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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.04%), Hang Seng (0.29%), Shanghai Composite (0.03%) as of 04:10 ET

Jul 16 ,2025

  • Synopsis:

    • Asia equities ended with a negative tilt Wednesday. Greater China markets ended lower despite a bright start. Japan's main benchmarks, Australia and South Korea all lower. Small gains for India, Taiwan also higher. Another new record for Singapore but the rest of Southeast Asia mixed, Indonesia's JSX outperforming after trade deal with US announced and BI cut interest rates. US futures lower, Europe slightly down in the first hour of trade. US dollar rangebound after overnight gain, Asia currencies bouncing back a little. Treasuries mixed, Asia sovereigns also little changed. Crude oil higher, precious metals up. Base metals taking a break from recent run ups. Cryptocurrencies higher.

    • Asia equites struggled for direction again Wednesday after US markets ended mixed post inflation data that appeared to push a Fed rate cut further out. The Nasdaq did rise on Nvidia's and AMD's China chip news, and this fed through to Asia's tech-leaning markets for a time Wednesday, however sentiment remained subdued as Wall Street futures stayed in the red and Europe opened lower. In tariff and trade news, President Trump announced a trade deal with Indonesia had been reached which would see a 19% tariff on Indonesia imports, and open access to agriculture for US exporters as well as a flurry of deals on Boeing airplanes and US-sourced energy. US commerce secretary Lutnik said Nvidia's chip deal was linked to a grander one with China over rare earths;. And President Trump said he would impose tariffs on pharma imports as soon as 1-Aug.

    • In other developments, Japan's Reuters Tankan survey showed manufacturer sentiment improved marginally in July. South Korea employment ticked higher but job growth in construction and manufacturing remained sluggish. Meanwhile, the government outlined its "Kospi 5,000" plan to improve stock valuations. Bank Indonesia trimmed base interest rates 25 bps as widely expected. RBI's Governor Malhotra expressed his openness to further rate cuts after inflation fell to six-year lows. Singapore's MAS warned over weaker H2 growth amid a plethora of variables surrounding trade.

    • Toho (9602.JP) said Q1 revenues were above expectations, was entering into agreement with China-based cultural agency for Godzilla franchise in mainland China. Baidu (9888.HK) announced a multi-year strategic partnership with Uber to accelerate autonomous vehicle deployment. Geely Auto (175.HK) is to acquire Zeekr Group (ZK) for $2.4B in latest round of consolidation in China's EV sector.

  • Digest:

    • Trump announces trade deal with Indonesia, Bessent downplays US-China truce deadline:

      • President Trump announced at the White House that he reached a deal with Indonesia, which will pay a 19% tariff while US will not be taxed (Bloomberg). Indonesia was previously threatened with a 32% rate. Trump added on social media that Indonesia agreed to purchase $15B in US energy, $4.5B in agricultural products and 50 Boeing (BA) jets, many of them said to be 777s. Trump noted Indonesia faces additional levies on transshipments, becoming a feature of SE Asia deals after the Vietnam precedent. Trump said he dealt directly with Indonesian President Prabowo Subianto to finalize the deal, though specifics still pending. Indonesia preparing a US joint statement to detail additional information, including non-tariff measures and commercial agreements. Article noted this would be the fourth framework announced following UK, Vietnam and a China truce, but content has so far fallen short of full-fledged deals. Formal documents on the Vietnam agreement still haven't been published. No major developments on US-China negotiations, but Treasury Secretary Bessent told 'Bloomberg Surveillance' Tuesday the 12-Aug tariff truce deadline is flexible and is telling market participants not to worry. Bilateral talks are in a "very good place" ahead of an expected meeting in coming weeks.

    • BofA Asia FMS shows sentiment normalizing despite tariff turbulence:

      • Following major fluctuations in investor sentiment in the wake of Trump tariffs, BofA Asia FMS showed 70% of respondents saw Asia impacts on economy and markets as only slightly negative, the most optimistic reading since December. Optimism anchored by lingering hopes for trade deals and synchronized monetary easing cycles among major central banks. Net 13% expect earnings pickup, a stark turnaround from 78% looking for a slowdown in April. Key macro sentiment towards China unchanged with net 10% predicting a weaker economy amid expectations that Beijing apt to hold off on fresh stimulus for now given robust growth momentum in Q2. On country allocations, Japan remains well ahead (net 32% overweight), followed by Taiwan and South Korea (semiconductor cycle tailwinds, Korea policy optimism), while India slipped to fourth place. China among the laggards (net 13% underweight) with Thailand and Australia bringing up the rear. Few developments by sector/theme -- Asia ex-Japan portfolios favor semis, software, tech hardware and banks. Bearish on materials, energy, industrials and real estate. Banks and semis remain the favorites in Japan, and AI/semis in China. India still focused on consumption and infrastructure while IT services fell out of favor.

