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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.60%, Hang Seng (0.08%), Shanghai Composite +0.37% as of 04:10 ET

Jul 17 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Thursday. Australia ended higher, solid gains for Taiwan, Japan and Southeast Asia benchmarks. South Korea's Kospi just a few points higher, mainland China markets also found support but the Hang Seng dipped into the red at the close. India also trading lower. US a few points lower, Europe opened higher. US dollar flat, AUD notably weaker on unemployment spike, yen weaker. Treasury yields higher across tenors, JGBs mixed. Crude oil contracts higher, precious metals mixed, base metals higher led by iron ore at two-month high on China steel sector restructuring hopes.

    • Asia equities largely shrugged off the US market volatility overnight and rose steadily with most markets trading higher on legal views that indicated difficulty for President Trump to dismiss Fed Chair Powell. Nevertheless, reports Trump had sought advise over such a move caused widespread volatility among assets as the dollar dropped, Treasury yields fell and stock markets temporarily dipped, much of which pared before the market close. In Asia, concerns over impact of tariffs still dominate with Trump's softer stance on China to secure a summit with Xi also supporting mainland China stocks. Elsewhere, India continues to be next in line for a deal while Trump reiterated Japan's tariff would remain at 25%.

    • In regional developments, Australia's sovereign yields fell alongside the AUD after the country's unemployment rate rose to its highest since Nov-21, paving the way for a RBA rate cut in August. Japan exports fell for a second consecutive month as auto and steel shipments sank, but Singapore's Q2 non-oil exports surged albeit with economists warning over the data's notorious volatility, and expectations of a H2 dip. China's youth unemployment rate fell to its lowest in a year.

    • Alimentation Couche-Tard dropped its acquisition pursuit of 7-Eleven owner Seven & i (3382.JP) over a lack of cooperation from Seven & i. TSMC (2337.TT) warned unfavorable currency movements in the Taiwan dollar would lead to lower gross profit margins in Q3 even as it raised FY25 sales outlook. Samsung Electronics (005930.KS) Executive Chairman Lee was cleared of all charges related to accounting fraud and stock manipulation by South Korea's Supreme Court.

  • Digest:

    • Trump softens tone on China, India deal set to be along the same lines as Indonesia:

      • Bloomberg sources observed President Trump has dialed back his confrontational tone with China in an effort to secure a summit with Xi Jinping and a trade deal. Some said Trump often the least hawkish voice in meetings with staff. Trump now said to be focused on securing purchase deals with Beijing, similar to the agreement struck during his first term, veering towards quick wins instead of addressing root causes of trade imbalances. Approving the resumption of Nvidia H20 chip exports to China was something multiple senior officials had said was not on the table. Some hawkish advisers fear a further rollback of chip controls is now inevitable. In a further effort to ease tensions, US officials preparing to delay the 12-Aug tariff truce expiry after Treasury Secretary Bessent signaled earlier that the deadline was flexible. One source suggested the truce could be extended by another three months. Article noted Trump's dovish shift stands to grate against China hawks in the administration. Separately, Bloomberg reported Indian officials aiming to secure a tariff rate lower than the 19% set for Indonesia, though Trump has said the India deal would be along the same line.

    • Australian job growth disappoints, jobless rate unexpectedly rises:

      • Headline employment rose 2K m/m in June, well below consensus 20K, rebounding from revised 1.1K decline in the previous month. Breakdown showed growth was entirely driven by part-time labor, mildly outweighing notable weakness in full-time roles. Other details were mostly weak. Unemployment rate was 4.3%, highest since Nov-21, in another notable surprise against expectations of a steady reading at 4.1%. Lackluster job growth unable to absorb an uptick in labor force participation to 67.1%, also predicted to have remained steady at 67.0%. Total hours worked fell 1% as underemployment rate edged up to 6.0% from 5.9%. Soft results prompted dovish market reactions with sharp drop in short-end yields including policy-sensitive 3y and a notable downshift in Aussie dollar. Follows surprise/disappointment at RBA's decision to keep rates steady this month after markets had interpreted preceding signals for a cut. Governor Bullock maintained a dovish stance and clarified that a cut was a matter of timing, and pointed to the need to wait for comprehensive quarterly CPI data due 30-Jul.

    • TSMC warns on Q3 gross profit margins even as it raises full-year revenue forecasts:

      • TSMC (2330.TT) raised its FY25 revenue growth outlook to 30% from mid-20% previously, and delivered better-than-expected 61% jump Q2 in profits. Results delivered AI-related technology stocks a significant boost following ASML's (ASML.NA) warning over next year's growth forecasts. Net income rose 61% y/y to NT$398.3B ($13.5B) versus FactSet consensus NT$379.4B, on a previously reported 39% rise in revenue to NT$933.79B. Analysts said tariff threat had 'supercharged' demand for TSMC chips in recent months. However, company said unfavorable movements in Taiwan dollar would hurt Q3 gross profit margins; previously said 1% depreciation of US dollar against Taiwan dollar would negatively impact operating profits by 0.4%. Company also warned on trade uncertainties as analysts said too early to tell if Trump's threatened 32% tariff rate on Taiwan products would be implemented while government still negotiating agreement with Washington.

