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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.65%), Hang Seng (1.36%), Shanghai Composite +0.01% as of 04:10 ET

Jun 12 ,2025

  • Synopsis:

    • Asia equities traded mostly lower Thursday. Hong Kong saw the steepest losses with a sharp dip into the close while there were smaller losses in mainland China and Taiwan. Japan's main boards fell while India is also down along with several Southeast Asia boards. Small gains for the Kospi again, supported by nuclear-related stocks and promises of market reforms; Singapore also ended a few points higher. US futures lower, Europe opened with sharp declines. US dollar at seven-week low, yen and yuan stronger but other Asia currencies volatile. Treasury yields higher at the short end, lower at the long; JGB yields at one-month low. Gold surging on middle east concerns and Trump's fresh tariff warning. Crude oil lower, industrial metals under pressure, cryptocurrencies down.

    • Trade and tariff news coming thick and fast Thursday but weighing on Asia equities on balance over the day. President Trump warned he would once again set unilateral tariffs within two weeks amid reports the rare earth deal agreed in London this week will only last six months, giving both sides room for maneuver in further talks. The FT also reported rare earth shipments from China were contingent on provision of sensitive information, raising questions over IP theft. On the positive side, Trump echoed Treasury Secretary Bessent comments that he is open to extending July's reciprocal tariff deadline if countries are negotiating in good faith.

    • News elsewhere was scarce but in macro developments, the Japan MOF business survey showed large manufacturer sentiment deteriorated further in Q2 amid declines in automakers as tariffs bit. BOK Governor Rhee backed the need for urgent stimulus but warned over reliance on economic support and reiterating structural reforms were needed. The RBI is to wind down the use of an offshore currency tool it used to support the rupee and will use its cash reserve ratio as a policy tool more frequently as its strategy continues to shift under its new governor.

    • Sumitomo Realty (8830.JP) is seeking to sell as many as 19 office properties in Tokyo for at least ¥100B ($700M), and the sale of eight rental apartments as it faces down pressure from activist investor Elliott Asset Management. Tencent (700.HK) is said to be considering the acquisition of Nexon (3659.JP), according to Bloomberg. Korea Hydro & Nuclear Power agency has signed a MoU with US's Oklo, benefitting South Korea nuclear stocks Kepco Engineering & Construction (052690.KS), KEPCO (130660.KS) among the stocks to benefit. Samsung Electronics (005930.KS) and Nvidia are to take minority stakes in Skild AI as they move to boost presence in the consumer robotics industry. Adani Group (Adani Enterprises, 512599.IN) will list its airports unit by 2027 as part of its $100B investment plan, according to a Bloomberg report.

  • Digest:

    • Trump says US will dictate trade deal terms in coming weeks, open to extending deadline:

      • Speaking to reporters Wednesday, President Trump said that at some point in coming weeks US will unilaterally impose trade deal terms on countries (Bloomberg). Trump made similar threat in May acknowledging US could not meet all 150 countries, and that US would eventually dictate tariff rates (Reuters). Trump also echoed Treasury Secretary Bessent earlier that White House is open to extending July reciprocal tariff deadline if countries negotiating in good faith (Reuters). However, Trump also said he doesn't think extension will be necessary. White House is prioritizing talks with 18 trading partners, including EU and select Asian countries Japan, India, and South Korea. US-India talks appear to have made the most progress with two sides aiming to complete interim deal by end-June (Reuters). Trump and Japan PM Ishiba expected to meet at G7 sidelines though gaps remains and Ishiba repeated not in a rush (Bloomberg). Japan's top negotiator Ryosei Akazawa slated to hold another round ofministerial-level talks this week (Kyodo). South Korea's new trade minister vowed to speed up talks with US (Yonhap) after President Lee and Trump on Friday agreed to work towards quick tariff deal. US-EU negotiations progressing though Commerce Secretary Lutnick said Europe deal would probably be at the very end (Bloomberg).

    • US and China convey willingness to use export controls as negotiating leverage:

      • Lot of press discussion about how latest US-China trade truce has elevated importance of export controls as negotiating leverage. Rare earths were at center of recent US-China dispute though while Trump said China would supply them up front, media sources noted Beijing imposed six-month limit on export licenses in effort to hold leverage if trade tensions reignite. Episode underlines China's increasing willingness to take advantage of its rare earths dominance in trade disputes with other countries (Bloomberg). Beijing also signaling intent to maintain tight scrutiny of rare earths with FT sources noting China demanding sensitive information from customers. Additionally, showed US willingness to put export curbs up for negotiation with Bloomberg sources noting Trump officials prepared to remove some recent restrictions on goods like jet engines. At same time, US ready to reimpose controls or target more Chinese tech companies if Beijing doesn't fulfil its end of the bargain. US also maintaining curbs on advanced semiconductors after Beijing reportedly demanded significant loosening of export controls during their London talks. More broadly, both countries' propensity to weaponize export controls seen as risk to global supply chains, prolonging uncertainty for companies (link).

