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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng +0.19%, Shanghai Composite +0.34%, ASX +0.43% as of 04:10 ET

Aug 11 ,2025

  • Synopsis:

    • Asian equities ended mostly higher Monday. Shenzhen stocks led the region higher with a +1% gain, while Shanghai continued its slow grind higher. The Hang Seng closed near the flatline in a quiet session. Modest gains for Australia, Taiwan and India. Southeast Asia mostly higher although Singapore took a break from its recent positive trajectory. Japan closed for a holiday. US futures a few points ahead, Europe paring opening gains. US dollar down a little, Asia currencies mostly flat. Treasuries not trading in Asia but yields a few points lower in Europe. Crude oil contracts in retreat, gold also down noticeably on tariff rethink news. Iron ore higher on reports some China steel mills expected to close temporarily. Cryptocurrencies led by bitcoin at fresh record high.

    • Asia stocks generally higher in a quiet day's trading. Several Hong Kong, mainland China and Australia lithium mining stocks rose very sharply on reports CATL had temporarily stopped production at a lithium mine in Xinjiang as its mining permit had expired. But newsflow elsewhere relatively subdued as investors wait for developments in the US-China trade dispute and ahead of key US inflation data due Tuesday. Few headlines of note in terms of trade over the weekend except for comments from US VP Vance, who suggested China could be hit with extra tariffs because of its import of Russian oil, while President Trump said he would be looking for a fourfold increase in soyabean exports to China to address its trade deficit.

    • In other developments, China's consumer prices remained unchanged in July but producer inflation fell again with both figures said to reflect ongoing weakness in the China economy. Iron ore prices were notably higher in Asia trading on reports China had ordered the closure of several steel mills near Beijing for several weeks. China state media also criticized Nvidia's H20 AI chip over security while Nvidia and AMD were said to be ready to give 15% of China AI chip revenue to the US government in exchange for export licenses.

    • Softbank (9984.JP) has reportedly selected banks to advise on its IPO of its PayPay unit, which could raise up to $2B. A Hong Kong court has ordered the liquidation of China South City (1668.HK) despite asking the court for 'one final chance' to progress on its restructuring proposal. Several lithium miners jumped on reports China's CATL (3750.HK) said it would halt production at a large lithium mine in Xinjiang because of a lapse in a mining permit; Pilbara Minerals, (PLS.AU), Liontown Resources (LTR.AU) and Ganfeng Lithium (1772.HK) were among the stocks to benefit. SK Hynix (000660.KS) said it expects the AI memory market to grow at around 30% per annum to 2030. Tata Motors (500570.IN) said quarterly profits fell 63% on a slump in Jaguar sales and US tariffs.

  • Digest:

    • US-China tariff deadline extension is expected as Trump urges more soybean purchases:

      • Trump administration expected to grant 90-day extension of China tariff deadline expiring Tuesday. Momentum towards agreement appears to be building after President Trump said last week deal "very close" as he eyes potential summit with Xi before year-end. Two sides completed talks in Stockholm in late July, though did not achieve substantive breakthroughs on major issues. US still seeking assurances on stable rare earths supplies while Beijing pressing US on export controls. US also urging China to address industrial overcapacity, open markets and reorient economy towards consumption, though Treasury Secretary Bessent said dealing with China's non-market economy has been "difficult" (Nikkei). Also question of what would form part of a trade deal, including any purchase commitments. On Sunday, Trump appeared to put soybeans on the table, claiming China is worried about shortage and should quadruple US soybean orders to reduce its trade deficit (Bloomberg, Reuters). There is skepticism China would ramp up US soybean purchases to that extent with Beijing having imported more from Brazil in recent years. Also question of enforceability after Beijing fell well short of its Phase One deal purchase commitments.

    • Lithium producers rally after CATL suspends operations at major China mine:

      • Asia-Pac lithium producers seeing big gains Monday after CATL (3750.HK) confirmed it suspended operations at major China mine after failing to extend mining permit (Bloomberg, Reuters). Bloomberg sources earlier revealed operations were suspended for at least three months. With CATL's mine representing ~6% of global output according to analyst estimates, decision to suspend output drove limit up surge in China-listed lithium carbonate futures on Monday. This followed ~9% rally last week. In response CATL downplayed impact on its operations and that it would seek permit renewal. Discussions turned to potential ramifications amid speculation development part of broader China 'anti-involution' efforts aimed at curbing overcapacity. CATL's mine situated in major lithium hub of Yichun and industry officials are on watch for further curbs amid news eight miners operating in area have been asked to submit reserves reports by end-September. Lithium market has been plagued by oversupply pressures in recent years with prices down ~90% from 2022 record highs, reflecting excess output amid slower-than-expected EV demand growth.

