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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng +0.22%, Shanghai Composite (0.26%), Kospi +0.35% as of 04:10 ET

Sep 15 ,2025

  • Synopsis:

    • Asia equities ended mixed Monday. Losses for Shanghai but Shenzhen and Hong Kong ended higher. Australia, Taiwan and India all lower. Kospi at fresh record high over 3.4K. Southeast Asia mixed. Japan closed for a holiday. US futures higher, Europe opened with gains. US dollar flat, won higher but little movement elsewhere in Asia forex . Treasury yields higher across tenors, JGB yields down at the long end, CGB yields higher. Crude contracts higher, precious metals off records, base metals down on China economic data.

    • Asia equities largely unchanged from Friday's close as the MSCI Asia Pac ex Japan index hovered near record highs, although South Korea's Kospi maintained its momentum following the abandonment of a plan to lower capital gains tax threshold. China stocks wavered on August activity data and generally took a breather ahead of several central bank meetings later this week although domestic chip stocks rallied after Beijing launched two separate probes into US analog chips imports. Battery makers benefitted from reports Friday the NDRC plans to double new energy storage capacity by 2027 alongside $35B of investment.

    • China activity data for August slowed again and missed expectations. Industrial production rose at its slowest rate in a year and missed forecasts; retail sales grew but at a slower pace versus July and also missed estimates; fixed asset investment barely rose while Jan-Aug FAI hit a five-year low. Unemployment also rose. House prices slid again: 2.5% y/y or 0.3% m/m. The NBS said some firms are having difficulties in operations, admitting the external environment is 'very severe'. CGB yields reached a five-month high despite the NBS urging 'full implementation' of fiscal policies, implying there would be no fresh stimulus coming.

    • In other developments, US and Chinese trade officials met in Madrid on Sunday but no breakthrough was reported. The US also called on the G7 and EU to impose tariffs on China and India over Russian oil purchases. South Korea proposed a currency swap agreement as part of a US trade settlement. Vietnam said it would carry out further market reforms to promote its MSCI status after eliminating foreign ownership rules late last week.

    • JD.com (9618.HK) and UK's Sainsbury ended talks over the sale of Argos to JD. Tencent (700.HK) will sell its first bonds in four years with 5Y, 10Y and 30Y notes being offered. ANZ (ANZ.AU) to pay a $160M fine over customer and bond trading violations. Kiwoom Securities (039490.KS) is said to be considering acquiring the US business of Shinhan Financial's (055550.KS) securities unit; stock higher on government abandonment of capital gains tax changes.

  • Digest:

    • US and China hold trade talks as tensions fester:

      • Treasury Secretary Bessent and USTR Greer met Chinese officials including Vice Premier He Lifeng in Madrid on Sunday (Bloomberg, Reuters). Trade and TikTok were on agenda along with discussions on Trump-Xi meeting. On trade, FT sources highlighted divisions over fentanyl with US pushing for harder crackdown while China conditioning further action on relief from 20% fentanyl tariffs. China also launched anti-discrimination probe in US analog IC chips made by companies like Texan Instruments (TXN) and Analog Devices (ADI), coming just a day after US put more Chinese firms on Commerce Department export blacklist (Reuters). Two sides still apart on resolution to TikTok's algorithm, with Beijing reluctant to approve ByteDance parting ways with it (link). Trump said TikTok's fate up to China though Reuters sources said president likely to extend 17-Sep 'ban or sale' deadline. Divisions on key issues seen imperiling prospect of Trump-Xi summit in Beijing. While China's preference is for a summit in Beijing, US is demanding 'deliverables' before this happens. China also said to be hesitant about a less formal meeting at next month's APEC summit in South Korea.

    • China activity data misses estimates:

      • Headline August activity metrics were weaker than estimates for second straight month. Industrial production rose 5.2% y/y, compared with Bloomberg consensus 5.6% and 5.7% in July, marking lowest growth in a year. Retail sales grew 3.4% vs consensus 3.8%, following 3.7% in prior month. Came as softest since November. Fixed asset investment decelerated sharply to 0.5% YTD from 1.6%, slowest expansion since 2020. Property development investment dropped 12.9% YTD. Unemployment rate rose to 5.3% vs consensus and last month, both at 5.2%. Coupled with cooling off in export growth, many analysts and investors expect a slowdown in China's economy in H2 with today's weak data adding evidence. Recall economy showed resilience in H1 as it clocked growth of 5.3% as leadership is confident to reach official growth target of around 5% even growth slows down markedly later in the year. Policymakers have largely been reluctant to unleash fresh stimulus so far. Meanwhile NBS acknowledged economy facing many risks and challenges, highlighting external uncertainties.

