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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.84%), Hang Seng (1.19%), Shanghai Composite (0.22%) as of 04:10 ET

May 22 ,2025

  • Synopsis:

    • Asia equities fell almost everywhere Thursday. Steepest declines in South Korea and Hong Kong, with other notable losses for Japan, Taiwan and mainland China boards. Modest declines elsewhere; relative outperformance in Singapore. India also currently trading sharply lower. Jakarta the sole Asia board to see a gain. US futures mixed, Europe opened lower. US dollar hovering at overnight lows. Treasury yields down in the belly of the curve; JGB yields higher across tenors once again. Crude oil contracts lower, precious and base metals higher. Cryptocurrencies higher with bitcoin at a record high $111K.

    • Market focus back on the US and specifically whether Trump's tax bill will be passed by the House of Representatives before the Memorial Day break, and in a form that will expand the country's budget deficit below what the Treasury market sees as a tipping point for long-dated tenors. Treasury yields spiked sharply overnight on worries a burgeoning deficit will expand further just as global appetite for US debt falters with a sharp focus likely to remain on bonds today. JGB yields higher Thursday amid ongoing concerns over the BOJ's tapering plan just a likely increase in government spending looms ahead of July elections, although a policymaker today played down the chances of a BOJ intervention at the long end of the curve.

    • Further strength in the yen today, which exacerbated losses on the Nikkei, while the won weakened slightly from six-week highs as reports emerged forex issues continued to be discussed in US-South Korea trade negotiations. Flash PMIs showed manufacturing contraction eased in May; Australia's expanded but at a slower pace than in March; and India's accelerated at its fastest pace in more than a year. Singapore Q1 GDP growth beat forecasts but the government flagged the risk of a technical recession amid tariff uncertainty. ASEAN nations and China agreed on an upgraded trade deal with ratification likely to take up to a year.

    • Nissan Motor (7201.JP) is nearing a deal to buy EV batteries in the US from Ford-SK On's joint venture to avoid Trump's tariffs. IndusInd Bank (532187.IN) posted its largest ever quarterly loss of INR23.36B ($261.6M) because of suspected employee fraud. SingTel (Z74.SP) posted a 9% increase in annual profits on Bharti Airtel and Optus unit outperformance, and launched a $1.5B share buyback scheme. Samsung BioLogics (207940.KS) said it will spin off its drug development unit Bioepis to allay fears over any conflict of interest between the businesses.

  • Digest:

    • BOJ's Noguchi advocates measured rate hike approach, sees no need to change JGB tapering plan:

      • In a speech, BOJ board member Noguchi said underlying trend inflation has yet to reach target but various indicators point to steady progress. Notably, cautioned that skipping a beat on policy adjustments even once poses the risk of unexpected rapid catch-up when the target is actually met. Conveyed his personal belief that it is crucial for BOJ to take a measured, step-by-step approach, taking sufficient time to analyze rate hike impacts on each move, and decide on the next hike after adequate assessment of upside and downside risks. This implies there should be no preconceptions regarding the terminal rate, downplaying the precision of estimates. On the JGB purchase reduction plan, expressed satisfaction with the current structure with an automated tapering of JPY400B per quarter and built-in flexibility to adapt to volatility, though latter would only be exercised during times of severe market disruption. Reaffirmed there will be no policy-driven changes to the purchase program. Acknowledged that yields have risen rapidly recently but argued this cannot be regarded as disruptive. Ahead of the interim assessment at the June MPM, suggested it is unnecessary at this point to make any major changes whilst contingent on longer term analysis.

    • Benign US-Japan FX talks overshadowed by US debt concerns:

      • Yen traded briefly lower against dollar early Thursday after a US Treasury Department statement said Treasury Secretary Bessent and Japan Finance Minister Kato "reaffirmed their shared belief that exchange rates should be market determined and that, at present, the dollar-yen exchange rate reflects fundamentals" (Reuters). Meeting was held on the sidelines of the Canada G7. Kato later told reporters there was no discussion of FX levels. Headlines allayed market speculation that US may pressure trading partners such as Japan to reverse structural currency weakness. Broader attention on G7 headlines for any signs Trump administration is seeking a weaker dollar (Bloomberg). Dollar came under pressure after South Korea Finance Ministry said FX discussions with US are ongoing. Followed a local media report Wednesday indicating won direction was discussed. Bearish dollar sentiment proving to be the dominant theme prompted mainly by US debt concerns, while prospective bilateral trade deals seen reversing dollar support from earlier tariff announcements. Yen and Swiss franc have been the go-to destination for haven demand, amplified by yesterday's reports Israel could be preparing to strike Iran. But on the margins, Japan press discussions included thoughts that CHF has more upside than yen from a global positioning standpoint, while recent volatility in JGB yields is tarnishing yen's appeal as a haven asset.

    • Japan flash manufacturing PMI contraction eases, but services log sharper slowdown:

      • Flash manufacturing PMI rose to 49.0 in May from 48.7 in the previous month, remaining in contraction for the 11th straight month. Easing declines in new orders and exports, faster growth in employment outweighed deeper contraction in output. Finished goods inventories also logged stronger declines. Inflation metrics were broadly softer with input prices posting the smallest rise in 14 months with output price increases at a near four-year low. Bigger move came in the services PMI falling to 50.8 from 52.4, mainly reflecting a notable slowdown in new business to an 11-month low. Employment growth softened to the slowest in 17 months. Price metrics edged lower though remain elevated. Services slowdown dragged the composite PMI to 49.8 from 51.2, back into contraction for the first time in three months. Report highlighted fragile demand conditions amid elevated cost pressures. Subdued outlook was also notable with aggregate expectations at the second-lowest level since the Covid pandemic reflecting uncertainties surrounding the trade environment. Recall Q1 GDP posted a larger than expected contraction. While negative growth is seen short-lived, forward projections point to prolonged stagnation in growth momentum of a sub-0.5% pace for the rest of this year against the backdrop of tariff uncertainties and ongoing cost of living pressures.

