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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.43%, Hang Seng (1.87%), Shanghai Composite +0.17% as of 04:10 ET

May 13 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Tuesday. Strong day for Japan and Taiwan; Australia, Singapore and the remainder of Southeast Asia also seeing solid gains. Hang Seng lower, mainland China markets mixed. South Korea pared early gains to end flat, India seeing profit taking following yesterday's surge. US futures lower, Europe opened slightly higher thanks to a handful of strong corporate results. US dollar giving up some of Monday's gain; AUD, NZD, yuan, yen, ringgit all notably stronger. Little movement of note in Treasuries or other sovereigns. Crude blends slightly higher again, precious metals bouncing back, iron ore surging in China. Cryptocurrencies steady.

    • Asia equity markets largely continued to push ahead on the substantial de-escalation in Trump's trade war with investors given a further boost today after US Treasury Secretary Bessent listed progress in negotiations with several Asia countries. Wall Street's sharp gains Monday underpinned Asia's gains today but analysis of US-China trade truce war also noted many unanswered questions, hinting at a detailed trade agreement still some time off. The Hang Seng failed to join the regional stock rally as economists said trade truce may push China economic stimulus further out. China markets also shrugged off reports of many of China's factories already restarted production to take advantage of the 90-day pause in tariffs, while a SCMP report noted shippers were pricing for a surge in orders over the next three months.

    • In other regional developments, BOJ Deputy Governor Uchida saw downside risks to Japan growth from tariffs while the BOJ Summary of Opinions indicated tariff effects were too difficult to forecast accurately but rate hikes could continue if economic developments track forecasts. Australian consumer confidence rose slightly but business confidence remained negative. South Korea's presidential election campaign began with liberal and conservative candidates placing economic revival and political unification at the top of mind. Ahead, US CPI data with +2.4% y/y, and +0.3% m/m expected by consensus.

    • Honda Motor (7267.JP) posted Q4 earnings substantially below estimates and forecast an almost 60% FY26 earnings decline as US tariffs and strong yen impact profits. Nissan Motor (7201.JP) said it will suspend operations at several of its domestic factories as part of its restructuring plan. Softbank (9984.JP) Vision Fund post annual loss as investment gains slow 40% but group posts annual profit. BYD (1211.HK) said its Brazil factory will be 'fully functional' by the end of 2026. CK Hutchison (1.HK) said its deal to sell its Panama port assets will adhere to all compliance standards after the China regulator to review the transaction. India's statutory auditors have asked IndusInd Bank (532187.IN) whether losses linked to derivative transactions were an accountancy discrepancy, a technical error, or outright fraud.

  • Digest:

    • Companies look to take advantage of 90-day tariff reprieve:

      • Markets continue to process de-escalation of US-China trade tensions that saw both sides announce significant tariff reductions. Buried in White House order released Monday night, US will reduce 'de minimis' tariff rate to 54% from 120%. There was some confusion earlier after 'de minimis' tariff was omitted from initial White House announcement. Tariff exemptions for 'de minimis' China goods valued at $800 or less officially ended on 2-May, subjecting items to levy of 120% of their value or flat $100 fee. Limited nature of tariff pause (90 days) giving rise to expectation of renewed importer front loading, with reports beginning to emerge of US companies restarting operations and resuming imports (Bloomberg,link). Trade experts also anticipate China online retailers Shein and Temu using 90-day window to bring in bulk shipments to their US warehouses (Reuters). This as shipping firms anticipate a rebound in container bookings with potential to fuel upward pressure on freight rates (Reuters). Meanwhile, Bloomberg sources noted China has ended ban on taking deliveries of Boeing (BA) planes.

    • Japan PM Ishiba accelerating preparations for next round of US trade talks:

      • Prime Minister Ishiba told reporters after an LDP executive committee meeting the administration is accelerating preparations for negotiations in trade expansion, non-tariff barriers and economic security ahead of the next round of cabinet-level US talks being arranged for mid-May (Nikkei). Reuters cited Ishiba's remarks to parliament Monday, signaling options include expanding US corn imports, though warned Japan would never sacrifice its agriculture industry to win lower auto tariffs. Story added Japan has made little headway in the prior two rounds of talks as it seeks comprehensive US tariff exemptions, a stance reaffirmed by lead trade negotiator Akazawa. Article recalled that the first round saw US raising autos and rice as areas protected by non-tariff barriers. Corn is less controversial than rice in terms of the farm vote ahead of the summer upper house election. Sources affirmed local media reports suggesting Japan may propose offering technical cooperation in shipbuilding. Policymakers have said they see no merit in striking a deal with the US unless the 25% auto tariff is lifted. Separately, Finance Minister Kato said at a press conference that he wants to continue FX discussions with US Treasury Secretary Bessent on the sidelines of the Canada G7 next week (Reuters).