    • Weak China activity data fans stimulus debate:

      • Subdued China activity data fanning more debate about need and likelihood of additional stimulus (Reuters, Bloomberg). Figures add to signs growth slowing sharply in early H2 with August official manufacturing PMI in contraction, deflation pressures persisting and export and credit growth slowing. Tariffs and government efforts to curb industrial overcapacity among key headwinds going into Q4, raising doubts about achievability of 2025 growth target of "around 5%". Still, China's economy grew better-than-expected 5.3% y/y in H1, informing views that growth target can still be achieved even with a weaker H2. Some economists argued policymakers likely to resist meaningful stimulus unless growth target is under more serious threat and will continue to preference fine-tuning efforts such as accelerating planned infrastructure investments. While weak credit demand supported calls for further PBOC interest rate and RRR cuts, there are thoughts China's surging stockmarkets are heightening policymaker caution about adding liquidity and fanning bubble risks (Bloomberg).

    • South Korea's Kospi breaks 3.4K for first time on CGT reprieve, won strength, renewed AI-related strength:

      • South Korea's main Kospi benchmark through 3,400 for first time Monday, KOSDAQ above 850, after Seoul confirmed it would not lower capital gains tax threshold for stocks, hinted at strongly late last week (Chosun). Monday's 0.5% gain builds on more than 6.1% advance last week (Yonhap). Original plan was to lower CGT tax threshold on stock holdings to KRW1B ($717K) from KRW5B, ensnaring 14M retail investors (one-third of South Korea's population), and raising questions over government pledge to support Kospi to 5K. Monday, securities firms and banks dominated Kospi's leader boards however market heavyweights SK Hynix (000660.KS), Samsung Electronics (005930.KS) outperforming on renewed AI investment optimism. Increased chances of Fed rate cut also boosted won against dollar while last week saw largest w/w overseas investor inflow in 12 years, according to Goldman Sachs (Bloomberg).

    • US wants allies to impose tariffs on China and India, stop buying Russian crude:

      • US stepping up calls for other countries to increase economic pressure on Russia to end its war on Ukraine. In Truth Social post, President Trump urged NATO countries to stop buying Russian crude and impose 50-100% tariffs on China and India for buying oil from Moscow, echoing similar demands on G7 and EU (Bloomberg, Reuters). G7 finance ministers discussed secondary sanctions on Friday along with other US proposals to pressure Russia, including speeding up talks on seizing frozen Russian assets, targeting Russia's shadow oil fleet and sanctioning entities aiding Moscow's military industry. However, there is skepticism US proposals will be implemented with EU considered unlikely to impose secondary tariffs given bloc currently negotiating trade deal with India and said to be mindful about Chinese retaliation (Reuters). Imposing punitive tariffs on China also seen as detrimental to possible Trump-Xi summit in Beijing (FT). Meanwhile, former US officials argue Trump's demands for NATO to punish Russia first appear calculated to defer any White House decisions of its own to ramp up pressure on Moscow (link).

    • Notable Gainers:

      • +25.3% 2562.HK (Synagistics): enters into legally binding term sheet to acquire target company in Singapore

      • +7.2% 039490.KS (KIWOOM Securities): South Korea finance minister reportedly says tax rule for stock investors unchanged; reportedly preparing to acquire Shinhan Securities' US subsidiary

      • +5.9% 3709.HK (EEKA Fashion Holdings): strategic cooperation and issue of new EEKA shares

      • +0.0% 9618.HK (JD.com): Sainsbury terminates talks about Argos with JD.com

    • Notable Decliners:

      • -6.4% 9992.HK (Pop Mart International Group): downgraded to neutral from overweight at JPMorgan

      • -1.7% 6060.HK (ZhongAn Online P&C Insurance): reports Jan-Aug gross written premiums CNY23.63B

  • Data:

    • Economic:

      • China August

        • Industrial production +5.2% y/y vs consensus +5.6% and +5.7% in prior month

          • Retail sales +3.4% y/y vs consensus +3.8% and +3.7% in prior month

          • Fixed asset investment (YTD) +0.5% y/y vs +1.6% in prior month

          • Unemployment rate 5.3% vs consensus 5.2% and 5.2% in prior month

        • New house prices (0.3%) m/m vs (0.3%) in prior month (Reuters)

    • Markets:

      • Nikkei: Closed

      • Hang Seng: 58.40 or +0.22% to 26446.56

      • Shanghai Composite: (10.09) or (0.26%) to 3860.50

      • Shenzhen Composite: 8.94 or +0.36% to 2471.43

      • ASX200: (11.90) or (0.13%) to 8853.00

      • KOSPI: 11.77 or +0.35% to 3407.31

      • SENSEX: 20.76 or +0.03% to 81925.46

    • Currencies:

      • $-¥: (0.23) or (0.16%) to 147.4370

      • $-KRW: (6.12) or (0.44%) to 1386.9200

      • A$-$: +0.00 or +0.20% to 0.6661

      • $-INR: (0.12) or (0.13%) to 88.1646

      • $-CNY: (0.00) or (0.03%) to 7.1224

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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