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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (3.93%), Hang Seng +0.68%, Shanghai Composite +1.31% as of 04:10 ET

Apr 09 ,2025

  • Synopsis:

    • Asian equities were mostly lower except China Wednesday. Taiwan was the worst performer amid ongoing semi selloff. Japan, Singapore, Australia and Korea all sharply lower. India is trading down with milder declines. Greater China gained despite 104% US tariffs went into effect as policymakers and state-backed funds made concerted efforts to lend support. US futures reversing earlier losses. Treasury yields surged across tenors, as well as longer-dated JGB yields. Dollar weakened for second day. Yen rose as investors sought haven asset. Offshore yuan recovering from record low overnight. Oil tracking equity market declines. Gold back above $3K. Bitcoin edging up.

    • Markets remain on edge to tariff headlines with US-China trade tensions contributing to latest down leg after White House said 104% tariffs on China in effect on 9-Apr. US also sharply raised import duties on small Chinese parcels up to $800. Trump would also announce tariff on pharmaceuticals. China's State Council released White Paper on US-China trade relations on Wednesday afternoon, adding two sides can resolve disputes via dialogue and consultation. Meanwhile spokespersons from commerce ministry and foreign ministry both reaffirmed China will take countermeasures to resolutely safeguard its own interests. Chinese Premier Li told EU leader Von der Leyen that Beijing has ample policy tools to "fully offset" external shocks. China is stepping up market stabilization efforts and Reuters reported top leaders plan meeting to discuss economic support measures.

    • In other macro developments, RBNZ reduced OCR by 25 bp as expected. Policy statement and minutes devoted large section to tariffs with Committee seeing scope to ease further. BOJ Governor Ueda said central bank is still assessing tariff developments amid elevated uncertainty while pledging to conduct policy accordingly. RBI cut policy repo rate by 25 bp as expected and changed stance from "neutral" to "accommodative" as it seeks to boost growth amid taming inflation and tariff risks. South Korea announced emergency funding of KRW3T ($2B) for auto industry. Taiwan activated $15B stock stabilization fund.

    • Seven & I (3382.JP) to buy back up to JPY600B by Feb-2026; meanwhile its Q4 profit fell 15%. Panama's Comptroller General office to sue officials who authorized renewal of 25Y port concession to company led by CK Hutchison (1.HK). President Trump told TSMC (2330.TT) that it would face 100% tax if it did not build its plants in US.

  • Digest:

    • US reciprocal tariffs come into effect:

      • Press declared US reciprocal tariffs came into effect with the clock moving past the 12:01 am ET deadline as stated by the White House Tuesday (FT, Bloomberg, Reuters). Most of the attention on the highest tariff rate of 104% imposed on China. No further reaction from Beijing so far though yesterday's backlash continued to reverberate. Full effects may take some time to filter through as goods already in transit as of midnight will be exempt as long as they arrive in the US by 27-May. Little comfort from early negotiations with Japan and South Korea to which President Trump was upbeat. Latest reports cited President Trump flagging major tariff on pharmas will be announced very shortly (Bloomberg). Late-breaking amendment to reciprocal tariffs directly targeted China with a de minimis tariff increase to 90% ad valorem from 30%. Amid ongoing debate over the permanency of US tariffs, Bloomberg discussed the spectrum of views within the White House, with trade adviser Navarro the most hawkish and called for more aggressive tariffs, contrasting with the more market-friendly stance held by Treasury Secretary Bessent and Commerce Secretary Lutnick. Resultant policies leaned toward Navarro's position. Still, sources indicated there could be an opening for Trump to use tariffs as leverage to strike deals and reduce certain rates down to the baseline 10%, which is widely seen as the lowest he would probably go.

    • China's top leaders plan meeting to discuss support measures:

      • Reuters cited people familiar with the matter who said China's top leaders planning to convene as early as Wednesday to discuss economic support measures after Trump's 104% tariffs went into effect. Officials from State Council, PBOC and Ministry of Finance expected to attend, where they will discuss measures to boost consumption, support markets and aid trade sector with export tax rebates. Some measures could be implemented in coming weeks. Report similar to Bloomberg article on Monday that noted Chinese policymakers engaged in weekend talks about accelerating rollout of economic support measures focused on increasing consumption and providing export subsidies. State-rune media editorials also noted sufficient room for further RRR and interest rates cuts (People's Daily). Stimulus expectations were already elevated after economists downgraded China growth estimates due to the tariffs and predicted a policy response by authorities. China has also stepped up efforts to support markets this week with PBOC pledging relending support for state-backed funds to buy local stocks, and regulators raising upper limit for insurers' equity allocations.

