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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.65%, Hang Seng (0.61%), Shanghai Composite (0.22%) as of 04:10 ET

Jun 26 ,2025

  • Synopsis:

    • Asia equities ended mixed Thursday. Several technology boards continued their recent run with gains on the Nikkei and Taiex however South Korea's Kospi fell with some evidence of profit taking. India and Singapore higher, Australia lower. Hang Seng underperformed and fell while mainland China markets were slightly lower. US futures a little higher, Europe opened with modest gains. US dollar extending falls to three-year lows, Asia currencies rallying across the board. Treasury yields drifting towards two-month lows, JGB yields higher. Gold supported, crude oil futures also higher. Base metals mixed. Cryptocurrencies edging higher.

    • Asia stocks edged ahead Thursday with gains capped by the returning specter of President Trump moving to pressure Fed Chair Powell by announcing his successor months earlier than usual. Although there was no hint of an early replacement per se, investors still unnerved by Trump's move as it raised concerns over the Fed's independence. US dollar sank to three-year low with DXY index just above 97 after Treasury yields sank overnight; this supported a rally in Asia forex today ex the Hong Kong dollar, which saw the HKMA intervene to defend its peg.

    • In other developments, Japan MoF data showed last week overseas investors turned net sellers of Japan equities for first time since March. Media sources noted White House has tweaked controls on ethane exports to China in sign it is preparing to lift restrictions. Singapore industrial output weakened in May but by less than forecast; the Philippine government trimmed its full-year economic growth forecast on tariff and Middle East risks; the Bank of Korea said it would revamp its open market operations to better control liquidity during periods of financial market stress.

    • Tokyo Gas (9531.JP) is in negotiation with multiple US-based LNG suppliers to secure a long-term purchase agreement. Xiaomi (1810.HK) is to launch its first SUV on Thursday as a direct competitor to Tesla's Model Y. Foxconn (Hon Hai Precision, 2317.TT) is close to a deal to supply electric buses to Daimler-owned commercial vehicle manufacturer Mitsubishi Fuso Truck and Bus. TSMC (2330.TT) is to inject $10B in capital into its overseas unit to shore up its currency hedging operations to counter a volatile local exchange rate.

  • Digest:

    • Trump considers naming Powell's replacement by September or October, potentially earlier:

      • Media sources noted President Trump considering announcing Fed Chair Powell's successor by September or October, or potentially earlier. Trump recently revived thoughts about firing Powell before his term as chair ends in May-2026, having stepped up criticisms of Powell for not cutting interest rates. Earlier this month Trump foreshadowed announcement on Powell's replacement soon and on Wednesday said he had 3-4 names in mind (Bloomberg). Trump mindful of avoiding selecting someone who won't be unflinchingly loyal. Contenders to replace Powell include former Fed Governor Warsh, NEC Director Hassett, World Bank President Malpass and Fed Governor Waller. Treasury Secretary Bessent is also being pitched by allies. Among candidates mentioned, Trump previously spoke to Warsh about replacing Powell though some people close to Trump have voiced reservations over Warsh's past hawkishness. Waller's support for rate cuts has put him on Trump's radar though is considered longshot as Trump isn't too familiar with him. Trump positive on Malpass over latter's recent support for rate cuts but questioned his TV appeal. Hassett has told people he is not interested while Bessent has not privately ruled out the idea.

    • Economists upgrade China GDP growth estimates, but economy faces challenges in H2:

      • Street taking more sanguine view on China growth outlook following tamping down of trade tensions with US. Citi upgraded its 2025 GDP growth estimate to 5% from 4.7%, following on from BofA upgrading its GDP growth forecast to 4.7% from 4.0% while Goldman Sachs forecasting 4.6% growth. More broadly, economists see opportunities and risks in H2 with potential for US trade negotiations to result in removal of 20% fentanyl tariffs. However, there remains risk of fresh trade tensions resulting in higher tariffs while exports also face risk from anti-dumping measures by other countries and US efforts to crack down on transshipment practices. Domestic imbalances seen persisting with industrial overcapacity, ongoing property downturn and weak domestic demand prolonging deflation pressures. While authorities continue emphasizing goal of promoting consumption, economists are skeptical July Politburo meeting will produce additional stimulus. BofA also doesn't anticipate any further RRR or rate cuts. Instead, policymaker focus expected to remain on implementation of existing measures such as consumer goods trade-in program while continuing to promote technology and other 'high quality growth' areas.

