Week in review
- U.S. retail sales slowed to 0.2% m/m
- China YTD industrial profits slowed to 1.9% y/y
- BoK kept policy rates at 2.50%
Week ahead
- U.S. ISM PMIs, PCE prices
- Australia 3Q GDP
- RBI interest rate decision
Thought of the week
With all top 100 Asian equities reported 3Q25 results by the end of last week, the regional earnings season is drawing to a close. Preliminary data indicate that Asian earnings are on track to achieve double-digit year-on-year growth for the quarter. Technology continues to be the primary engine of earnings momentum, driven by robust AI demand which remains a significant tailwind for Asian equities, especially across the AI hardware supply chain. Importantly, the strength in 3Q25 earnings has not been confined to technology alone. More companies across various sectors have exceeded consensus estimates. This includes cloud service providers and internet platforms, both of which are directly and indirectly monetizing AI adoption. Additionally, financial institutions and trading companies have also benefited from a slower pace of rate cuts and increased commitment to accelerate asset disposals, respectively. While Asia continues to offer compelling exposure to AI-driven growth, there are also emerging opportunities in other segments of the market, particularly those with less demanding valuations, which may warrant closer investor attention.
Asian equity earnings against consensus estimates
Share of quarterly reported companies

Source: FactSet, MSCI, J.P. Morgan Asset Management. Data reflect most recently available as of 28/11/25.
Market data

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All returns in local currency unless stated otherwise.
Currencies’ return are based on foreign currencies per U.S. dollar. An appreciation of the foreign currency against the U.S. dollar would be positive and a depreciation of the foreign currency against the U.S. dollar would be negative.
