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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.43%, Hang Seng (0.17%), Shanghai Composite (0.70%) as of 04:10 ET

Jun 27 ,2025

  • Synopsis:

    • Asian equities ended mixed Friday. Japan's closed higher to cap a strong week, led again by technology stocks. Taiwan, India and Singapore all added to the week's gains. Southeast Asia and Greater China ended mixed with Hang Seng lower for a second consecutive day. South Korea also down on profit taking, Thailand's SET took another step lower despite good week. US futures higher, Europe opened with strong gains. US dollar hovering at overnight lows, Asia currencies largely unchanged. Treasuries mixed, JGB yield higher across tenors. Crude oil futures up, precious metals sharply lower, base metals mixed as iron ore gains notably.

    • Asia stocks capped a strong week with more gains Friday although several exchanges saw profit takers step in ahead of the month and quarter ends next week. The MSCI Asia Pac ex Japan index touched a three-year high while the Nikkei ended at a five-month high and above the significant 40K mark, aided by optimism over US trade deals, the Middle East ceasefire that appears to be holding, and aided by the US dollar falling to a three-year low. US commerce secretary Lutnick added to the optimism after he signaled a framework agreement to implement the Geneva trade deal was in place that included a pledge from Beijing to deliver rare earths to the US.

    • Elsewhere, Tokyo core inflation fell by more than expected in June reflecting the renewal of energy subsidies. Japan's unemployment rate remained steady while retail sales missed estimates. China industrial profits fell sharply in May amid tariff impacts and deflation pressures. South Korea's financial regulator said it would introduce new lending curbs to halt runaway household debt. Philippine export growth accelerated by the most in more than a year.

    • New World Development (17.HK) has received written commitments from all banks for its HK$87.5B refinancing deal to give the developer critical breathing room. Xiaomi (1810.HK) has received 289K orders for its new SUV that is set to challenge Tesla's Model Y in China; shares rose to record highs. Innolux (3841.TT) is to acquire Pioneer Corp for ¥163.6B from Windcrest.

  • Digest:

    • China confirms trade framework agreement in place:

      • Beijing on Friday confirmed details of a trade framework agreement with Washington, mirroring US Commerce Secretary Lutnick's earlier hints that China and US had arrived at an accord to codify terms of Geneva's agreement in May (Bloomberg). In a Bloomberg TV interview Lutnick said "that deal was signed and sealed two days ago." Lutnick said China would deliver rare earths and US would take down countermeasures in exchange. Added White House plans imminent agreements with 10 major trading partners. Separately, Bloomberg discussed ongoing slow progress in bilateral trade talks as US trading partners are reluctant to sign deals without clarity on sector-specific tariffs widely expected to be applied under Section 232. Bloomberg sources said India negotiating team arrived in the US Thursday and have hardened their stance on some key points recently. Yet, while countries are seeking a trade deal before the 9-Jul deadline for the restart of US reciprocal tariffs, White House Press Secretary Leavitt told reporters the date is "not critical" and could be extended at the president's discretion (CNBC).

    • China corporate profits unexpectedly turn negative:

      • Industrial profits fell 1.1% y/y in Jan-May, contrasting with expectations of 1.0% growth, following a 1.4% increase in Jan-Apr. Marks a return to negative territory since the start of the year. Downturn came on the back of a sharp 9.1% drop in May alone, following 3.0% growth in April. Among key segments, moderate growth in manufacturing earnings overshadowing by deep contractions in mining. Balance of strength by ownership structure has switched from Q1 with SOE earnings now in decline versus growth among private enterprises. NBS cited general weak demand and price factors, though did not mention tariff effects. Played up strength in equipment manufacturing, aviation, while noting ongoing support from government trade-in subsidies, providing a boon for manufacturers of capital equipment and consumer electronics/appliances. Economist projections shifting more optimistic, reflecting easing concerns about tariff impacts, and after the last round of activity data held up reasonably well. However, Q2 was seen to be the peak of GDP growth momentum this year, while the temporary nature of support factors expected to lead to a slowdown in H2. Furthermore, no notable improvements in inflation dynamics lately after latest PPI data showed the sharpest drop in 22 months.

