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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.02%), Hang Seng (1.99%), Shanghai Composite (0.79%) as of 04:31 ET

Jun 19 ,2025

  • Synopsis:

    • Asian equities closed lower Thursday with focus still largely Middle East. Main laggards were Greater China, Taiwan and Japan, while Australia edged lower. South Korea swung back to gains by the close on the back of strength in internet stocks, constituting the lone bright spot. Major regional tech mostly weaker with many (particularly in Hong Kong and Taiwan) posting sharp losses. US futures retreated notably after a narrowly mixed cash session and precedes the US holiday Thursday. JGB yields mostly lower after the 5-year auction was reasonably well-received, while Aussie curve bull flattened following soft jobs data. China bonds were mildly mixed. Dollar index was up 0.12% amid support from haven demand. Crude oil futures higher, though fluctuating amid latest volley of Middle East headlines. Gold pulling back from earlier highs. Bitcoin remains rangebound.

    • President Trump held another National Security Council meeting on Wednesday after earlier saying he had idea on how to proceed but no decision made yet. Media sources noted Trump has approved plans for strike on Iran, which may happen in coming days. However, Trump waiting to see if Tehran abandons nuclear program and said to be mindful about being drawn into prolonged conflict. Prospects for diplomatic outcome remain unclear with Iran's foreign minister to hold talks with EU on Friday, while Trump said he is not looking for ceasefire but total victory.

    • On economic front, New Zealand Q1 GDP growth a touch better than expected, though takeaways noted staleness of data given ramp in tariff-related headwinds over Q2. Australian employment data showed surprise contraction in May jobs though unemployment rate unchanged as expected. Market continuing to price in ~80% chance of July rate cut. Later this evening, Taiwan central bank expected to leave rates on hold amid competing considerations from strong exports, tariff uncertainty and strong currency.

    • In other developments, Reuters cited draft document showing Japan MoF planning to reduce superlong JGB purchases by ~10% ahead of Friday's meeting with primary dealers. US Treasury data showed foreign holdings of Treasuries remained near record high in April as 'Liberation Day' tariffs fueled spike in yields. China holdings fell while Japan and UK's rose. Quiet day of corporate news with Nippon Steel completing US Steel takeover while not ruling out equity raising to help fund deal. Political turmoil in Thailand with government facing collapse after coalition partner exited.

  • Digest:

    • Trump reportedly approved plan to strike Iran, may happen in days:

      • Middle East focus increasingly on whether President Trump will authorize US strikes against Iranian nuclear facilities. Media sources noted Trump told senior aides late Tuesday he approved plans for strike but was waiting to see if Tehran abandons nuclear program. Bloomberg sources added US officials preparing for possibility of a strike on Iran in coming days. Trump held another National Security Council meeting on Wednesday after earlier saying he had idea on how to proceed but no decision made yet. Also alluded to "very big" things in the coming week. Axios cited Trump advisers who said part of his indecision stems from doubts whether US strikes will destroy Iran's Fordow nuclear facility. CNN sources also noted Trump determined to avoid US being drawn into prolonged conflict amid risk of Iran retaliating against US forces in Middle East. Some semblance of behind-the-scenes diplomatic efforts with US envoy Steve Witkoff in sporadic communication with Iran's Foreign Minister Araghchi, who said he remains committed to diplomacy (Bloomberg). Araghchi to meet EU foreign ministers on Friday. However, Trump remains ambiguous on his intentions, saying Wednesday he was looking for total victory instead of a ceasefire.

    • Japan Finance Ministry may trim superlong JGB issuance:

      • Reuters cited a draft document indicating MOF plans to cut superlong JGB issuance by ~10% from the original plan while also lowering overall bond issuance. This follows BOJ's decision to slow the pace of purchase reductions in FY26. The revised issuance plan will be presented to primary dealers for discussion at a meeting on Friday. Additionally, there are also ideas of buying back some previously issued super-long JGBs with low interest rates to improve the supply-demand balance. Planned reduction in 20-, 30- and 40-year bond sales would be partly offset by increased issuance of shorter-term notes, as well as retail bonds. Total JGB sales for FY25 set to fall by ¥500B ($3.44B) to ¥171.8T. Breakdown sees cutbacks of 20-year by ¥900B to ¥11.1T, 30-year by ¥900B to ¥8.7T and 40-year by ¥500B to ¥2.5T. This means starting next month, sales of each of these tenors will be cut by ¥100B at every auction. In exchange, issuance to increase in 2-year, 1-year and 6-month TBs by ¥600B each. From October, 2-year auctions will be expanded by ¥100B to ¥2.7T. Retail JGB issuance to grow by ¥500B. Report follows market speculation that MOF will tweak JGB issuance to alleviate a deterioration in superlong supply-demand conditions that has led to recent sharp yield rises.

