レバレッジ型上場投資信託（ETF）への資金流入と株式購入のための借入の増加を受け、中東紛争をきっかけに先週発生したアジア主要株式市場の急落が再び繰り返されるのではないかとの懸念が市場を揺るがしている。

データによると、アジアのレバレッジ型ETFは過去1週間と1ヶ月で純資金流入を記録している。また、先週末時点のデータでは、台湾と韓国の信用取引残高が数十年来の高水準に迫り、日本の信用取引残高は過去最高を記録した。

レバレッジ投資への強い需要が続いていることは、市場に依然として相当量のバブル資金が残っていることを示唆している。一部の投資家は、中東紛争が早期に終結すれば、潜在的な利益を最大化しようと目論んでいる。先週、アジア市場は米国株を大きく下回るパフォーマンスを示したことから、紛争が継続し原油価格が再び上昇した場合、これらの市場は特に脆弱になるだろう。

この期間中、日本に上場しているNEXT FUNDS日経225レバレッジ指数ETFは14億ドルの資金流入を集め、地域内で最大の流入額となった。個別銘柄のレバレッジ型ファンドも多額の資金流入を集めた。香港に上場し、CSOPアセットマネジメントが運用するSKハイニックスとサムスン電子を対象とするETFは、合計11億ドルの資金流入を集めた。

High levels of inflows into leveraged exchange-traded funds (ETFs) and borrowing for stock purchases have reignited market concerns that some of Asia’s largest stock markets may repeat last week’s sell-off triggered by the Middle East conflict.

Data shows that leveraged ETFs in Asia have seen net inflows in both the past week and the past month. Data as of the end of last week also showed that margin trading balances in Taiwan and South Korea were near multi-decade highs, while Japan’s figure hit a record high.

The continued strong demand for leveraged bets suggests that a significant amount of bubble money remains in the market. Some bargain hunters are hoping to maximize potential gains if the Middle East conflict ends soon. Given that Asian markets significantly underperformed US stocks last week, these markets will be particularly vulnerable if the conflict continues and oil prices rise again.

During this period, the NEXT FUNDS Nikkei 225(日経225) Leveraged Index ETF listed in Japan attracted $1.4 billion in inflows, the most in the region. Single-stock leveraged funds also attracted substantial inflows. ETFs listed in Hong Kong, managed by CSOP Asset Management, and tracking SK Hynix and Samsung Electronics have attracted a total of $1.1 billion in inflows.

De GBP/USD daalde naar ongeveer $1,33, het zwakste niveau sinds 9 december, terwijl beleggers de potentiële economische gevolgen van het escalerende conflict in het Midden-Oosten afwogen tegen de stijgende inflatiedruk en de mogelijkheid van een strenger monetair beleid van de Bank of England.

EUR to GBP -koers: 0,8695.

De regionale spanningen liepen op na berichten dat de Amerikaanse president Donald Trump Iraanse Koerdische strijdkrachten in Irak had aangemoedigd om Iran aan te vallen, Azerbeidzjan waarschuwde voor vergeldingsmaatregelen na Iraanse raketaanvallen en Koeweit meldde raketten en drones in zijn luchtruim te onderscheppen.

De daaruit voortvloeiende stijging van de energieprijzen zal naar verwachting de inflatie in heel Europa hoog houden, waardoor de kans op een renteverlaging door de Bank of England kleiner wordt.

De Britse geldmarkten schatten de kans op een renteverlaging deze maand nu op minder dan 20%, een scherpe daling ten opzichte van meer dan 80% vóór het conflict. De Britse rentefutures geven een kans van minder dan 50-50 op een enkele verlaging vóór eind 2026.

De euro daalde verder naar $ 1,156 en bereikte daarmee het laagste niveau sinds eind november, doordat beleggers massaal naar de dollar vluchtten te midden van de escalerende spanningen in het Midden-Oosten. EUR/GBP-koers: 0,8695.

Het conflict escaleerde nadat Israël vrijdag Beiroet aanviel, na een ongekende evacuatie van de gehele zuidelijke buitenwijken van de Libanese hoofdstad. Dit is een aanzienlijke uitbreiding van de oorlog tegen Iran, die een week geleden samen met de VS begon. Ondertussen claimde president Trump een rol te spelen in de keuze van de volgende opperste leider van Iran na de vermeende dood van ayatollah Khamenei.

De stijgende energieprijzen zullen naar verwachting de inflatiedruk in heel Europa hoog houden, wat de verwachting versterkt dat de Europese Centrale Bank een restrictiever monetair beleid zal voeren.

Verschillende ECB-beleidsmakers waarschuwden dat een langdurige oorlog in Iran, waarbij meer landen betrokken raken, de inflatie in de eurozone verder zou kunnen opdrijven en de economische groei zou kunnen afremmen.

De geldmarkten schatten de kans op een renteverhoging in juli momenteel op ongeveer 55% en de kans op een nieuwe verhoging in december op 85%.