    • Japan Tokyo inflation eases, jobless rate steady, retail sales miss:

      • Tokyo core CPI rose 3.1% y/y in June, softer than consensus 3.3%. Follows 3.6% in the previous month to mark a three-month low. Ex-fresh food & energy inflation also softer at 3.1% vs consensus and prior month's 3.3%. Main drags stemmed from renewed government subsidies -- sharp drop in water utilities posed a new drag of 0.24 ppt to the headline. Energy contributions narrowed 0.26 ppt on slower gains in electricity and gas prices. Heavily weighted non-fresh food continued to pick up. Key attention remains on rice prices, which slowed to +89.2% and added 0.28 ppt to the headline (vs +93.2%, 0.29 ppt in May). This was outweighed by stronger gains in sweets/confectionary and beverages reflecting sharp rise in prices for cacao and coffee respectively. In terms of contribution changes, more support came from accelerated growth in mobile phones. Unemployment rate was steady at 2.5% in May, matching expectations. Strong sequential job growth was offset by labor force participation. Job offers to applicants ratio unexpectedly softened to 1.24 in May from consensus and prior month's 1.26 reflecting a relatively sharp rise in applications. Retail sales fell 0.2% m/m in May, contrasting with an expected 0.3% rise, following revised 0.7% growth in April. Autos, appliances, fuel and food & beverages were drags.

    • Taiwan dollar appreciation continues:

      • Taiwan dollar trading at highest against greenback since early 2022, posing fresh headwinds life insurers. With more than 90% of Taiwan lifer investments in USD-denominated assets, latest appreciation recalls episode in May when TWD's 7% appreciation saw four largest insurers experience combined $1.2B loss (Bloomberg). Other corporates also being impacted after TSMC's offshore unit this week announced it would issue $10B of new stock to support FX hedging operations. Latest upswing attributed to exporter USD sales and repatriation flows from domestic funds. Greenback's downward trajectory and US fiscal deficit concerns diminishing appetite for US assets and threatening to fuel more upward pressure in TWD. According to Bloomberg-compiled data, US bond ETFs listed in Taiwan have experienced ~$3.3B of outflows so far in H1, most for a half since 2020. Yet there is the sense of a high bar for intervention after Taiwan's central bank kept rates on hold this month while downplaying impact of FX volatility. Also thoughts authorities mindful of not drawing Trump administration's ire by intervening, after Taiwan was included in Treasury Department's 'Monitoring List' of countries whose FX practices merit close attention.

    • Notable Gainers:

      • +7.0% 1359.HK (China Cinda Asset Management): entering into asset management contract

      • +3.6% 3481.TT (Innolux): to acquire Pioneer Corp for ¥163.6B (NT$33.7B) from Windcrest

      • +3.4% 1810.HK (Xiaomi): Lauches YU7, pre-order reaches 289K unit in first hour

    • Notable Decliners:

      • -25.6% 308.HK (China Travel International Investment Hong Kong): conducts strategic review of its businesses

  • Data:

    • Economic:

      • Japan

        • June Tokyo core CPI +3.1% y/y vs consensus +3.3% and +3.6% in prior month

          • CPI excl. fresh food & energy +3.1% y/y vs consensus +3.3% and +3.3% in prior month

          • Overall CPI +3.1% y/y vs consensus +3.3% and revised +3.4% in prior month

        • May unemployment rate 2.5% vs consensus 2.5% and 2.5% in prior month

          • Job offers to applicants ratio 1.24 vs consensus 1.26 vs 1.26 in prior month

        • May retail sales +2.2% y/y vs consensus +2.5% and revised +3.5% in prior month

          • Retail sales (0.2%) m/m vs consensus +0.3% and revised +0.7% in prior month

      • China Jan-May 2025

        • Industrial profits (1.1%) y/y vs consensus +1.0% and +1.4% in Jan-Apr

          • May industrial profits (9.1%) y/y vs +3.0% in prior month

      • Singapore Q1

        • Unemployment Rate (Final) unknown versus consensus 2.1% and 2.1% in prior quarter

    • Markets:

      • Nikkei: 566.21 or +1.43% to 40150.79

      • Hang Seng: (41.25) or (0.17%) to 24284.15

      • Shanghai Composite: (24.23) or (0.70%) to 3424.23

      • Shenzhen Composite: 7.74 or +0.38% to 2052.56

      • ASX200: (36.60) or (0.43%) to 8514.20

      • KOSPI: (23.62) or (0.77%) to 3055.94

      • SENSEX: 185.50 or +0.22% to 83941.37

    • Currencies:

      • $-¥: (0.03) or (0.02%) to 144.3660

      • $-KRW: (0.94) or (0.07%) to 1356.9100

      • A$-$: +0.00 or +0.09% to 0.6552

      • $-INR: (0.14) or (0.16%) to 85.5175

      • $-CNY: (0.00) or (0.01%) to 7.1671

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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