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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.14%), Hang Seng +0.13%, Shanghai Composite +0.80% as of 04:10 ET

May 07 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Wednesday but with most benchmarks off their highs. Greater China markets ended higher with the biggest gains in Shanghai. Japan's Nikkei a few points lower but the Topix posted solid gains. Gains for Australia, Taiwan and South Korea with the latter returning from holiday. India a few points lower on escalating geopolitical tensions with Pakistan. Southeast Asia traded mostly higher. US futures higher, Europe lower in the first hour of trade. US dollar slightly stronger, Asia currencies weaker except for won that is trading at five-month high. Treasury yields mostly higher, CGBs unchanged despite PBOC cut. Crude futures higher with WTI back above $60/bl, precious metals down as risk-trade fades, base metals lower.

    • Newsflow supportive for Asia equities Wednesday but equities not responding with any kind of risk-on move. The Hang Seng opened 2% higher but trickled lower all day while Japan's Nikkei underperformed. Among the positive headlines, US Treasury Secretary Bessent and the USTR Greer is to meet China VP He Lifeng in Switzerland in the first high-level talks between Washington and Beijing over trade. Meanwhile, the PBOC announced a series of support measures including a 10 bp policy rate cut, a RRR cut of of 0.5 bp, and an expansion of lending facilities for consumer and service sectors. It also injected around CNY1T of liquidity into the financial sector.

    • In other developments, currencies were quieter today although the won strengthened as domestic traders returned from their break. The Taiwan dollar fell again to give up more of its recent gains. The RBNZ warned over rising financial risks amid global volatility. India confirmed it had struck nine targets inside Pakistan in retaliation for the killings of tourists in Kashmir, while Islamabad vowed to respond. Ahead, the US Fed expected to keep policy rate unchanged with accompanying statement likely to be more of a focus.

    • Swire Pacific (19.HK) is to spin off and list its ThaiNamthip unit and list it on the Thailand stock market. Hon Hai (2317.TT) has agreed to supply Mitsubishi Motors (7211.JP) with an EV manufactured in Taiwan to be sold in Australia and New Zealand by the end of 2026. UOB (U11.SP) suspended its 2025 guidance, said it would resume when global trade situation had stabilized. SpiceJet (500285.IN) grounded flights from several airports as tension on the India-Pakistan border broke out into conflict.

  • Digest:

    • Bessent, Greer meeting with China Vice Premier He Lifeng to jumpstart US-China talks:

      • Treasury Secretary Bessent and USTR Greer will travel to Switzerland on 8-May to meet with China Vice Premier He Lifeng (Bloomberg, FT, Reuters). Meeting in Switzerland would mark first high-level talks between US and China since they levied punitive tariffs on each other. Bessent later told Fox News planned meeting with Chinese officials will be more about de-escalation rather than big trade deal, adding two sides need to de-escalate before they can move forward. Meeting would follow de-escalation signals over past week that included Beijing voicing openness to evaluating US offer to talk. On Sunday Trump said he would lower China tariffs "at some point" while press sources have highlighted how Beijing has been quietly exempting an expanding list of US-made goods from tariffs. Speaking to CNBC this week Bessent sounded optimistic on talks with China, saying he could see "substantial progress" in coming weeks. Economic fallout from tariffs seen as incentive for both sides to engage amid reports highlighting pressure on Chinese factories and prospect of mass layoffs while chill in US-China trade has heightened supply chain disruption risks for US businesses.

    • China lowers key interest rate, RRR to support economy:

      • PBOC Governor Pan Gongsheng announced at a press conference that China will cut 7D reverse repo rate to 1.4% from 1.5%, effective 8-May. Pan said central bank will also trim RRR by 0.5 ppt, expected to release about CNY1T ($139B) in long-term liquidity, effective 15-May. There will also be 0.25 ppt reduction in housing provident fund loan rate. Added central bank will set up CNY500B relending tool for services consumption, elderly care. Will also increase technology relending fund by CNY300B to total of CNY800B. Two stock market support tools announced last September with total quota of CNY800B will be combined. At same briefing, CSRC Chairman Wu Qing said regulator will support Central Huijin to bolster markets, which along with PBOC, act as quasi-stabilization fund. CSRC will encourage eligible domestic companies to seek listings overseas and support return of high-quality Chinese companies to return to mainland and Hong Kong markets. Reaffirmed commitment to promote long-term capital into stock market and emphasized A-share market valuation still considered low. NFRA head Li Yunze added China will expand pilot scheme allowing insurers to invest in stock market. Bloomberg noted movements signal policymakers are reacting with urgency to ramp up support to Chinese economy amid trade war with US where Trump administration has imposed 145% on Chinese goods.

    • India and Pakistan trade military strikes as Kashmir tension escalates:

      • India's army said it struck nine targets used by Pakistani militants in response to April's attack on tourists in India-controlled portion of Kashmir. Islamabad called move 'blatant act of war', said it had shot down five Indian aircraft with both capitals claiming deaths on either side (AP). Pakistan PM Sharif said country would retaliate; analysts said if Pakistan retaliated on military targets, conflict could continue. Escalation in tensions weighed modestly on India stocks in early trades. Nifty and Sensex opened lower but quickly pared losses to currently a few points down; prior to open, Nifty futures rose notably on PBOC monetary easing reports. India VIX volatility index rose almost 4% (Mint), bond markets steady for now, rupee strengthening slightly just as other Asia currencies weakening following recent run up (Bloomberg). Air India, IndiGo, SpiceJet (500285.IN) among local carriers to suspend flights after New Delhi closed several airports; Qatar Airways suspended flights to Pakistan (Reuters).