    • More scrutiny on Nvidia H20 sales to China, Beijing demands looser curbs on HBM chips:

      • China keeping up scrutiny of Nvidia's (NVDA) H20s after state media lobbed fresh accusation chips pose backdoor security risk enabling remote shutdown (Reuters). Comments also took issue with chips not being environmentally friendly or technologically advanced. Complaint echoes recent People's Daily commentary warning China cannot allow in 'infected' chips and follows Nvidia being summoned by cyberspace authority over concerns about security risks. Comes as Reuters sources noted Commerce Department began issuing China export licenses for H20s following CEO Jensen Huang's recent visit to White House. FT sources added that as part of condition for obtaining export licenses, Nvidia agreed to provide US government 15% of revenues from H20 chip sales. AMD similarly agreed to provide 15% of revenues from MI308 chip. Meanwhile, China wanting US to extend loosening of export controls to HBM chips according to FT sources, who said China more mindful about HBM restrictions handicapping companies like Huawei. Development seen fueling concern about White House making too many concessions on export controls in bid to secure Trump summit with Xi and ultimately a trade deal.

    • China and India defiant against secondary tariffs over Russian crude purchases:

      • After targeting India with 25% tariffs over its purchases of Russian crude, Trump administration not ruling out secondary tariffs on China over its Russian energy (SCMP). At same time US officials have been more guarded in their language with VP Vance and Trade Adviser Navarro acknowledging complications to imposing tariffs on China. Fits with thoughts US reluctant to target China as it did India given ongoing trade negotiations (Trump said deal "very close"), efforts to set up Trump-Xi summit and considerations such China's rare earths leverage. China also pushing back against tariff threat, saying its purchases of Russian crude are justified and its energy policy will be determined by national interests (Bloomberg). India digging in its heels as well, pledging deeper cooperation with Moscow while PM Modi invited Russian President Putin to India later this year (Bloomberg). India said last week it hasn't instructed refiners to stop buying Russian crude while Reuters sources noted Delhi has halted plans to acquire US weapons and aircraft amid fraying ties.

    • Bessent says tariffs not permanent, reaffirms strong dollar policy:

      • In a Nikkei interview, US Treasury Secretary Bessent described reciprocal tariffs as a "melting ice cube" that would diminish over time as trade imbalances are rectified. Noted the Trump administration's main objective with tariffs is to rebalance the current account deficit currently of a size that could potentially lead to a financial crisis. Suggested reshoring of production back to the US as a pathway to reduce imports. Projected remaining outstanding trade deals would be finished by October-end. Reaffirmed China talks are "difficult." Acknowledged that tariff policy being used by President Trump as a foreign policy negotiation pool, referring to Trump's desire for India to stop buying Russian oil. Praised the US-Japan deal, expected to achieve balance over time, while refraining from confirming whether compliance will be evaluated at regular intervals. On Fed chair selection, suggested criteria includes ability to manage and build consensus among voting members, and attuned to forward thinking as opposed to relying on historical data. Expressed concerned that Fed mission permeating into so many different areas that place monetary independence at risk. Still reaffirmed "Fed is independent" in terms of decision making. Endorsed strong dollar policy as a natural reflection of "good economic policies" that keep the dollar as a reserve currency.

    • Notable Gainers:

      • +20.9% 1772.HK (Ganfeng Lithium Group): CATL suspends Jianxiawo mine production after mining license expired; company seeking to renew it

      • +18.3% LTR.AU (Liontown Resources): CATL suspends Jianxiawo mine production after mining license expired; company seeking to renew it

      • +3.5% 011070.KS (LG Innotek Co.): upgraded to overweight from neutral at JPMorgan

      • +0.7% 030200.KS (KT): reports Q2 earnings; net income attributable KRW687.90B vs StreetAccount KRW671.60B

      • +0.4% 2330.TT (TSMC): reports July revenue NT$323.17B, +25.8% y/y

      • +0.1% 300750.CH (Contemporary Amperex Technology): suspends Jianxiawo mine production after mining license expired; company seeking to renew it; suspension to have little impact on overall operations

    • Notable Decliners:

      • -9.2% 375500.KS (DL E&C Co.): reportedly notes fatal accident at DL Construction site

      • -6.9% 1951.HK (Jinxin Fertility Group): guides H1 net income (CNY1.09B) vs year-ago CNY190.0M; appoints CEO Dong Yang as acting CFO

      • -3.1% 016360.KS (Samsung Securities Co.): reports Q2 operating profit KRW308.65B vs FactSet KRW314.54B

  • Data:

    • Economic:

      • China

        • July CPI 0.0% y/y vs consensus (0.1%) and +0.1% in prior month

          • PPI (3.6%) y/y vs consensus (3.3%) and (3.6%) in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: 47.99 or +0.19% to 24906.81

      • Shanghai Composite: 12.42 or +0.34% to 3647.55

      • Shenzhen Composite: 31.57 or +1.42% to 2251.72

      • ASX200: 37.70 or +0.43% to 8844.80

      • KOSPI: (3.24) or (0.10%) to 3206.77

    • Currencies:

      • $-¥: (0.33) or (0.22%) to 147.4030

      • $-KRW: (0.47) or (0.03%) to 1388.3000

      • A$-$: (0.00) or (0.08%) to 0.6519

      • $-INR: (0.08) or (0.09%) to 87.5987

      • $-CNY: (0.00) or (0.05%) to 7.1809

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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