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Fitch Ratings: Neutral outlook for Asia Pacific securities; balance sheet and risk control are key.

On Monday, November 24, the Hang Seng Index opened 232.85 points higher, or 0.92%, at 25,452.87; the Hang Seng Tech Index opened 61.12 points higher, or 1.13%, at 5,456.61; the H-share Index opened 71.84 points higher, or 0.81%, at 8,991.62; and the Red Chip Index opened 32.85 points higher, or 0.79%, at 4,190.88.

On November 24th, futures market news indicated that crude oil prices were expected to continue their downward trend this week. The fuel oil market also faced bearish news, with weak buying interest and downstream traders maintaining a cautious approach with small, immediate orders. Trading activity was sluggish, and refineries faced significant sales pressure in the short term, leading to inventory buildup and a potential for further price declines. Fuel oil product prices fell more sharply than refined product prices, keeping processing profits relatively high. However, downstream buyers remained bearish, resulting in cautious purchasing and poor sales performance. Overall, the fuel oil market lacked clear positive support from news and supply/demand factors. It was anticipated that fuel oil prices would remain stable in some areas this week, while others faced the risk of further slight declines to boost sales volume.

Hang Seng Index futures opened 1.23% higher at 25,544 points, a premium of 328 points.

Samsung Electronics shares rose 4.1% to 98,700 won.

New York gold futures fell below $4,050 per ounce, down 0.73% on the day.

On November 24th, Mexican President Jacques Sinbaum stated on the 23rd that the Mexican people must remain vigilant, uphold justice, and resist any attempt at external interference. Sinbaum pointed out that history shows "those who use violence as a means of coercion will not succeed, those who believe that a minority can suppress the people will not succeed," and similarly, "those who use force to stifle reason will not succeed." On November 17th, US President Trump announced his readiness to send troops to combat drug cartels. Sinbaum refuted this the following day, stating that US military intervention on Mexican territory was impossible.

On November 24th, international crude oil prices continued their downward trend on Monday, falling further after last week's largest weekly drop since early October. Traders are assessing the potential impact of a peace agreement between Ukraine and Russia—an agreement that, if reached, could flood an already well-supplied market with more crude oil. Oil traders are closely watching three key developments: whether the peace agreement will be implemented, whether sanctions against Russia will be gradually lifted, and whether these developments will inject additional supply into a market already expected to experience a severe oversupply next year. With OPEC+ and other oil-producing countries (particularly in the Americas) continuing to increase production, this market outlook is destined to result in a year-to-date decline for oil prices.

On November 24th, Minmetals Resources (01208.HK) announced on the Hong Kong Stock Exchange that its obligation to complete the acquisition of Anglo American's Brazilian nickel business was subject to the satisfaction or waiver of certain preconditions. Given that all other conditions have been met, the European Commission has extended its review to the second phase. The timeframe for the European Commission to complete its review is currently undetermined. Under the share purchase agreement, the final deadline for the completion conditions was November 18, 2025 (the final deadline). The parties have now agreed to extend the final deadline to June 30, 2026. The Company will continue to cooperate with Anglo American and the European Commission to assist the Commission in its review.

JD Industry has passed the listing hearing of the Hong Kong Stock Exchange.

The White House issued a joint statement from the United States and Ukraine, stating that the parties have drafted an updated and improved peace framework.

The White House: Agreed to continue consultations as the agreement is gradually refined.

The White House stated that Ukraine emphasized that the strengthened security architecture effectively meets their core strategic needs.

The White House: Ukrainian representatives stated that they believe the current draft is in their national interest.

The White House: The Ukrainian delegation confirmed all their key concerns.

The White House: (Briefing on the Ukraine talks) A broad and productive meeting was held with the Ukrainian delegation.

According to a joint CBS News/YouGov poll, 30% of Americans support military action against Venezuela, while 70% oppose it.

On November 24th, German Chancellor Merz stated on the 23rd that the core elements of the US's proposed "28-point" plan regarding fiscal arrangements were "unacceptable." Speaking after the G20 leaders' summit, Merz said the US had no right to use Russian central bank assets frozen within the EU. Furthermore, the demand for an additional $100 billion in funding from Europe was also unacceptable to Germany. Merz stated that the EU's current plan to use frozen Russian assets within the EU to provide loans to Ukraine to support its further arms purchases was also unacceptable.

BHP Billiton (BHP.N): The group is no longer considering a merger with Anglo American.