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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.28%, Hang Seng (0.02%), Shanghai Composite +0.05% as of 04:10 ET

Apr 02 ,2025

  • Synopsis:

    • Asia equities ended rangebound and directionless Wednesday ahead of Trump's tariff announcement. Small gains for the Nikkei and India's main boards, minor declines for the Topix and in Singapore. Elsewhere, benchmarks hugged the flatline all day with traders staying firmly on the sidelines. US futures lower, Europe opened with losses. US dollar flat, AUD, NZD modestly stronger, yen paring early strengthening. Treasury yields higher across tenors, JGB yields falling on haven demand for bonds. Oil futures declining, precious metals easing up again, base metals mixed. Cryptocurrencies tilting lower.

    • Asia markets traded sideways Wednesday with little appetite from investors to place fresh directional trades ahead of the US's tariff announcement due overnight Asia time. Details of the tariffs largely unknown and highly speculated on, although they're likely to be country-centric rather than targeted on sectors. Further unknowns surrounding what magnitude of response there will be especially from Europe and Canada. Asia nations unlikely to retaliate in any meaningful way with several pledging to buy more US products, other adopting a wait-and-see approach, while Japan and Australia have already declared there will be no reciprocal trade barriers imposed on US imports.

    • In regional developments, South Korea CPI inflation rose above 2% with core inflation also firming. BOK economic outlook report forecast inflation to slow gradually and remain close to 2% target. BOJ Governor Ueda warned of potential for tariffs to drive up US inflation and deal a blow to global trade. More regional PMIs published today showed manufacturing growth either contracting or growth momentum slowing, except in India whose final reading was adjusted higher to its highest since Jul-24.

    • Star Entertainment's (SGR.AU) said the recapitalization plan from Salter Brothers Capital was unlikely to be completed on time, was exploring an offer from Bally but 'material uncertainty' company can stay in business. Hyundai Motor (005380.KS) and Kia Motors (002270.KS) both posted record US monthly sales in March ahead of tariffs. Dongfeng Motor (489.HK) and Chongqing Changan Auto (000625.CH) are considering merging as part of a consolidation wave in China's auto sector. The Singapore financial regulator approached City Developments (C09.SP) over its recent board feud with queries over corporate governance and disclosure.

  • Digest:

    • Trump still weighing different tariff options ahead of 'Liberation Day':

      • Trade continues to dominate headlines into Wednesday's tariff announcement, which Trump is expected to deliver at 16 ET. While Trump said he has settled on a tariff plan, reports continue to highlight myriad moving pieces. Latest press sources noted USTR Greer preparing another option for Trump that would see across-the-board tariffs but only on certain nations, and not as high as the 20% universal tariff rate being reported (link). ABC News sources said final proposal remains in flux and another option involves different tariff rates for each country based on their trade barriers against US. Bloomberg noted countries could be hit with either 10% or 20% tariffs depending on extent of their trade and non-trade barriers. White House said Wednesday's announcement would feature "country-based" tariffs, which fits with the widely discussed reciprocal tariff approach and provides hope that they will open door to country-specific negotiations that can provide some relief. Whatever is proposed, White House said tariffs will take immediate effect (Bloomberg).

    • Asia markets calm before tariff storm:

      • Asia financial markets calm Wednesday in build up to President Trump's tariff announcement as gold hovered near its recent record high, forex markets subdued, equities rangebound. Sovereign bonds also largely unchanged after recent yield softening. New US tariff regime remains largely unknown amid mixed reports Trump still deliberating on details (Bloomberg), or that he'd finalized plans (NYTimes). Also unknown is counter tariffs: EU pledged "strong plan" for retaliatory measures but Australia, UK et al said no retaliatory action would be taken. In Asia, Japan unlikely to reciprocate meaningfully (WashingtonPost) while India and, today, Thailand pledged to import more US goods to redress trade surpluses (Reuters). South Korea analysts concerned country could be included in 'dirty 15' group that have high trade barriers on US imports but largescale retaliation unlikely (Yonhap). Increased tariffs on China and Beijing's potential response also uncertain amid ongoing negotiations tying in trade talks with sale of TikTok US assets (Reuters).

    • China's largest banks' net interest margins drop to lowest ever:

      • FT analysis showed China's six largest banks have all posted record low NIMs which averaged at 1.48% at end-2024, compared with 1.6% in 2023. It was last above 2% in 2021. Latest contraction has been driven by mortgage rate cuts, jump in term deposits and repricing of loans to small and medium-sized businesses, showing growing pressures on state-run banks as Beijing is grappling with prolonged property slump and weak consumer confidence. Recall authorities trimmed mortgage rates in September as part of broader stimulus blitz and Chinese banks lowered LPRs in October. Bloomberg reported over the weekend four of the six state-run banks announced they would raise combined CNY520B ($72B) via share sales, of which CNY500B will be injected by Ministry of Finance through issuance of special sovereign bonds. Analysts said move is aimed at boosting big banks's capacity to serve real economy and helping them cope with downward pressure on margins amid rate cuts.

