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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.65%), Hang Seng (0.24%), Shanghai Composite +0.13% as of 04:10 ET

Aug 21 ,2025

  • Synopsis:

    • Asia stocks traded mostly higher Thursday. South Korea and Taiwan bounced back from Wednesday's losses with strong gains in Australia too. Japan's benchmarks remained in the red all day. Greater China showed some weakness with Shanghai and Shenzhen paring early gains and Hong Kong closing lower. India stocks at a month-long high, Southeast Asia mostly higher. US Nasdaq futures higher while DJIA contracts a few points down, Europe opened slightly lower. US dollar is flat, Taiwan dollar lower again to hit four-month lows, AUD and NZD with further mild losses. Crude oil contracts moving higher, precious metals mixed, more losses for iron ore and copper contracts. Cryptocurrencies lower.

    • Asia equities staged a modest recovery in Thursday trade with several large-cap stocks that were sold off heavily yesterday rebounding somewhat after US markets at least rallied into the close, even if the Nasdaq still recorded a loss for the day. Bond and currency markets starting to show strain again after several quiet months with long-dated JGBs back near record highs amid slowing overseas demand. CGB 30-year yields rose to YTD highs on improving equity risk appetite, and fading chances of a looser PBOC monetary policy amid stabilizing economic trends. Currencies also under pressure with AUD and NZD back at multi-month lows, and the Taiwan dollar under renewed attack amid a sharp increase in equity outflows.

    • In regional developments, Japan's flash manufacturing PMI improved to 49.9 from 48.9 but overseas sales contracted further; services PMI fell slightly while the composite reading touched a six-month high. India PMI rose to strongest since 2008. Australia's flash PMI rose to 52.9, its highest in more than three years as new orders improved; Australia inflation expectations fell to its lowest reading since March, which prompted yields on the 10Y sovereign bond to decline again. South Korea exports for first 20 days of August expanded on higher chip and auto shipments, and expanded exports to China.

    • Baidu (9888.HK) revenue missed analysts' estimates as core advertising business struggled, and AI returns remain limited. Sony Group (6758.JP) revealed it had raised its PlayStation 5 prices in the US amid tariff uncertainty. A lawsuit has alleged senior employees at CapitaLand Investment (9CI.SP) took bribes from a longtime contractor at a project in Pune. Foxconn (Hon Hai, 2317.TT) is said to have accelerated hiring at China factories ahead of iPhone 17 launch, according to the SCMP.

  • Digest:

    • BOJ rate hike calls tilt towards October over January:

      • Reuters consensus poll found 38% of 40 economists predicted the next BOJ rate hike in October, followed by 30% for January and 18% for December. Broader quarterly projection sample size (n=71) saw 63% picking a rate hike in Q4, up from 54% last month. Recall latest JCER survey was split between no change and 25 bp higher by year-end while a July Bloomberg poll gave a slight edge to January over October. Reuters cited a rationale that Fed policy and domestic political backdrop will be clearer by October which also brings the next Outlook Report and BOJ branch managers meeting. On the US-Japan trade agreement, 22 of 29 either strongly approved or somewhat approved, while a similar proportion expressed concern about to risk of fiscal expansion in light of the ruling coalition's upper house election defeat, ceding ground to opposition parties supporting consumption tax cuts. No clear consensus on contenders to succeed Prime Minister Ishiba. Recall that economists saw BOJ's recent upward revision to inflation forecasts as somewhat hawkish though saw little change in policy stance. Better than expected GDP data drew some hawkish takeaways in FX/fixed income markets though not expected to have a direct bearing on policy decisions.

    • China 30Y bond yield hits YTD high as rotation to stocks continues:

      • 30Y CGB yield rose to YTD high of 2.12% as China bond selloff continues with traders switching to stocks amid optimism over favorable outcome from US-China trade talks and Beijing's efforts to boost economy (Bloomberg). Came as Shanghai Composite hitting highest level since Aug-2015 and CSI 300 surpassing last October's high. Noted bond rout indicates improving sentiment toward China's economy as Beijing launched large-scale infrastructure projects to stimulate growth and crackdown on involution to fight deflation. Bond weakness also attributed to PBOC's refrain from aggressive monetary stimulus for now and reintroduction of taxation on bond interest. SecuritiesTimes noted onshore funds with heavy exposure to long-duration treasury bonds are experiencing larger declines with 70% of bond funds posting losses in August. Meanwhile despite yields inching higher, market watchers still hold neutral view as risk of sharp selloff is seen low, given PBOC's rounds of liquidity injections to support bond market. Some also perceive higher long-term yields look increasingly attractive.

    • China offshore IPO approvals stalling:

      • Nikkei discussed the sharp slowdown in equity listing approvals outside China's mainland, stifling a banner year for Hong Kong's bourse. CSRC green-lit just three Hong Kong public offerings from 1-Jul to 15-Aug, following 52 in H1 making up the bulk of a total 70 offshore approvals. Article suggested cyclical or seasonal factors might be in play though bankers say it is entirely at the CSRC's discretion. Backlog has grown to 240 companies as of 15-Aug. Authorities have actively encouraged Chinese companies to turn to Hong Kong's capital market and PwC forecasts IPOs to raise HK$200B ($25.6B) this year. Cited Han Kun Law Offices analysis showing Hong Kong listing approvals took an average 182 days, shorter than 221 days for all overseas listings. US listing hopefuls via variable interest entities faced the longest wait. A-to-H listings have also ballooned this year, highlighted by CATL (3750.HK). Natixis suggested the regulator may be shifting priority to quality over quantity and concerned about risk of speculation and arbitrage. Jeffries saw signs in recent Politburo rhetoric that authorities are prioritizing onshore activity.

