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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +6.03%, Hang Seng +1.51%, Shanghai Composite +1.58% as of 04:10 ET

Apr 08 ,2025

  • Synopsis:

    • Asian equities recovered Tuesday in a tenuous rally that saw several benchmarks continue their downward trajectory. Japan gained the most and there were welcome gains in Hong Kong, Shanghai, Mumbai and Seoul. However, Taiwan's Taiex continued to fall following yesterday's trading halts, and there were steep losses in Indonesia and Vietnam to drag on ASEAN. US futures pointed to gains, Europe opened higher. US dollar weaker, yen stronger, AUD and NZD much stronger. Treasury yields lower across tenors, JGB yields were higher. Crude reversing earlier gains, precious metals spiking again. Industrial metals mixed.

    • Asia markets cheered by comments from President Trump who indicated he may be willing to negotiate with trading partners but countered by hardline comments from trade advisor Navarro. Beijing also said it will "fight to the end" on tariffs in response to Trump's threat to impose another 50% duties if China does not withdraw its retaliations against his Liberation Day tariffs. Hong Kong stocks dipped sharply in early afternoon trade following speculation on X that Beijing was set to launch 'significant' tariffs on agriculture products and suspend co-operation on fentanyl, among others, but they recovered into the close.

    • China also increased efforts to support markets with state funds pledging to add more local stock holdings and PBOC vowing to give sufficient re-lending support for these funds. Regulators also raised the upper limit for insurers' equity allocation. PBOC also this morning sent its strongest signal yet it was prepared to allow the yuan to depreciate with a fixing above 7.2 per dollar, long seen as a red line for authorities. Elsewhere, Treasury Secretary Bessent announced on X that Trump has tasked him and USTR to open trade negotiations with Japan. South Korea will hold new presidential election on 3-June.

    • President Trump directed CFIUS to review Nippon Steel's (5401.JP) bid for US Steel (X) after President Biden had blocked the acquisition weeks before leaving office. SoftBank (9984.JP) plans to raise roughly ¥600B ($4B) by selling five-year bonds to retail investors in the company's largest-ever retail bond issuance. More than 30 Shanghai-listed companies released announcements on share buybacks as of Monday night.

  • Digest:

    • Latest tariff developments diverge for China, Japan:

      • Reuters cited a Truth Social post by US President Trump, threatening China with an additional 50% tariff if Beijing does not withdraw its retaliatory levies on the US. Press widely noted this would come on top of the 34% reciprocal tariffs and the 20% tied to fentanyl flows (Bloomberg). Trump added that all talks with China concerning their requested meetings will be terminated while starting negotiations with other countries. However, Trump later told press at the White House that tariff negotiations would include China while reaffirming he is not considering a pause to allow for talks (Reuters). China Commerce Ministry statement vowed to "resolutely take countermeasures" if US follows through and "fight to the end" if US insists on escalation. In contrast, Japan received some encouragement after Treasury Secretary Bessent announced on X that Trump has tasked him and USTR to open trade negotiations with Japan (Nikkei). PM Ishiba and Trump spoke on the phone earlier in the day and agreed to appoint cabinet-level officials to handle bilateral talks. Article suggested Treasury Department involvement in trade negotiations usually led by USTR indicates Washington seeks to address yen weakness.

    • China state funds pledge to buy more local stocks to stabilize markets:

      • China's state-backed funds plan to buy onshore stocks to shore up market as heightening trade tensions with US erodes this year's rally (Reuters). Sovereign fund Central Huijin Investment confirmed it had taken action to stabilize market by increasing holdings of ETFs and vowed to purchase more. Added it serves as "national team" investor and plays role as market stabilizer. Will "resolutely" defend stable operations of China's capital market and act decisively when needed. Emphasized its balance sheet is healthy and has ample liquidity and funding channels. Moreover PBOC assured it will provide funding support via re-lending program to Central Huijin when necessary. Meanwhile two other state-owned investment firms China Chengtong Holdings and China Reform Holdings both pledged to add local stocks in state-owned firms, tech and innovation. Bloomberg noted eight ETFs favored by national team saw record net inflow of CNY42B ($5.7B) Monday as Beijing coordinated efforts to stem market rout which saw mainland benchmarks trim some losses in last hour. Stocks rebounded Tuesday.

