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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.26%), Hang Seng +0.32%, Shanghai Composite +0.37% as of 04:10 ET

Aug 29 ,2025

  • Synopsis:

    • Asia equities again finished mixed Friday to bookend a strong month for the region. Mainland China benchmarks were again higher as Shenzhen once more outperformed despite warnings over frothy valuations. The Hang Seng also ended higher but elsewhere, equities were soft. Japan and South Korea benchmarks ended lower, Australia, Taiwan and India were flat. US futures firmly down, Europe opened with losses. US dollar a little higher following an overnight loss. Treasury yields a few points higher. Precious metals soft, crude oil prices a little lower, base metals supported. Cryptocurrencies lower.

    • Asia equities largely drifted into the end of the month although mainland China markets closed out on an almost perfect high. Analysts say the months-long China rally driven by liquidity factors more than fundamentals as the economy remains weak and the property market in the doldrums leading several analysts to issue a warning over valuations. Still, Beijing's recent push to make the country more reliant on home-developed technology supported Shenzhen's main and ChiNext boards while broader sentiment much improved on improved trade relations and a stronger yuan. For the month, Shenzhen's main board gained more than 15% and its ChiNext 24%, comfortably outperforming the main benchmarks in Hong Kong and Shanghai.

    • In other developments Friday, the rupiah weakened sharply on escalating street protests while Bank Indonesia said it will continue to prop up the currency. The rupee plunged to a record low against the dollar on concerns over the impact of US tariffs on India's economy despite the RBI's monthly bulletin saying the India economy was resilient with US trade polices posing a downside risk. Tokyo's core inflation eased in-line with forecasts to its lowest level since March. Japan industrial production fell by more than expected, retail sales also contracted though the unemployment rate unexpectedly fell to its lowest since Dec-19. South Korean industrial production slowed by more than forecast though the electronic component output surged, retail sales growth was the highest since early 2023. .

    • Dentsu (4324.JP) is said to be considering the sale of its international businesses. Wuxi Lead Intelligent Equipment (300450.CH), a supplier to battery maker CATL (3750.HK) indicated there was a strong outlook for battery sales and said t it was expecting intensive capacity expansion. Cambricon Technologies (688256.CH) warned investors over elevated trading risks following a more than doubling of its share price in the past four weeks.

  • Digest:

    • China manufacturing PMIs expected to remain in contraction:

      • Ahead of Sunday's release, Reuters consensus (n=21) looks for the official manufacturing PMI to edge up to 49.5 in August from 49.3 in the prior month, remaining in contraction territory for the fifth straight month. Preview content skewed bearish, citing ongoing US-China trade uncertainty, unstable labor market and property slump. Extreme weather, local government debt constraints and seasonal summer slowdown were also mentioned. Recalled the US-China 90-day tariff truce extension as an intuitively encouraging development, though uncertainty eroding confidence on both sides (after the first round provided a short-term boost to activity from export front-loading). Latest export figures for July were better than expected, though supported by a low base and driven by redirection of shipments to SE Asia in a rush to find alternative markets. Other data have been mostly disappointing. Corporate profits were also down for the third straight month through July. Biggest headline shock was the contraction in new loans for the first time in 20 years. Similarly, consensus also projects the RatingDog PMI (formerly Caixin), due Monday, to remain in contraction, though edging up to 49.7 from 49.5.

    • Japan industrial production slightly misses, retail sales more disappointing:

      • Industrial production fell 1.6% m/m in July, somewhat below consensus 1.1%, reversing 2.1% growth in the previous month. Main drags were autos (including passenger cars) and general industrial equipment. Aggregate shipments logged a sharper decline, leaving inventories higher for the first time in four months. Core capital goods shipments dropped sharply to mark a soft start to Q3. METI survey projections point to a 2.8% increase in August and 0.3% decline in September. This points to moderate Q3 growth at face value, though adjusted August forecast was -1.7% which would shift the Q3 trajectory negative. Amid ongoing attention on tariff effects, auto sector undershot July projection though sharply upgraded August, suggesting deferred optimism. Retail sales were sluggish, down 1.6% m/m in July following a 0.9% rise in the prior month. Compares with consensus +1.6%, though polls varied. Major categories were broadly softer, led mainly by appliances. Others including medicine and cosmetics posted the first drop since February, while apparel and food & beverage edged lower. Overall implications remain relatively limited given nominal basis and contribution from surging inbound tourism.

