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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.51%), Hang Seng +0.17%, Shanghai Composite +1.04% as of 04:10 ET

Aug 20 ,2025

  • Synopsis:

    • Asia equities ended mixed Wednesday. Tech-orientated benchmarks led the region lower although most boards finished away from their troughs. Nevertheless, steep losses in Taiwan and on Japan's Nikkei. Topix and Kospi with modest losses. Australia's ASX and the Hang Seng pared early losses to finish a few points higher, New Zealand higher on RBNZ's dovish tilt/weaker NZD. India higher again alongside Singapore and the rest of Southeast Asia. US futures lower, Europe lower in opening trades. US dollar flat to follow overnight gains, AUD lower. Treasury yields higher across tenors, JGB yields also higher. Crude higher, precious metals flat, iron ore lower.

    • Asia equities fell at the open in response to the selloff in US technology shares overnight that dipped on valuation concerns, and an MIT report that questioned generated returns from AI investments. Several large-cap names with recent strong gains saw steep corrections: Softbank (9984.JP), Hon Hai Precision (2317.TT), TSMC (2330.TT) and SK Hynix (000660.KS) among the stocks that fell notably. However, many benchmarks rallied as the day progressed and US/European futures moved off their overnight lows.

    • In other developments, China kept its 1Y loan prime rate at 3.0% and its 5Y rate at 3.5%, both record lows, for a third month in a row but as expected by consensus. Detailed China trade data showed rare earth exports to the US hit a six-month high in July. Japan exports fell 2.6% y/y in July, the most in four years and worse than expected as US tariffs bedded down; imports declined 7.5% y/y, slightly better than forecast. Japan machinery orders rose 7.6% y/y and 3% m/m, both beating expectations. Bank Indonesia cut its base 7D repo rate by 25 bps to 5.0% against expectations for a no-change. The RBNZ cut its OCR by 25 bps to 3.0% and signaled another possible two further rate cuts were possible this year.

    • Hong Kong Exchange (388.HK) said H1 profit rose 39% to record high on IPO boom and trading volume. PopMart (9992.HK) CEO said the company was on track to meet CNY20B ($2.78B) in revenue this year with upside to CNY30B 'quite easy'. Xiaomi (1810.HK) said it plans to enter the European EV market by 2027. Xpeng (9868.HK) forecasted Q3 revenue will double on strong EV demand. BHP Group (BHP.AU) and Rio Tinto (RIO.AU) met with President Trump to discuss Arizona copper mine after Trump lashed court ruling delaying project.

  • Digest:

    • Global technology stocks sell-off:

      • Big tech stocks under pressure, reversing recent record-breaking run higher on positively received earnings that reinforced bullish outlook for AI. Nothing specific cited for the pullback, which has renewed attention on stretched valuations with spotlight on Intel (INTC) after a 28% return in August that propelled its forward P/E to 53x, highest since early 2002 (Bloomberg). Intel's rally attributed in part to reports US government weighing 10% stake in company, plans that were confirmed by Commerce Secretary Lutnick on Tuesday (CNBC). Reuters sources also said Trump administration weighing equity stakes in other tech companies that receive CHIPs Act funding, including Micron (MU), Taiwan Semiconductor (2330.TT) and Samsung (005930.KS). Some thought US ownership push marks unprecedented attempt to exert influence on big companies. Technicals have gotten a mention with SoftBank's (9984.JP) 14-day RSI moving further into overbought territory (Bloomberg). There has also been some attention to recent MIT report that raised fresh concerns about an AI bubble after study found 95% of companies have seen zero returns from gen-AI investments (FT).

    • Bank Indonesia cuts base rate by 25 bps against expectations for a hold:

      • Bank Indonesia (BI) cut its base 7D repo rate to at 5.0% from 5.25% Wednesday, as expected by small minority of analysts with consensus at no change. Also lowered deposit facility 25 bps to 4.25%, lending facility to 5.75%. Surprise decision comes amid steady rupiah, tame inflation, and JSX equity benchmark that hit record high last week however economists expected BI to keep rates steady as markets digested government's budget last week in which President Prabowo outlined FY26 $234B spending plan that also targeted a lower deficit of 2.48% of GDP and 5.4% GDP growth. Although this implied government expected easier monetary conditions analysts noted this did not mean an interest cut would be imminent (Bloomberg). Minority of economists who forecast 25 bps cut said BI could look to coordinate looser monetary policy with government's fiscal expansion as it looks to support economic growth amid external uncertainties.

    • RBNZ cuts OCR by 25 bp, statement and updated forecasts leans dovish:

      • RBNZ cut official cash rate (OCR) by 25 bp to 3.00%, as expected. Main surprise came from updated OCR forecasts, which modelled trough of 2.55% by early 2026 vs May statement modelling trough of 2.85%, implying scope for two more rate cuts. Previews anticipated only negligible changes to OCR track. Statement leaned dovish with MPC expecting to reduce OCR further if medium-term inflation pressures continue to ease. MPC also debated idea of a 50 bp reduction at today's meeting, citing significant spare capacity and need to send clearer signals that support consumption and investment. Settled on 25 bp cut based on upside and downside risks being broadly balanced. CPI now projected to peak at 3% in Q3-2025 vs prior estimated peak of 2.7%, mostly reflection of higher tradeables components as domestic inflation pressures ease in response to significant spare capacity. Projects inflation converging to target mid-point over next year with tariffs having dampening effect. GDP growth forecasts downgraded with RBNZ projecting contraction in Q2-2025. Global growth uncertainty to weigh on investment and consumption. Cost of living and housing market weakness also negative contributors.