    • US-China de-escalation leaves open some questions, but tariff rollback an upside growth risk:

      • Market optimism driven largely by headline effects of US-China tariff reduction though agreement left open several questions. Economists highlighted uncertainties, chief among these how trade talks develop given difficult negotiation backdrop. This may leave trade deal potentially long way off, risking tariff reintroduction after 90 days (Trump said tariffs won't revert to 145% but could rise substantially). Also, no details provided on how/whether China agreed to reduce business barriers or if it will undertake more purchase commitments to address trade imbalances and open up its markets as sought by US. Otherwise, sell-side firms saw positive near-term implications for China's economy. De-escalation as an upside risk to GDP growth with potential for renewed import front loading in Q2 as companies take advantage of tariff pause (though this also tempered fiscal stimulus expectations somewhat with potential for delayed rollout). Restoration of high-level communications also seen raising hopes for agreement that leads to rollback of 20% fentanyl tariffs.

    • Softbank posts more than doubling of quarterly profit but Vision Fund swings to annual loss:

      • Softbank Group (9984.JP) posted 124% rise in quarterly profit as rising AI demand boosts start-up valuations, sales at ARM unit. Quarterly group net income rose to ¥517.17B ($3.5B) in Q4 to end-March, aided by Q4 profit at Vision Funds of ¥26.1B. Analysts said positive quarterly earnings come at critical juncture for SoftBank as it ploughs $100B into AI hardware in US however annual also underscores vulnerability of volatile startup market (Bloomberg). For full-year, net income was ¥1.15T from loss of ¥228 in previous year; Vision Fund business swung to annual loss of ¥115.0B versus ¥128.2B profit last year (CNBC). Company also posted FY investment gains in China-based ride-hailing business Didi, South Korea's Coupang however losses elsewhere including at AutoStore dented returns. Earlier in 2025, company announced $100B investment into data centers, other AI infrastructure with fivefold increase planned over time.

    • China stocks see reprieve from tariff cuts but strategists mixed on outlook:

      • De-escalation of US-China trade war continues to underpin rebound in Chinese equities. MSCI China and Hang Seng up over 6% month-to-date, recouping losses sustained during Liberation Day aftermath and subsequent tit-for-tat retaliation. Mixed sell-side takeaways from US-China tariff cut announcement with Nomura upgrading China to 'tactical' overweight, citing reduced geopolitical risk premium. Noted still-attractive valuations with MSCI China trading at forward P/E of 11.2x and scope to re-rate towards 13x and resilient earnings revisions. Underweight investor positioning also implied scope for allocation inflows. BofA similarly highlighted undemanding valuations relative to Taiwan, India and Japan benchmarks, coupled with Beijing 'policy put' to support economy. At same time, strategists cognizant of risks with BofA seeing limited valuation upside amid likely earnings and macro deterioration in coming quarters. Nomura pointed out China still subject to 30% tariffs, posing implications for its economy and exports. Also highlighted uncertainties around prospects of reaching trade agreement, along with persistent structural challenges.

    • Notable Gainers:

      • +29.9% 180640.KS (HANJIN KAL): Hoban Construction raises stake to 18.5% from 17.4%; media reports suggest market is focused on potential management dispute between Hoban Group and Hanjin KAL's largest shareholders

      • +17.9% 5838.JP (Rakuten Bank): reports Q1 earnings; ordinary income ¥52.8B vs year-ago ¥36.8B

      • +2.7% 000100.KS (Yuhan Corp): to launch KRW20.00B share buyback

      • +1.2% 8601.JP (Daiwa Securities): forms strategic partnership with Sumitomo Mitsui Trust Bank focusing on field of M&A advisory

      • +0.3% 4911.JP (Shiseido): reports Q1 earnings with core operating profit below FactSet estimates

    • Notable Decliners:

      • -13.3% 6753.JP (Sharp Corp): reports Q4 results with revenue below FactSet estimates

      • -4.3% 9735.JP (SECOM Co.): reports FY results with operating profit below FactSet estimates

      • -3.0% 000120.KS (CJ Logistics): reports Q1 earnings with operating profit below FactSet estimates

  • Data:

    • Economic:

      • Australia

        • May Westpac-MI consumer sentiment index 92.1 vs 90.1 in April

        • April NAB business confidence -1 vs -3 in March

          • Business conditions +2 vs +4 in March

    • Markets:

      • Nikkei: 539.00 or +1.43% to 38183.26

      • Hang Seng: (441.19) or (1.87%) to 23108.27

      • Shanghai Composite: 5.63 or +0.17% to 3374.87

      • Shenzhen Composite: (3.90) or (0.19%) to 2000.23

      • ASX200: 35.50 or +0.43% to 8269.00

      • KOSPI: 1.09 or +0.04% to 2608.42

      • SENSEX: (1,212.58) or (1.47%) to 81217.32

    • Currencies:

      • $-¥: (0.62) or (0.42%) to 147.8500

      • $-KRW: +7.04 or +0.50% to 1423.5300

      • A$-$: +0.00 or +0.47% to 0.6403

      • $-INR: +0.28 or +0.33% to 85.1833

      • $-CNY: (0.00) or (0.07%) to 7.1985

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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