    • Nippon Steel completes acquisition of US Steel, allays concerns about share dilution:

      • Nippon Steel (~5401.JP~) completed its acquisition of US Steel (~X~) on Wednesday at $55 per share for a total cost of $14.1B as per the proposal (Nikkei). US Steel was delisted from NYSE becoming a subsidiary of Nippon Steel North America. Company to retain its name and headquarters in Pennsylvania. Nippon announced Vice Chairman & EVP Takahiro Mori will also serve as board chair of US Steel. Alot of the attention on the 'golden share' issued to the US government, granting veto power over important management decisions. Nippon understands the government can appoint one member to the board. It was also decided that CEO, CFO and other members of core management must be US citizens. Reaffirmed Nippon plans to invest ~$11B in US Steel by 2028. In order to allay concerns about US competition law, Nippon transferred its stake in AM/NS Calvert to ArcelorMittal (~MT.NA~) for $1, resulting in an estimated impairment of ¥230B ($1.6B). Intraday share price support for Nippon came as Mori told a press briefing the company is not considering a capital raise that would dilute shareholder value (Nikkei).

    • Australian employment unexpectedly contracts, reinforcing July rate cut bets:

      • Australian employment shrunk by 2.5K in May against expectations for a 21.2K increase and April's outsized 87.6K gain. Driven largely by 41.1K fall in part-time employment, offsetting 38.7K increase in full-time jobs. Unemployment rate unchanged at 4.1% as expected, reflecting slight downtick in participation rate to 67.0% from 67.1%. Monthly hours worked rose 1.3% following holiday- and weather-related disruptions in April. Underemployment rate fell slightly. Follows weaker-than-expected Q1 GDP that underlined slowing economic momentum. Market pricing little changed following May jobs data with 80% chance of 25 bp rate cut in July to 3.60% (Bloomberg). RBA tweaked labor market forecasts in May, raising 2025 unemployment rate projection to 4.3% from 4.2% as firms respond to weaker demand. Central bank giving greater consideration to employment side of its mandate with May statement warning of downside risks from tariffs and stressing need to preserve labor market gains. Sell-side terminal rate estimates clustered around 3.10%, implying three more rate cuts over the cycle with estimated completion in late 2025/early 2026.

    • New Zealand GDP growth picks up:

      • New Zealand Q1 GDP grew 0.8% q/q vs consensus 0.7% increase and prior quarter's downwardly revised 0.5% growth (from 0.7%). Growth also better than the 0.4% RBNZ forecast in May. Saw yearly rate of contraction slow to 0.7% following revised 1.3% contraction (from 1.1%) in Q4. Growth led by turnarounds in mining, manufacturing and construction sectors. Goods exports another positive contributor. Growth in services industries weakened amid slowdowns in retail trade and accommodation, transport and financial services. Economists viewed GDP data as supporting case for a July hold. Comes after RBNZ Governor Hawkesby said July rate cut no certainty with central bank data in phase where it can take considered steps and be data dependent. Emphasis on data dependency was seen opening door to longer pauses. RBNZ chief economist Conway said OCR, currently at 3.25%, now close to neutral. Follows May's hawkish rate cut where easing bias was removed and OCR track modeled 1-2 more rate cuts. However, futures pricing in no more than one rate cut this easing cycle.

    • Notable gainers:

      • +17% 103140.KS (Poongsan): potential compensation of over KRW800B for relocating Busan plant to Gijang

      • +4.6% 348370.KS (Enchem): to acquire Duocom Industires for KRW33.0B

      • +2.3% 5401.JP (NIPPON STEEL): United States Steel and Nippon Steel complete transaction

    • Notable decliners:

      • -3.5% 1359.HK (China Cinda Asset Management): chairman Zhang Weidong to perform duties of president until new president assumes office

      • -2% 700.HK (Tencent Holdings): reportedly denies reports it is considering potential acquisitions of Nexon, Kakao Mobility

      • -1.6% 2888.HK (Standard Chartered): Reserve Bank of India reportedly raises concerns about Standard Chartered

  • Data:

    • Economic:

      • Australia

        • May employment (2.5K) m/m vs consensus +21.2K and revised +87.6K in April

          • Unemployment rate 4.1% vs consensus 4.1% and 4.1% in April

          • Participation rate 67.0% vs consensus 67.1% and 67.1% in April

      • New Zealand

        • Q1 GDP +0.8% q/q vs consensus +0.7% and revised +0.5% in Q4

          • GDP (0.7%) y/y vs consensus (0.8%) and revised (1.3%) in Q4

    • Markets:

      • Nikkei: (396.81) pts or (1.02%) to 38,488.34

      • Hang Seng: (472.95) pts or (1.99%) to 23,237.74

      • Shanghai Composite: (26.70) pts or (0.79%) to 3,362.11

      • Shenzhen Composite: (30.17) pts or (1.50%) to 1,980.93

      • ASX200: (7.50) pts or (0.09%) to 8,523.70

      • KOSPI: +5.55 pts or +0.19% to 2,977.74

      • SENSEX: (41.56) pts or (0.05%) to 81,403.10

    • Currencies:

      • USD/JPY: +0.2040 or +0.14% to 145.3340

      • USD/KRW: +1.8950 or +0.14% to 1,378.1150

      • AUD/USD: (0.0034) or (0.52%) to 0.6475

      • USD/INR: +0.2950 or +0.34% to 86.8026

      • USD/CNY: (0.0008) or (0.01%) to 7.1886

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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