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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.06%, Hang Seng (0.63%), Shanghai Composite +0.18% as of 04:10 ET

Jul 03 ,2025

  • Synopsis:

    • Asia equities ended mixed Thursday in another rangebound session. Japan's markets traded near the flatline alongside Singapore and Australia. Mainland China higher but the Hang Seng fell. More gains for South Korea and Taiwan, India is also trading higher, Southeast Asia also better. US futures higher, Europe opened with gains. The US dollar trading flat, Asia forex a smidge weaker. Treasury yields lower, JGB yields higher across tenors post smooth 30-year auction. Crude blends lower, gold and silver marginally higher, base metals mixed as copper surged overnight ahead of tariff deadline day. Cryptocurrencies higher with bitcoin reapproaching $110K.

    • Asia stocks again rather directionless as investors settle back and wait for US jobs report as the next big catalyst. Several country benchmarks leaned positive on momentum trades with technology-dominated boards higher after overnight Nasdaq gains and positive futures trading. Progress on a US trade deal with Vietnam cheered US markets overnight but the 40% tariff on transshipments from China weighed on Hong Kong-listed names at the open before an intra-day rally. Trade negotiations for other Asia nations struggling for momentum with an interim agreement with India appearing close, but those with Japan and South Korea reported to have hit snags. Ahead, US NFPs with FactSet consensus looking for 117.5K additions from 137K in May, and the unemployment rate to inch higher to 4.3%.

    • In regional developments, China's Caixin services PMI showed activity growth had slowed to a nine-month low. Japan final PMIs saw a marginal upward revision in services, and stronger momentum in aggregate business activity. India composite PMI expanded to a 14-month high, while Singapore's reading saw a surprise return to growth. BOJ board member Takata said bank should resume rate hikes after a pause to assess impact of US tariffs on Japan's economy.

    • Nissan Motor (7201.JP) recalled nearly half a million vehicles in the US citing engine failure. Powerchip Semiconductor Manufacturing (6770.TT) is to form a joint venture with Navitas (NVTS) that will see Navitas produce gallium nitride in Taiwan. Meanwhile TSMC (2330.TT) said it will exit the gallium nitride sector by next July. GemLife Communities (GLF.AU) rose 4% on its ASX listing debut following it's a $750M ($493.1M) IPO.

  • Digest:

    • Trump announces trade deal with Vietnam, but broader regional uncertainties remain:

      • No additional color on the US-Vietnam trade deal announced by President Trump overnight. Among the few details, Vietnam will be subject to a 20% tariff on exports to US, and a 40% rate on transshipments. This compares with a 46% rate originally announced in early April as part of the suite of reciprocal tariffs. In exchange, US will face zero tariffs on exports to Vietnam. But press noted lack of clarity on the application of tariffs on specific product groups, while the new transshipment provision was left to later discussion (Reuters, FT). On other fronts, Reuters sources said US and India negotiators were pushing to clinch a deal ahead of the 9-Jul deadline, but disagreements over US dairy and agriculture remained unresolved. India team remains in Washington for talks, extending their stay after arriving last week, though remain adamant against lowering tariffs on US genetically modified corn, soybeans, rice and wheat. In Japan, press discussions reiterated the government's insistence that it won't sacrifice the farm sector after Trump's criticism of Japan's lack of US rice imports. Nikkei cited an academic suggesting Tokyo doubts any compromise on rice would yield US concessions on Japan's key demands. South Korea President Lee at a press conference said negotiations continue but it will likely be "difficult" to reach an agreement by next week's deadline (Nikkei).

    • BOJ's Takata emphasizes rate hike cycle will resume after the current pause:

      • In a speech, BOJ board member Takata said the price stability target is close to being achieved. With real rates notably negative, advocated for continued gear shifting with further policy adjustments if they confirm that positive corporate behavior -- capex, wage hikes, cost passthrough -- is maintained. Yet, tariff-related turbulence warrants careful monitoring, though Takata's main scenario sees US avoiding a major recession, noting current conditions are not on the same order as the aftermath of the dot-com bubble or global financial crisis. Believes BOJ is currently only pausing its rate hike cycle and should resume after an undefined wait-and-see period. Extended analysis of Japan's historical experiences with US trade frictions concluded with skepticism that adverse impacts on corporate behavior that restrain wage growth would materialize this time. Discussion of the interim review for JGB purchase reductions, Takata's views broadly supported the consensus strategy to moderate the pace of tapering in FY26 in acknowledgement of distortions specific to the superlong sector that could have ripple effects down the curve. Agreed with the basic view that BOJ should proceed with reductions based on supply-demand and liquidity conditions by maturity.

