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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.41%, Hang Seng +0.37%, Shanghai Composite +0.28% as of 04:10 ET

May 08 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Thursday following more positive developments in trade talks. Japan's main boards, Greater China, South Korea and Australia all finished higher; India and Taiwan traded flat. Some losses in Southeast Asia as the dollar moved higher. US futures higher especially the Nasdaq, Europe adding to opening gains. Dollar higher; yen, AUD and NZD slightly weaker, yuan quiet. Treasury yields higher across tenors, JGB yields higher. Crude prices higher but volatile. Precious metals mixed with gold retreating but silver up. Base metals mixed. Cryptocurrencies higher.

    • More constructive developments on trade newsflow with the NY Times reporting the UK and US are set to sign a trade agreement Thursday, although sources are uncertain whether it will be a detailed or framework agreement while the base 10% is likely to stay. Other sources said Beijing's offer on fentanyl paved the way for US-China trade talks this week but the White House capped expectations of a breakthrough saying the first meeting was about de-escalation and were not high level.

    • In other developments, Fed's downbeat comments overnight over US economy not taken as a major surprise by markets. In Asia, the RBNZ warned over supply chain impacts from US tariffs and how they would affect New Zealand's economy. The HKMA held the Hong Kong base rate steady, as expected. Malaysia's central bank also held its base rate steady as widely expected but warned growth risks were skewed to the downside because of US tariff policies. Philippines Q1 GDP was strong but missed expectations. Late on, Bloomberg reported Beijing was considering a plan to curb housing pre-sales and only allow developers to sell completed housing. Nasdaq futures bumped on reports of a deal for Intel with Microsoft.

    • Bubble tea maker Auntea Jenny (2589.HK) gained more than 40% in its Hong Kong trading debut. NTT (9432.JP) plans to turn NTT Data (9613.JP) into a wholly owned subsidiary through a tender offer valued at around $20B, according to press reports. Shionogi & Co (4507.JP) confirmed it has launched a tender offer to acquire a 45.2% stake in Torii Pharma (4551.JP) for ¥80.82B. Toyota Motor (7203.JP) said President Trump's tariffs will result in a ¥180B ($1.3B) hit to operating income in just two months. Geely Auto (0175.HK) has offered to pay $2.2B to privatize its Zeekr (ZK) unit just 12 months after it listed it in New York, saying it wants to consolidate its businesses.

  • Digest:

    • China considers housing market overhaul to cap pre-sales:

      • Bloomberg reported Beijing considering changing how unfinished houses are sold, requiring developers to offer only completed properties instead of using pre-sales model that contributed to current housing over supply crisis. Article cited people familiar with the matter saying authorities yet to finalize initiative, would only apply to land parcels sold post implementation of changes; would exclude public housing projects, local governments would have say on how plans would be implemented. Pre-sales system widely blamed for fueling excess supply and contributed to debt pile at developers; unfinished home construction projects also thought to be behind mortgage boycotts, public dissent several years ago. However article noted move away from pre-sales system nationwide could apply more pressure to developers' cashflow. If enacted, reform would signal biggest change to housing sector structure since initial curbs began decade ago. REIT and developer stocks in Hong Kong and Shanghai sold off in late trade after article published.

    • Trump expected to announce trade agreement with UK:

      • NY Times cited people familiar with the plans who say President Trump will announce a trade agreement with UK when he addresses press on Thursday at 10:00 ET. Trump had earlier teased he would be holding a Thursday morning press conference about a "major trade deal" with a "highly respected nation." Both Trump and Treasury Secretary Bessent had also foreshadowed trade deal announcements this week. Details unclear, including terms of agreement. Press sources noted both sides were in discussions about lower tariff quotas for UK auto car and steel exports (Bloomberg, FT). UK also reportedly offered concessions on digital services tax, as well as reduced tariffs on US auto imports and agricultural products. Another unknown is whether it constitutes finalized agreement or framework enabling negotiations to continue over coming months. Of importance is extent to which US reduces tariffs. UK among countries subject to 25% tariffs on steel, aluminum and autos though avoided reciprocal tariffs with administration imposing 10% baseline tariff instead. However, administration officials told NY Times they are not inclined to remove 10% baseline tariff.

    • China's offer on fentanyl created opening for this week's talks with US:

      • Big trade development this week was announcement of planned meeting between Treasury Secretary Bessent, USTR Greer and China Vice Premier He Lifeng in Switzerland this week. Press sources noted Beijing's offer to address US concerns on fentanyl, which was reported on last week, created opening for this week's talks. White House moving to temper expectations surrounding the meeting with Bessent reiterating talks will not be at "advanced" stage, echoing comments he made on Fox News that talks will be more about de-escalation than a big trade deal. While China has called on US to show sincerity in trade talks by unilaterally dropping tariffs, President Trump on Wednesday flatly rejected idea of reducing 145% tariffs in bid to bring Beijing to negotiating table (Bloomberg). Trump also disputed China's assertion that US had initiated request to talk. While markets have taken comfort from recent de-escalation signals, defiant posture by both sides seen reinforcing notion that a timely resolution to their trade dispute appears remote (Yahoo! Finance).