On December 10, 2025, the National Assembly of Vietnam passed amendments to the Individual Income Tax Law, which will take effect on July 1, 2026.

The specific contents include:

(1) New scope of taxable income: income from the transfer of Vietnam’s national internet domain name “.vn”; income from the transfer of greenhouse gas emission reduction achievements and carbon credits; income from the transfer of digital assets; income from the transfer of gold bars (levied at 0.1% of the transfer price); income from agency, brokerage and business cooperation activities; income from e-commerce and digital platform operation activities;

(2) New types of personal income tax exemption: income from the transfer of emission reduction certificates; income from the first transfer of carbon credits; interest income from green bonds; initial transfer income after the issuance of green bonds; wages and salaries earned from scientific, technological and innovative work; copyright income from work related to science, technology and innovation (and the results of such work have been commercialized); income obtained by individual investors and experts from innovative start-up projects;

(3) Tax exemption for digital talents: high-quality talents in the digital technology industry who meet one of the following conditions can enjoy a 5-year personal income tax exemption on their wages and salaries: Firstly, income from digital technology industry projects within digital technology parks. ; secondly, income from R&D projects and the production of key digital technology products, semiconductor chips, and artificial intelligence systems; thirdly, income from human resource training activities; fourthly, personal income from R&D activities in fields listed in the High-Tech Law or the Strategic Technology List;

(4) Adjusting the taxable income threshold for individual businesses: The threshold for individual income tax for individual businesses is raised from 200 million VND to 500 million VND; those with annual income exceeding 500 million VND but not exceeding 3 billion VND may choose to apply a 15% tax rate; those with annual income exceeding 3 billion VND but not exceeding 50 billion VND are subject to a 17% tax rate; those with annual income exceeding 50 billion VND are subject to a 20% tax rate;

(5) Unified provisions for taxation of capital transfer income for residents and non-residents: For capital transfer income of residents and non-residents, if the purchase price and reasonable expenses related to the capital transfer income can be determined, individual income tax will be levied at 20% of each transfer income; if it cannot be determined, it will be levied at 2% of the transfer price; securities transfer income is taxed at a rate of 0.1%.

On December 10, 2025, the National Assembly of Vietnam passed the Tax Administration Law No. 108/2025/QH15. This law will replace the Tax Administration Law No. 38/2019/QH14 promulgated on June 13, 2019, and the provisions amended and supplemented by Law No. 56/2024/QH15.

Most provisions of the new law will take effect on July 1, 2026. Articles 13 and 26, concerning the declaration, settlement, tax deduction, and use of electronic invoices for businesses and individual merchants, have already taken effect on January 1, 2026.

Main revisions include:

(1) Expanding the scope of taxpayers. Taxpayers include foreign organizations and individuals engaged in business activities or deriving income in Vietnam, as well as foreign organizations and individuals conducting business on e-commerce platforms and other digital platforms;

(2) Strengthening tax administration for e-commerce and digital platforms. E-commerce and digital platform operators are required to collect and pay taxes on behalf of overseas platform merchants. Merchants must independently calculate their income from the production and operation of tax-exempt or non-taxable goods and services in accordance with the regulations on value-added tax and individual income tax, and truthfully declare their annual income to the tax authorities;

(3) Shortening the period for correcting errors in tax returns. The period for taxpayers to correct errors or omissions in their submitted tax return materials after the tax return deadline is shortened from 10 years to 5 years;

(4) Clarifying transitional arrangements. Tax arrears that are not paid by June 30, 2026, will be handled in accordance with the new law; tax exemptions or reductions incurred before July 1, 2026, will continue to be handled in accordance with the old law; tax inspections that have been initiated before July 1, 2026, but for which no conclusion or decision has yet been issued, will continue to be carried out in accordance with the old law.

On the morning of January 26, the Fifth Session of the 14th Guangdong Provincial People’s Congress opened at the Century Hall of the Guangzhou Baiyun International Convention Center. At the meeting, Governor Meng Fanli delivered the government work report to the Congress.

The government work report shows that in 2025, Guangdong’s GDP will reach 14.58 trillion yuan, a 3.9% increase, ranking first in the country for the 37th consecutive year. Local general public budget revenue will increase by 3%.

The total value of imports and exports of goods will reach 9.5 trillion yuan, a 4.4% increase, contributing 24.1% of China’s total GDP growth.

《International Business News》

Chinese Foreign Ministry Spokesperson Lin Jian held a regular press conference on the 5th. At the conference, a Russian media reporter asked about the consensus reached between Russia and China on issues related to Japan.

Lin Jian: This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japan and the 80th anniversary of the victory of the Soviet Union’s Great Patriotic War. The heads of state of both countries attended commemorative activities this year and unanimously agreed to firmly safeguard the achievements of the victory in World War II, resolutely oppose any attempts to rewrite the history of colonial aggression, and send a strong message of upholding justice and fairness.