    • China LPRs unchanged as expected, markets remain in wait-and-see mode on fresh policy support:

      • LPRs were steady at 3.00% in 1y and 3.50% in 5y as widely expected. Reuters consensus (n=23) unanimously looked for no change despite recent softening in economic data, highlighted by the first contraction in new lending in 20 years. Forecasters suggested PBOC may place greater emphasis on targeted structural policies to support the economy rather than broad-based monetary easing. PBOC's quarterly policy report indicated it would implement and refine moderately loose monetary policy with mention of structural policy tools targeted at science & technology, consumption, small business and foreign trade. Ongoing 'anti-involution' campaign may also help to combat deflationary pressure. Recall the disappointing activity data largely validated existing projections for an H2 slowdown and did not prompt GDP forecast revisions or add to stimulus expectations. Policymakers seen continuing to monitor developments in the near term though widely anticipated to introduce fresh support policies later this year. Premier Li's pro-growth rhetoric at a State Council meeting this week reaffirmed focus on unlocking potential consumer demand and stabilization measures for the property market.

    • Japan exports fall for third straight month, led by sharp declines to US:

      • Customs exports fell 2.6% y/y in July, slightly below consensus 2.1%. Follows 0.5% decline in the previous month, marking the third straight negative print and the weakest since Feb-21. Main drags were autos & parts as well as iron & steel, both subjected to US tariffs. Total exports to US fell for the fourth straight month including three successive declines in double digits. Well outpaced moderate import declines in the last two months, leaving bilateral trade surplus down by more than a fifth. Additional export weakness came from dip in EU shipments for the first time in three months while Asia logged a rare (albeit marginal) decrease with China demand falling in each month this year outside of LNY effects that boosted February figure. Aggregate imports dropped a notable 7.5% though less than expected 10.1%. Follows brief 0.3% uptick in June, for the third decline in four months. Fossil fuels were the main driver. However, falling prices continue to mask generally consistent growth in both exports and imports in recent months. Yen was up a sharp 8.9% y/y vs dollar on customs-cleared basis. BOJ real trade indices showed sharp declines of 4.3% m/m in exports and 4.6% in imports. Exports started Q3 on a slightly softer footing than imports, pointing to a sluggish start to GDP external demand.

    • Notable Gainers:

      • +15.2% 3606.HK (Fuyao Glass Industry Group): reports H1 results; revenue CNY21.45B, +17% vs year-ago CNY18.34B, net income attributable CNY4.80B, +37% vs year-ago CNY3.50B

      • +9.7% 2382.HK (Sunny Optical Technology (Group)): reports H1 results; revenue CNY19.65B vs FactSet CNY19.30B

      • +4.4% 9868.HK (XPeng, Inc.): reports Q2 earnings; non-GAAP EPADS (CNY0.41) vs FactSet (CNY0.90), Revenue CNY18.27B vs FactSet CNY17.95B

      • +3.0% 7649.JP (Sugi Holdings): to acquire 34.8% stake in Seki Yakuhin for ¥15.96B; planned closing date 30-Sep

      • +1.4% 388.HK (Hong Kong Exchanges & Clearing): reports H1 earnings; revenue and other income HK$14.08B vs StreetAccount HK$13.74B, net income attributable HK$8.52B vs StreetAccount HK$8.22B

      • +1.0% 7309.JP (Shimano): upscales buyback size to 2.7M shares from 2.5M shares; amount remains at ¥50.00B

      • +0.7% 005930.KS (Samsung Electronics): US reportedly exploring federal government taking equity stakes in chipmakers that receive CHIPS Act funding

    • Notable Decliners:

      • -10.1% 3668.HK (Yancoal Australia): reports H1 earnings; NPAT A$163M vs year-ago A$420M

      • -3.2% 1811.HK (CGN New Energy Holdings): reports H1 earnings; revenue HK$856.5M, (13%) vs year-ago HK$982.3M, net income attributable HK$163.5M, (11%) vs year-ago HK$183.5M

      • -2.7% 916.HK (China Longyuan Power Group): reports H1 earnings; IAS net income attributable CNY3.52B, (14%) vs year-ago CNY4.08B

  • Data:

    • Economic:

      • Japan

        • June core machinery orders +3.0% m/m vs consensus (0.5%) and (0.6%) in prior month

          • Q3 survey projection (4.0%) q/q, following actual +0.4% in Q2

        • July trade balance (¥117.6B) vs consensus ¥198.5B and revised ¥152.1B in prior month

          • Exports (2.6%) y/y vs consensus (2.1%) and (0.5%) in prior month

          • Imports (7.5%) y/y vs consensus (10.1%) and revised +0.3% in prior month

    • Markets:

      • Nikkei: (657.74) or (1.51%) to 42888.55

      • Hang Seng: 43.04 or +0.17% to 25165.94

      • Shanghai Composite: 38.92 or +1.04% to 3766.21

      • Shenzhen Composite: 19.00 or +0.81% to 2362.74

      • ASX200: 21.80 or +0.25% to 8918.00

      • KOSPI: (21.47) or (0.68%) to 3130.09

      • SENSEX: 192.75 or +0.24% to 81837.14

    • Currencies:

      • $-¥: (0.10) or (0.07%) to 147.5610

      • $-KRW: +4.39 or +0.32% to 1397.6700

      • A$-$: (0.00) or (0.29%) to 0.6435

      • $-INR: (0.02) or (0.02%) to 87.0501

      • $-CNY: (0.00) or (0.07%) to 7.1777

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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