Hong Kong-listed tech stocks extended gains; Xiaomi Group (01810.HK) rose over 5%, JD Health (06618.HK) rose over 4%, and AliHealth (00241.HK), Baidu (09888.HK) and Tencent Holdings (00700.HK) also advanced.

Rengo, Japan’s largest union confederation, reported enterprise wage accords produced an average 5.01% pay rise this year — the third consecutive year above 5% (5.25% last year, 5.10% the year before); Rengo represents about 7 million members. Maeda Kazutaka, economist at Meiji Yasuda Research Institute, said strong labor talks and a recent return to positive real wages should boost consumption and reinforce the Bank of Japan’s case for continued gradual rate hikes. Analysts expect robust corporate profits and acute labor shortages to sustain wage momentum, with many forecasting a similar pace next year.

CITIC Securities projects global semiconductor manufacturers’ capex will reach $341.7 bln in 2028, up 103.3% from $168.1 bln in 2025, with the higher capex transmitting directly to equipment demand. It forecasts front‑end wafer fab equipment (WFE) at $241.4 bln in 2028, roughly +108% versus 2025, and back‑end equipment at $38.3 bln, up 136.9% from $16.16 bln in 2025. By end‑market, memory demand is expected to rise most (+150%), followed by foundry (+91.4%). After Chinese market inventory destocking in 2025–26, China is forecast to see a strong recovery in 2027.