    • Japan Tokyo CPI in line, jobless rate unexpectedly falls:

      • Tokyo core CPI rose 2.5% y/y in August, matching expectations. Follows 2.9% in the previous month, marking the lowest since March. Ex-fresh food & energy inflation edged lower to 3.0% from 3.1%, also in line. Energy drags increased on deeper declines reflecting resumption of government subsidies to ease the burden from peak summer demand. Elsewhere, steady pickup in non-fresh food prices paused. Broadest rice category slowed sharply to +67.9% from +81.8%, the lowest rise YTD. Additionally, increases in household durables leveled off while leisure durables logged bigger declines. Unemployment rate fell to 2.3% in July vs consensus and prior month's 2.5%, marking the first decline since February. However, main driver was a relatively sharp sequential dip in labor force participation. Total employment was little changed; solid 140K m/m increase in regular employment implies offsetting weakness in non-regular jobs. Job offers to applicants ratio was steady at 1.22 vs consensus 1.23. Leading indicator new job offers to new applicants little changed at 2.17 vs prior 2.18, while May reading of 2.14 notably the lowest since 2021. However, implications from monthly data remain diminished given widely accepted structural labor shortages. Recall BOJ Governor Ueda recently noted this as a key underpinning factor that will likely keep pressure on wage growth.

    • China market bubble debate continues:

      • Mainland China markets tracking for strong August with CSI 300 up 10% month-to-date. Rally has prompted concerns about overheating with August turnover eclipsing previous record high according to Bloomberg-compiled data. Outstanding margin trades nearing 2015 peak that preceded market collapse. Parts of the industry taking initiative to curb exuberance after Shanghai-based brokerage raised margin deposit ratio on new client contracts and several mutual fund houses imposed buying caps (Bloomberg). Speed of the rally in AI space also prompted Cambricon Technologies (688256.CH) to warn shareholders about significant trading risks (Bloomberg). Counterarguments to bubble concerns point to limited participation of retail investors (Reuters). SocGen downplayed rise in outstanding margin trades in context of growth in overall market size. Benchmarks trading on undemanding multiples with MSCI China 10% undervalued while efforts to curb industrial overcapacity cited as re-rating catalyst. HSBC remains overweight on mainland China, citing supply side reforms, light foreign positioning, record investor returns and reduced trade tensions.

    • PBOC guides yuan stronger amid strong exports, equity market rally:

      • PBOC set yuan fixing at 7.1030 per dollar Friday, strongest fix since November. Fixing was 0.4% lower compared with a week ago, largest advance since last September, which Bloomberg noted central bank is gradually pushing for yuan appreciation, fueling speculation authorities are shifting toward favoring higher exchange rate. Came after some de-escalation in US-China trade tensions and robust exports improved country's growth outlook. Firmer midpoint guidance, coupled with buoyant sentiment on onshore equity market as Shanghai Composite hits decade-high this week, sent yuan to strongest level against dollar since November this week, while slew of analysts have raised yuan forecasts toward 7 per dollar (Bloomberg). Noted sustained rise in yuan with PBOC's backing can compound economic gains by raising purchasing power and boosting household consumption. May also help Beijing in trade talks with Trump administration as weak Chinese currency was point of tension. Meanwhile some market watchers cautioned adjustments in fixing too early to conclude that authorities hoped to see substantial currency gains. Uncertainties over dollar trajectory, ongoing trade talks and US-China rate disparities pose headwinds.

