Finance Morning: ChiNext Jumps 3.11% on Computing Hardware; Korean Stocks Trip a Second Circuit Breaker

📊 Asia Markets Today

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1. Chinese Stocks Close Higher as Computing Hardware Names Surge

Source: Sina Finance

China's four main stock indices all closed higher on November 11. The Shanghai Composite rose 0.46%, the Shenzhen Component gained 1.32%, the ChiNext Index jumped 3.11% and the STAR Composite added 2.79%. Computing hardware was the standout theme, with CPO and PCB names leading gains. Banks turned lower late in the session, while liquor, airlines, telecom and auto sectors stayed weak all day.

Among CPO stocks, Yuanjie Technology hit the 20% daily limit, while Eoptolink, Zhongji Innolight and T&S Communications each rose more than 13%. Most liquor names fell, with Huangtai Liquor down 5.24% and Shanxi Fenjiu and Luzhou Laojiao down more than 3%.

Turnover on the Shanghai and Shenzhen bourses reached 1.68 trillion yuan, up 171.5 billion yuan from the previous session, and more than 3,500 stocks advanced.

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2. Hong Kong Stocks Slip as "AI + Hardware" Theme Defies the Downtrend

Source: Cailian Press

All three major Hong Kong indices fell on November 11. The Hang Seng Index closed down 0.98% at 24,315.92, the Hang Seng Tech Index fell 1.41% to 4,024.06 and the China Enterprises Index dropped 1.14% to 8,171.45. The "AI + hardware" theme — computing communications, embodied intelligence and semiconductors — moved higher, while airlines and automakers weakened.

In computing communications, Cambridge Technology surged 23.08%, Higertech rose 14.77% and Zhongji Innolight gained 13.72%. Cambridge Technology's latest quarterly report showed strong growth in both revenue and net profit for the first three quarters, with third-quarter results accelerating further. PCB names also rallied: Kinwong gained 18.80%, Dingtai Technology rose 15.54% and Victory Giant added 10.18%.

On the downside, China Southern Airlines fell 5.06%, China Eastern lost 4.73% and Air China dropped 4.41% after domestic fuel surcharges were raised from November 5. BYD fell 3.82%, Li Auto 3.40% and NIO 3.10%, as China Passenger Car Association data showed October retail sales of passenger vehicles at 1.643 million units, down 27.1% year on year. Tencent slipped 1.96% ahead of its third-quarter results due November 18.

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3. Nikkei Gains 1.31%, Reclaiming 61,000 for the First Time in Four Sessions

Source: Kyodo News

Tokyo stocks extended gains on November 11, with the Nikkei Stock Average rising 789.01 points, or 1.31%, to close at 61,248.59 — the first close above 61,000 in four trading days. The broader TOPIX added 35.68 points, or 0.92%, to 3,929.39, with trading volume of 2.71951 billion shares.

A report that CoreWeave, the U.S. AI cloud company whose earlier slump was dubbed the "CoreWeave shock," expects to turn profitable in the first half of fiscal 2028 lifted sentiment. As prospects for AI investment profitability improved, semiconductor names such as Advantest and Tokyo Electron drew buying.

Although the Nikkei reclaimed 60,000 in the previous session, it remains in a low range. Market participants pointed to earlier "excessive selling," and investors sought out undervalued laggards. In morning trade, the index briefly hovered below the previous close, weighed down by overnight U.S. losses.

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4. Korean Stocks Trip Second Straight Circuit Breaker as Chip Orders Surge

Source: Phoenix News

On Wednesday, the KOSDAQ index rose more than 5% intraday, prompting the Korea Exchange to activate its SIDECAR mechanism — a buy-side circuit breaker. By the time of publication, the KOSPI was up more than 2% as bullish sentiment spread.

Korea Customs Service data showed exports in the first 10 days of November reached $33.5 billion, up 111.9% year on year — a record high for the period. Semiconductors accounted for 49.7% of total shipments, computer peripherals exports jumped 237.7% to $1.046 billion, petroleum product exports doubled to $2 billion, while auto exports fell 4.3% to $1.4 billion.

Exports to China surged 148%, to the U.S. 163.6% and to Vietnam 113.3%, with the three markets accounting for 57.3% of total exports. Imports rose 45.0% to $24.71 billion. Korea's cumulative exports this year have reached $963.663 billion. Shinhan Investment & Securities said the KOSPI's trend depends on 2027 semiconductor orders and shipments, setting a bull-case target of 7,000 for end-2027 and a floor of 4,800 in a conservative scenario.

