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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.06%), Hang Seng +1.53%, Shanghai Composite +0.43% as of 04:10 ET

Jun 03 ,2025

  • Synopsis:

    • Asia equities traded mixed Tuesday. The Hang Seng posted a solid gain while mainland bourses ended modestly higher. Australia and Taiwan also ended up. Japan traded close to the flatline before dipping into the close; India and Singapore lower. South Korea closed for election day, Thailand also did not trade. US futures lower, Europe lower in the first hour of trade. US dollar off recent lows but Asia currencies also mostly weaker. Treasury yields higher at the short end, lower at the long; JGBs mixed following solid demand in 10Y auction today. Crude blends higher, precious metals paring some of Monday's gains. Copper and iron ore leading base metals lower following poor China PMI. Cryptocurrencies lower.

    • Asia equities traded in a tight range Tuesday as stocks failed to follow through from a tick higher into the US close Monday. Hang Seng gained after the Caixin PMI fell into contraction and was below expectations, bringing stimulus potentially closer but, elsewhere, caution prevailed with stocks trading in a short-term narrow band. JGB yields notably lower early on following a successful 10Y auction today with traders now eying a 30Y sale later this week in what will be a bigger test of investor appetite for longer-dated JGBs. Today, various reports BOJ is being pressed into slowing its JGB purchase taper program while Governor Ueda repeated his pledge to keep hiking rates if economic data is favorable.

    • Elsewhere, South Koreans headed to the polls in record numbers to elect a new President with opposition candidate Lee Jae-myung favorite to win. Trade negotiations continue between the US and Asia nations: China said to hold a small advantage over the US on rare earths; the White House said Trump wanted a call with Xi this week but Beijing remained silent on the matter; Reuters reported the White House is asking countries to give a 'best offer' on trade negotiations by Wednesday.

    • Toyota Industries (6201.JP) is expected to formally accept the takeover offer from Toyota Motor (7203.JP) later Tuesday. Xiaomi (1813.HK) is said to be among one of the Chinese technology firms to be worst impacted by new US restrictions on software tools, according to the FT. TSMC (2317.TT) reiterated its FY25 revenue target and said there was no change to customer behavior despite tariff uncertainty. IDP Education (IEL.AU) shares almost halved after tighter overseas student visa rules hit English language exam demand, company forecast up to 30% drop in student placement volumes this year. Adani Group including flagship Adani Enterprises (512599.IN) stocks fell following a press report that US prosecutors are probing the group's possible dealings with Iran.

  • Digest:

    • China sees rare earths as weapon in US trade negotiations:

      • Renewed US-China trade tensions has spilled into public view with both sides accusing other of reneging on Geneva deal. White House talking up prospects of a Trump-Xi call this week but no confirmation yet from China (Bloomberg). Previous reports highlighted Xi's reluctance to engage directly with Trump and instead allow negotiations to continue at a lower level. Critical minerals main source of tensions with China reportedly slow walking offer to relax rare earths curbs, a response to latest US tech curbs and revocation of Chinese student visas. Press highlighted how China Vice Premier and lead negotiator He Lifeng orchestrated rare earths reversal, part of President Xi's determination to maintain an assertive stance in trade talks. Stems in part from Xi's belief that US backdown on tariffs in Geneva vindicated his strategy. China sees rare earths as key source of leverage with country accounting for almost 70% of global production (Bloomberg) Reuters sources recently highlighted concerns from global automakers that shortage of China rare earths magnets threatened factory closures within weeks. Xi's hardline stance looms over trade negotiations with He expected to offer more Chinese purchases of US agricultural and energy products but rebuff any discussions about how China manages it economy.

    • China Caixin manufacturing PMI shows factory activity unexpectedly shrinks:

      • Caixin manufacturing PMI was 48.3 in May, missing consensus 50.6 and down from 50.4 in April. Data fell into contraction for first time in eight months and was lowest reading since Sep-2022. The more export-oriented Caixin survey came weaker than NBS official PMI released Saturday, which showed manufacturing contracted at slower pace. New orders contracted at quickest pace in over 2.5 years due to deteriorating demand conditions with export orders falling for second successive month. Manufacturing output was down for first time in 19 months. Manufacturers cut back on headcounts amid further depletion of backlogged orders. Falling sales and delays in outbound shipments resulted in slight increase in stocks of finished goods. Average input costs and output charges saw accelerated declines due to lower raw material, energy costs and heightened competition. Meanwhile export charges rose for first time in nine months. Business confidence improved on expectations that trade conditions would improve. Caixin Insight Group economist pointed to marked weakening at start of Q2 with heightened downward pressure on economy.

