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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.72%, Hang Seng +2.12%, Shanghai Composite +1.81% as of 04:10 ET

Mar 14 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Friday. Strong gains in Greater China, led by Hong Kong's consumer and financial stocks on NFRA support for consumption, and hopes for further developments and a RRR cut on Monday. Japan stocks also strong while Australia posted moderate gains. Taiwan flat, South Korea slightly lower, Southeast Asia mixed. India closed for a holiday. US futures higher, Europe mixed at the open. US dollar a little higher, yen and yuan weaker; AUD and NZD stronger. Treasury yields higher across tenors, JGB yields lower. Crude and precious metals higher with gold hovering near record highs, base metals inching higher. Cryptocurrencies higher.

    • Asia boards reflected a modest uptick in risk appetite following the week's losses. Benchmarks were already modestly higher before Beijing announced a press conference for Monday in which various ministries and the central bank are to announce fiscal and monetary policy measures aimed at boosting consumption. Elsewhere, another slow news day with little to pivot the overarching narrative away from tariff concerns. South Korea's finance ministry warned on downward economic pressures in the short term, while the BOK warned of long-term economic contraction by 2050 if the country's chronically low birth rate isn't fixed. Japan's trade union confederation Rengo said it had secured an average wage hike of 5.46% versus 6.09% demanded but ahead of 2024's figure. The news came just ahead of next week's BOJ meeting in which wage growth and risks from Trump's trade war will likely be discussed, but with rates likely to stay unchanged.

    • Toyota Tsusho (8015.JP) to acquire Radius Recycling in a $1.34B deal. Softbank (9984.JP) and OpenAI are to build an AI data center in Japan, according to local press reports. Shares in CK Hutchison (1.HK) fell sharply following a sharp rebuke from China's top office in Hong Kong over the sale of its Panama ports to BlackRock. Samsung SDI (006400.KS) to sell $1.4B new shares and raise $1.4B to fund new battery plants. Sembcorp Industries (U96.SP) said a deal signed by a subsidiary to import natural gas from Indonesia had fallen through because regulatory approval had not materialized.

  • Digest:

    • Japan unions secure 5.46% wage increase, topping 2024:

      • Japan's Rengo revealed first tally of wage outcomes negotiated during this year's 'shunto' (Nikkei, Bloomberg). Average pay increase of 5.46% exceeded 2024's 5.28% and represented highest since 1991. Met Rengo's mission statement goal of at least 5% and topped 4.92% predicted by economists in JCER poll last month . Base pay gains averaged 3.84%, above 2024's 3.7%. Small-medium firms saw average rise of 5.09%, 0.67% higher than 2024 though below Rengo's mission statement goal of at least 6%. Wage hikes were not considered material enough to budge expectations of BOJ hold decision next week with economists anticipating next rate increase in summer (Bloomberg). There was some notion of high bar for nominal wage growth this year following recent acceleration in inflation and real wage growth contracting in January for first time in three months. Economists anticipate BOJ will maintain gradual normalization path with rate hikes at six-month intervals. Trump tariffs have emerged as another factor in the rate outlook with almost 75% of economists believing tariffs could delay normalization path.

    • China pledges financial support to boost consumption:

      • National Financial Regulatory Administration (NFRA) announced various measures to ramp up financial support for consumption. NFRA encourages banks to increase issuance of personal consumption loans, explore online opening and activation of credit cards. Will provide relief for personal consumption loans as banks to provide loan renewal support to eligible borrowers after reviews. Regulator also asks financial institutions (FIs) to increase credit allocation to more service sectors, such as wholesale and retail, hotels and catering, tourism, education, healthcare and elderly care, to boost supply. Meanwhile Yicai cited PBOC counselor Wei Gejun who said central bank should create structural tools to encourage FIs to issue consumer credit, expand household spending and facilitate investment and consumption. Came on backdrop of CEWC's call to stimulate consumption as key task as Bloomberg noted China is struggling to escape deflationary spiral. Various ministries due to hold press conference on 17-Mar (Mon) on boosting consumption.

