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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.60%, Hang Seng +0.03%, Shanghai Composite +0.45% as of 04:10 ET

Aug 06 ,2025

  • Synopsis:

    • Asian equities ended mostly higher Wednesday. The region was led higher by Japan's Nikkei and Topix benchmarks while there were solid gains for China's mainland boards, Australia and Singapore. The Hang Seng ended flat alongside South Korea's Kospi, while India's two main boards are also on the flatline. Taiwan was lower. Thailand's SET outperformed noticeably on stimulus news. US and futures higher, Europe opened higher. US dollar flat, AUD and NZD leading Asia currencies higher. Treasury and JGB yields higher. Crude futures up, gold slightly down while base metals are largely unchanged.

    • Japan's outperformance led by several of its large-cap automakers on hopes Tokyo will be able to persuade the US to follow through with promised cuts to auto-related tariffs. Offsetting these gains was underperformance in semiconductor and pharmaceutical names after Trump announced levies would be announced within the next "week or so". India's main Nifty 50 and Sensex benchmarks pared opening gains after the RBI held its base repo rate steady at 5.5% and kept its Neutral stance against some expectations of a rate trim and/or dovish change to its stance. The country's markets also still reeling from Trump's promises to hike tariffs 'substantially' above 25% if it continues to buy Russian crude. Separately, Trump said a deal to extend the China trade truce was 'very close' and said a meeting with Xi before year-end was possible.

    • In other developments, Japan wage growth remained soft with real wages shrinking by more than expected. Indonesia's main stock index neared a record high but a business group warned of underlying weakness in consumption and manufacturing. Thailand SET outperformed after the government announced a national Bt18.5B stimulus program and compensation scheme for victims affected by recent fighting on its border with Cambodia, although separate data showed deflation worsening in the country. New Zealand employment contracted in-line with forecasts but jobless rate rose by less than expected, paving the way for a RBNZ rate cut.

    • Yomeishi Seizo (2540.JP) is considering going private and has received acquisition proposals from several investment funds, according to a Bloomberg report. Atour Lifestyle Holdings (ATAT) is considering a second listing in Hong Kong, according to a Bloomberg report. Cathay Pacific (293.HK) placed a $8.1B order for 14 Boeing 777X planes, which have yet to be certified, to be delivered by 2034; warned over declining airfares, uncertain cargo outlook. Naver (035420.KS) said after the close Tuesday it is to buy WALLAPOP for KRW903.6B to allow an expansion in Europe. The private equity arm of asset manager TPG has agreed to buy Australia's Infomedia (IFM.AU) for A$651M ($431M).

  • Digest:

    • Trump repeats India tariff threat, says China deal close, foreshadows chip and pharma duties:

      • President Trump touched on array of topics in Tuesday CNBC interview though didn't really break new ground. On India, Trump again voiced displeasure at Indian purchases of Russian energy, its participation in BRICS, resistance to opening markets and its high tariffs, repeating his earlier threat to substantially hike 25% tariffs with decision expected in next 24 hours. Bloomberg sources noted India continuing to mull its response, which may include easing dairy market access along with support measures for exporters likely to be impacted by tariffs. On China, Trump repeated getting very close to deal and if so he'll likely end up meeting President Xi before year-end. However, added no meeting if no deal. Later Trump did not rule out secondary sanctions on other buyers of Russian crude, including China (Bloomberg). On pharma, Trump flagged phased-in tariff approach with small duties initially before rising to 150% and then 250% over next 1-1.5 years. On semiconductors, said sector tariffs to be announced soon.

    • RBI keeps base repo rate on hold, says US tariffs created uncertainty:

      • Reserve Bank of India's MPC voted unanimously to keep base repo rate on hold at 5.5%, as expected by majority of economists with minority forecasting 25 bps trim. It also kept its stance Neutral against some expectations of tilt to 'accommodative'. Governor Malhotra said core inflation likely to remain moderate at around 4%, headline inflation outlook for FY26 lowered to 3.1% from 3.7%, 4.9% in FY 2027; FY 2025 GDP growth outlook maintained at 6.5%, 2026 at 6.6% with steady growth in each quarter. Added while geopolitical uncertainties somewhat abated, concerns around external trade remain uncertain. Said rural consumption remains resilient while urban demand continues its gradual recovery. Economists said RBI any downside from external side likely to be offset by domestic uplift from lower prices however bank probably was cognizant of its 1Y forward inflation forecast that was still above 4%. Further easing could still happen if downside growth risks materialize (Reuters).

    • Japan nominal wage growth picks up but real wages decline as inflation pressures linger:

      • Japan nominal wage growth rose to 2.5% y/y in June from 1.4% in prior month, below consensus 3.1% but fastest pace since February. Decline in real wages narrowed to 1.3% from 2.6% but still lower than 0.7% decline expected in sign of lingering inflation pressures. Comes after real wages contracted in May at fastest pace since Sep-2023. Special payments rose 3%, reflecting summer bonuses, while growth in base pay matched prior month's 2.1%. Wage growth trend remains below the average 5.25% agreed to by major businesses at this year's shunto talks. Labor Ministry in July said spring wage negotiation outcomes may not be significantly reflected in official wage data until summer. BOJ left rates on hold at last week's meeting, while reaffirming rate hikes to continue if economic and inflation forecasts remain on track. Outlook Report assessed labor market conditions as tight, raising possibility of wage growth deviating up from baseline scenario and pushing up inflation expectations.