    • Seven & i tumbles on reopen after ACT pulls acquisition proposal:

      • Seven & i (3382.JP) tumbled on the resumption of trading Thursday after a trading halt prompted by Alimentation Couche-Tard's (ATD.CN) withdrawal of its acquisition proposal. Separate statements affirmed two sides remained far apart. ACT claimed lack of sincere or constructive engagement from 7&i, noting content of due diligence procedure was negligible, and accused the firm of engaging in a "calculated campaign of obfuscation and delay." ACT reprised an alternative proposal to buy 100% of 7&i offshore business and 40% stake in domestic operations in an equity deal rather than the original cash offer. Seven expressed dissatisfaction with the decision, arguing against the points raised by ACT, citing complications from external factors, including unavoidable US antitrust hurdles. Pledged to continue with independent value creation measures that includes the North American convenience store business. Signaled a JPY2T ($13.5B) share buyback plan to be executed by FY30-end by inviting a strategic partner for the superstore business and an IPO of the North American convenience store business.

    • Japan trade data mixed, export volumes hold up despite tariff overhang:

      • Customs exports fell 0.5% y/y in June, contrasting with expectations of a 0.5% increase. Follows 1.7% decline in May, marking the second straight slide. Main drags were autos, iron & steel and nonferrous metals. Regional demand weighed down by back-to-back double digit decreases in US (led by autos down 26.7%). China shipments also fell for the fourth straight month though broader Asia demand remained moderately positive. Imports edged up 0.2%, also contrasting with an expected 1.1% decline, following 7.7% drop in May for the first increase in three months. Growth in medicines, communications equipment and semiconductors & electronic parts edged out sharply lower fossil fuels. Inbound shipments grew from all major regions except for US, which logged the fifth decrease. Nominal figures masked by falling prices, particularly in imports, while volumes remain positive. Yen was notably stronger with customs-cleared average USD/JPY rate down 8.0% y/y. BOJ real trade indices showed exports up 3.2% m/m, outpaced by 5.0% growth in imports. Q2 averages left exports flat on the quarter, versus 1.7% q/q growth in imports, pointing to a net drag on Q2 GDP from external demand. Latest JCER consensus looks for Q2 GDP to be virtually flat, following a 0.2% annualized contraction in Q1, with external demand contribution neutral against marginal growth in private consumption and capex.

    • Notable Gainers:

      • +6.6% 853.HK (MicroPort Scientific): proposes restructuring to consolidate CRM business with CardioFlow

      • +3.4% 1801.HK (Innovent Biologics): reports results from Phase 1 clinical study of IBI343 published in Nature Medicine

      • +3.1% 005930.KS (Samsung Electronics): South Korean Supreme Court confirms Samsung's Lee Jae-yong not guilty of unfair merger and accounting fraud

    • Notable Decliners:

      • -14.3% 377300.KS (kakaopay): downgraded to neutral from buy at Shinhan Securities

      • -9.2% 3382.JP (Seven & I Holdings): Alimentation Couche-Tard withdraws proposal for Seven & I Holdings, cites persistent lack of good faith engagement; Seven & I confirms ACT decided to withdraw acquisition proposal; company disappointed, does not agree with numerous inaccurate statements in ACT's press release

      • -9.0% 000660.KS (SK Hynix): downgraded to neutral from buy at Goldman Sachs; firm believes that HBM pricing could decline next year

  • Data:

    • Economic:

      • Japan June

        • Trade balance ¥153.1B vs consensus ¥353.9B and revised (¥638.6B) in prior month

          • Exports (0.5%) y/y vs consensus +0.5% and (1.7%) in prior month

          • Imports +0.2% y/y vs consensus (1.1%) and (7.7%) in prior month

      • Australia June

        • Employment +2K m/m vs consensus +20K and revised (1.1K) in May

          • Unemployment rate 4.3% vs consensus 4.1% and 4.1% in May

          • Participation rate 67.1% vs consensus 67.0% and 67.0% in May

      • Singapore June

        • Non-oil exports +13.0 y/y vs consensus +5.0% and (3.9%) in prior month

          • Non-oil exports +14.3% m/m vs consensus +5.1% and (12.4%) in prior month

    • Markets:

      • Nikkei: 237.79 or +0.60% to 39901.19

      • Hang Seng: (18.81) or (0.08%) to 24498.95

      • Shanghai Composite: 13.05 or +0.37% to 3516.83

      • Shenzhen Composite: 25.23 or +1.19% to 2146.08

      • ASX200: 77.20 or +0.90% to 8639.00

      • KOSPI: 5.91 or +0.19% to 3192.29

    • Currencies:

      • $-¥: +0.86 or +0.58% to 148.7460

      • $-KRW: +3.95 or +0.28% to 1391.2800

      • A$-$: (0.01) or (1.03%) to 0.6462

      • $-INR: +0.05 or +0.06% to 85.9469

      • $-CNY: +0.00 or +0.01% to 7.1794

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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