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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.97%), Hang Seng (1.18%), Shanghai Composite (0.39%) as of 04:10 ET

Aug 26 ,2025

  • Synopsis:

    • Asia equities ended mostly lower Tuesday. Biggest losses for Japan, South Korea and Hong Kong that fell steeply into its close. Australia and Singapore with more modest losses. Mainland China mixed as Shenzhen added a few more points but Shanghai fell. A small gain for Taiwan, Southeast Asia down sharply. US futures firmly lower now after fluctuating all day, Europe opened lower with steep losses in France as political risk grows. US dollar flat to trade away from its trough, no movement of any note in Asia forex. Treasury yields mixed. Crude contracts down, gold higher for time earlier. Base metals off recent peaks. Cryptocurrencies edging higher.

    • Asia stocks had opened slightly weaker on read through from Wall Street's dip into the close, then added to losses after President Trump said he would fire Fed Governor Cook, threatened China with a 200% tariff rate if it didn't secure rare earth magnet supply, and promised 'substantial' new tariffs on nations imposing digital taxes on US companies. The move on Cook sparked an immediate dip in the US dollar and Treasury yields on concerns over the Fed's independence although recovered as analysts questioned whether Trump had the authority to fire her. Regardless, risk sentiment took a dent across Asia assets over the day to further cap August's strong rally.

    • In other developments, US President Trump and South Korea's President Lee met late Monday to discuss a renewal of their diplomatic ties and, while Trump reiterated South Korea's 15% basic tariff would not be lowered, several major South Korea companies used the visit as an excuse to announce investment plans. RBA minutes leaned dovish as board members saw strong argument for this month's 25 bp rate cut. South Korea consumer confidence reached its highest in more than seven years, aided by export momentum and stimulus expectations. Singapore's manufacturing output grew 7.1% y/y thanks to a surge in electronics production.

    • Mercedes Benz (MBG) is to sell its 3.8% stake in Nissan Motors (7201.JP); stock sharply lower. Korean Air (003490.KS) has signed agreements to buy $50B worth of aircraft and engines from US manufacturers; Hyundai Motor (005380.KS) said it will spend an additional $26B in the US over the next four years. TSMC (2330.TT) will likely discontinue the use of China-made chipmaking equipment in the most advanced chip plants to avoid potential US restrictions. Thomson Medical (A50.SP) said it is to spend $5.5B to develop a medical and luxury apartment development in the Johor SEZ.

  • Digest:

    • Trump moves to oust Fed Governor Cook over mortgage fraud allegations:

      • In a written letter to Fed Governor Cook posted on Truth Social, President Trump said he is removing her from her position effectively immediately (Bloomberg, Reuters, FT). With Cook's term scheduled to end in 2038 Trump said there was sufficient cause for early termination, citing false statements she may have made on one or more mortgage agreements. Trump said her conduct amounted to gross negligence that called into question her competence and trustworthiness. In response Cook said Trump lacked authority to fire her while her lawyer flagged unspecified response to Trump's action. Some thought Cook could seek immediate injunction to reinstate her while situation plays out in court. Last week Trump warned he would fire Cook if she didn't step down after FHFA Director Pulte alleged she committed mortgage fraud and referred her to DOJ for investigation. Move to oust Cook comes as administration looks to vacate another board seat following former Governor Kugler's resignation earlier this month. Trump currently pushing Senate to confirm top White House economist Miran to board of governors. Cook's removal would hand Trump four-seat majority of appointees to board of governors, fanning long-running concerns about Trump's attempts to exert more influence on Fed and undermine its independence.

    • Strategists see steeper yield curve, weaker dollar from erosion of Fed's independence:

      • President Trump's decision to oust Fed Governor Cook renewing discussions about implications for markets from perceived undermining of Fed's independence and its inflation-fighting credibility. Threat to Fed's independence has been an ongoing theme this year, culminating in 'sell America' trade that played out in April when Trump reportedly weighed firing Chair Powell, prompting selloff in equities, bonds and dollar. Cook's removal would hand Trump four-seat majority of appointees to board of governors, giving him chance to exert greater influence on policy decision-making. Strategists saw potential for weaker dollar and steeper Treasury yield curve characterized by fall in front-end yields on easing expectations, but upward pressure on longer-term rates amid rise in term premia and break-even inflation rates (Bloomberg). Additionally, when S&P reaffirmed 'AA+' US credit rating last week it also warned that ratings could come under pressure if political developments weigh on Fed independence and undermine dollar's reserve status that has been a source of credit strength (Reuters).

    • China official to visit US as Trump threatens 200% tariffs over rare earths:

      • On Monday President Trump said China must ensure continued flow of rare earths magnets or face tariffs as high as 200% (SCMP). Trump's latest threat comes after China's rare earths magnet exports rose 75% y/y in July to six-month high following truce with US in London (Reuters, Bloomberg). Still, China signalling intent to keep tight grip on rare earths with reports highlighting ongoing efforts to limit export approvals and warning foreign companies against hoarding (FT). Earlier this month, USTR Greer acknowledged more needs to be done before China's rare earths shipments reach levels prior to imposition of controls (CBS News). Meanwhile, media sources say Li Chenggang, top aide to China Vice Premier He Lifeng, will visit US this week for next round of trade talks that will include soybean purchases. His visit comes after Trump earlier this month urged China to ramp up its soybean purchases. In return, Li will press for removal of 20% fentanyl tariffs and looser curbs on tech exports. Senior White House officials have recently praised direction of trade negotiations after tariff deadline was extended by further 90 days to November (Bloomberg). Efforts also underway to set up Trump-Xi summit with Trump saying he is considering visit to China either this year or shortly thereafter.