    • Toyota guides 35% drop in FY net income:

      • Toyota (7203.JP) Q4 metrics were mixed, missing StreetAccount consensus on net profit and OP while beating on revenue and increased year-end dividend. However, attention was mostly on disappointing FY guidance. Projected net profit of ¥3.100T, well below FactSet consensus ¥4.188T. OP also far below expectations while revenue was more in line. CEO Koji Sato cited a major shift in the auto sector environment, starting with trade policies, tentatively factoring in a JPY180B ($1.25B) drag on OP in Apr-May from tariff impacts (Nikkei). Additional notable hits from higher input costs, payrolls, as well as a JPY745B drag from FX factors with an assumed USD/JPY rate of 145, where each 1 yen appreciation lowers OP by JPY50B. Global production of Toyota and Lexus forecast at 10M units vs 9.67M in the prior year. Group output seen at 11.2M vs prior 11M. Bloomberg noted Japanese automakers saw a surge in US sales in March as tariffs prompted front-loaded customer purchases. CFO Yoichi Miyazaki played down major strategic changes, including price, as they await results of trade negotiations. Sato signaled a revision to the EV sales target of 1.5M by 2026, subject to demand, while reiterating importance of hybrid models.

    • Malaysia central bank holds its policy rate unchanged:

      • Bank Negara Malaysia (BNM) held its overnight policy rate unchanged at 3.0%, as expected by majority of economists, making country final Southeast Asia country to holdout against rate cuts. BNM said latest indicators point toward continued global growth and trade, but US tariff policies weakened outlook; 'considerable' uncertainties mean risks to growth skewed to downside. Said high tourist numbers, electronics demand could cushion blow from exports, added inflation would be 'manageable', ringgit performance to continue to be driven by external factors. Several economists said inflation at four-year low 1.4% and ministerial warnings over slower growth could have tempted BNM to cut, but instead has adopted 'wait-and-see' approach to trade although most still favor small trim in July. Further, BNM governor Abdul Rasheed Ghaffour flagged no change decision last month, saying there were other tools better suited to address trade war fall out than rate cuts.

    • Notable Gainers:

      • +10.7% 079550.KS (LIG Nex1): reports Q1 results with operating profit KRW113.60B vs FactSet KRW65.48B

      • +6.2% 6841.JP (Yokogawa Electric): reports FY earnings with operating income ahead of FactSet estimates

      • +4.2% 175.HK (Geely Automobile Holdings): submits non-binding proposal to take Zeekr private at $2.566/share or $25.66/ADS

      • +3.6% 302440.KS (SK bioscience Co.): reports Q1 earnings with operating profit (KRW15.13B) vs year-ago (KRW28.10B)

      • +1.3% 2914.JP (Japan Tobacco): reports Q1 earnings with revenue and operating profit ahead of FactSet estimates; Shionogi & Co confirms launch of tender offer to acquire 45.2% stake in Torii Pharmaceutical for ¥6,350/share or ¥80.72B

      • +0.7% 4507.JP (Shionogi & Co.): confirms launch of tender offer to acquire 45.2% stake in Torii Pharmaceutical for ¥6,350/share or ¥80.72B

    • Notable Decliners:

      • -9% 3186.JP (Nextage): Japan's FSA reportedly considering administrative sanctions against Nextage, FP Partner over suspected fraudulent insurance claims

      • -3.5% 035720.KS (Kakao): reports Q1 earnings with operating profit and revenue below FactSet estimates

      • -2.9% 4689.JP (LY Corp.): reports Q4 earnings with revenue and adjusted EBITDA below StreetAccount estimates

      • -2.1% 9432.JP (Nippon Telegraph & Telephone): reportedly to make NTT Data wholly owned subsidiary through tender offer

      • -1.9% 3034.TT (Novatek Microelectronics): guides Q2 revenue NT$26.5-27.7B vs FactSet NT$27.85B

      • -1.8% 1876.HK (Budweiser Brewing Co. APAC): reports Q1 earnings with revenue below StreetAccount estimates

      • -1.3% 7203.JP (Toyota Motor): reports Q4 operating income ¥1.116T vs StreetAccount ¥1.147T

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 148.97 or +0.41% to 36928.63

      • Hang Seng: 84.04 or +0.37% to 22775.92

      • Shanghai Composite: 9.33 or +0.28% to 3352.00

      • Shenzhen Composite: 20.30 or +1.03% to 1988.10

      • ASX200: 13.40 or +0.16% to 8191.70

      • KOSPI: 5.68 or +0.22% to 2579.48

      • SENSEX: (100.11) or (0.12%) to 80646.67

    • Currencies:

      • $-¥: +0.65 or +0.45% to 144.4730

      • $-KRW: (3.47) or (0.25%) to 1395.0900

      • A$-$: (0.00) or (0.05%) to 0.6421

      • $-INR: +0.26 or +0.31% to 85.0323

      • $-CNY: +0.01 or +0.15% to 7.2360

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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