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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.56%), Hang Seng (0.12%), Shanghai Composite +0.02% as of 04:10 ET

Jul 07 ,2025

  • Synopsis:

    • Asian equities traded mostly lower Monday although many finished off their troughs. Broad declines in Japan; Shenzhen and Hong Kong lower but Shanghai closed flat. Losses for Australia and Taiwan. South Korea slightly higher, India trading flat. Southeast Asia mixed. US futures lower, Europe trading around the unchanged mark. US dollar slightly higher; yen, AUD and NZD all weaker. Treasuries mixed, JGB yields slightly higher. Gold and silver retreating, Crude futures oil lower, base metals led lower by a steep decline in copper.

    • Trade negotiations now dominating headlines in Asia with a modest risk-off sentiment leading to a largely down day Monday. Early Monday Asia time, President Trump warned against nations aligning themselves with BRICS countries, saying they would see an extra 10% tariff if they did so. Elsewhere, Bloomberg reported India was still pushing for a deal even though it was digging in on its own stance; South Korea repeated its request made last week for a postponement; Indonesia pledged to buy more US wheat and aircraft in return for a trade deal; Thailand's finance minister said he'd submitted Bangkok's latest offer that included greater access for US companies and a pledge to cut its trade deficit with the US.

    • In other developments, China-EU trade tensions edged higher after Beijing blocked EU companies from participating in medical device procurement tenders. Vietnam imposed an almost 28% levy on China steel imports as anti-dumping measure. Japan real wage growth fell by the most since Sep-2023 amid inflation pressures while nominal wage growth also undershot consensus. Thailand's CPI continued its deflationary trend for a third consecutive month while its finance minister insisted a budget would proceed as planned in parliament despite the current political upheaval.

    • Nissan Motor (7201.JP) is to issue ¥150B in convertible bonds with proceeds used for new technology and products. Foxconn (Hon Hai, (2317.HK) reported a record Q2 revenue on strong AI demand but cautioned on geopolitical and exchange rate headwinds. LG Energy Solution (373220.IN) says Q2 profit is likely to be more than 150% higher y/y as automakers ramped up demand for battery cells. LG Electronics (06570.KS) disappointed on quarterly profits with company blaming US tariffs, greater competition and higher costs for the miss. Woori Financial (082640.KS) is considering acquiring the remaining 21.1% stake in Tongyang Life Insurance (316140.KS) via a public offering followed by a delisting.

  • Digest:

    • Tariff deadline nears as US warns it will begin imposing 'take it or leave it' trade terms:

      • With clock ticking down to 9-Jul deadline, President Trump said will begin sending out tariff letters and/or announcing trade deals from midday 7-Jul, earlier repeating US would be setting 'take it or leave it' terms (Bloomberg). Treasury Secretary Bessent warned tariffs to revert to 'Liberation Day'/steeper levels though also signaled some leeway by adding that new tariffs to take effect 1- Aug (CNN). Still some uncertainty whether Asian countries can secure trade agreements with US by the deadline. Japan's top trade negotiator Ryosei Akazawa held more talks with Lutnick though negotiations face familiar roadblocks over market access and Tokyo's demand for tariff removal (Bloomberg, Nikkei). South Korea requested extension after Trade Minister Yeo Han-kook discussed with USTR Greer manufacturing partnerships and removal of steel and auto tariffs (Bloomberg). India appeared to harden stance after flagging retaliatory tariffs (Bloomberg), though Times of India cited officials who said mini-trade deal expected soon that leaves out sensitive sectors like dairy and agriculture. Thailand also racing to finalize trade deal that locks in 10% tariff rate (compared to 36% reciprocal tariff), offering increased market access and more purchases of energy and jets (Bloomberg).

    • China-EU trade tensions simmer ahead of leaders' summit:

      • China announced it will retaliate against EU's decision last month to block Chinese medical device manufacturers from participating in tenders (Bloomberg). Beginning from 6-Jul, China will prevent EU-based firms from government procurement for certain medical devices valued above CNY45M ($6.3M). Latest tit-for-tat underscores lingering tensions over trade ahead of planned leaders' summit in Beijing this month. According to Bloomberg sources China intending to shorten two-day summit to just one day. Late last week China imposed anti-dumping duties on European brandy ranging from 27.7% to 34.9% (SCMP). Rare earths another point of contention amid EU concerns that restrictions on export licenses are impacting auto production. In Europe for China-EU high-level strategic dialogue, China Foreign Minister Wang Yi sought to downplay concerns over rare earths, saying European needs could be met if legal applications are submitted (Reuters). Also some hope that two sides are nearing resolution to dispute over EV tariffs after China state-affiliated media vaguely reported that technical negotiations are essentially complete with only "final step" remaining (SCMP). Talks have previously revolved around replacing tariffs with minimum prices for China cars.