    • Singapore warns on a technical recession even as Q1 GDP beats estimates:

      • Singapore's ministry of trade and industry (MTI) posted Q1 GDP growth of 3.9%, higher than advanced 3.8% estimate and Bloomberg's 3.6% forecast. On q/q basis, economy contracted 0.6% versus consensus on -1.0%. Despite beat, MTI minister Beh Swan Gin warned two sequential quarters of negative growth cannot be ruled out; said global outlook clouded by 'significant uncertainty', risks tilted to downside. Said any re-escalation of tariff actions could trigger full-blown trade war, destabilize capital flows. Forecast outward-orientated sectors to slow, financial services may be weighed by weaker trading although acknowledged recent de-escalation in trade tensions should improve external demand outlook. Monetary Authority of Singapore also said Thursday it would make 'comprehensive assessment' ahead of July meeting post GDP figures. Q1 growth driven by outperformance in manufacturing, wholesale trade, partly attributed to pre-tariff front loading, finance and insurance sectors. Government also kept FY GDP growth range estimate of 0.0-2.0% (StraitsTimes).

    • India Flash PMI accelerates at fastest pace in over a year on strong service expansion:

      • Flash India Composite PMI Output Index rose to 61.2 in May, up from 59.7 in prior month and rate of expansion was fastest since April 2024. Service providers reported much quicker increase than manufacturers. Flash services PMI was 61.2, compared with 58.7 in April and was the fastest rise in 14 months. Flash manufacturing PMI was slightly higher at 58.3, compared with 58.2 in April. Manufacturing output saw the slowest increase in three months. New orders growth picked up at service firms and slowed down at goods producers. Growth in non-domestic sales in service economy accelerated to quickest in 11 months. Outstanding business volumes rose at slowest pace since September as service providers noted weakest increase in backlogs for eight months. Employment growth hit highest since at least December 2005. Rate of input cost inflation hit five-month high while prices charged also rose at faster pace in May. Service providers were also more optimistic than manufacturers.

    • Notable Gainers:

      • +4.9% 9898.HK (Weibo Corporation): reports Q1 earnings; non-GAAP EPS $0.45 vs FactSet $0.38

      • +4.8% 9868.HK (XPeng, Inc.): reports Q1 earnings; non-GAAP EPADS (CNY0.45) vs FactSet (CNY1.30)

      • +2.9% Z74.SP (Singtel): reports FY results; authorizes share buyback programme of up to SG$2B

    • Notable Decliners:

      • -10.9% 9009.JP (Keisei Electric Railway): guides FY; targets revenue ¥331.60B vs FactSet ¥339.81B; formulates 2025-27 medium-term management plan; appoints Toshiya Kobayashi chairman

      • -4% 9626.HK (Bilibili): proposes offering of convertible bonds due 2030; upsizes offering to $600M from $500M; initial conversion price set at HK$185.63/share

      • -2.8% 2886.TT (Mega Financial Holding): reports Q1 earnings; EPS NT$0.54 vs FactSet NT$0.60

      • -1.8% 207940.KS (Samsung Biologics): to spin off business related to investment and management of subsidiaries

  • Data:

    • Economic:

      • Japan

        • May flash manufacturing PMI 49.0 vs 48.7 in prior month

          • Services PMI 50.8 vs 52.4 in prior month

          • Composite PMI 49.8 vs 51.2 in prior month

        • March core machinery orders +13.0% m/m vs consensus (1.6%) and +4.3% in prior month

          • Q2 survey projection (2.1%) q/q after actual +3.9% in prior quarter

      • Singapore

        • Q1 final GDP +3.9% y/y vs preliminary +3.8% and revised +5.0% in prior quarter

          • GDP (0.6%) q/q vs preliminary (0.8%) and revised +0.5% in prior quarter

      • India May flash manufacturing PMI 58.3 vs consensus 58.0 and final 58.2 in prior month

        • Services PMI 61.2 vs consensus 58.3 and 58.7 in prior month

        • Composite PMI 61.2 vs consensus 59.4 and 59.7 in prior month

    • Markets:

      • Nikkei: (313.11) or (0.84%) to 36985.87

      • Hang Seng: (283.47) or (1.19%) to 23544.31

      • Shanghai Composite: (7.39) or (0.22%) to 3380.19

      • Shenzhen Composite: (19.00) or (0.95%) to 1991.01

      • ASX200: (38.10) or (0.45%) to 8348.70

      • KOSPI: (31.91) or (1.22%) to 2593.67

      • SENSEX: (872.63) or (1.07%) to 80724.01

    • Currencies:

      • $-¥: (0.81) or (0.56%) to 142.8680

      • $-KRW: +3.16 or +0.23% to 1378.1400

      • A$-$: +0.00 or +0.28% to 0.6454

      • $-INR: +0.31 or +0.37% to 85.9164

      • $-CNY: (0.00) or (0.00%) to 7.2024

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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