    • China earnings beats add to positive market signals, offering some buffer against tariff impacts:

      • Bloomberg analysis found Q4 earnings among MSCI China Index constituents beat estimates by 5.1% on a weighted average basis, up from 1.8% in the prior quarter. Sector breakdown showed positive surprises came in healthcare, IT, communication services and consumer discretionary. Outweighed higher number of downside surprises featuring big misses in utilities and consumer staples. Aggregate beat was attributed to stimulus effects with major consumer tech firms among the top beneficiaries. Noted individual beats from JD.com (9618.HK), Alibaba (9988.HK) and Tencent (700.HK). Positive results further fueled tech optimism following the emergence of DeepSeek. EV manufacturer earnings were also above consensus, buoyed by government subsidies. Morgan Stanley described results as an apparent long overdue inflection point as a direct result of aggressive estimate downgrades combined with corporate efforts to enhance earnings and shareholder returns. Still, upcoming US reciprocal tariffs pose a major overhang. Lombard Odier Singapore estimates an effective 30% US tariff rate would lower 2025 earnings growth for MSCI China names by four to five percentage points.

    • South Korea CPI inflation unexpectedly firmer, BOK scenario analysis points to moderate tariff impacts:

      • Headline CPI rose 2.1% y/y in March, above FactSet consensus 1.9% and follows 2.0% in the prior month. Core inflation also edged up to 1.9% from 1.8%. Statistics Korea attributed the uptick to won depreciation driving up prices of imported food and farm/fishery products, while service prices gained further momentum after major private universities raised tuition fees (Yonhap). In contrast, daily necessities basket moderated to 2.4% from 2.6%. Data coincided with publication of BOK's Economic Outlook report for February, providing detailed analysis underlying its latest economic forecasts. Noted slight inflation pickup at the start of the year mainly reflected petroleum prices and exacerbated by won weakness, though expected to slow gradually and remain close to target due to soft demand and base effects from high farm product prices last year. Report also supplemented the 2025 GDP growth forecast of 1.5% with scenario analysis for tariff impacts. Base case assumes steady tariffs on China from 1Q25, easing for other countries through 2026 and low-level retaliation. Pessimistic scenario sees broad-based ramp in tariffs in 2025, remaining elevated through 2026 and high-level retaliation. Latter would hit GDP growth by 0.1 ppt in 2025 and 0.4 ppt in 2026. CPI impact limited this year, though poses a drag of 0.3 ppt next year.

    • Notable Gainers:

      • +4.7% 175.HK (Geely Automobile Holdings): reports March sales volume 232,177 units, +54% y/y

      • +3.4% U96.SP (SembCorp Industries): subsidiary signs agreement to acquire up to 57.1% interest in Lion Power for maximum SG$144M

      • +2.3% 067630.KS (HLB Life Science Co.): HLB offers to acquire HLB Life Science is stock-for-stock merger

      • +1.2% 2015.HK (Li Auto): reports March deliveries 36,674 vehicles, +26.5% y/y

      • +1.2% 9866.HK (NIO Inc): delivers 15,039 vehicles in March, +26.7% y/y

      • +0.6% 2333.HK (Great Wall Motor): reports March sales 97,991 units, (2.3%) y/y

      • +0.1% 7611.JP (Hiday Hidaka): reportedly expects to report operating profit of ¥5.5B vs guidance ¥5.20B and FactSet ¥5.1B

    • Notable Decliners:

      • -10.0% 600893.CH (AECC Aviation Power): reports FY results with net income attributable CNY860.3M vs FactSet CNY1.59B

      • -5.2% 2616.HK (CStone Pharmaceuticals): launches HK$234.6M placement at HK$2.933/share through Morgan Stanley

      • -4.6% 4506.JP (Sumitomo Pharma): to sell 60% stake in Sumitomo Pharma (China) and SMPAP to Marubeni Global Pharma for ¥45B

      • -2.7% 002475.CH (Luxshare Precision Industry): reportedly mulls Hong Kong listing this year to raise $2-3B (CNY14.32-21.48B)

      • -1.2% 3382.JP (Seven & i): Seven & i and Couche-Tard's divestment plan reportedly may face antitrust hurdle as most interested buyers are PE firms

  • Data:

    • Economic:

      • Australia February

        • Building approvals +0.3% m/m vs consensus (1.3%) and revised +6.9% in January

      • South Korea March

        • CPI +2.1% y/y vs FactSet consensus +1.9% and +2.0% in prior month

          • CPI ex-food & energy +1.9% y/y vs +1.8% in prior month

    • Markets:

      • Nikkei: 101.39 or +0.28% to 35725.87

      • Hang Seng: (4.31) or (0.02%) to 23202.53

      • Shanghai Composite: 1.69 or +0.05% to 3350.13

      • Shenzhen Composite: 2.38 or +0.12% to 2014.59

      • ASX200: 9.30 or +0.12% to 7934.50

      • KOSPI: (15.53) or (0.62%) to 2505.86

      • SENSEX: 461.90 or +0.61% to 76486.41

    • Currencies:

      • $-¥: (0.05) or (0.03%) to 149.5730

      • $-KRW: (7.78) or (0.53%) to 1463.1500

      • A$-$: +0.00 or +0.41% to 0.6304

      • $-INR: (0.01) or (0.01%) to 85.5603

      • $-CNY: +0.00 or +0.01% to 7.2707

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.
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