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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.28%), Hang Seng +0.26%, Shanghai Composite +0.27% as of 04:10 ET

Jul 14 ,2025

  • Synopsis:

    • Asia equities ended mixed Monday. Japan's Nikkei finished lower and the Topix flatlined, the Hang Seng opened slightly down but quickly rallied, mainland China markets mixed. Australia flat, South Korea higher, Taiwan and India lower. Singapore at record high, other Southeast Asia boards higher. US futures lower, Europe opened down. US dollar paring earlier strength, most Asia currencies also now near unchanged. Treasuries mixed. Crude blends higher, gold higher as silver reaches a 14-year high, base metals lower. Cryptocurrencies higher, bitcoin through $120K.

    • Asia equities continued the pattern of last week to post another directionless day with mixed performances throughout the region. Most benchmarks opened in the red after weekend threats by President Trump to impose 30% tariffs on the EU and Mexico but rallied at least in part as the EU appeared conciliatory in response. In other trade-related developments, Thailand said it was considering open access to US imports in return for a reduction in its 34% tariff, and Malaysia said it would crack down on exports of high-end chips to China to tackle smuggling.

    • Markets began to rally on release of China's export data for June that showed exports had expanded and imports contracted to build a new record-high trade surplus. Details showed rare earth shipments jumped to six-year highs, and coal imports had slumped as demand weakened. China new bank loans also beat expectations and reached their highest in three months. Elsewhere, Singapore Q2 GDP was better than expected as exports held up; Japan core machinery orders posted a smaller-than-expected contraction; India wholesale prices contracted unexpectedly. Ahead this week, US CPI and China economic activity data looms Tuesday alongside Q2 GDP numbers with consensus looking for a modest slowdown in June activity and 5.1% y/y quarterly growth.

    • Nissan Motor (7201.JP) is in talks to supply Honda Motor (7267.JP) with pickup trucks in the US. LG Electronics (0665570.KS) said to be set to enter the chip-equipment market by launching the development of hybrid bonders for HBMs. BHP (BHP.AU) has signed memorandum of understandings with CATL (3750.HK) and BYD 1211.HK) to develop battery and electrification technology for the mining sector. Ola Electric (544225.IN) said revenue in Q1 fell around 5% y/y and losses widened, said it would refinance some of its debt and is in talks with lenders that will close in Q2.

  • Digest:

    • Trump threatens EU and Mexico with 30% tariffs, further testing market resilience:

      • US President Trump posted on Truth Social Saturday that he has sent letters to EU and Mexico to inform them of a 30% tariff effective 1-Aug (Reuters). Added this would be separate from sectoral tariffs. Demanded that Europe drop its tariffs on US and White House Economic Advisor Hassett affirmed Trump sees current EU concessions as insufficient. Trump said Mexico failed to do enough to stop fentanyl flows across the border. Talks appear set to continue for now as EU extended its suspension of countermeasures to the same deadline though policymakers bracing for a 'no deal' scenario (Reuters). Latest developments add to list of notifications from Trump, including a 35% rate on Canada last week and 50% on copper. Prompted further discussions of diminishing market sensitivity to Trump headlines with the last big reaction coming on the back of the 'Liberation Day' announcement on 2-Apr (Bloomberg), though have largely been reversed. Beyond tariffs, Trump's threats to remove Fed Chair Powell also sparking debate about market complacency. Difficulties in market pricing reflect general uncertainty over whether Trump will follow through.

    • China export and import growth both pick up in June amid trade truce with US:

      • Dollar-denominated exports rose 5.8% y/y in June, beating Reuters consensus 5.0% and following 4.8% growth in May. Export growth accelerated for first time since March as producers rushed out shipments to take advantage of US-China trade truce. Imports rose 1.1%, slightly below 1.3% growth expected but reversed 3.4% slump in prior month. It was also first import growth since Dec-2024. Trade surplus widened to $114.8B, compared with $109.0B estimated and $103.2B in May. Bloomberg noted robust exports driven by pause in US tariff war and strong demand from key international markets. Also seen as key driver for economy in H1 while domestic demand remains lackluster. However customs officials warned of more complex and uncertain external environment. Chinese exports to US now subjected to around 55% tariffs, down from up to 145% in early April, which helped narrow decline in shipments to US. Still analysts said China could be indirectly hurt by Washington's pressure on other countries used heavily for transshipments of China cargoes, citing recent agreement with Vietnam (Reuters). Trade tensions with EU have flared up too as two sides sparred over Beijing's excess capacity and support of Russia.

    • China credit growth beats expectations in June:

      • New loans totaled CNY2.24T in June, beating consensus 1.8T and much higher from 620B in previous month. Noted June is usually a month of strong credit expansion as banks usually tend to lend out more loans to meet quarterly targets. Households' mid and long-term loans, usually a proxy of mortgages, increased by CNY335.3B, compared with CNY74.6B in prior month. Outstanding loan growth was steady at 7.1% y/y, slightly above consensus 7.0%. M2 money supply growth grew 8.3% y/y, higher than forecast of 8.1% and prior month's 7.9%. Total social financing rose to CNY4.2T, compared with consensus 3.65T and CNY2.29T in May. Notably government has sold more bonds so far this year, contributing to overall financing growth (Bloomberg). YTD net government bond issuance at CNY7.66T, CNY4.32T more than same period a year ago. PBOC deputy governor Zou said central bank will continue to implement moderately loose monetary policy meanwhile closely monitor transmission effects of existing monetary measures and global financial conditions.

