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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.14%), Hang Seng +2.30%, Shanghai Composite +0.86% as of 04:10 ET

May 14 ,2025

  • Synopsis:

    • Asian equities ended mixed Wednesday. Hang Seng closed sharply higher to reverse Tuesday's losses, mainland China boards also higher. Strong gains in Taiwan again, South Korea also higher. Australia and India flat. Modest losses in Japan and Singapore. US futures mixed, Europe markets tilting lower in the first hour. US dollar weakening late on, yen and won stronger, yuan also higher following weaker-than-expected fixing this morning - the first time the daily fixing was below estimates this year. Treasuries and Asia sovereigns mixed. Crude contracts giving back some ground, precious metals lower, base metals higher on continued tariff relief rally.

    • The tariff-relief rally continued Wednesday as the Hang Seng pared yesterday's losses to close near peaks last seen shortly before Trump's tariff regime was launched. Some caution elsewhere with only modest gains in developed Asia boards however technology stocks rallied again to match the trajectory of the 6% WTD surge on the Nasdaq; SK Hynix, TSMC and Hon Hai notable outperformers today.

    • Trade focus on the Middle East today as Trump's tour continues. In Asia, Nikkei reported on fading hopes a US-Japan deal will conclude any time soon with China taking priority post the weekend's progress. Economists also growing skeptical on progress of trade talks with MUFG the latest broker to suggest tariff optimism priced in. In other developments, Japan's producer prices rose again in April but at the slowest pace in four months; India's inflation published out late Tuesday fell, raising expectations of further RBI cuts. Bank of Thailand officials questioned effectiveness of future rate cuts, said focus will be on dealing with uncertainties.

    • Sony Group (6758.JP) said it expects operating profit to barely rise in this fiscal year after absorbing a ¥100B hit from Trump's trade war. The Australia corporate regulator is suing Macquarie Securities (MQG.AU) of misleadingly reporting short sales over a 14-year period. Samsung Electronics (005930.KS) made its biggest corporate takeover in eight years with the acquisition of Germany-based FlaktGroup from Triton. Bain Capital withdrew its takeover offer for Insignia Financial (IFL.AU), leaving the door open for CC Capital to opens talks. Woodside Energy (WDS.AU) and Saudi Aramco (2222.AB) reached collaboration agreement over Woodside's Louisiana LNG project, exploring low-carbon ammonia project.

  • Digest:

    • US confirms plans to revise AI chip export curbs:

      • Commerce Department announced plans to overhaul AI semiconductor export regulations, rescinding the so-called AI diffusion rule launched by the Biden administration that would have taken effect 15-May. Officials determined the rules would have stifled American innovation, burdened companies with red tape, and undermined diplomatic relations with dozens of countries facing downgrades to second-tier status. BIS to issue guidance that using Huawei Ascend chips anywhere in the world violates US export controls, and a public warning about the potential consequences of allowing US AI chips to be used for training and inference of Chinese AI models. Bloomberg sources said Trump administration drafting its own approach and could shift toward negotiating individual deals with countries. Suggested the changes will not affect measures targeting China, which Trump recently toughened, but would provide opportunities for other countries to negotiate their own chip access. Deals could be influenced by investment pledges or broader trade and diplomatic factors. Developments tie in with another Bloomberg report citing sources indicating the US is weighing a deal that would allow UAE to import more than 1M advanced Nvidia (NVDA) chips.

    • Optimism toward quick US-Japan trade deal starting to fray:

      • Nikkei discussed growing concerns in Japan that trade talks with the US could drag on. Following initial hopes that Japan was on the fast track, the story cited a Japanese source involved in the negotiations noting US talks with China and UK are moving faster than expected and projected China could take priority for now. Also recalled recent comments from Commerce Secretary Lutnick that deals with Japan and South Korea would not be fast. Optimism had been stoked by earlier remarks from Treasury Secretary Bessent indicating in April that he expected Japan would get priority. With the US team juggling many negotiations, prioritizing Beijing would mean Tokyo could find it more difficult to secure time for its own meetings. Article noted the second round of US-Japan talks on 1-May ended with two sides struggling to pin down a schedule which forced lead negotiator Akazawa to extend his Washington visit by an extra day. While eventually agreeing to hold "intensive" cabinet-level negotiations from mid-May, much remains up in the air. Given the travel schedules on the US side, talks are likely to be pushed back until late May or beyond. Japan faces higher hurdles than other countries as it seeks reviews of the US reciprocal tariffs as well as a separate 25% levy on auto products, the latter standing as the main sticking point.

    • Yuan strength benefits from easing trade tensions:

      • Chinese yuan was boosted by recent easing in US-China trade tensions. Both onshore and offshore yuan hit six-month intraday highs against dollar Tuesday. On Wednesday, PBOC set yuan fixing at 7.1956 per dollar, weaker than consensus 7.1813, which Bloomberg noted was the first time of such occurrence since November. Added daily fixing has been stronger than estimates for last six months as authorities tried to carefully manage yuan decline. Securities Times citing strategists noted tariff truce likely to provide further short-term momentum for yuan to rise, pointing to Beijing's resolve to stabilize economic growth. Goldman, before Geneva announcement, lifted yuan forecast to 7 per dollar over next 12 months while BNP Paribas AM also saw it to test similar level if dollar weakness sustains and Chinese growth surprises to upside (Bloomberg). Meanwhile analysts cautioned policymakers may not want to see any sharp appreciation and subsequent heightened volatility as PBOC vowed to guard against excessive exchange rate fluctuations, maintain stable exchange rate in Q1 monetary policy report.

