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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.64%, Hang Seng +0.68%, Shanghai Composite +0.96% as of 04:10 ET

Aug 05 ,2025

  • Synopsis:

    • Asia equities ended mostly higher Tuesday. South Korea and Taiwan led the gainers following the Nasdaq's move overnight while there were solid advances for Japan, Australia and Singapore. The Hang Seng and mainland bourses also added to yesterday's strength, while Southeast Asia benchmarks were higher. India is the only major nation-centric benchmark to see a loss following Trump's threat to raise tariffs. US futures higher, Europe a few points higher in early trade. US dollar inching higher, little movement of note in Asia currencies. Treasury yields higher across tenors. Crude flat, precious metals also largely unchanged. Copper higher on supply problems, iron ore higher on more talk Beijing may ramp up initiatives to curb steel capacity.

    • Asia markets continued where they left off Monday and rallied further to follow Monday's positive session on Wall Street. Strong US corporate earnings and further hopes of a Fed rate cut to sent US stocks higher as traders set aside last Friday's weakness following the poor jobs report and political backlash. Few regional catalysts Tuesday to change the narrative however Bloomberg noted several brokers are now warning over stretched valuations and the possibility of a correction.

    • In regional developments, India markets underperforming noticeably after President Trump threatened to substantially increase tariffs because of New Delhi's importation of Russian crude. Pharmaceutical stocks in India - a leading exporting sector - leading the Nifty and Sensex lower. South Korea July inflation slowed to support talk of a BOK rate cut. Bank of Japan June meeting minutes showed some members backed resuming rate hikes if economic and inflationary data came in line with expectations or trade tensions de-escalated. Australia household spending growth slowed by more than expected amid weakness in services spending. China S&P general services PMI (formerly Caixin PMI) unexpectedly accelerated as new export orders returned to growth.

    • Mitsubishi Heavy Industries (7011.JP) has won an Australia government contract to build its new frigate fleet in a $10B deal. CapitaLand Integrated Commercial Trust (C38U.SP) has paid around $815M to buyout the remainder of a prime office tower it does not already own, issued $390M in units to fund it. China's Ant Group is to sell its remaining 5.8% stake in India's Paytm (One97 Communications, 543396.IN) for around INR38B ($433.7M) in a series of block deals.

  • Digest:

    • Trump threatens to substantially hike tariffs on India over its purchases of Russian oil:

      • US-India tensions in focus after President Trump said he would substantially hike tariffs due to India's purchases of Russian oil (Bloomberg, Reuters). Comes after Trump imposed 25% tariff on India last week and threatened unspecified higher duties over India's Russian energy purchases. India called Trump's latest tariff threat "unjustified and unreasonable' and asserted its oil purchases are determined by market conditions and are not an endorsement of Moscow (Times of India). India has struck defiant tone latelyfollowing Trump's broadsides with PM Modi urging Indians to buy local, while Delhi reaffirmed ties with Moscow and reportedly denied refiners were asked to stop buying Russian crude. India's participation in BRICS has also been sore spot for Trump while India has been frustrated with Trump taking credit for ending recent India-Pakistan hostilities. Still, two sides haven't broken off communications with India committed to negotiations ahead of next round of talks scheduled in final week of August. India reportedly weighing increased purchases of US gas, communication equipment and gold, though market access remains sticking point with India vowing to protect agricultural and dairy sectors.

    • China general services sector expands at fastest pace since May 2024:

      • China S&P Global services PMI, previously known as Caixin PMI as the private survey, was 52.6, beating consensus 50.4 and accelerating from 50.6 in June. Data marked 31st consecutive month of service sector expansion and was strongest since May-2024. Increase in new work posted fastest growth in a year as firms attributed it to improving demand and business development efforts. External demand picked up for first time in three months amid increased tourism activity while export orders saw fastest increase since February. Service providers increased staffing levels at quickest pace in a year, leading to lower increase in backlogs. On prices, input prices rose on higher raw material, fuel and salary expenses and service providers raised output charges for first time in six months. Overall business conditions were most optimistic in four months on expectations of better economic conditions and global trade flows. Still prices and business confidence remained below series average. S&P Global Composite PMI came at 50.8, slower from June's 51.3, mainly dragged by unexpected decline in manufacturing sector.

    • South Korea consumer inflation stays above BOK target but rate cut still possible:

      • South Korea headline consumer prices for July came in above Bank of Korea target for second consecutive month at 2.1% y/y, in line with expectations but below June's 2.2% print. Statistics agency said won depreciation pushed up prices of industrial imports, service prices increased steadily. Processed foods jumped 4.1% y/y while livestock prices grew 3.5%, fish 7.3%. Within services, dining-out costs rose 3.2%. Core inflation rose 2.0% y/y for second month in a row. Separately, Bank of Korea said August inflation expected to be significantly lower on temporary factors. Despite being above 2.0% target, July's reading fell m/m; it and August prints likely to give bank room to resume rate-cut cycle on 28-Aug as inflation 'basically stable' according to economist cited by Bloomberg. However, bank also likely to be cognizant of Seoul house prices, needs to avoid fueling another surge in home costs, household debt.