    • US rescinds chip software export curbs to China, lifts ethane export restrictions:

      • Bloomberg reported White House has lifted export license requirements for chip design software sales in China as US and China move to implement trade deal agreed last month. US commerce department informed global leaders of chip designs Synopsis (SNPS), Cadence Design Systems (CDNS), Siemens (SIE.GR) requirements for government export licenses no longer needed. Restrictions imposed in May after Beijing limited essential rare earths shipments. Said Siemens has restored full access to software and technology for its Chinese customers; Synopsys (SNPS) said working to restore access to recently restricted products in China (CNBC), Cadence also working to restore services. Bloomberg said not clear if smaller electronic design automation producers cleared to resume services. Earlier, filings from US-based gas producers Enterprise Product Partners (EPD), Energy Transfer (ET) showed Bureau of Industry and Security rescinded export license requirements for ethane exports to China (Bloomberg).

    • China Caixin services PMI shows services activity growth slows to nine-month low:

      • Caixin services PMI was 50.6 in June, missing consensus 51.0 and slowed from May's 51.1. Data marked 30th consecutive month of service sector expansion however was the slowest since Oct-2024. Softer rise mainly attributed to moderation in new business growth amid weak global conditions. There was also fading boost from holidays in May. New export business fell for second straight month and at fastest pace since Dec-2022. Employment was lower in June due to slowdown in new order growth and concerns over cost, leading to fastest build-up in outstanding work. Input costs extended upward trend on higher raw material and fuel costs, though rate of increase eased to three-month low. However, selling prices were down for fifth successive month at sharpest pace in over three years as service providers absorbed cost increases amid intense market competition. Business confidence rose on hopes of better economic conditions. Caixin Composite PMI rose to 51.3 in June from 49.6 in May as renewed increase in manufacturing production offset slower services activity growth.

    • Thai opposition holds off on no-confidence vote:

      • Thailand's opposition political party bloc said they would postpone launching no-confidence note against Paetongtarn Shinawatra pending constitutional court ruling. Also vowed to work together to avoid political deadlock. Opposition parties now include Bhumjaithai that left government coalition following PM Shinawatra's leaked telephone call with Cambodia's President over border clash last month (BangkokPost). Leader of opposition bloc said even if PM dismissed from duties permanently by court, it will not let Thai politics reach "dead end" (Reuters). Caretaker PM likely to be appointed later Thursday. Political turmoil comes at delicate time for Thailand as economists warn critical budget must be passed by parliament to halt economic slowdown, just as tourism numbers fall further as Chinese tourists opt for other Southeast Asia nations in H1 (BusinessTimes). Tumult has also raised specter of another military coup which is further weighing on investor sentiment (BusinessTimes).

    • Notable Gainers:

      • +10.0% 6770.TT (Powerchip Semiconductor Manufacturing): To form alliance with Navitas; Navitas to produce gallium nitride at Powerchip's Taiwan plant - Economic Daily News

      • +9.5% 012510.KS (DOUZONE BIZON Co.): EQT Partners named preferred bidder for controlling stake in Douzone Bizon - The bell

      • +0.5% 2330.TT (TSMC): To exit gallium nitride business by 31-Jul-2027 - Commercial Times

    • Notable Decliners:

      • -3.4% 064350.KS (HYUNDAI ROTEM): To enter $6.5B (KRW8.792T) contract with Poland for supply of K2 tanks

  • Data:

    • Economic:

      • China June

        • Caixin services PMI 50.6 vs consensus 51.0 and 51.1 in prior month

          • Caixin Composite PMI 51.3 vs 49.6 in prior month

      • Japan June

        • Final services PMI 51.7 vs flash 51.5 and 51.0 in prior month

          • Composite PMI 51.5 vs flash 51.4 and 50.2 in prior month

      • Australia May

        • Trade balance A$2.24B vs consensus A$5.00B and revised A$4.86B in April

          • Exports (2.7%) y/y vs revised (1.7%) in April

          • Imports +3.8% y/y vs revised +1.6% in April

    • Markets:

      • Nikkei: 23.42 or +0.06% to 39785.90

      • Hang Seng: (151.47) or (0.63%) to 24069.94

      • Shanghai Composite: 6.36 or +0.18% to 3461.15

      • Shenzhen Composite: 19.67 or +0.95% to 2084.67

      • ASX200: (1.90) or (0.02%) to 8595.80

      • KOSPI: 41.21 or +1.34% to 3116.27

      • SENSEX: 175.70 or +0.21% to 83585.39

    • Currencies:

      • $-¥: +0.17 or +0.12% to 143.8320

      • $-KRW: +3.22 or +0.24% to 1359.4600

      • A$-$: (0.00) or (0.05%) to 0.6579

      • $-INR: (0.37) or (0.43%) to 85.2140

      • $-CNY: (0.01) or (0.07%) to 7.1601

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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