    • Trump administration wants countries to provide best offer on trade negotiations by Wednesday:

      • Reuters reported the Trump administration wants countries to provide their best offer on trade negotiations by Wednesday. Officials looking to accelerate talks with multiple partners ahead of the White House's self-imposed deadline of 9-Jul. Update comes from a draft document from the office of the USTR, which said US wants best proposals in a number of key areas, including tariff and quota offers for purchase of US industrial and agricultural products, plans to remedy non-tariff barriers. US will then evaluate responses within days, offer "possible landing zone" that could include a reciprocal tariff rate. Talks have been ongoing with a number of trading partners, including the EU, India and Japan, though so far only a deal with the UK has been struck. However, recent updates have highlighted challenges in negotiations with some trading partners, notably with the EU, though EU and US officials scheduled to meet this week in Paris. Despite temporary stay by an appeals court last week to let Trump's tariffs remain in place, the Court of International Trade's ruling last week is also unlikely to be settled in the coming days, adding another layer of uncertainty to any agreements.

    • OECD lowers Asia GDP growth forecasts on Trump's tariffs:

      • OECD cut global GDP growth for second time this year with US among nations hardest hit by its own tariffs. Organization said almost no nation excluded from lower economic prospects caused by disruption. Said President Trump's trade tariffs and lack of long-term confidence has hindered investment, increased global economic uncertainties. Assuming tariffs as of mid-May stay unchanged, OECD forecast global GDP growth to slow to 2.9% y/y from 3.1% made in March forecast. FY26 growth revised lower to 2.9% from 3.0%. In Asia, organization cut Japan's FY25 growth by 0.4% to 0.7%; China's by 0.1% to 4.7%; India's also by 0.1% to 6.3%. Added growth could be further impacted by retaliation from trading partners, further round of financial markets repricing. Said successful agreements to ease trade tensions, lower tariffs will be instrumental in reviving growth, avoiding price rises.

    • South Koreans vote for new President with liberal candidate favorite:

      • South Koreans voting in presidential election Tuesday called after impeachment, removal from power of President Yoon Suk Yeol after short-lived martial law attempt last December (Yonhap). Leading polls is Democratic Party candidate Lee Jae-myung who campaigned on constitutional reform to reduce presidential powers, unionized worker protection, shorter working week. Conservative-leaning People's Power Party candidate Kim Moon-soo pledged small business support, deregulation. Third candidate from right-wing Reform Party potentially to split conservative vote; two other candidates also standing. Opinion polls narrowed in past week but Lee still ahead in plurality vote. Polls close at 8pm, winner expected known around midnight, formal result by 7am Wednesday. Turnout at a record high already with four hours left of voting, according to KoreaHerald. Equity and forex markets closed in Seoul Tuesday, won trading flat in limited overseas trading.

    • Notable Gainers:

      • +6.1% 2413.JP (M3): activist Oasis Japan Strategic Fund discloses 1.2% stake at AGM

      • +0.8% 6201.JP (Toyota Industries): decision to go private will be submitted to the board meeting that will be held today

      • +0.4% 2330.TT (TSMC): reportedly reiterates FY25 revenue +24-46% y/y; growth to exceed Foundry 2.0 industry growth

    • Notable Decliners:

      • -13.1% 2255.HK (Haichang Ocean Park Holdings): to issue 5.10B new shares to Sunriver Holding Group at HK$0.45/share to raise HK$2.30B

      • -7.8% 9966.HK (Alphamab Oncology): shareholder to place 14.6M shares at HK$8.05/share

  • Data:

    • Economic:

      • China May

        • Caixin manufacturing PMI 48.3 vs consensus 50.6 and 50.4 in prior month

      • Australia Q1

        • Current account balance (A$14.7B) vs consensus (A$12.5B) and revised (A$16.3B) in Q4

          • Net exports to detract 0.1 ppt to Q1 GDP vs +0.2 ppt addition to Q4 GDP

        • Business inventories +0.8% vs consensus +0.2% and +0.1% in Q4

          • Company profits (0.5%) vs consensus +1.3% and revised +6.0% in Q4

    • Markets:

      • Nikkei: (23.86) or (0.06%) to 37446.81

      • Hang Seng: 354.52 or +1.53% to 23512.49

      • Shanghai Composite: 14.49 or +0.43% to 3361.98

      • Shenzhen Composite: 9.53 or +0.48% to 1981.39

      • ASX200: 52.60 or +0.63% to 8466.70

      • KOSPI: Closed

      • SENSEX: (668.19) or (0.82%) to 80705.56

    • Currencies:

      • $-¥: +0.15 or +0.10% to 142.8600

      • $-KRW: (2.18) or (0.16%) to 1374.8700

      • A$-$: (0.00) or (0.63%) to 0.6455

      • $-INR: +0.13 or +0.15% to 85.5171

      • $-CNY: (0.01) or (0.15%) to 7.1891

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.
Please refer to "Terms Of Use".

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