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5. Taiwan Trading Stays Hot; Securities Tax Revenue Up 1.4-Fold in First 10 Months

Source: The Epoch Times

Taiwan's Ministry of Finance said on November 11 that tax revenue in the first 10 months of the year reached NT$4.1383 trillion, up 25.8% year on year and a record for the period. Securities transaction tax totaled NT$558.3 billion, up 1.4-fold, the largest increase among major tax categories, and has now grown for 15 consecutive months. October tax revenue alone was NT$566.9 billion, up 35.8% and a record for the month.

TSMC, which reported record October revenue, third-quarter profit and dividend on November 10, climbed NT$110, or 4.81%, to close at its high of NT$2,395, accounting for more than half of the TAIEX's gains. The ministry noted the TAIEX rose then fell in October, hitting a record 49,823 on October 6 on AI themes and easing rate-hike pressure, before sliding to 45,212 at month-end — a drop of 2,728 points, or 5.7%.

The pullback did not cool trading. Average daily turnover of listed and OTC stocks in October reached NT$1.1210 trillion, up 78.9% year on year and 8.7% from September, ending three straight months of decline. The ministry expects full-year tax revenue to exceed budget by NT$110 billion to NT$160 billion.

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6. Markets Price 100% Odds of a December Fed Hike; Waller Floats 50 Basis Points

Source: 21st Century Business Herald

After U.S. October inflation data was released on Tuesday, the odds of a 50-basis-point Fed hike next month climbed sharply. The CME FedWatch tool showed traders pricing a 100% probability of a December hike, with a 12.7% chance of a 50-basis-point move.

Fed Governor Christopher Waller said the December meeting should consider a 50-basis-point increase. Raising rates by only 25 basis points could damage the Fed's credibility, a risk he said he was unwilling to take.

The CPI data and Waller's remarks triggered a sharp selloff in the U.S. Treasury market. The two-year yield, a gauge of policy expectations, posted its largest one-day rise since early April 2025 on November 10. Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, said the upside CPI surprise means the Fed's hiking cycle may extend into 2027.

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7. Chinese Gold Jewellery Prices Slump to 1,200 Yuan a Gram

Source: Sina Finance

Gold jewellery prices at major Chinese brands fell across the board on November 11, with declines of 24 to 31 yuan per gram. Chow Tai Fook, Kinghood, Lukfook, Chow Sang Sang, Lao Feng Xiang and Lao Miao all dropped to the 1,200 yuan per gram mark — roughly 500 yuan per gram below this year's peak above 1,700 yuan.

The move followed U.S. October CPI, which beat expectations. The Labor Department reported CPI rose 0.4% month on month versus a 0.3% forecast and 0.6% previously, while core CPI, excluding food and energy, rose 0.3% — also above the 0.2% expected and the third straight month at 0.3%. After the data, traders fully priced a December hike and increased bets on a 50-basis-point move.

Spot gold fell more than 3% intraday to a low of $4,013.53 an ounce, down more than $130 from the session high of $4,146.39, and stood at $4,050 as of 17:31 on November 11. Everbright Futures said gold may still rebound with geopolitics easing and a December hike largely priced in, but funds are unlikely to bet one-sidedly on further gains.

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8. China's Finance Ministry to Issue Up to $2 Billion of Dollar Sovereign Bonds in Hong Kong

Source: 21st Century Business Herald

With State Council approval, China's Ministry of Finance will issue U.S. dollar-denominated sovereign bonds in the Hong Kong Special Administrative Region in the week of November 16, 2026, with a size of no more than $2 billion. Detailed issuance arrangements will be announced separately before the sale.

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9. ICBC and Agricultural Bank Placement Applications Cleared by Shanghai Exchange

Source: Sina Finance

Industrial and Commercial Bank of China said on November 11 that it had received an audit opinion from the Shanghai Stock Exchange, which found that its application to issue shares to specific investors meets issuance, listing and disclosure requirements. The plan still requires registration approval from the China Securities Regulatory Commission, and whether and when that approval is granted remains uncertain.

Agricultural Bank of China issued a similar announcement the same day, saying the exchange found its A-share placement application compliant with issuance, listing and disclosure requirements. That deal also needs CSRC registration approval, with the outcome and timing uncertain.

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10. BYD Apologises Over Wheel Assembly Error on Some Tang Vehicles

Source: Sina Finance

BYD Automobile issued a statement at midday on November 11 saying it had completed an investigation into user complaints: the problem stemmed from a coding entry error by wheel sub-assembly supplier Hubei Boyu Industrial, which caused some vehicles to be fitted with the wrong parts.

BYD said it immediately launched checks and corrected the coding to ensure later batches do not have the same assembly problem, and that the supplier has added visual error-proofing systems on its production lines to prevent such mistakes over the long term.

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