During the recent China-Russia strategic security consultations, China and Russia conducted strategic alignment on issues related to Japan and reached a high-level consensus. They agreed to firmly safeguard the achievements of the victory in World War II, won with lives and blood, resolutely resist any erroneous words and deeds that attempt to rewrite the history of colonial aggression, resolutely counter any attempts by fascism and Japanese militarism to make a comeback, and shoulder the shared responsibilities of China and Russia as major powers and permanent members of the UN Security Council to safeguard world peace and security, and uphold historical truth and international justice.

China is willing to continue coordinating and cooperating with Russia to resolutely curb the provocative actions of Japan’s far-right forces that undermine regional peace and stability and attempt to remilitarize the region.

source:《International Business News》

Canon’s Zhongshan factory has confirmed that it will cease production on November 21, 2025. The main reasons are the shrinking laser printer market and intensified competition from domestic brands. Employee compensation is being processed concurrently.

Latest Developments Regarding the Canon Zhongshan Factory Production Ceasedown

Cessation Confirmation: Canon (China) officially confirmed that the Zhongshan factory ceased production on November 21, and employees are temporarily on leave until the 28th.

Core Reasons:

The global laser printer market continues to shrink, and the rapid rise of domestic brands is squeezing market share.

The popularization of paperless offices is accelerating industry transformation, leading to a sharp decline in demand for traditional office printers.

Operating Data: Established in 2001, the factory has produced a cumulative total of 110 million laser printers, with a total industrial output value of approximately 3.2 billion yuan in 2022. At its peak, it employed 10,000 people, but by 2024, the number of employees had decreased to 3,372. Employee Placement: As of November 30th, some employees have received compensation under their confidentiality agreements. The specific plan includes economic compensation and re-employment support.

The gold market experienced a dramatic plunge this week. Just one day after reaching a record high of $4,381 per ounce, spot gold prices（金価格）abruptly changed course on the evening of October 21, plummeting and breaking through the $4,100 mark, marking the largest single-day drop since April 2013.

This violent fluctuation caught many investors off guard. In fact, every rise and fall in gold prices is closely related to its unique pricing mechanism and multiple influencing factors.

The “London Gold,” considered the global benchmark, has undergone a century-long evolution in its pricing mechanism. In its inception in 1919, “London Gold” was jointly determined by five major gold dealers, including the Rothschild family, through telephone negotiations within the “Gold Room.” This system relied on London’s position as the world’s gold trading center and operated through an over-the-counter trading model. The London Bullion Market Association (LBMA), established in 1987, integrated the fragmented trading markets and established a unique delivery system based on 400-ounce gold bars, making London the global gold distribution center. In 2015, the pricing mechanism was reformed again. Through a modern electronic auction system, pricing meetings were held in the mornings and afternoons of weekdays in London, with the participation of several designated international banks, including HSBC and JPMorgan Chase.

The pricing meetings resembled a digital “gold auction”: banks collected buy and sell orders from global clients, continuously submitting bids on an electronic platform until a balance price was found that matched the most buy and sell orders. This final price became the LBMA gold benchmark price, immediately becoming the authoritative basis for pricing global spot gold trading and derivatives.

Factors Affecting Gold Prices

As a safe-haven asset that transcends economic cycles, gold price fluctuations are always closely related to core variables such as the global economic landscape, geopolitical risks, and monetary policy trends.

“Gold and silver are not naturally money, but money is naturally gold and silver.” This classic statement by Marx reveals the special status of gold in the monetary system.

During the gold standard era, the key to whether a country’s currency was accepted by other countries lay in the strength of its gold reserves. After World War II, leveraging its nearly 75% global gold reserves, the United States established the Bretton Woods system, centered on the dollar’s peg to gold, laying the foundation for the dollar’s credibility as the international reserve currency.

However, the decoupling of the dollar from gold in 1971 marked a significant turning point in modern monetary history. Subsequently, US Treasury bonds gradually replaced gold as the primary reserve asset for central banks worldwide. In recent years, with occasional signs of US Treasury default risk, cracks have begun to appear in the dollar’s credit system, prompting global central banks and investors to increase their gold holdings as a crucial tool for hedging against dollar credit risk—the underlying logic behind the sustained rise in gold prices since last year.

Beyond the changes in the dollar’s credit system, multiple factors are influencing the balance of gold: geopolitical tensions ignite investors’ safe-haven demand; unprecedented increases in global central bank holdings, coupled with continued accumulation by institutional investors, provide solid structural support for gold prices; and capital flows and market sentiment act as amplifiers, amplifying every subtle change in price fluctuations.

Returning to the recent “gold price plunge” that has attracted market attention, its direct trigger is precisely the imbalance in the short-term trading structure. The sustained rise in gold prices since September has led to a crowded gold bull market, accumulating substantial profits. When prices reached key levels, the concentrated profit-taking and exit of these positions ultimately triggered this technical correction.

History has repeatedly shown that gold’s long-term value coexists with the risk of short-term high-level volatility. In a noisy market, remaining calm and resisting the temptation to chase high prices is key to protecting wealth.