    • New Zealand labor market softens, reinforcing August rate cut expectations:

      • New Zealand Q2 employment shrunk by 0.1% q/q, in-line with forecasts following prior quarter's revised flat read. Unemployment rate rose to 5.2% from 5.1%, less than 5.3% forecast but still the highest read since Q3-2020. Participation rate fell to 70.5% from 70.7%, lowest since Q1-2021. Unemployment rate was in-line with RBNZ's forecast from May, but central bank had also predicted modest employment increase. Wage pressures moderated with labor cost index (LCI) growth falling to 2.4% y/y from 2.9%, lowest since Q3-2021. On inflation adjusted basis, salary and wage growth shrunk 0.3%. Data reinforced expectations of an August RBNZ rate cut after New Zealand Q2 inflation softened by more than expected while manufacturing and services sectors remain stuck in contraction. RBNZ left OCR unchanged in August, but minutes showed MPC debated whether to cut by 25 bp amid downbeat assessment of Q2 economic metrics. Some thought that labor weakness and low inflation leave scope for follow-up rate cuts beyond August.

    • India's economic and corporate challenges go beyond tariffs:

      • President Trump's 25% tariff on India has prompted modest downward revisions to growth forecasts with HSBC estimating 0.3% hit to GDP and Goldman Sachs predicting 0.1% impact. Trump's threatened additional tariff over Russian energy purchases poses additional downside risk to growth estimates. However, there is high uncertainty around final tariff level amid prospect for renewed progress towards a deal, or an escalation of tensions if Trump moves ahead with secondary duties. Speaks to challenging external backdrop for India with Morgan Stanley highlighting potential for continued no-deal scenario to erode corporate confidence, and weigh on capex. India also facing challenges beyond tariffs with SocGen emphasizing lackluster economic growth. Company earnings have also disappointed with Q2 results showing sequential drop in earnings coupled with downward revisions to EPS growth consensus, all in an environment of unattractive valuations with forward P/E still at 22x. Morgan Stanley further warned of negative spillovers to corporate pricing and profit growth from China's deflation challenges.

    • Notable Gainers:

      • +5.9% 8801.JP (Mitsui Fudosan): reports Q1 results; operating income ahead of FactSet estimates

      • +3.0% 6367.JP (DAIKIN INDUSTRIES): reports Q1 earnings; operating income ahead of FactSet estimates

      • +1.5% 3382.JP (Seven & I Holdings): provides Roadmap Toward 2030; guides FY30 revenue ¥11.3T

      • +0.9% 8306.JP (Mitsubishi UFJ Financial): reportedly seeking to increase ROE to 12% by boosting operating profit through acquisitions in Asia

    • Notable Decliners:

      • -29.9% 007390.KS (NATURECELL): Ministry of Food and Drug Safety rejects JointStem's product approval

      • -9.7% 293.HK (Cathay Pacific Airways): reports H1 net income attributable HK$3.65B vs year-ago HK$3.61B; to purchase 14 Boeing 777-9 aircraft

      • -9.1% 1448.HK (Fu Shou Yuan International Group): guides H1 net income attributable (CNY235-265M) vs year-ago CNY298.8M

      • -6.0% 9987.HK (Yum China Holdings): reports Q2 revenue in line with FactSet estimates

      • -4.4% 6098.JP (Recruit): reports Q1 results; revenue misses StreetAccount estimates

      • -2.7% 3443.TT (Global Unichip): reports July revenue NT$2.23B, (23.1%) y/y

      • -1.5% 035420.KS (NAVER): to acquire WALLAPOP SL for KRW903.56B

      • -0.1% 8113.JP (Unicharm): reports H1 results; core operating income ¥57.01B, (22%) vs year-ago ¥73.10B

  • Data:

    • Economic:

      • Japan June

        • Average nominal wages +2.5% y/y vs consensus +3.1% and revised +1.4% in prior month

          • Real wages (1.3%) y/y vs consensus (0.7%) and revised (2.6%) in prior month

      • New Zealand Q2

        • Employment (0.1%) q/q vs consensus (0.1%) and revised 0.0% in Q1

          • Unemployment rate 5.2% vs consensus 5.3% and 5.1% in Q1

    • Markets:

      • Nikkei: 245.32 or +0.60% to 40794.86

      • Hang Seng: 8.10 or +0.03% to 24910.63

      • Shanghai Composite: 16.40 or +0.45% to 3633.99

      • Shenzhen Composite: 16.31 or +0.74% to 2225.74

      • ASX200: 73.30 or +0.84% to 8843.70

      • KOSPI: 0.14 or +0.00% to 3198.14

    • Currencies:

      • $-¥: (0.03) or (0.02%) to 147.5830

      • $-KRW: +2.08 or +0.15% to 1388.8700

      • A$-$: +0.00 or +0.33% to 0.6493

      • $-INR: (0.14) or (0.16%) to 87.6776

      • $-CNY: +0.00 or +0.06% to 7.1885

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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