    • Trump's trade deal claims may not eventuate as touted:

      • In announcing trade deals President Trump has touted investment pledges by other countries worth hundreds of billions of dollars. However, trading partners have downplayed his claim with South Korea stressing its $350B pledge will be structured as loans and guarantees with direct capital injection less than 5% (Bloomberg, NY Times). Trump claimed 90% of profits will be sent to America, though South Korea clarified profit will be reinvested. Japan similarly said only 1-2% of its $550B pledge will be direct investment. Both South Korea and Japan also denied they agreed to open politically sensitive agricultural markets but would rather make technical adjustments to current procurements. Confusion surrounds auto tariffs with South Korea and Japan unclear on when duties will fall to 15% from 25%. Japan's top trade negotiator Akazawa leaving for Washington on Tuesday to press White House to cut auto tariffs as promised (Bloomberg). Trump also claimed Japan will form JV with US on Alaska LNG export project, but FT sources said Japan only exploring only offtake agreement while South Korea harboring major doubts about project's feasibility.

    • BOJ June minutes show some members backed resuming rate hikes if trade tensions de-escalate:

      • Minutes from BOJ 16-17-Jun MPM showed many members favored keeping rates unchanged with trade tensions posing downside risk to overseas economies and creating high uncertainties for outlook. However, reaffirmed view that rate hikes should continue if outlook for economic activity and prices is realized. Few members expressed view that higher-than-expected inflation meant BOJ could resume tightening if trade tensions de-escalate. Some members highlighted resilience in economic data and possibility that downward pressure on Japan growth would be less intense than expected. Surging rice prices a factor weighing on outlook for spending, though members concurred private consumption maintained its moderate increasing trend. Members anticipated upward inflation pressures from rise in food costs before inflation decelerates towards end of 2025 as these effects wane. Members shared view underlying inflation likely to be sluggish due to weaker Japan economic growth, before reaching level consistent with price stability in second half of projection period in April 2025 Outlook Report.

    • Notable Gainers:

      • +24.8% 2400.HK (XD Inc): guides H1 net income no less than CNY790M vs year-ago CNY250.6M

      • +15.9% 326030.KS (SK Biopharmaceuticals Co.): reports Q2 operating profit KRW61.88B vs FactSet KRW35.40B

      • +5.7% 7011.JP (Mitsubishi Heavy Industries): Australian government reportedly enters into negotiations with Mitsubishi Heavy Industries regarding warships

      • +5.2% 6963.JP (ROHM Co.): reports Q1 earnings with revenue and operating income ahead of FactSet estimates

      • +4.9% 4506.JP (Sumitomo Pharma): submits application of manufacturing and marketing authorization for allogeneic iPS product

      • +0.2% 011200.KS (HMM): confirms negotiations to acquire some SK Shipping assets have broken down

    • Notable Decliners:

      • -12.2% 4689.JP (LY Corp.): reports Q1 revenue and adjusted EBITDA below StreetAccount estimates

      • -6.4% 007340.KS (DN AUTOMOTIVE): reports Q2 operating profit KRW121.59B, (18%) vs year-ago KRW148.60

  • Data:

    • Economic:

      • China July

        • S&P Global services PMI 52.6 vs consensus 50.4 and 50.6 in prior month

          • S&P Global Composite PMI 50.8 vs 51.3 in prior month

      • Japan

        • Services PMI 53.6 vs preliminary 53.5 and 51.7 in prior month

          • Composite PMI 51.6 vs preliminary 51.5 and 51.5 in prior month

      • Australia

        • June Household spending +0.5% m/m vs consensus +0.8% and +0.9% in May

          • Household spending +4.8% y/y vs consensus +4.9% and +4.2% in May

        • July ANZ-Indeed job advertisements (1.0%) m/m vs revised +1.6% in June

      • South Korea July

        • CPI +2.1% y/y vs consensus +2.1% and +2.2% in prior month

          • CPI ex-food & energy +2.0% y/y vs +2.0% in prior month

    • Markets:

      • Nikkei: 258.84 or +0.64% to 40549.54

      • Hang Seng: 169.08 or +0.68% to 24902.53

      • Shanghai Composite: 34.29 or +0.96% to 3617.60

      • Shenzhen Composite: 16.88 or +0.77% to 2209.43

      • ASX200: 106.70 or +1.23% to 8770.40

      • KOSPI: 50.25 or +1.60% to 3198.00

    • Currencies:

      • $-¥: +0.29 or +0.20% to 147.3840

      • $-KRW: +4.09 or +0.29% to 1389.5300

      • A$-$: (0.00) or (0.16%) to 0.6457

      • $-INR: (0.10) or (0.11%) to 87.8129

      • $-CNY: +0.01 or +0.12% to 7.1871

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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