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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.21%), Hang Seng +1.33%, Shanghai Composite +0.50% as of 04:10 ET

Jul 18 ,2025

  • Synopsis:

    • Asian equities ended mostly higher Friday. Australia's the day's best performer as its ASX 200 reached a new record high; more solid gains for the Hang Seng, Shanghai Composite closed near 4.5-year highs. Singapore's STI also at a fresh new record. Taiwan's Taiex led by TSMC. Japan's two main boards and South Korea's Kospi among those that lost ground alongside India's main benchmarks. US futures point to another strong open while Europe opened higher again. US dollar a little under pressure, AUD bounced back a little from yesterday's falls. Treasury yields up at the short end, down at the long. Precious metals mixed, crude contracts trading higher, base metals led again by iron ore. Cryptocurrencies higher, bitcoin above $120K for a time.

    • Asia equities ended the week with a flurry as several country-based benchmarks reached record highs to follow those records set on Wall Street overnight. An exception was in Japan that saw its main Topix and Nikkei end slightly lower to cap off an underperformance over the week as Sunday's upper house election approaches. Many observers say if polls translate into votes, the ruling LDP will lose its grip on power, and could possibly even force PM Ishiba to resign if results are bad enough.

    • In regional developments, Japan's core inflation fell by more than expected in June. Several Asia-based graphite stocks saw gains following Washington's move to impose a 93.5% tariff on China's graphite producers. The PBOC injected the most cash since January via its 7D reverse repo rate after overnight Shibor rates spiked sharply. Malaysia's Q2 GDP was better than expected as consumption remained strong but FY targets are still likely to be lowered; separate data showed the country's exports contracted unexpectedly.

    • BHP (BHP.AU) said it saw record annual copper output but warned over lower output next year, and said there would be more delays at a key potash mine. Credit rating agency S&P downgraded Nippon Steel (5401.JP) debt rating on debt strain from its US Steel acquisition. TSMC (2330.TT) called forex a 'big uncertainty' to margins and vowed it would constantly review its hedging activity. Axis Bank (532215.IN) posted an unexpected drop in June-quarter profits on a surge in bad loans following a one-off industry benchmarking exercise.

  • Digest:

    • Japan nationwide core inflation softens with energy subsidies, rice surge eases marginally:

      • Core nationwide CPI rose 3.3% y/y in June, compared to consensus 3.4%, down notably from 3.7% in the previous month. Results were largely consistent with advanced Tokyo figures. Energy contributions fell 0.40 ppt on the month, driven mainly by slower growth in electricity and a downturn in gasoline reflecting government subsidies. Elsewhere, biggest marginal contributions came from mobile phone fees, followed by further pickup in non-fresh food. Recent attention on surging rice prices, which moderated somewhat to +99.2% (0.39 ppt contribution to the headline) from +101.0%. Overall monetary policy implications from headline inflation remain limited as BOJ has looked to other data sources and continues to see underlying trend inflation somewhat below the 2% target. Some thoughts the trajectory is close, though consensus view foresees momentum achieving target in the second half of the projection period as defined in the BOJ outlook report. Second key facet relates to whether cost passthrough dynamics are led by import prices or a self-sustaining virtuous wage-price cycle, where evidence from BOJ Tankan survey and regional economic reports have remained constructive to the extent that Governor Ueda has recently concluded that domestic fundamentals look unlikely to be derailed by tariff turbulence, albeit uncertainties remain extremely high.

    • PBOC adds most cash via 7D reverse repo this week since January:

      • PBOC injected a net CNY1.3T($181B) of cash into banking system via 7D reverse repo this week, highest since January according to Bloomberg. Move comes as both overnight and 7D Shibor rates rose to higher than PBOC's policy rate of 1.40%, indicating tighter liquidity conditions. Noted strong seasonal effect as July is major month for tax payments, with quarterly taxes including stamp and environmental protection duties due, on top of monthly VAT and income taxes. Liquidity also drained by strong government bond issuance which Huachuang Securities expects CNY1T more net issuance in July. ShanghaiSecuritiesNews also pointed to maturity of 1Y MLF loans and negotiable certificates of deposit. Meanwhile ANZ economist said PBOC unlikely to continue adding huge liquidity as taxes were due by Tuesday as net cash injections already moderated to CNY102.8B Friday from CNY444.6B Wednesday. Recall PBOC deputy governor Zou said Monday central bank is carefully calibrating intensity and pace of moderately loose monetary policy implementation to support country's goal of around 5% growth this year (SCMP).

