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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.65%, Hang Seng +0.69%, Shanghai Composite +0.16% as of 04:10 ET

Aug 07 ,2025

  • Synopsis:

    • Asian equities traded mostly higher Thursday. TSMC and Hon Hai drove Taiwan's Taiex sharply higher after Trump announced exemptions from his 100% chip levy; SEC and SK Hynix also helped the Kospi to a higher close too. Gains for Hong Kong and Shanghai, but Shenzhen ended lower. Japan higher with the Topix ending at a record high. Singapore adding to gains despite mixed bank sector results. India trading lower again after Trump said he would impose a 50% import tariff. Southeast Asia mixed. US futures higher again, Europe opened with modest gains. US dollar lower in late trade, AUD and NZD higher, yen also stronger. Treasury yields higher across tenors, JGB yields lower. Crude continues to edge higher, precious metals also slightly higher, base metals mixed. Cryptocurrencies continue to be rangebound.

    • Asia markets linked to technology stocks outperformed after President Trump announced companies investing in the US would be exempt from 100% import tariffs. Several large-cap semiconductor names in Taiwan and South Korea benefited from the carve out, having already pledged investment or having close connections to major projects, although precise details are said to be missing from the announcement. Japan and US continue to dispute the terms of last month's agreement and whether tariffs would be 'stacked'. India PM Modi responded to Trump's threat of a 50% by saying India was ready to bear the pain of tariffs to protect its agricultural industry.

    • In other developments, China exports easily beat expectations although figures still considered to be under the influence of frontloading ahead of tariffs. Imports also jumped against forecasts of a decline. Australian export growth accelerated while New Zealand inflation expectations eased again. Philippines reported Q2 GDP growth above expectations, Malaysia industrial output beat forecasts.

    • Toyota Motor (7203.JP) said quarterly profit dropped 11% due to the impact of US tariffs, lowered its FY operating income forecast. New World Development (17.HK) and the Cheng family are said to be negotiating with Blackstone over $2.5B in financing that could eventually lead to taking the group private. Australia's financial regulator said it was in the final stages of considering a listing market application from CBOE's Australia unit in a challenge to ASX's (ASX.AU) dominance; ASX stock dipped sharply. Singapore's DBS (D05.SP) posted marginally higher-than-expected Q2 profits and maintained its FY outlook however rival UOB (U11.SP) saw net profits tilt lower to miss forecasts and cut its FY expectations. Bajaj Auto (532977.IN) said it plans lower-than-expected output in its EV range because of a supply crunch in rare earths.

  • Digest:

    • Trump says chip tariffs at 100% with exemptions, baseline tariffs go into effect:

      • Trade focus shifting to sectoral tariffs after President Trump on Wednesday flagged 100% rate on semiconductor imports (Bloomberg). However, chip tariffs will not apply to companies building in US or have made investment commitments, marking reprieve for companies like Apple (AAPL). Comes after CEO Tim Cook on Wednesday pledged another $100B investment in US, coming on top of existing $500B four-year investment commitment (Bloomberg). Some Asian semiconductor firms with investments in US also expected to win reprieve from chip tariffs (Bloomberg, Reuters). Trump on Tuesday also foreshadowed phased-in pharma tariffs, beginning with small duties before rising to 150% and then 250% over next 1-1.5 years. Meanwhile, baseline tariffs that White House announced last week went into effect midnight Thursday (FT, Bloomberg). Among Asian nations, Japan and South Korea will face 15% tariffs, Taiwan will see 20% tariffs, while Thailand, Malaysia and Cambodia get 19% rate. Switzerland among hardest hit with 39% tariff that it was unable secure relief from this week.

    • US tariffs on Japan will stack on top of existing levies as two sides differ on aspects of deal:

      • US-Japan trade deal drawing more scrutiny amid differing interpretations of agreement details. Kyodo reported White House official said 15% baseline tariff will stack on top of existing duties, contrasting with Japan's explanation that goods shipped to US with tariffs below 15% percent will be subject to uniform 15% rate, while goods with existing rates above 15% remain unchanged. Also differed with EU deal, where 15% rate is all-inclusive (Reuters). Japan's top trade negotiator Akazawa in Washington to press US on reducing auto tariff but meeting with Commerce Secretary Lutnick failed to resolve when Japan will see reduced rate of 15%. Note however other trading partners also waiting on auto tariff relief with Reuters source saying executive order for European cars still few more days away. Other aspects of US-Japan deal facing questions after Japan said only 1-2% of its $550B pledge will be direct investment (NY Times) and Alaska LNG partnership discussions involve only offtake agreement than JV as claimed by Trump (FT). Japan also downplayed claim it agreed to open agriculture markets but will rather make technical adjustments to current procurements.

    • China July exports beat estimates, imports see biggest jump in a year:

      • Dollar-denominated exports rose 7.2% y/y in July, beating Reuters consensus 5.4% and following 5.8% growth in June. Bloomberg noted resilience in China's exports came despite higher US tariffs, indicating still strong global demand and exports remain key driver for its economy. Imports rose 4.1%, in contrast with 1.0% dip expected and accelerated from 1.1% growth in June. Imports, growing for second straight month, posted strongest jump in a year. Trade surplus narrowed to $98.2B, compared with $105.0B expected and narrowed from $114.B in prior month amid jump in imports. Customs data showed outbound shipments to US plunged 21.7% y/y in July after June's 16% drop, bringing overall exports to the country down to 12.4% YTD. Noted US government data showed Washington's trade gap with Beijing shrank to lowest in more than 21 years. Meanwhile shipments to ASEAN jumped 16.6% y/y in July while YTD saw exports to region rise 13.5%. Exports to EU rose 9.3% y/y in July with 7% growth YTD despite tensions between Beijing and Brussels. Still high frequency data suggested trade activity is slowing with ports in China processing fewer containers in week through 3-Aug from previous period, second straight week of declines.

