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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.88%, Hang Seng +1.35%, Shanghai Composite +0.70% as of 04:10 ET

May 29 ,2025

  • Synopsis:

    • Asia equities finished higher almost everywhere Thursday. Strong gains in trade-exposed benchmarks following court ruling against Trump's reciprocal tariffs. South Korea's Kospi led the gainers, Japan's Nikkei and Topix also very strong. Greater China all higher led by Shenzhen with Hong Kong ending at its peak. Taiwan and India flat, Australia a few points higher. Singapore and New Zealand down. US futures higher, Europe opened with gains although several boards closed for a holiday. US dollar higher with DXY back above 100, yen weaker, other Asia currencies also down, yuan flat. Treasury yields higher across tenors, JGB yields mixed. Crude futures surging higher. Gold lower as safe-haven status losses shine. Base metals lower.

    • The US Court of International Trade late Wednesday US time moved to block the White House's reciprocal tariffs, saying the President overreached in his use of the International Emergency Economic Powers Act. Early analysis showed sectoral tariffs could remain and, while the White House almost immediately said it would appeal, the ruling is set to inject a new layer of complexity into trade negotiations. Trade-exposed assets rallied across the board with the dollar rallying alongside trade-related equity benchmarks in Japan, South Korea and China.

    • A second strand to Thursday's positive sentiment was Nvidia's results post Wall Street's close that showed a lower-than-flagged write-down due to US export controls and unchanged revenue guidance. In other developments, President Trump threatened to impose fresh export restrictions on jet engines and semiconductor software. The Bank of Korea cut its base interest rate 25 bps, as expected, and slashed FY GDP growth forecasts to 0.8%. Late Wednesday, Taiwan trimmed its FY growth estimate while economists continue to cut other Asia growth forecasts to include those of Malaysia and Thailand. RBNZ Governor Hawkesby said July rate cut is no certainty and reiterated data dependent stance.

    • Toyota Motor (7203.JP) says global sales and output rise for fourth consecutive month in April. Bloomberg reported Hong Kong bankers are on edge over a $11B loan to New World Development (17.HK) that is due to be agreed by the end of June. Kepco (015760.KS) in is talks with Vietnam, Saudi Arabia and Turkey over various power plant deals. SEBI has barred several former IndusInd Bank (532187.IN) executives from securities trading as its probe into derivatives accountancy at the bank continues. Foxconn (Hon Hai, 2317.TT) said it will soon announce a second Japanese auto manufacturer as a partner following agreement with Mitsubishi Motors (7211.JP) earlier this month. Fonterra (FCG.NZ) raised the lower end of its full-year earnings guidance on better-than-expected performance at its ingredients and consumer operations units.

  • Digest:

    • US trade court blocks Trump's Liberation Day tariffs:

      • In a ruling late Wednesday, US Court of International Trade said President Trump did not have authority to enact "Liberation Day" tariffs (Bloomberg, Reuters, Washington Post). Ruling also covers Trump's global baseline tariff, fentanyl tariffs on China, and suspended fentanyl tariffs on Canada and Mexico. However, does not extend to steel, aluminum and auto tariffs covered by separate trade acts. Trump had relied on International Emergency Economic Powers Act (IEEPA) to enact tariffs, claiming trade deficits created national emergency. However, court said it did not read IEEPA to confer unbounded authority on president to impose unlimited tariffs and that Constitution gave Congress exclusive powers to regulate commerce. Reciprocal tariffs on pause until 9-Jul though White House warned lately tariffs on countries could revert to higher levels if there is insufficient progress on trade negotiations. Court's ruling introduces new element of uncertainty into trade negotiations, posing questions around whether countries will adopt more assertive stance without threat of higher tariffs hanging over the talks. Trump administration said it would appeal with law experts noting it could seek emergency stay. Could also rely on other statutes to maintain the tariffs (Bloomberg).

    • Trump adds to US export restrictions to China:

      • FT, citing several people familiar with the matter, reported the Trump administration has told US companies that provide semiconductor design software to stop selling to Chinese groups, in the latest attempt to restrict China's development of advanced chips. Commerce Department's BIS was said to have issued letters to so-called electronic design automation groups that include Cadence Design Systems (CDNS), Synopsys (SNPS) and Siemens EDA (together account for about 80% of China's EDA market), though it was unclear if every firm received notification. Article noted this marks a significant new effort to hamper China's development of leading AI chips. Follows an April move to restrict exports of Nvidia H20 to China. Story included discussions about caution on the US side against jeopardizing trade talks with China after the truce was reached in Geneva. NYT added Trump sales restrictions to China extended to jet engines and certain chemicals in response to China's recent export curbs of critical minerals to the US. One source indicated Commerce Department suspended some licenses for US sales to COMAC for the development of its C919 aircraft.