    • Trump threatens additional 10% tariffs on countries that align with BRICS nations:

      • In Truth Social post President Trump threatened additional 10% tariffs on countries that align with 'Anti-American policies' of BRICS nations. Trump did not specify 'Anti-American policies' that would prompt 10% tariffs, nor did he provide potential timeline (Bloomberg). Also not the first time Trump has targeted BRICS nations, having previously threatened 100% tariffs if they moved to create new BRICS currency (Reuters). His warning comes as BRICS nations gathered in Rio de Janeiro on Sunday, though their opening statement indicated lack of progress in advancing cross-border payments system even as members reaffirmed commitment to expanding local currency financing and diversifying funding sources (Bloomberg). BRICS members have talked in broad terms about reducing dollar dependence though officials said idea of abandoning dollar and creating common currency has not been discussed. Treasury Secretary Bessent and global central bankers recently downplayed concerns about erosion of dollar's reserve status (Reuters, Bloomberg). While dollar has fallen to lowest levels since early 2022, its share of global reserves and cross-border payments remains well above next highest euro.

    • Thailand to proceed with extra budget despite political upheaval:

      • Thailand's under pressure government said it will push on with $115B budget bill for financial year starting 1-Oct despite recent political turmoil that saw PM Shinawatra stripped of responsibilities. Bill due to be passed by parliament by end August. Finance minister Pichai Chinhavajira said in Bloomberg interview government also to inject baht 48B ($1.5B) into economy over final three months of fiscal year. Pledge to progress comes despite opposition party warning of negative signals from collapse of House session on its opening day last week (BangkokPost). Pichai added Thailand submitted latest trade proposal to US; wanted to avoid 36% levy, was hopefully of 10% baseline but would accept 10-20% in return for broader market access for US companies (Bloomberg). Developments come as June CPI data showed accelerated deflation in Thailand; June headline CPI -0.25% from May's -0.6%, forecasts -0.1% (Reuters).

    • StreetAccount Event Preview: RBA 8-Jul policy meeting

      • RBA expected to reduce cash rate by 25 bp to 3.60% at its 8-Jul policy meeting, representing third rate cut in current easing cycle. Several economists added July rate cut to their forecasts following soft May inflation, which added to recent data indicating slowing economic momentum after Q1 GDP slowed by more than expected and subsequent retail spending prints came in soft. RBA had already conveyed dovish bias in May after noting policy had become "somewhat less restrictive", while minutes showed board weighed case for 50 bp rate cut at that meeting based on downside risks stemming from adverse tariff scenario and slower pickup in household consumption. Outlier views see case for hold at Tuesday's meeting with BofA noting RBA confronting reduced global uncertainty, dual-sided inflation risks and still-tight labor market. At post-meeting press conference Governor Bullock expected to reiterate future policy moves conditional on domestic and global macro factors. Markets pricing in two further rate cuts that take cash rate to 3.10% by year-end, though economist views on terminal rate mixed with some predicting extended pause once cash rate falls to 3.35%.

    • Notable Gainers:

      • +19.2% ~082640.KS~ (TONGYANG Life Insurance Co.): Woori Financial Group is considering acquiring remaining 21.2% stake in TONGYANG Life Insurance

      • +1.4% ~373220.KS~ (LG Energy Solution): Q2 preliminary earnings

    • Notable Decliners:

      • -10.8% ~2678.JP~ (ASKUL Corp): FY earnings

      • -10.3% ~6506.JP~ (YASKAWA Electric): Q1 earnings

  • Data:

    • Economic:

      • Japan May

        • Average nominal wages +1.0% y/y vs consensus +2.4% and revised +2.0% in prior month

        • Real wages (2.9%) y/y vs consensus (1.7%) and (1.8%) in prior month

      • Australia June

        • ANZ-Indeed job advertisements +1.8% m/m vs revised (0.6%) in May

  • Markets:

    • Nikkei: (223.20) or (0.56% to 39587.68

    • Hang Seng: (28.23) or (0.12%) to 23887.83

    • Shanghai Composite: +0.81 or +0.02% to 3473.13

    • Shenzhen Composite: (73.25) or (0.70%) to 2002.49

    • ASX200: (13.70) or (0.16%) to 8589.30

    • KOSPI: +5.19 or +0.17% to 3059.47

    • SENSEX: (-33.31) or (0.04%) to 83401.17

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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