    • Trump carries out threat to sanction India over Russian crude purchases:

      • President Trump carried out threat to sanction India over its purchases of Russian energy, signing executive order imposing 25% tariff (taking total tariffs to 50%), which takes effect in 21 days (Bloomberg, FT). India PM maintained defiant tone, saying India ready to pay heavy price will not compromise interests of farmers (Business Standard). In recent days Trump had also voiced frustration over India's resistance to easing market barriers, its tariffs on certain products and participation in BRICS nations. India had been preparing for this outcome with Bloomberg sources noting Delhi considering fast tracking plan to support impacted exporters. Trump's broadsides reportedly came as shock to Indian officials given two sides had been working towards interim deal. Reuters sources highlighted how India believed they had makings of a deal but Delhi's hardened stance on dairy and farm imports proved to be sticking point while relations further strained by Trump taking credit for ending India-Pakistan hostilities. Still, two sides are communicating with US delegation expected in Delhi later this month. Officials also said to be weighing loosening dairy market access rules for US to try and break deadlock.

    • Philippines Q2 GDP grows by more than expected as inflation cools, employment steadies:

      • Philippine GDP grew 5.5% y/y in Q2 versus FactSet consensus 5.4%, and higher than Q1's 5.4%, driven by improved consumption, government spending, expansion in financial services. Statistics Authority said all major economic sectors posted y/y growth including 7% expansion in agriculture; household demand grew 5.5%. Demand stayed resilient despite US tariff rate of 19% set to begin this week however country's low dependency on exports means it will remain relatively immune from trade disruption. Earlier this week, agency said headline CPI dipped to 0.9% y/y from June's 1.4%, underpinning decline in food prices; core inflation ticked higher to 2.3% in July. Unemployment stable at 3.7%. July's S&PGlobal PMI reading also continued to show expansion. Tuesday, central bank governor Remolona said bank could ease monetary policy again next year after expected two 25 bps cuts before year end (Bloomberg).

    • Notable Gainers:

      • +22% 2413.JP (M3): reports Q1 earnings with revenue and operating income ahead of FactSet estimates

      • +12% 035720.KS (Kakao): reports Q2 operating profit and revenue ahead of StreetAccount estimates

      • +10.2% 17.HK (New World Development): New World, Cheng family reportedly in talks with Blackstone on up-to-$2.5B (HK$19.62B) financing, potentially leading to joint offer to take New World private

      • +7.1% 352820.KS (HYBE Co.): reports Q2 earnings with revenue ahead of StreetAccount estimates

      • +4.9% 2330.TT (TSMC): 100% US tariffs on chips will not apply to companies building in US or have made investment commitments

      • +4.1% 6758.JP (Sony): reports Q1 results with operating income ahead of StreetAccount estimates; raises FY operating income guidance

      • +2.0% D05.SP (DBS Group Holdings): reports Q2 results; net interest income in line with StreetAccount estimates

    • Notable Decliners:

      • -18.2% 6869.JP (Sysmex): reports Q1 earnings; revenue and operating income below FactSet estimates

      • -9.0% 1709.HK (DL Holdings Group): launches HK$653.3M placement at HK$2.95/share

      • -2.8% 3034.TT (Novatek Microelectronics): guides Q3 revenue NT$23.7-24.7B vs FactSet NT$28.77B

      • -1.7% 7267.JP (Honda Motor): reports Q1 results; operating profit below StreetAccount estimates; revises FY guidance, cuts revenue outlook

  • Data:

    • Economic:

      • China July

        • Trade balance $98.2B vs consensus $105.0B and $114.8B in prior month

          • Exports +7.2% y/y vs consensus +5.4% and +5.8% in prior month

          • Imports +4.1% y/y vs consensus (1.0%) and +1.1% in prior month

      • Australia

        • June trade balance A$5.37B vs consensus A$3.00B and revised A$1.60B in May

          • Exports +6.0% y/y vs (2.7%) in May

          • Imports (3.1%) y/y vs +3.8% in May

      • New Zealand

        • Q3 2-year inflation expectations 2.28% vs 2.29% in Q2

          • 1-year inflation expectations 2.37% vs 2.41% in Q2

    • Markets:

      • Nikkei: 264.29 or +0.65% to 41059.15

      • Hang Seng: 171.00 or +0.69% to 25081.63

      • Shanghai Composite: 5.67 or +0.16% to 3639.67

      • Shenzhen Composite: (1.12) or (0.05%) to 2224.63

      • ASX200: (12.30) or (0.14%) to 8831.40

      • KOSPI: 29.54 or +0.92% to 3227.68

    • Currencies:

      • $-¥: (0.36) or (0.24%) to 147.0020

      • $-KRW: (6.54) or (0.47%) to 1378.1300

      • A$-$: +0.00 or +0.43% to 0.6531

      • $-INR: (0.01) or (0.01%) to 87.7099

      • $-CNY: (0.01) or (0.08%) to 7.1769

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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