    • Yuan weakens further after PBOC daily fixing breaks long-held line:

      • PBOC Tuesday set its daily fixing at 7.2038 per dollar, its weakest point since election of President Trump, sending offshore yuan to below 7.35 for first time since January, onshore to weakest since Sep-23. Fixing point of 7.20 long seen as PBOC's 'line in the sand' which it has defended frequently at cost of repo market volatility and funding disruption. Officials pledged repeatedly it would keep yuan stable, prevent excessive currency speculation but comes as market talk over accelerated devaluation gathers momentum in days following initial tariff announcement. Weaker yuan would make China exports cheaper and imports more expensive, somewhat offsetting US tariffs, but could also trigger capital exodus, send signal of weakness in broader economy according to analysts (Bloomberg). However, Beijing also does not want yuan to weaken quickly, which could cut short negotiation time with White House over tariffs, and exclude yuan as negotiating tool (Reuters).

    • Trump told allies tariff end game is coming:

      • Politico cited people familiar with conversations who described meeting between Treasury Secretary Bessent and President Trump in Florida on Sunday, where Bessent warned markets will continue to convulse unless Trump put more emphasis on sketching out an endgame on tariffs. Bessent encouraged Trump to dial back his rhetoric and open door to negotiations, which was followed by Trump telling allies on Monday that tariff end game coming sooner than people expect with trade deals to be negotiated. Trump's commitment to a tariff end game remains somewhat uncertain after he repeated line about markets need to "take medicine" and warned people against panicking. Another person close to White House said tariff policy remains unchanged. Publicly Trump said he is open to negotiations (Bloomberg) though to what extent still unknown. Trump has since threatened to escalate tariffs on China, and both he and Trade Adviser Navarro have dismissed other countries' tariff offers while railing against their non-tariff trade barriers. Fits with White House pattern of mixed messages on trade clouding prospect of de-escalation, particularly with Trump often voicing desire to rebalance trade and bring in additional revenue.

    • Asia banking sector selloff reflects global recession concerns:

      • Nikkei highlighted bank stocks led the Asia selloff Monday reflecting intensified concerns of a global recession in the wake of Trump tariffs. While sector weakness was especially prevalent in Japan, major names in Hong Kong, mainland China, Singapore and South Korea also sold off. Natixis noted banks with global exposure face greater risk of being implicated in tariff-led recession fears. Macquarie Capital Asean equity research said trade finance account for 12-18% of Singapore banks' credit exposure and this segment would undergo a slowdown if there is no tariff respite. S&P Global Ratings noted trade-centric Asia-Pacific sensitive to slower global growth. Bearish macro sentiment extends to prospects for M&A activity and asset quality. Heightened volatility in Japan stems from preceding BOJ rate hike expectations providing a boost to profit margins. MUFG had posted record highs on a daily basis and has now fallen 26% since March-end. Cited thoughts some investors had taken positions on margin trading and now facing margin calls. Article noted market turmoil has sparked speculation BOJ could intervene, recalling liquidity injections implemented during the Covid pandemic.

    • Notable Gainers:

      • +15.3% 298380.KS (ABL Bio): announces Grabody-B Brain delivery platform license agreement with GSK to develop novel medicines for Neurodegenerative diseases

      • +13.8% 7167.JP (Mebuki Financial Group): launches up-to-¥23.00B buyback programme for up-to-45.0M shares

      • +6.7% ZIP.AU (Zip Co): intends to undertake an on-market share buy-back of up to A$50M

    • Notable Decliners:

      • -10% 2049.TT (HIWIN Technologies): reports March revenue NT$2.01B, +0.3% y/y

      • -2.6% D05.SP (DBS Group Holdings): discloses ransomware attack at printing vendor Toppan's systems

      • -2.5% JHX.AU (James Hardie Industries): holders reportedly urge federal government to review ASX decision to grant waiver for Azek deal

  • Data:

    • Economic

      • Japan

        • February current account balance ¥4,060.7B vs consensus ¥3,800.0B and revised (¥248.1B) in prior month

      • Australia

        • Westpac-MI consumer sentiment index 90.1 vs 95.9 in March

        • March NAB business confidence -3 vs revised -2 in February

          • Business conditions +4 vs revised +3 in February

    • Markets:

      • Nikkei: 1,876.00 or +6.03% to 33012.58

      • Hang Seng: 299.38 or +1.51% to 20127.68

      • Shanghai Composite: 48.97 or +1.58% to 3145.55

      • Shenzhen Composite: 14.46 or +0.81% to 1791.83

      • ASX200: 166.70 or +2.27% to 7510.00

      • KOSPI: 6.03 or +0.26% to 2334.23

      • SENSEX: 1,604.14 or +2.19% to 74742.04

    • Currencies:

      • $-¥: (0.61) or (0.41%) to 147.2420

      • $-KRW: +5.74 or +0.39% to 1476.5900

      • A$-$: +0.01 or +1.14% to 0.6055

      • $-INR: +0.06 or +0.07% to 86.0621

      • $-CNY: +0.03 or +0.35% to 7.3345

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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