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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.44%), Hang Seng +0.57%, Shanghai Composite +0.48% as of 04:10 ET

Jul 10 ,2025

  • Synopsis:

    • Asian equities traded mostly higher Thursday. Gains for Greater China markets with the Hang Seng paring an early loss to close higher. South Korea, Taiwan and Singapore all higher, Australia supported by mining stocks on Trump's copper tariff. Japan's main boards lower but off troughs. US futures trading lower, several European boards touching record highs at the open. US dollar weaker, Asia currencies gaining. Treasuries mixed, JGB yields lower across tenors. Crude oil flat, precious metals slightly higher; copper continues to hover near record highs, iron ore also rallying today. Cryptocurrencies lower after overnight rally that saw bitcoin at record highs.

    • Asia equities continued to trade within a narrow band they've been in all week but this time mostly trading to the upside. Hang Seng boosted by its property stocks which rallied on unverified social media reports of a high-level meeting next week that could help revive the property sector. Equities also brushing off Trump's pledge of a 50% tariff on copper and Brazil-made products, reiterating ongoing TACO narrative in global equity markets.

    • In regional developments, the Bank of Korea left interest rates unchanged largely because of worries over domestic household debt and Seoul home prices. Japan wholesale inflation decelerated in-line with forecasts to its lowest since Sep-2024. Japan's 20Y bond auction saw stronger demand compared with June. China auto sales for June surged, and H1 sales of construction equipment also spiked in the latest signs of economic recovery.

    • NTT (~9432.JP~) sold $17.7B of dollar and euro bonds to mark the largest ever offering by an Asia-based corporate in global bond markets. TSMC (~2330.TT~) said Q2 revenue rose a better-than-expected 39% with sales to Nvidia and Apple up to $32B, also slightly above expectations. Adani Enterprises (512450.IN) second public debt issue was oversubscribed on its launch day, according to bankers. Reliance Industries' (500325.IN) telecoms and digital unit Reliance Jio Platforms has decided not to launch its planned $100B IPO this year, saying it wants to boost revenues and subscriber base to boost valuation.

  • Digest:

    • Bank of Korea leaves base rate unchanged, keeps accommodative stance to mitigate downside risks:

      • Bank of Korea Thursday kept its 7D reverse repo rate unchanged at 2.5% as widely expected amid growing concerns over household debt, soaring Seoul property prices, offset somewhat by recovery in trade. MPC vote was unanimous; three board members open to rate cut, two see unchanged rate in next three months. Governor Rhee said uncertainty too high to say now when to lower rates and by how much. Added will keep accommodative stance to mitigate downside risks. Fiscal stimulus will add around 0.1% to GDP growth but house prices are high enough to suppress consumption, growth (Yonhap). Bank said consumption expected to recover gradually despite "significant uncertainties". Will watch impact of external environments on inflation, financial stability. Economists said BOK cognizant of fueling another post-pandemic style housing rally by easing policy too quickly, still expect at least one cut before year end (Bloomberg).

    • BOJ regional economic report shows widespread uncertainties caused by tariffs:

      • BOJ regional economic report showed no assessment changes in July in a similar outcome to the previous April report. Most of the attention went to current topical issues with tariff uncertainties mentioned as a broadly based risk factor for exports, corporate profitability, capex, price-setting and wage growth. Comments on exports were cautious though earnings profile has yet to deteriorate enough to materially impact investment plans. Price-setting attitude was broadly progressive, signaling more progress in cost passthrough. Rice prices were heavily featured. Tariffs seemed to offer a silver lining in terms of customers being more open to price increases under the circumstances. Wage sentiment remained mostly solid, though tariffs raised some questions about sustainability of pay raises. Anecdotes on private consumption were mixed though some of the strength came from inbound tourism. Reduced purchasing power parity from high rice prices remained a notable theme, though there were some signs of resilience in demand.

    • Hong Kong property stocks jump on potential high-level meeting:

      • China-based property names in Hong Kong and mainland China spiked sharply in afternoon trade after unverified social media report talked up possible high-level meeting next week to focus on reviving property sector (Bloomberg). Article noted meeting would be en par with Central Urban Work Conference in 2015 which sparked property development boom. Cited analysts noting speculation related to possible resumption in development of shantytowns, which triggered purchase of property stocks and propelled many stocks higher for several years. However, one analyst cited by Bloomberg doubted whether government has sufficient fiscal resources to support such a project. Nevertheless, property stocks in Hong Kong rose very sharply higher, enough to drag main Hang Seng index from down day. Sino Ocean (3377.HK) gained 27%, Logan Group (3380.HK) up 21%, Shimao (813.HK), Sunac China (1918.HK) ended 13% higher although most finished below intra-day highs.