    • US tariff rollback raising concerns about shipping bottlenecks:

      • Companies stepping efforts to stockpile inventory following US-China trade war de-escalation, raising concerns about shipping bottlenecks and delays at both origin and destination. US retailers expected to bring forward planned Black Friday/Christmas stock purchases from the usual July-mid-October, as they take advantage of the 90-day tariff pause (FT). Some Chinese manufacturers beginning to see revival in export orders, including apparel and footwear suppliers (Nikkei). According to shipping data analytics firm Sea Intelligence, containers on Asia-North America route during four weeks from 5-May fell by almost 400K in April. An expected surge in container demand seen pushing up freight rates after carriers reduced capacity in April in response to collapse in bookings. Rates on China-to-US west coast route forecast to rise 20% in coming weeks as shipping companies work to bring back capacity. However, extent of rate increase seen tempered by previous importer front-loading and 30% tariff on China acting as disincentive. Previous fleet growth another constraint on rates following record container purchases by shipowners prior to trade war breakout.

    • BOJ rate hike back into play after US-China trade frictions thaw:

      • Nikkei cited Totan Research calculations that market-implied odds of another BOJ rate hike this year bounced to 79% compared with 10% reached in April, reviving prospects for the policy rate to break through 0.50% for the first time in 30 years. Key catalyst was the US-China agreement to slash tariffs for 90 days. However, uncertainties remain over the future course of trade talks and recalled BOJ's latest policy statement was cautious and drew dovish takeaways. Also noted that market pricing remains well below levels preceding the implementation of US reciprocal tariffs in April. After a July move had been largely priced in, that scenario is currently only at 18%. Probabilities now point to September as the earliest viable timing. The 90-day tariff reprieve set to expire before the July meeting, adding to complications from the upper house election expected to be held 20-Jul. October meeting presents the next opportunity for BOJ forecast revisions in the Outlook Report. Totan Research suggested motivation to hike will build with yen weakness amid US discontent over FX rates. Report follows takeaways from yesterday's Summary of Opinions for the latest MPM highlighting that board members retained their core rate hike stance though outlook blurred by uncertainties.

    • Notable Gainers:

      • +16.9% 3659.JP (NEXON Co.): reports Q1 earnings with operating income ahead of FactSet estimates

      • +12.8% 1698.HK (Tencent Music Entertainment Group): reports Q1 results with non-IFRS EPADS ahead of StreetAccount estimates

      • +4.8% 8308.JP (Resona): reports FY results wit net income attributable ahead of FactSet estimates

      • +3.9% 9984.JP (SoftBank Group): reports Q4 earnings with revenue ahead of FactSet estimates

      • +3.7% 6758.JP (Sony): reports Q4 earnings with operating profit ahead of StreetAccount estimates

      • +0.9% 005930.KS (Samsung Electronics): acquires HVAC specialist FläktGroup for €1.5B (KRW2.377T)

    • Notable Decliners:

      • -8.6% 1910.HK (Samsonite Group): reports Q1 results with adjusted net income $52.0M vs StreetAccount $65.0M

      • -8.1% 2252.HK (Shanghai MicroPort MedBot (Group)): enters into best effort placing agreement to place 25.1M H-shares at HK$15.50/share

      • -4.0% 003670.KS (POSCO Future M Co.): POSCO Future M Co. to issue 11.5M shares; pricing expected to be KRW95K/share

      • -2.9% 7267.JP (Honda Motor): reports Q4 earnings with operating income below StreetAccount estimates

  • Data:

    • Economic:

      • Japan April

        • CGPI +4.0% y/y vs consensus +4.0% and revised +4.3% in prior month

      • Australia Q1

        • Wage price index +0.9% q/q vs consensus +0.8% and +0.7% in Q4

          • Wage price index +3.4% y/y vs consensus +3.2% and +3.2% in Q4

        • Housing finance (3.5%) q/q vs (0.4%) in Q4

      • South Korea April

        • Unemployment rate 2.7% vs FactSet consensus 2.7% and 2.9% in prior month

    • Markets:

      • Nikkei: (55.13) or (0.14%) to 38128.13

      • Hang Seng: 532.38 or +2.30% to 23640.65

      • Shanghai Composite: 29.08 or +0.86% to 3403.95

      • Shenzhen Composite: 10.35 or +0.52% to 2010.58

      • ASX200: 10.60 or +0.13% to 8279.60

      • KOSPI: 32.15 or +1.23% to 2640.57

      • SENSEX: 71.01 or +0.09% to 81219.23

    • Currencies:

      • $-¥: (1.06) or (0.72%) to 146.4140

      • $-KRW: (17.84) or (1.26%) to 1399.1500

      • A$-$: +0.00 or +0.32% to 0.6492

      • $-INR: (0.05) or (0.05%) to 85.2267

      • $-CNY: +0.00 or +0.01% to 7.2073

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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