for Thursday will be closely watched. Markets are currently pricing in a 75.6% probability that the Fed will keep interest rates unchanged at its January meeting, though some expect two more rate cuts next year. Limiting gains, however, were prospects of a Russia-Ukraine peace deal, with President Donald Trump on Monday describing an end to the conflict as “closer than ever.”

Gold Hovers Near Record High

The Shanghai Composite fell 0.8% to below 3,840 while the Shenzhen Component lost 0.9% to 12,990 on Tuesday, extending losses from the previous session as mounting economic concerns and the absence of strong policy support pressured the market. A series of economic indicators released on Monday highlighted slowing activity, including weaker-than-expected retail sales and industrial production growth, alongside declines in fixed asset investment and new home prices. Global uncertainty over the sustainability of the artificial intelligence trade also weighed on local tech stocks, with notable declines in Eoptolink Technology (-2.2%), Zhongji Innolight (-1%) and Cambricon Technologies (-2.6%). Meanwhile, Changan Auto (+3.1%) and BAIC Motor (+6.9%) surged after regulators approved, for the first time, two of their electric sedans featuring level-3 autonomous driving capabilities.

China Stocks Extend Losses for Second Session

The benchmark KOSPI fell 1.72% to around 4,020 on Tuesday, extending losses for a second consecutive session as lingering concerns over stretched AI valuations and a renewed tech stock sell-off weighed on sentiment. Investors are shifting their attention to the government’s plan to channel over KRW 30 trillion into AI and other strategic sectors next year through the newly launched Public Growth Fund. While the initiative targets industries such as semiconductors, secondary batteries, biotechnology, and future mobility, analysts caution that the scale of investment may not immediately ease market skepticism toward high-valuation tech stocks. Separately, sentiment was lifted after South Korea and Britain signed an upgraded FTA that lowers the tariff-free threshold for Korean cars from 55% to 25%, easing access for automakers. Major decliners included Samsung Electronics (-0.29%), SK Hynix (-1.90%), LG Energy Solution (-3.62%), Hyundai Motor (-1.70%), and Doosan Enerbility (-2.53%).

South Korean Stocks Fall on AI Fears

Hong Kong shares dropped 371 points, or 1.4%, to 25,258 Tuesday morning’s session, extending steep losses from the prior day as all sectors retreated. Risk appetite was pressured by declines in mainland markets after weak November data showed fragile industrial output and retail turnover amid soft external demand and shaky domestic conditions. Local equities neared their lowest in a week, following a negative lead from Wall Street, where AI and tech weakness persisted. Losses were partly offset by domestic data showing Hong Kong’s manufacturing output rose for a fourth straight quarter in Q3 2025, the strongest growth in nearly three years. Hedge funds also added to U.S. equity positions for a sixth consecutive week. On the corporate front, China Vanke said it would convene a second bondholder meeting after failing to secure approval to extend by one year a bond payment due Monday. Early laggards included XPeng (-3.2%), SenseTime (-2.8%), Xiaomi (-1.8%), and Kunlun Energy (-1.3%).

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