    • China Q2 GDP growth seen holding above 5%, but June activity data softer:

      • Ahead of Tuesday data releases, Bloomberg consensus looks for Q2 GDP growth of 5.1% y/y, following 5.4% in the previous quarter. This would leave H1 aggregate at 5.3%, comfortably above the 2025 government growth target of around 5%. With growth momentum holding up, economists expect Beijing to defer fresh stimulus measures at least for now to preserve policy space in case US-China trade tensions re-escalate after the tariff truce expires in mid-August. Yet, June activity data are seen softening. Retail sales expected to rise 5.2% y/y, down notably from 6.4% in May. Recent media reports indicated some provincial governments suspended the consumer goods trade-in program, while economists cautioned the early launch of the 618 sales campaign likely front-loaded demand. Industrial production growth expected to decelerate to 5.6% from 5.8% in May, though US-China tariff truce may provide short-term support. Some recent attention on government crackdown on excessive price competition, though implications unclear. Fixed asset investment forecast to expand 3.6% YTD, down from prior 3.7%. Property market drag likely strengthened with real estate component estimated to drop 10.9% to mark a new low since the pandemic.

    • Japan machinery orders fall by less than expected amid tariff overhang::

      • Core machinery orders fell 0.6% m/m in May, less than expectations of a 1.5% decline, following a 0.6% slide in the previous month. Mild weakness leaves Q2 on track for a 0.5% q/q retreat, more moderate than survey projection of a 2.1% drop and poised for the first negative payback after two quarters of growth. May figure weighed down mainly by manufacturers (ship building, business machinery, chemicals, autos), outweighing broad growth in core non-manufacturing. Since the 'Liberation Day' US tariff announcements on 2-Apr, Cabinet Office still could not verify tariff impacts while leaving its headline assessment unchanged, continuing to see signs of recovery. However, official noted auto sector orders are down over the past two months, warranting close monitoring going forward. Recent BOJ regional economic report offered more color, noting some anecdotal responses that tariff uncertainties have prompted a re-evaluation of investments in some areas, though have yet to derail responses to factors such as labor shortages, or areas of strong demand such as semis. This has been consistent with the BOJ's basic view that positive domestic dynamics are expected to withstand external turbulence for the time being, albeit with extremely high uncertainties.

    • Notable Gainers:

      • +9.7% 600489.CH (Zhongjin Gold): guides H1 net income attributable CNY2.61-2.88B vs year-ago CNY1.74B

      • +6.1% 1766.HK (CRRC Corp.): guides H1 CAS net income attributable CNY6.72-7.56B vs year-ago CNY4.20B

      • +5.6% 003490.KS (KOREAN AIR LINES Co.): reports Q2 standalone earnings

      • +2.9% 9412.JP (SKY Perfect JSAT Holdings): Japan, EU reportedly to build large-scale satellite network

      • +2.5% 066570.KS (LG Electronics): reportedly making formal entry into semiconductor-equipment market by launching development of hybrid bonder for HBM

      • +1.7% 601088.CH (China Shenhua Energy): guides H1 net income attributable CNY25.6-27.6B vs year-ago restated CNY31.36B; reports June coal production 27.6Mt vs year-ago 28.0Mt

    • Notable Decliners:

      • -5.3% 600340.CH (China Fortune Land Development): guides H1 net income attributable (CNY5.50-7.50B) vs year-ago (CNY4.85B)

      • -4.9% 3349.JP (COSMOS Pharmaceutical): reports FY earnings; revenue below FactSet estimates and guidance

      • -0.8% 7453.JP (Ryohin Keikaku): reports 9M earnings; raises FY guidance

  • Data:

    • Economic:

      • China June

        • Trade balance $114.8B vs consensus $109.0B and $103.2B in prior month

          • Exports +5.8% y/y vs consensus +5.0% and +4.8% in prior month

          • Imports +1.1% y/y vs consensus +1.3% and (3.4%) in prior month

        • New loans CNY2.24T vs consensus CNY1.8T and CNY620B in prior month

          • Outstanding loan growth +7.1% y/y vs consensus +7.0% and +7.1% in prior month

          • Total social financing CNY4.2T versus consensus CNY3.65T and CNY2.29T in prior month

          • M2 money supply +8.3% y/y vs consensus +8.1% and +7.9% in prior month

      • Japan May

        • Core machinery orders (0.6%) m/m vs consensus (1.5%) and (9.1%) in prior month

      • Singapore

        • Q2 GDP +4.3% y/y vs consensus +3.5% and +3.9% in prior quarter

          • Q2 GDP +1.4% q/q vs consensus +0.7% and (0.6%) in prior quarter

    • Markets:

      • Nikkei: (110.06) or (0.28%) to 39459.62

      • Hang Seng: 63.75 or +0.26% to 24203.32

      • Shanghai Composite: 9.47 or +0.27% to 3519.65

      • Shenzhen Composite: 3.08 or +0.15% to 2120.01

      • ASX200: (9.70) or (0.11%) to 8570.40

      • KOSPI: 26.26 or +0.83% to 3202.03

      • SENSEX: 0.00 or 0.00% to 82500.47

    • Currencies:

      • $-¥: (0.25) or (0.17%) to 147.1740

      • $-KRW: +1.23 or +0.09% to 1380.3900

      • A$-$: (0.00) or (0.10%) to 0.6573

      • $-INR: +0.15 or +0.18% to 85.9873

      • $-CNY: (0.00) or (0.00%) to 7.1685

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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