    • Volatile trading in Greater China markets amid growing US-China trade tensions:

      • Wednesday saw choppy trading session in Greater China markets as rapid developments in tariff developments put traders on edge. Hang Seng tumbled more than 3% before trimming losses. Hang Seng Tech down 5% at open, mainland benchmarks also sharply lower at first before erasing their losses. Offshore yuan fell to all-time low against dollar at 7.4290 overnight in New York trading before inching up (Bloomberg). PBOC set yuan reference rate at 7.2066 per dollar Wednesday, weakening for fifth straight session. Echoed economists take that central bank to allow yuan to depreciate to mitigate tariff impact, coupled with growing easing bets (Bloomberg). White House proceeded with 104% tariff on Chinese exports as Beijing defied Trump administration's threat and vowed to "fight to the end". Meanwhile various Chinese brokerages have pledged to help stabilize local stock market in concerted effort and more than 100 listed firms announced share purchases or buybacks to boos confidence (Reuters). Chinese Premier Li told EU leader Von der Leyen that Beijing has ample policy tools to "fully offset" external shocks and expressed optimism about its growth prospect (Bloomberg).

    • Emerging Asia markets continue to experience heavy selling:

      • EM Asia markets witnessing intense selling after facing among world's highest reciprocal tariff rates. Kospi in bear market with index at lowest since Dec-2022 despite Trump giving positive signals on trade talks and government unveiling KRW3T ($2B) emergency funding package for automakers. Influence of automakers, biotech and chip stocks on market contributing to selling with country facing 25% reciprocal tariff, 25% auto tariff, and Trump's looming chip and pharma tariffs. Vietnam (46% tariff), down 16% over past week to lowest since Oct-2023. Government has made concessions, but White House taking aim at non-tariff issues such as IP theft, dumping and China transhipments (Reuters). Taiwan's benchmark down 18% over past week to lowest since Jan-2024. Taiwan activated $15B stock stabilization fund (Bloomberg, Reuters) but efforts swamped by unwinding of leveraged positions (Bloomberg) and chip tariffs are coming. Thailand (36% tariffs), down to lowest since Mar-2020 with tariffs compounding preceding downward pressure from weaker earnings and growth outlook. Indonesian rupiah down to record low despite central bank intervention efforts, as 32% tariff rate weighs on sentiment already impacted by prior fiscal deficit concerns.

    • Bond yield backup continues:

      • Treasury yield backup spilling over to other markets with selling concentrated in longer-dated maturities. Big swings in bond markets have pushed BofA MOVE index towards two-year high. Initial flight to safety following last week's tariff announcement has given way to heavy selling with Treasury 10Y yield up 41 bp week-to-date to highest since February. Concerns about foreign demand (Japan and China), weak auctions and fiscal deficit concerns among reasons given for latest yield backup (Bloomberg). Press have also discussed concerns about market stresses similar to what played out during Covid peak in Mar-2020 when basis trades unwound (Bloomberg). Spread between swap rate and 30Y Treasury yield also at record low with traders highlighting banks selling bonds for swap contracts to maintain interest rate exposure and meet client funding needs (Bloomberg). Curve steepening against backdrop of stagflation debate. Fed officials stressing patience though market-implied easing expectations firming with CME's FedWatch showing futures pricing in 57% chance of May rate cut. Similar dynamic playing out elsewhere with front-end yields across Asia and Europe retreating amid rise in rate cut expectations (and in case of Japan, reduced rate hike odds).

    • Notable Gainers:

      • +15.9% 317.HK (CSSC Offshore & Marine Engineering (Group)): guides Q1 net income attributable CNY170.0-200.0M, +1,006-1,201% y/y

      • +2.1% 002714.CH (Muyuan Foods): guides Q1 net income attributable CNY4.30-4.80B vs year-ago (CNY2.38B)

      • +1.4% 2268.HK (WuXi XDC Cayman): Trump reportedly threatens with "major" tariff on imports of pharmaceutical goods

    • Notable Decliners:

      • -7.9% 3402.JP (Toray Industries): EU reportedly considering banning use of carbon fibre in automobiles

      • -5.7% PYC.AU (PYC Therapeutics): placement shortfall update; underwriter requests extension to 30-Apr

  • Data:

    • Markets:

      • Nikkei: (1,298.55) or (3.93%) to 31714.03

      • Hang Seng: 136.81 or +0.68% to 20264.49

      • Shanghai Composite: 41.26 or +1.31% to 3186.81

      • Shenzhen Composite: 31.77 or +1.77% to 1823.61

      • ASX200: (135.00) or (1.80%) to 7375.00

      • KOSPI: (40.53) or (1.74%) to 2293.70

      • SENSEX: (361.23) or (0.49%) to 73865.84

    • Currencies:

      • $-¥: (0.79) or (0.54%) to 145.4940

      • $-KRW: (8.95) or (0.60%) to 1476.9500

      • A$-$: +0.01 or +1.01% to 0.6017

      • $-INR: +0.10 or +0.12% to 86.5407

      • $-CNY: +0.01 or +0.11% to 7.3472

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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