US futures slip and Asian stocks are mixed, while oil prices surge more
than $1 a barrel
[December 01, 2025]
BANGKOK (AP) — U.S. futures fell and Asian shares began the week mixed,
with Tokyo’s benchmark falling nearly 2% on Monday after the release of
data showing weak factory activity.
Oil prices surged more than $1 a barrel.
In Japan, the Nikkei 225 declined 1.9% to 49,303.28 after the government
reported weaker than expected corporate investment data.
Regional reports on manufacturing activity are being closely watched for
signs of how U.S. President Donald Trump's higher tariffs are affecting
Asian economies.
A survey of Japanese factory managers showed activity slowing in
November. The S&P Global Japan Manufacturing Purchasing Managers index,
or PMI, was at 48.7 last month, a slight improvement from 48.2 in
October but still in contractionary territory on a scale of zero to 100
where 50 marks the cutoff for expansion. It was the fifth straight month
of contraction.
“The latest PMI data showed that Japan’s manufacturing sector continued
to struggle with weak demand conditions in November, with firms
signaling another solid decline in overall new business,” Annabel Fiddes,
economics associate director at S&P Global Market Intelligence, said in
a report.
China’s factory activity contracted for the eighth straight month in
November, according to an official survey released Sunday, underscoring
challenges for the country’s economy despite an extension of the trade
truce between the U.S. and China.
But Hong Kong's Hang Seng climbed 0.4% to 25,973.07.
Big online food delivery company Meituan's shares fell 2.8% after the
company reported it fell to a net loss in the last quarter as intense
competition in the delivery industry pushed prices lower, even as the
company's revenues rose.
The Shanghai Composite index gained 0.7% to 3,914.01.
In Seoul, the Kospi slipped 0.2% to 3,920.37. Australia's S&P/ASX 200
declined 0.6% to 8,565.20.
Taiwan's Taiex lost 1% and the Sensex in India shed 0.1%.
Across Asia, PMI readings reflected weak factory activity for November,
though exports from the region have been rebounding in recent months,
Shivaan Tandon, Asia economist for Capital Economics, said in a
commentary.
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.
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A person walks in front of an electronic stock board showing Japan's
Nikkei index at a securities firm Monday, Dec. 1, 2025, in Tokyo.
(AP Photo/Eugene Hoshiko)
 Early Monday, the future for the S&P
500 was down 0.7%, while that for the Dow Jones Industrial Average
lost 0.6%.
Trading was halted for the Dow Jones Industrial Average, S&P 500 and
Nasdaq for hours on Friday due to a technical issue at the Chicago
Mercantile Exchange. The CME said the problem was tied to an outage
at a CyrusOne data center.
During Friday’s abbreviated post Thanksgiving session, the S&P 500
rose 0.5% and the Dow gained 0.6%. The Nasdaq gained 0.7%.
Stocks rallied last week on hopes for another Federal Reserve rate
cut after swooning in mid-November as investors fretted over the
durability of the frenzy around artificial intelligence.
Nvidia lost 1.8% Friday, ending the month with a double-digit loss.
Oracle fell 23% in November while Palantir Technologies sank 16%.
Some tech stocks did notch monthly gains, most notably Alphabet,
which rose nearly 14%, due to excitement about its recently released
Gemini AI model.
The central bank, which has already cut rates twice this year in
hopes of shoring up the slowing job market, is facing an
increasingly difficult decision on interest rates as inflation rises
and the job market slows. Cutting interest rates further could help
support the economy as employment weakens, but it could also fuel
inflation.
The minutes of the Fed’s most recent meeting in October indicated
there are likely to be strong divisions among policymakers about the
Fed’s next step.
Investors also had their eye on retail stocks as they waited to see
if shoppers rushed to take advantage of the annual Black Friday
sales event. Macy's fell 0.3% while Kohl's gained 1.4%. Dick's
Sporting Goods dropped 0.5%. Among specialty retailers, Abercrombie
& Fitch rose 2.9% and American Eagle Outfitters gained 0.7%.
In other trading early Monday, U.S. benchmark crude oil gained $1.19
to $59.74 per barrel. Brent crude, the international standard, added
$1.15 to $63.53 per barrel.
The U.S. dollar fell to 155.39 Japanese yen from 156.14 yen. The
euro rose to $1.16109 from $1.1596.
Bitcoin dropped 4.7% to $86,800.
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