    • AI-driven demand extends TSMC revenue momentum:

      • Taiwan Semiconductor (2330.TT) reported June sales up 26.9% y/y. Capped off 39% rise in June quarter revenue, better than analyst projections (Bloomberg). Stock recently hit highest since mid-Feb, extending rebound from early April lows to 41%. AI theme remains high profile tailwind, underlined by Nvidia (NVDA) on Wednesday becoming first company to top $4T valuation. Strength put down to resilient demand as big US tech companies push forward with large capex outlays. TSMC CEO also provided reassurance in early June about AI demand continuing to outstrip supply. Taiwan exports (USD) grew another 33.7% y/y last month with US-bound shipments surging 90.9% to new record high. Growth in exports of electronics components exports hit 39-month high of 31.1% y/y. Forward metrics also remain strong with May export orders up 18.5%. Key overhang is whether Taiwan is hit with higher US tariffs following 25% levy imposed on other tech-exporting nations Japan and South Korea. However, Taiwan has so far avoided Trump letter and officials sounded hopeful as negotiations continued this week in Washington (Bloomberg, Focus Taiwan).

    • Nothing particularly incremental on trade as Trump targets Brazil:

      • Nothing particularly incremental on trade after President Trump issued more tariff letters on Wednesday, though again mostly to smaller trading partners (Bloomberg, Reuters). Philippines hit with 20% tariff, up on the 17% 'Liberation Day' tariff. Trump also threatened 50% tariffs on Brazil, citing unfair treatment of former President Bolsonaro. Also foreshadowed S.301 investigation into Brazil, which is aimed at addressing unfair trade practices and may pave way for further tariffs. Trump's broadside heightened diplomatic tensions with Brazil over recent days after he threatened 10% tariffs on BRICS nations. Brazil summoned US envoy in response to latest tariff announcement (Reuters). Markets have mostly looked past latest trade developments with Trump's tariff deadline extension and willingness to consider tariff adjustments pending outcome of ongoing negotiations giving more support to TACO narrative. Press sources also continue to highlight prospects of deals with bigger trading partners. EU framework agreement said to be close. Trump also sounding positive on prospects of deal with India, while Indian officials downplayed any complications from Trump's BRICS tariff threat (Bloomberg).

    • Notable Gainers:

      • +10.0% 600111.CH (China Northern Rare Earth (Group) High-Tech): guides H1 net income attributable CNY900.0-960.0M vs year-ago CNY45.4M

      • +7.0% 601155.CH (Seazen Holdings): reports Jan-June commercial operational revenue (including rental income) CNY6.94B; StreetAccount notes the year-ago figure was CNY6.21B

      • +4.2% 6146.JP (DISCO Corp.): raises Q1 guidance; guides Q1 net income attributable ¥23.8B vs prior guidance ¥16.70B

      • +0.8% 005490.KS (POSCO): reportedly sells entire stake in China JV to local steelmaker for KRW400B (CNY2.09B)

      • +0.5% 7581.JP (Saizeriya): reports 9M results and confirms FY guidance

      • +0.5% 002714.CH (Muyuan Foods): guides H1 net income attributable CNY10.20-10.70B vs year-ago CNY829M

      • +0.0% 5347.TT (Vanguard International Semiconductor): reports June revenue NT$4.47B, +9.0% y/y

    • Notable Decliners:

      • -13.0% 9985.HK (Weilong Delicious Global Holdings): CFO Peng Hongzhi resigns, effective 31-Aug

      • -4.8% 8267.JP (AEON Co.): to postpone Q1 financial results announcement to 31-Jul from 11-Jul

      • -0.7% 4676.JP (Fuji Media Holdings): announces large-scale purchases policy as response against former Murakami Fund affiliates

  • Data:

    • Economic:

      • Japan June

        • CGPI +2.9% y/y vs consensus +2.9% and revised +3.3% in prior month

    • Markets:

      • Nikkei: (174.92) or (0.44%) to 39646.36

      • Hang Seng: 136.05 or +0.57% to 24028.37

      • Shanghai Composite: 16.63 or +0.48% to 3509.68

      • Shenzhen Composite: 5.51 or +0.26% to 2107.11

      • ASX200: 50.60 or +0.59% to 8589.20

      • KOSPI: 49.49 or +1.58% to 3183.23

      • SENSEX: (360.6) or (0.43%) to 83182.08

    • Currencies:

      • $-¥: (0.05) or (0.03%) to 146.2840

      • $-KRW: (2.69) or (0.20%) to 1371.3800

      • A$-$: +0.00 or +0.38% to 0.6555

      • $-INR: (0.07) or (0.08%) to 85.6375

      • $-CNY: (0.00) or (0.05%) to 7.1765

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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