    • August flash PMIs show improved manufacturing conditions, service expansion continues:

      • Regional flash S&PGlobal PMI readings showed improved conditions for Asia manufacturing despite further evidence of slowing overseas orders. Japan's manufacturing PMI for August improved to 49.9 from 48.9 but overseas sales component contracted again from July's print; services PMI fell slightly but stayed expansionary while the composite reading touched a six-month high. India manufacturing PMI rose to strongest since 2008 at 59.8 to also beat expectations, service PMI also grew to 65.6 from 60.5 to give its composite its sharpest expansion since data first was collated in 2005. Overseas export demand was stagnant while domestic new orders improved noticeably. Australia's manufacturing PMI rose to 52.9, its highest level in more than three years as domestic, overseas new orders improved. S&P noted improvement in services and manufacturing with lower interest rates notable factor in supporting growth.

    • South Korea exports increase in first 20 days of August as China shipments improve:

      • South Korea trade data showed growing exports in first 20 days of August amid improved demand for autos and semiconductors. Data from statistics agency showed value of shipments improved 7.6% y/y to $35.5B in 1-20D August from July's $33B; adjusted for working days, growth was also 7.6% compared with July's 5.4% y/y improvement. Chip exports rose 29.5% y/y to $8.71B, auto shipments improved 21.7%. By destination, exports to US fell 2.7% to $5.03B as base export tariff of 15% and 25% for autos set in, but exports to China expanded 2.7% to $6.99B. Other notable figures included 82% increase in exports to Singapore, 59% to Thailand. Imports rose 0.4% to $34.7B to give $800M trade surplus (Yonhap). On downside, steel shipments contracted 4.5% amid a 50% US tariff rate; petroleum products fell 4%. Data showed improvement from 1-10D of August, which showed 4.3% contraction in shipments.

    • Notable Gainers:

      • +8.3% 138040.KS (MERITZ Financial Group): launches KRW700.00B buyback; to run from today until 31-Mar

      • +7.7% 5706.JP (Mitsui Mining & Smelting): to increase production capacity of VSP electro-deposited copper foil for high-frequency circuit boards

      • +7.1% 034020.KS (Doosan Enerbility): sells Doosan Enerbility Vietnam to HD Korea Shipbuilding & Offshore Engineering for KRW291.72B

      • +7.0% 6060.HK (ZhongAn Online P&C Insurance): reports H1 net income attributable CNY667.6M vs year-ago CNY55.5M

      • +4.9% G07.SP (Great Eastern Holdings): resumes trading; shareholders voted against Great Eastern Holdings delisting; OCBC exit offer lapsed

      • +2.0% 9698.HK (GDS Holdings): reports Q2 adjusted EBITDA CNY1.37B vs FactSet CNY1.32B

      • +1.8% 600276.CH (Jiangsu Hengrui Pharmaceuticals): reports H1 net income attributable CNY4.45B, +30% vs year-ago CNY3.43B

      • +1.8% 161390.KS (HANKOOK TIRE & TECHNOLOGY Co.): declares interim DPS KRW800; to increase dividend payout ratio to around 35% over next three fiscal years

    • Notable Decliners:

      • -2.6% 9888.HK (Baidu): reports Q2 revenue CNY32.71B vs FactSet CNY32.84B, adjusted EBITDA CNY6.49B vs FactSet CNY7.00B

  • Data:

    • Economic:

      • Japan August

        • Flash manufacturing PMI 49.9 vs 48.9 in prior month

          • Services PMI 52.7 vs 53.6 in prior month

          • Composite PMI 51.9 vs 51.6 in prior month

      • New Zealand July

        • Trade balance (NZ$578M) vs revised NZ$203M in June

          • Exports +10.0% y/y vs +10.0%% in June

          • Imports +2.6% y/y vs +19.0% in June

    • Markets:

      • Nikkei: (278.38) or (0.65%) to 42610.17

      • Hang Seng: (61.33) or (0.24%) to 25104.61

      • Shanghai Composite: 4.89 or +0.13% to 3771.10

      • Shenzhen Composite: (4.66) or (0.20%) to 2358.08

      • ASX200: 101.10 or +1.13% to 9019.10

      • KOSPI: 11.65 or +0.37% to 3141.74

      • SENSEX: 253.16 or +0.31% to 82111.01

    • Currencies:

      • $-¥: +0.25 or +0.17% to 147.5820

      • $-KRW: (0.98) or (0.07%) to 1396.9000

      • A$-$: (0.00) or (0.18%) to 0.6420

      • $-INR: +0.07 or +0.08% to 87.0889

      • $-CNY: +0.00 or +0.01% to 7.1770

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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