  • China activity data forecast to show signs of economic stabilization:

    • China Jan-Feb activity data on Monday with Bloomberg consensus looking or industrial production growth of 5.3% y/y vs 5.8% in 2024. Official PMIs have shown manufacturing stabilizing in early 2025 with output expanding to 10-month high in February. Construction sub-index of non-manufacturing PMI also rebounded. Steel production will receive attention amid thoughts US tariffs will constrain output in 2025. Retail sales growth forecast to have risen to 3.8% from 3.5% after LNY holiday metrics showed broad gains in goods and services consumption. At same time, sharp contraction in Jan-Feb imports along with pickup in deflation seen as indicative of anemic demand. Still, China NPC elevated importance of strengthening consumption in 2025, with government outlining stronger support for goods trade-in program. No change expected in fixed asset investment growth of 3.2%. Main interest will be on property investment after pace of decline accelerated in December. Other housing metrics in focus after new home prices snapped 17-month run of declines in January. NPC real estate support announcements failed to dispel concerns measures sufficient to mop up excess inventory, underscoring still cautious outlook for property.

  • South Korea warns of downward pressure on economy over short and long term:

    • South Korea's economy is facing "increasing downward pressure" because of growing geopolitical uncertainties that hurt export growth, and on weakening construction employment, country's finance ministry said in its monthly report (Yonhap). Report follows succession of warnings in report that began in November when it changed its economic outlook to "gradual recovery" from "recovery". Reports today country's parliament to discuss extra budget next week to provide additional stimulus. Bank of Korea also said Friday country faces prolonged negative economic growth from 2050 if low birth rate continues (Yonhap). Governor Rhee said fertility rate constitutes national emergency, called for measures to ease intense competition regarding employment, housing, childcare. Said country faces irreversible population crisis that threatens economic stability and social cohesion. Blamed demographic crisis for 'extreme concentration' of population and economic activities in Seoul metro area, highly competitive university entrance system.

  • Notable Gainers:

    • +5.4% 600015.CH (Hua Xia Bank): reports preliminary FY with headline results ahead of FactSet estimates

    • +4.5% 196170.KS (Alteogen): reports FY operating profit and revenue ahead of FactSet estimates

    • +3.3% 9501.JP (Tokyo Electric Power Co. Holdings): reportedly planning to sell assets and investments to improve finances by ¥100B

    • +2.7% 7751.JP (Canon): to conduct up-to-26M-share buyback for up-to-¥100B

  • Notable Decliners:

    • -6.4% 1.HK (CK Hutchison Holdings): Hong Kong and Macao Work Office reposts Takungpao negative opinion piece on CK Hutchison's sale of port

    • -6.2% 006400.KS (Samsung SDI): to offer 11.8M shares at KRW169,200/share

    • -2.5% 1299.HK (AIA Group): reports FY results with OPAT below StreetAccount estimates

    • -2.5% U96.SP (SembCorp Industries): Indonesia gas sales agreement terminated as regulatory approval has not been obtained

Data:

  • Economic:

    • No economic data today

  • Markets:

    • Nikkei: 263.07 or +0.72% to 37053.10

    • Hang Seng: 497.33 or +2.12% to 23959.98

    • Shanghai Composite: 60.83 or +1.81% to 3419.56

    • Shenzhen Composite: 42.41 or +2.05% to 2109.37

    • ASX200: 40.60 or +0.52% to 7789.70

    • KOSPI: (7.28) or (0.28%) to 2566.36

    • SENSEX: Closed

  • Currencies:

    • $-¥: +0.88 or +0.60% to 148.7010

    • $-KRW: (0.06) or (0.00%) to 1454.0300

    • A$-$: +0.00 or +0.30% to 0.6303

    • $-INR: +0.02 or +0.03% to 86.9701

    • $-CNY: (0.01) or (0.18%) to 7.2310

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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