    • Notable Gainers:

      • +8.6% 358.HK (Jiangxi Copper): reports H1 CAS net income attributable CNY4.18B, +15% vs year-ago CNY3.62B

      • +6.6% 7229.JP (Yutaka Giken): Samvardhana Motherson approves acquiring 81% stakes in Yutaka Giken Co., Ltd. and 11% stake in Shinnichi Kogyo

      • +5.9% 4324.JP (Dentsu Group): responds to media reports regarding sale of international business

      • +5.7% 991.HK (Datang International Power Generation): reports H1 CAS net income attributable CNY4.58B, +47% vs year-ago CNY3.11B

      • +3.2% 600887.CH (Inner Mongolia Yili Industrial Group): reports H1 revenue CNY61.93B, +3% vs year-ago CNY59.91B

      • +2.0% 9984.JP (SoftBank Group): chairman Masayoshi Son and affiliated entities have increased stake to 33.7% from 29.0%

      • +1.3% 1336.HK (New China Life Insurance): reports H1 net income attributable CNY14.80B, +34% vs year-ago CNY11.08B

      • +1.0% 600690.CH (Haier Smart Home): reports H1 IFRS net income attributable CNY12.03B vs StreetAccount CNY11.54B

      • +1.0% 001979.CH (China Merchants Shekou Industrial Zone Holdings): reports H1 revenue CNY51.49B vs year-ago CNY51.27B

    • Notable Decliners:

      • -9.3% 763.HK (ZTE): reports H1 net income attributable CNY5.06B, (12%) vs year-ago CNY5.73B

      • -6.1% 165.HK (China Everbright): reports H1 revenue HK$2.80B, (8%) vs year-ago HK$3.03B

      • -0.1% 9890.HK (ZX, Inc.): reports H1 revenue CNY2.01B, (38%) vs year-ago CNY3.23B

  • Data:

    • Economic:

      • Japan

        • August Tokyo core CPI +2.5% y/y vs consensus +2.5% and +2.9% in prior month

          • CPI excl. fresh food & energy +3.0% y/y vs consensus +3.0% and +3.1% in prior month

          • Overall CPI +2.6% y/y vs consensus +2.6% and +2.9% in prior month

        • July unemployment rate 2.3% vs consensus 2.5% and 2.5% in prior month

          • Job offers to applicants ratio 1.22 vs consensus 1.23 vs 1.22 in prior month

        • July industrial production (1.6%) m/m vs consensus (1.1%) and +2.1% in prior month

          • METI survey projections +2.8% in August, (0.3%) in September

        • July retail sales +0.3% y/y vs consensus (0.2%) and revised +1.9% in prior month

          • Retail sales (1.6%) m/m vs consensus +1.6% and revised +0.9% in prior month

      • Australia July

        • Private sector credit +0.7% m/m vs consensus +0.6% and +0.6% in June

      • South Korea July

        • Industrial production +0.3% m/m vs consensus +1.6% and revised +1.7% in prior month (09:00 KST)

          • Industrial production +5.0% y/y vs consensus +3.9% and +1.6% in prior month

    • Markets:

      • Nikkei: (110.32) or (0.26%) to 42718.47

      • Hang Seng: 78.80 or +0.32% to 25077.62

      • Shanghai Composite: 14.33 or +0.37% to 3857.93

      • Shenzhen Composite: 12.36 or +0.51% to 2443.68

      • ASX200: (6.90) or (0.08%) to 8973.10

      • KOSPI: (10.31) or (0.32%) to 3186.01

      • SENSEX: 45.85 or +0.06% to 80126.42

    • Currencies:

      • $-¥: +0.05 or +0.03% to 146.9910

      • $-KRW: +4.55 or +0.33% to 1390.1000

      • A$-$: +0.00 or +0.03% to 0.6536

      • $-INR: +0.50 or +0.57% to 88.0967

      • $-CNY: (0.00) or (0.02%) to 7.1294

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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