    • RBA board members saw case for gradual or faster rate cuts over coming year:

      • August RBA minutes showed board saw strong case for 25 bp rate cut with inflation heading towards target. Outlook commentary leaned dovish with members seeing likely need for further easing over coming year to preserve full employment. RBA's inflation outlook conditioned on assumption of further rate cuts, consistent with market pricing (~80 bp over coming year). Members saw cases for both gradual easing and quicker reduction in cash rate. Case for gradualism rested on labor market conditions being a little tight, inflation tracking marginally above 2.5% target midpoint, and recovering private demand. Case for faster rate cuts could be made if labor market turns out to already be in balance and risk inflation undershooting target midpoint. Also warned about risks skewing to downside from adverse global developments. So far, global developments had only minor adverse effects on domestic economy with data tracking broadly in-line with staff projections in May. Australian GDP growth recovery expected to continue, though at more gradual pace than previously forecast due to downgraded productivity growth assumption. There also remain upside and downside risks to economy and inflation forecasts.

    • China stock market warning signals mounting:

      • Bloomberg coverage of China equities shifting increasingly cautious in the wake of a surprise rally viewed as mostly driven by liquidity rather than economic fundamentals. Total mainland turnover Monday was the second-highest on record at CNY3.1T ($433B) as CSI 300 advanced for the fourth straight session and counted among Asia's top performers this month. Yet, article highlighted a number of warning signals: Valuations -- CSI 300 trading almost 15x forward PE, highest since early 2022 and above the 10-year average of ~12x. Technical indicators -- Nearly two-thirds of Star 50 Index constituents trading above the upper Bollinger Band, highest proportion since 100% in October. Overbought territory also reached in large caps and growth stocks in Shanghai and Shenzhen according to 14-day RSI. Low 10-day vol suggesting absence of FOMO dynamic. Leverage -- margin trading repeatedly accounting for more than 11% of daily turnover. Outstanding margin trades less than 6% off the 2015 peak in absolute terms, though stock market has expanded about 75% since then. Follows an earlier report noting the positive correlation between equity performance and M1 money supply, establishing the liquidity-driven theme. Cited thoughts that investors funneling into stocks for lack of alternatives giving rise to disconnect with fundamentals.

    • Notable Gainers:

      • +17.9% 3918.HK (NagaCorp): reports H1 net income attributable $148.8M vs year-ago $1.0M

      • +4.1% 8227.JP (SHIMAMURA): reports August Shimamura existing store sales +1.2% y/y

      • +1.3% 7911.JP (TOPPAN Holdings): Tekscend Photomask reportedly seeking valuation of ¥300B in IPO

      • +0.4% 2330.TT (TSMC): reportedly discontinuing use of Chinese chipmaking equipment in most advanced chip plants to avoid potential US restrictions that could impact production

    • Notable Decliners:

      • -7.2% 1516.HK (Sunac Services Holdings): reports H1 net income attributable CNY121.9M vs year-ago (CNY472M)

      • -6.3% 7201.JP (Nissan Motor): Mercedes-Benz Pension Trust to sell its 3.8% stake

      • -4.1% 003490.KS (KOREAN AIR LINES Co.): to order 103 aircraft from Boeing worth $36.2B, 19 engines and services from GE Aerospace worth $13.7B

      • -3.4% 826.HK (Tiangong International): reports H1 revenue CNY2.34B, (7%) vs year-ago CNY2.52B

      • -2.8% 6862.HK (Haidilao International Holding): reports H1 net income attributable CNY1.76B vs FactSet CNY1.96B

  • Data:

    • Economic:

      • Japan July

        • Services PPI +2.9% y/y vs consensus +3.2% and +3.2% in prior month

      • Singapore July

        • Manufacturing production y/y +7.1% versus +7.1% in prior month

    • Markets:

      • Nikkei: (413.42) or (0.97%) to 42394.40

      • Hang Seng: (304.99) or (1.18%) to 25524.92

      • Shanghai Composite: (15.18) or (0.39%) to 3868.38

      • Shenzhen Composite: 4.47 or +0.18% to 2440.79

      • ASX200: (36.80) or (0.41%) to 8935.60

      • KOSPI: (30.50) or (0.95%) to 3179.36

      • SENSEX: (535.43) or (0.66%) to 81100.48

    • Currencies:

      • $-¥: (0.11) or (0.08%) to 147.6600

      • $-KRW: +6.37 or +0.46% to 1396.9500

      • A$-$: (0.00) or (0.15%) to 0.6473

      • $-INR: +0.16 or +0.18% to 87.7393

      • $-CNY: +0.01 or +0.13% to 7.1608

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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