    • Asian FX divergence:

      • HKD facing deprecation pressures, prompting Hong Kong Monetary Authority (HKMA) to defend peg for first time since May 2023 after currency fell to bottom end of trading band (Bloomberg, Reuters). Caps volatile period following appreciation in early May that led HKMA to intervene the other way by flooding financial system with liquidity. That drove interbank rates sharply lower and contributed to ensuing reversal in currency. Taiwan dollar at three-year high with traders attributing move to exporter USD sales and repatriation flows from domestic funds (Bloomberg). FX swings reverberating through Taiwan corporate sector with TSMC's (2330.TT) offshore unit to issue $10B of new stock to aid FX hedging operations (Bloomberg). Taiwan life insurers also at risk given bulk of offshore assets denominated in USD. Korean won nearing highest against dollar since Oct-2024, corresponding with run-up in equities following Lee Jae-myung's presidential election win earlier this month that fueled expectations of market-friendly corporate reforms. Fiscal stimulus also gaining traction after Lee detailed plans for KRW30.5T ($22.4B) package geared towards consumption, investment and aiding indebted small firms (Nikkei).

    • Nvidia rally provides another boost to Asia tech stocks:

      • Tech sector was the notable bright spot in Asia markets Thursday, widely attributed to the Nvidia (NVDA) rally overnight that reinvigorated optimism in AI and semiconductors (CNBC, Nikkei). Standouts were mostly Japanese names by the close with SoftBank (9984.JP) up 5.52% and Advantest (6857.JP~) up 5.00%. Advantest in particular reached a record high, up 110% since the Liberation Day tariff announcements in early April. SK Hynix (000660.KS) also rose sharply Thursday, while Foxconn (2317.TT) and TSMC (2330.TT) posted moderate gains. Press discussions indicated focus returning to secular growth themes despite ongoing tariff uncertainties. Yet, today's strength underlines solid recovery since the Liberation Day trough. ICE Asia Tech 30 Index up 19% YTD, outperforming Nasdaq and Nikkei. South Korea tech mentioned as a notable contributor, buoyed by optimism the new administration will support key industries including AI. Also mentioned easing overhang from DeepSeek ramifications and the rescindment of the Biden-era AI Diffusion Rule.

    • BOJ Tankan large manufacturer business conditions expected to deteriorate further on tariff headwinds:

      • Ahead of the 1-Jul data release, Nikkei QUICK consensus poll (n=14) showed BOJ Tankan headline large manufacturer business conditions DI expected to decline to 9 in June from 12 in March. This would mark the second straight weakening against the backdrop of Trump tariffs and slowing global growth momentum. Estimates ranged from 8 to 14. With auto and steel sectors facing higher US tariffs, deteriorating sentiment could permeate to related industries. Many also expect yen strength versus dollar since March to adversely impact exporter profitability. Large nonmanufacturer business conditions DI projected to edge down to 34 in June from 35 in March, remaining at the highest levels since 1991. Tariff effects seen manifesting via stagnation in international freight. Subdued consumer confidence amid surging rice prices also cited as a potential headwind. Large firm FY25 capex projections seen revised up to 9.3% growth from 3.1% in March, aligning with typical pattern of upgrades over the course of the year as investment strategies are fleshed out. While manufacturers may indicate caution amid tariff uncertainties, nonmanufacturers anticipated to remain proactive in order to make up for labor shortages.

    • Notable Gainers:

      • +22.4% EUR.AU (Critical Metals): Critical Metals sells 2M shares for $5M (A$7.8M) net proceeds to EUR

      • +13.7% AWX.SP (AEM Holdings): guides H1 revenue SG$185-195M vs prior guidance SG$155-170M

      • +6.1% NEU.AU (Neuren Pharmaceuticals): U.S. PTO allows Neuren's patent application covering NNZ-2591 to treat Pitt Hopkins syndrome

      • +1.8% BBT.AU (betr Entertainment): MIXI Australia makes off-market takeover offer for PointsBet for an all-cash consideration of A$1.20/sh

    • Notable Decliners:

      • -8.9% 1709.HK (DL Holdings Group): reports FY net income attributable HK$136.8M vs year-ago HK$99.9M

      • -6.6% 6060.HK (ZhongAn Online P&C Insurance): confirms placement for 215.0M shares at HK$18.25/sh

      • -5.3% XRO.AU (Xero): completes A$1.85B share placement at A$176/sh

      • -4.5% 314.HK (Sipai Health Technology): discloses redemption of wealth management product

  • Data:

    • Economic:

      • Singapore May

        • Manufacturing production y/y +3.9% versus +5.6% in prior month

    • Markets:

      • Nikkei: 642.51 or +1.65% to 39584.58

      • Hang Seng: (149.27) or (0.61%) to 24325.40

      • Shanghai Composite: (7.52) or (0.22%) to 3448.45

      • Shenzhen Composite: (7.04) or (0.34%) to 2044.82

      • ASX200: (8.40) or (0.10%) to 8550.80

      • KOSPI: (28.69) or (0.92%) to 3079.56

      • SENSEX: 563.07 or +0.68% to 83318.58

    • Currencies:

      • $-¥: (1.35) or (0.93%) to 143.9050

      • $-KRW: (7.11) or (0.52%) to 1352.1400

      • A$-$: +0.00 or +0.48% to 0.6541

      • $-INR: (0.28) or (0.33%) to 85.6964

      • $-CNY: (0.01) or (0.14%) to 7.1664

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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