    • Bank of Korea governor says stimulus needed but concerned over house prices:

      • BOK Governor Rhee said late Wednesday South Korea needed urgent economic stimulus to aid recovery but warned of "serious side effects" should government rely too much on fiscal support over long term. Said country needs to address continued decline in growth potential, build resilient economic structure to withstand cyclical fluctuations (Yonhap). Said if country relies too much on stimulus out of urgency, may see greater side effects later; warned further excessive monetary policy easing could fuel rise in Seoul's property prices rather than effectively boost economy. Comments come as new president Lee Jae-myung prepares stimulus program to boost growth following last week's election win (Reuters). BOK lowered benchmark rate last month to lowest in nearly three years after won rallied strongly in April post US tariff program delay. However, Rhee warned further forex volatility possible especially if rate differential with US widens, trade uncertainty continues.

    • Japan MOF business survey shows sentiment hit by tariffs, capex strategies turning defensive:

      • MOF BSIs broadly softened in Q2 attributed mainly to US tariff effects. Headline large manufacturer index falling to -4.8 from -2.4 in the previous quarter. Key drags came from major deterioration in autos and steel facing direct tariff headwinds. Non-manufacturer index also declined to -0.5 from 4.1, marking the first negative reading in 11 quarters, driven by wholesale and IT services. FY aggregate revenue projections pointed to 2.1% growth, up slightly from 1.8% as of Q1 led by food, autos, wholesale and services. Current profit forecasts worsened to -2.1% from -0.2% driven by autos, chemicals, finance and logistics. FY capex plans remained buoyant at +7.3%, up from +5.9% on the back of notable growth in autos, chemicals, logistics and finance. Yet, dynamics shifted defensive with the majority devoting investments to maintenance/upgrades over more proactive allocations such as capacity expansion and product development. Funding to come broadly from internal reserves, edging out external financing. Recall BOJ board member Nakamura in a recent speech argued that "simply replacing aging equipment will not generate innovation in a way that leads to raising the economy's potential growth rate" -- extending a longstanding debate on structural productivity stagnation. Meanwhile, stock market discussions have increased awareness of corporate management synthesizing better share price performance through boosting shareholder payouts without addressing core profitability.

    • RBI to utilize cash reserve ratio more frequently, unwinds offshore forex tool as strategies shift:

      • Reuters reported RBI will use cash reserve ratio more frequently to manage liquidity, aid policy transmission, and replace its deployment only during extreme cash swings. Cited source close to RBI that said bank wants overnight call rate to be close to repo rate, banks will take steps to ensure this. Article said move also likely to reduce need for bond buying that can distort market yields. Separately, (Bloomberg) reported RBI to scale back use of tool used to defend rupee last year against strong dollar, reflecting change to bank's forex intervention strategy. Article, citing people familiar with matter, said RBI's short dollar positions in non-deliverable forwards market has fallen to below $5B from peak $70B. Bank had relied heavily on tool however this year rupee moved more freely against USD. Cited analyst saying book likely to reduce book further if not completely to prepare for volatile events.

    • Notable Gainers:

      • +25.6% 052690.KS (KEPCO Engineering & Construction): nuclear power sector move on report of KHNP signing MOU with Oklo

      • +16.9% 4506.JP (Sumitomo Pharma): Daiwa upgrades to outperform from neutral citing company's revenue growth and new drugs under development

      • +6.0% 6160.HK (BeOne Medicines): FDA approves tablet formulation of BeOne's BRUKINSA for all approved indications

      • +0.3% 011170.KS (Lotte Chemical): reportedly discussing merging its naphtha cracking facilities with those of HD Hyundai in Daesan

    • Notable Decliners:

      • -3.9% 9660.HK (Horizon Robotics): confirms top-up placement at HK$6.93/share to raise HK$4.67B

      • -0.2% 000810.KS (Samsung Fire & Marine Insurance Co.): to acquire 21.2% stake in Fortuna Topco for $0.57B (KRW775.14B)

  • Data:

    • Economic:

      • Japan Q2

        • MOF BSI large manufacturing index (4.8) vs (2.4) in prior quarter

          • Large non-manufacturing index (0.5) vs 4.1 in prior quarter

          • Large all-industry index (1.9) vs 2.0 in prior quarter

    • Markets:

      • Nikkei: (248.10) or (0.65%) to 38173.09

      • Hang Seng: (331.56) or (1.36%) to 24035.38

      • Shanghai Composite: 0.34 or +0.01% to 3402.66

      • Shenzhen Composite: 3.04 or +0.15% to 2027.54

      • ASX200: (27.00) or (0.31%) to 8565.10

      • KOSPI: 12.99 or +0.45% to 2920.03

      • SENSEX: (368.30) or (0.45%) to 82146.84

    • Currencies:

      • $-¥: (0.78) or (0.54%) to 143.8220

      • $-KRW: (12.46) or (0.91%) to 1357.7400

      • A$-$: (0.00) or (0.25%) to 0.6485

      • $-INR: +0.14 or +0.16% to 85.5861

      • $-CNY: (0.01) or (0.16%) to 7.1816

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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