    • Asia currencies remain volatile as brokers speculate on what's next:

      • Asia forex weakened in Wednesday trade, ex South Korea's won after local traders returned from holiday, after dollar recovered modestly (Bloomberg). Offshore, onshore yuan above 7.20 per dollar again after PBOC loosened monetary settings to support tariff-affected economy, and Beijing and Washington confirmed substantive trade negotiations to begin 8-May. HKD weaker just as HKMA said intervened for third consecutive day Tuesday to defend trading band. Taiwan dollar (TWD) also notably weaker. Despite pullback, brokers warned other Asia currencies could strengthen amid potential $2.5T "avalanche" of Asia sales (Bloomberg). UBS also examined net international investment positions (NIIP), onshore USD deposits, speculative positioning; concluded only won of those on US currency manipulator watchlist (that includes yuan, yen, dong, SGD), vulnerable to speculative buying. SGD ticks several boxes but MAS' forex management makes sharp rally unlikely. Reuters also noted 'weaponizing' forex no longer realistic tool for policymakers and that stronger Asia currencies is probably exactly what Trump wants.

    • New Zealand labor market steadies as RBNZ warns financial stability risks have risen:

      • New Zealand employment rebounded 0.1% q/q in Q1 from 0.2% contraction in prior quarter, in-line with consensus. Unemployment rate unexpectedly held at 5.1% against forecasts 5.3%, though driven largely by 0.7% fall in participation rate. Wage pressures easedwith labour cost index (LCI) inflation falling to 2.9% from 3.3%, lowest since Q4 2021. Driven again by public sector with LCI inflation of 4.2% compared to 2.6% for private sector. Average ordinary hourly earnings rose 4.5%, up from 4.2% in prior quarter though well below 5% rate in Q2 2024. Data not considered likely to change monetary policy calculus with RBNZ in April seeing scope to ease further following that month's 25 bp reduction. Swaps still pricing in end-2025 OCR of 2.75%, implying 75 bp of additional easing. Central bank focus has shifted more towards economic fallout from tariffs with Committee having assessed medium-term inflation risks shifting lower. In its latest Financial Stability Report, RBNZ noted financial stability risks have increased due to trade tensions and economic uncertainty. Noted domestic activity subdued due to previously high interest rates, weak labor market and heightened global uncertainty.

    • Notable Gainers:

      • +13.4% 512.HK (Grand Pharmaceutical Group): phase II clinical trial of STC3141 for treatment of sepsis reaches clinical endpoint

      • +6.4% 8002.JP (Marubeni): Berkshire Hathaway executives envision holding investment in Japanese trading companies for 50 years or forever

      • +5.5% 7453.JP (Ryohin Keikaku): reports April domestic LFL directly managed stores + online store sales +9.8% y/y

      • +5.4% 323410.KS (KakaoBank): reports Q1 results with net income KRW137.42B vs FactSet KRW129.74B

      • +3.4% 9021.JP (West Japan Railway): reports FY results with operating profit ahead of FactSet estimates: to conduct buyback for up to ¥50.0B

      • +0.6% 005930.KS (Samsung Electronics): Masimo in agreement to sell its Sound United consumer audio business to HARMAN for $350M

      • +0.2% 19.HK (Swire Pacific): to spin off and list ThaiNamthip Corporation on Stock Exchange of Thailand

    • Notable Decliners:

      • -4.5% 6158.HK (Zhenro Properties Group): resumes trading; controlling shareholder placed into liquidation

      • -4.5% 4506.JP (Sumitomo Pharma): Trump plans pharma tariffs within two weeks after signing EO to promote drug manufacturing in US

      • -4.0% 6758.JP (Sony): Take-Two's wholly-owned label, Rockstar Games announces Grand Theft Auto VI, which was expected to launch in Fall of 2025, is now planned for release on 26-May-26

      • -1.3% 9983.JP (FAST RETAILING): reports April Japan Uniqlo same stores + online net sales (1.3%) y/y

      • -1.2% U11.SP (United Overseas Bank Ltd. (Singapore)): reports Q1 NPAT SG$1.49B vs FactSet SG$1.51B; to resume 2025 guidance when global trade situation stabilizes

  • Data:

    • Economic:

      • Japan April

        • Final services PMI 52.4 vs preliminary 52.2 and 50.0 in prior month

          • Composite PMI 51.2 vs preliminary 51.1 and 48.9 in prior month

      • New Zealand Q1

        • Employment +0.1% q/q vs consensus +0.1% and revised (0.2%) in Q4

          • Unemployment rate 5.1% vs consensus 5.3% and 5.1% in Q4

    • Markets:

      • Nikkei: (51.03) or (0.14%) to 36779.66

      • Hang Seng: 29.17 or +0.13% to 22691.88

      • Shanghai Composite: 26.55 or +0.80% to 3342.67

      • Shenzhen Composite: 9.07 or +0.46% to 1967.81

      • ASX200: 26.90 or +0.33% to 8178.30

      • KOSPI: 14.01 or +0.55% to 2573.80

      • SENSEX: (91.13) or (0.11%) to 80549.94

    • Currencies:

      • $-¥: +0.89 or +0.63% to 143.3080

      • $-KRW: +16.48 or +1.20% to 1392.2600

      • A$-$: (0.00) or (0.30%) to 0.6477

      • $-INR: +0.20 or +0.24% to 84.6451

      • $-CNY: +0.01 or +0.14% to 7.2271

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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