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BANGKOK — Asian shares mostly gained on Tuesday after U.S. stocks rallied on hopes the Federal Reserve will cut interest rates soon.

U.S. futures edged lower and oil prices also declined.

Tokyo’s Nikkei 225 was nearly unchanged at 48,628.85, after reopening from a holiday.

A plunge in technology giant SoftBank’s shares weighed on the market. It fell 10.3% on concerns that returns from its heavy investments in OpenAI may be threatened by the next generation Gemini artificial intelligenc e model that Google launched last week.

In South Korea, the Kospi gained 0.3% to 3,859.12. Taiwan’s Taiex jumped 1.5%.

Chinese markets also advanced. In Hong Kong, the Hang Seng climbed 0.4% to 25,821.47, while the Shanghai Composite index jumped 0.9% to 3,872.45.

E-commerce giant Alibaba, which was due to report its earnings late Tuesday, gained 1.6%.

Australia’s S&P/ASX rebounded to edge 0.1% higher, closing at 8,537.00.

U.S. markets will be closed on Thursday for the Thanksgiving holiday. A day later, it’s on to the rush of Black Friday and Cyber Monday.

The U.S. stock market rallied on Monday, at the start of a week with shortened trading because of the Thanksgiving holiday.

The S&P 500 climbed 1.5% to 6,705.12 in one of its best days since the summer. The Dow Jones Industrial Average rose 0.4% to 46,448.27, and the Nasdaq composite jumped 2.7% to 22,872.01.

Stocks got a lift from rising hopes that the Fed will cut its main interest rate again at its next meeting in December, a move that could boost the economy and investment prices.

The market also benefited from strength for stocks caught up in the artificial-intelligence frenzy. Alphabet, which has been getting praise for its newest Gemini AI model, rallied 6.3% and was one of the strongest forces lifting the S&P 500. Nvidia rose 2.1%.

Monday’s gains followed sharp swings in recent weeks, not just day to day but also hour to hour, caused by uncertainty about what the Fed will do with interest rates and whether too much money is pouring into AI and creating a bubble. All the worries are creating the biggest test for investors since an April sell-off, when President Donald Trump shocked the world with his “Liberation Day” tariffs.

Despite all the recent fear, the S&P 500 remains within 2.7% of its record set last month.

Several tests for the market lie ahead this week. One of the biggest will arrive Tuesday when the U.S. government will deliver data on inflation at the wholesale level in September.

Economists expect it to show a 2.6% rise in prices from a year earlier, the same as in August. A higher-than-expected reading could deter the Fed from cutting its main interest rate in December for a third time this year, because lower rates can worsen inflation. Some Fed officials have already argued against a December cut in part because inflation has stubbornly remained above their 2% target.

Traders are nevertheless betting on a nearly 85% probability that the Fed will cut rates next month, up from 71% on Friday and from less than a coin flip’s chance seen a week ago, according to data from CME Group.

In other dealings early Tuesday, U.S. benchmark crude oil lost 25 cents to $58.59 per barrel. Brent crude, the international standard, shed 30 cents to $62.42 per barrel.

The dollar fell to 156.70 Japanese yen from 156.91 yen. The euro slipped to $1.1517 from $1.1521.

Bitcoin fell 1.1% to $88,100. It was near $125,000 last month.

Amsterdam,

ING announced today that, as part of our €1.1 billion share buyback programme announced on 30 October 2025, in total 2,767,892 shares were repurchased during the week of 17 November up to and including 21 November 2025.

The shares were repurchased at an average price of €21.60 for a total amount of €59,777,931.11.

In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme to date is 7,899,202 at an average price of €22.02 for a total consideration of €173,950,206.98. To date approximately 15.81% of the maximum total value of the share buyback programme has been completed.

For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see share buy back programme.

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ING PROFILE

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

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ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

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