    • Malaysia's economy grows 4.5% y/y in Q2 as strong consumption offsets an export slowdown:

      • Malaysia's GDP grew 4.5% y/y in Q2, marginally above Q1 pace and above FactSet consensus estimate of 4.2%, largely thanks to continued strength in manufacturing and resilient consumer demand which offset a decline in exports. Statistics agency said preliminary estimates showed external components of economy remained 'challenging', was weighed by tariff developments, continued global political uncertainties. Service sector grew 5.3% y/y while manufacturing rose 3.8%. Separate data released Friday showed June exports declined 3.5% against Bloomberg estimates for an increase of 5.4%, second consecutive month of contracting shipments. Suggests frontloading effects ahead of tariff increases wearing off, according to analyst cited in article. Although H1 growth of 4.4% just below 4.5-5.5% government target, PM Anwar and central bank already warned country unlikely to meet even lower end of band amid US tariffs (Reuters).

    • StreetAccount Event Preview: Japan upper house election

      • Japan's upper house election will be held Sunday with preceding opinion polls broadly pointing to a considerable risk of the ruling coalition losing majority control. This outcome is viewed by markets as auguring for looser fiscal policy given incumbents would be forced to adopt opposition proposals for stronger stimulus including a possible consumption tax cut that would further degrade efforts toward austerity. Superlong JGB yields have risen notably on this dynamic. Upper house rotates half the 248 seats every three years. This election will see 125 seats contested, including 75 from electorates and 50 in proportional representation. Accounting for the uncontested distribution, ruling coalition needs to win 50 to maintain majority. Notable feature is that the election will be held in the middle of a three-day long weekend for the first time. Recent participation has been low around 50% and abstinence has typically favored the LDP. Yet, 9.5% of the voting population already cast their ballots seven days ahead of the election, a 27% increase in early voting on the prior election. Elevated turnout from swing voters favors opposition parties; DPP and right-wing populist Sanseito stand to make notable gains. Largest CDP poised to maintain their seats.

    • Notable Gainers:

      • +19.6% 003670.KS (POSCO Future M Co.): US Department of Commerce announces preliminary antidumping duties of 93.5% on active anode material producers from China

      • +3.0% BHP.AU (BHP Group): reports Q4 iron ore production 70.3Mt vs StreetAccount 69.2Mt

      • +2.2% 2330.TT (TSMC): Q2 earnings, revenue, and margins beat; company talks up strong structural demand from customers; raises FY revenue-growth outlook though cautiones FX could weigh on GM

      • +2.1% 377300.KS (kakaopay): reportedly halts negotiations to acquire SSG Pay, Smile Pay

      • +0.7% 590.HK (Luk Fook Holdings (International)): reports Q1 retail same store sales growth +5% y/y

    • Notable Decliners:

      • -8.8% 6146.JP (DISCO Corp.): reports Q1 earnings; Q2 shipment guidance miss expectations

      • -7.9% 853.HK (MicroPort Scientific): guides H1 net loss not more than ($110M) vs year-ago ($106.7M)

  • Data:

    • Economic:

      • Japan June

        • Nationwide core CPI +3.3% y/y vs consensus +3.4% and +3.7% in prior month

          • CPI excl. fresh food & energy +3.4% y/y vs consensus +3.3% and +3.3% in prior month

          • Overall CPI +3.3% y/y vs consensus +3.3% and +3.5% in prior month

    • Markets:

      • Nikkei: (82.08) or (0.21%) to 39819.11

      • Hang Seng: 326.71 or +1.33% to 24825.66

      • Shanghai Composite: 17.66 or +0.50% to 3534.48

      • Shenzhen Composite: 7.63 or +0.36% to 2153.71

      • ASX200: 118.20 or +1.37% to 8757.20

      • KOSPI: (4.22) or (0.13%) to 3188.07

    • Currencies:

      • $-¥: +0.05 or +0.04% to 148.6600

      • $-KRW: (1.66) or (0.12%) to 1390.3100

      • A$-$: +0.00 or +0.40% to 0.6514

      • $-INR: +0.08 or +0.10% to 86.1310

      • $-CNY: (0.01) or (0.09%) to 7.1772

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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