    • Bank Indonesia cuts key lending rate 25 bps:

      • Bank Indonesia (BI) cut its 7D reverse repo rate 25 bps to 5.25% Wednesday, continuing easing cycle that began last September. Kept its lending facility at 6.0%, deposit rate at 4.5%. Bank said decision made amid increasingly lower inflation forecasts in the 1.5-3.5% range for this year and next, rupiah stability, need to continue to stimulate economic growth. Bank projected US's tariff regime set to weaken prospects for global economic growth particularly in developed countries amid expansive fiscal policies and monetary policy easing, while China's growth projected to be weak. Governor Perry Warjiyo said cut in line with need to support domestic growth which needs to be focused on household consumption. Forecast H2 growth likely to improve, FY2025 to be in 4.6-5.4% range, will be supported by outcome of tariff negotiations with US government, stronger domestic demand, government stimulus and support from BI (Reuters).

    • RBI to consider rate cut if inflation continues to decline:

      • RBI Governor Sanjay Malhotra said bank could cut interest rates again with inflation slowing sharply and growth remaining in line with forecasts. Said bank expects FY inflation to remain below 3.7% versus target 2-6% band; follows June CPI Tuesday that fell to six-year low 2.1%. Core inflation also subdued at 4.5% (Reuters). Malhotra said bank had neutral stance, meaning it can move in either direction "depending on outlook, not just current data", added bank's MPC will weigh growth alongside inflation before taking decision (CNBC-TV18). RBI widely expected to pause on rate cuts following June's surprise 50 bps cut however lower-than-expected inflation may have changed bank's thinking. Other economic data released Tuesday showed steady economy: merchandise trade deficit narrowed due to sharp decline in imports despite export value falling to seven-month low (Reuters); June unemployment rate unchanged at 5.6% thanks to decline in rural joblessness (Reuters).

    • Singapore's MAS warns over lower H2 growth on trade uncertainties:

      • Singapore likely to see slower economic growth in H2 despite better-than-expected H1 performance, due to trade uncertainties, according to Monetary Authority of Singapore's (MAS) MD Chia Der Jiun. Chia said scope of tariffs, depth of trade agreements, whether they prove durable, and whether escalating trade conflicts recur mean considerable uncertainty over outcomes. Said consumption, investment in Singapore likely to soften in months ahead (Reuters). Warning comes as economists upgrade FY 2025 economic outlook after better-than-expected Q2 GDP performance, albeit underpinned by export frontloading ahead of 90-day tariff relieve expiration. BusinessTimes survey showed most economist forecasts now at or higher than upper band of 0-2% range set in April by ministry of trade and industry (MTI), reiterated Monday alongside Q2 GDP data. Economists noted Q2's 4.3% y/y growth added to lack of additional tariff above 10% base led to greater confidence of better FY growth.

    • Notable Gainers:

      • +10.9% 9602.JP (Toho Co): reports Q1 earnings; revenue and operating income ahead of FactSet estimates; enters strategic partnership with Shanghai Xinchuanghua Cultural Development for Godzilla franchise in Mainland China

      • +2.3% 2020.HK (ANTA Sports Products): provides Q2 operational update

      • +1.4% 1177.HK (Sino Biopharmaceutical): to acquire LaNova Medicines for $950.9M (HK$7.46B)

      • +0.7% 9888.HK (Baidu): announces multi-year strategic partnership with Uber to accelerate autonomous vehicle deployment

      • +0.1% 175.HK (Geely Automobile Holdings): to acquire Zeekr Group

    • Notable Decliners:

      • -2.3% 300308.CH (Zhongji Innolight): guides H1 net income attributable CNY3.6B vs year-ago CNY2.36B

      • -2.2% 4666.JP (Park24): reports H1 earnings; operating income below guidance

      • -1.3% 8316.JP (Sumitomo Mitsui Financial): reportedly is considering investing extra $1.1B (¥162.47B) in Yes Bank

      • -1.2% 500228.IN (JSW Steel): reportedly close to acquiring stake in Coronado Global Resources' Curragh coal mine

      • -0.7% 6969.HK (Smoore International Holdings): guides H1 adjusted net income CNY688.2-786.7M vs year-ago CNY752.9M

  • Data:

    • Economic:

      • Japan

        • July Reuters Tankan manufacturers sentiment index +7 vs +6 in prior month

          • Services sentiment index +30 vs +30 in prior month

      • South Korea

        • June unemployment rate 2.6% vs FactSet consensus 2.6% and 2.7% in prior month

    • Markets:

      • Nikkei: (14.62) or (0.04%) to 39663.40

      • Hang Seng: (72.36) or (0.29%) to 24517.76

      • Shanghai Composite: (1.22) or (0.03%) to 3503.78

      • Shenzhen Composite: 2.18 or +0.10% to 2120.85

      • ASX200: (68.50) or (0.79%) to 8561.80

      • KOSPI: (28.90) or (0.90%) to 3186.38

    • Currencies:

      • $-¥: (0.01) or (0.00%) to 148.8590

      • $-KRW: +0.31 or +0.02% to 1386.8400

      • A$-$: +0.00 or +0.12% to 0.6522

      • $-INR: (0.03) or (0.03%) to 85.9201

      • $-CNY: +0.00 or +0.06% to 7.1773

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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