    • Nvidia revenues holding up despite H20 related impairments:

      • Nvidia (NVDA) Q1 revenues were $44.06B, above FactSet consensus $43.33B. Most of the attention on top line amid H20 drags from US chip export controls to China, incurring a $4.5B charge, compared to earlier guidance for a $5.5B hit. Noted actual H20 sales were $4.6B while missed out on an additional $2.5B in sales for the quarter due to restrictions. By segment, positive surprise came mainly from gaming while datacenter was close to expectations. Gross margins at 72.0% also largely in line despite some preceding concerns about pressures from China restrictions. Q2 revenue guidance of $45.0B +/-2% puts FactSet consensus $45.84B in the ballpark and includes estimated $8B additional loss in H20 revenue. CEO Huang said Blackwell NVL72 AI supercomputer now in full-scale production with global demand for Nvidia's AI infrastructure incredibly strong. Yet, analyst optimism remains tempered by risk of trade tensions/tariffs hampering data center and AI chip demand growth. China headwinds mitigated by spate of recent deals in the Middle East, helping to diversify geographically and reliance on US Big Tech clients.

    • Bank of Korea cuts base interest rate by 25 bps, cuts FY growth forecast:

      • Bank of Korea cut its benchmark interest rate 25 bps to 2.50%, as widely expected, to support economic growth. Move is fourth 25 bps cut since October (Yonhap). Decision by bank's board unanimous with four of seven members anticipating further cuts over next three months. Bank trimmed FY GDP growth forecast to 0.8% from 1.5%, expects exports to slow further, construction investment to weaken; said forecast did not consider new government's planned stimulus plans. Inflation forecast unchanged at around 2.0%. Month-long appreciation of won, steady inflation, gave bank room to ease rates again after decision to pause in April to support won in wake of Trump's tariffs. Bank acknowledged concerns over household debt, forex volatility but said these were offset by 'considerable' decline in economic growth. Governor Rhee said in press briefing further rate cuts possible given downside risks to growth. Acknowledged recent won appreciation on back of easing trade tensions, as well as lower domestic political risk.

    • Trade turmoil leads to more economic forecast downgrades in Asia:

      • Taiwan trimmed FY 2025 GDP growth forecast late Wednesday as US tariff uncertainty weighs on growth, according to country's statistics office. Agency said Q1 GDP growth was 5.48%, slightly ahead of market estimates, FY growth would be 3.10% from February's 3.14% forecast. Said main uncertainty is outcome of US trade tariff negotiations with various countries; added weak domestic investments, consumption growth would contribute to slower growth (Reuters). Downgrade comes amid economist cuts to growth forecasts elsewhere in Asia. Bloomberg poll showed economists expect Malaysia's FY growth at 4.1% from 4.7% in February, 5.1% in FY 2024. Thailand's FY GDP growth at 2.1% from 2.8% in prior survey; both economies impacted by export slowdown. Thailand's slowdown comes as government presented $115B budget to parliament Wednesday with higher government expenditure aimed at supporting economy (Reuters). Bank of Korea also slashed country's FY economic growth forecast Thursday to 0.8% from 1.5% on export uncertainty (Yonhap).

    • Notable Gainers:

      • +7.8% 8473.JP (SBI Holdings): NTT Docomo reportedly looks to acquire SBI Sumishin Net Bank

      • +3.9% 7203.JP (Toyota Motor): reports April global production +7.8% y/y to 814,787

      • +3.5% 096770.KS (SK Innovation): confirms CEO Park Sang-gyu resigns due to personal reasons, effective 28-May

    • Notable Decliners:

      • -4.6% 3896.HK (Kingsoft Cloud Holdings): reports Q1 adjusted net income (CNY190.6M) vs FactSet (CNY167.3M)

      • -2.6% 3888.HK (Kingsoft): reports Q1 net income attributable CNY283.9M vs year-ago CNY284.6M

      • -2.5% 352820.KS (HYBE Co.): chairman Bang Si-Hyuk reportedly investigated over potential IPO violations

      • -1.0% 1310.HK (HKBN Ltd.): offeror China Mobile confirms revised offer price is HK$5.075/share after adjusting for FY dividend

  • Data:

    • Economic:

      • Australia

        • Q1 private capital expenditure (0.1%) q/q vs consensus +0.5%% and revised +0.2% in Q4

      • New Zealand

        • May ANZ Business Confidence +36.6 vs +49.3 in April

    • Markets:

      • Nikkei: 710.58 or +1.88% to 38432.98

      • Hang Seng: 315.07 or +1.35% to 23573.38

      • Shanghai Composite: 23.51 or +0.70% to 3363.45

      • Shenzhen Composite: 27.59 or +1.40% to 1993.04

      • ASX200: 12.90 or +0.15% to 8409.80

      • KOSPI: 50.49 or +1.89% to 2720.64

      • SENSEX: 0.60 or +0.00% to 81312.92

    • Currencies:

      • $-¥: +0.37 or +0.25% to 145.2350

      • $-KRW: (1.82) or (0.13%) to 1372.7700

      • A$-$: +0.00 or +0.29% to 0.6444

      • $-INR: +0.01 or +0.01% to 85.4157

      • $-CNY: (0.01) or (0.08%) to 7.1892

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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