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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.25%), Hang Seng +1.78%, Shanghai Composite +0.37% as of 04:10 ET

Sep 17 ,2025

  • Synopsis:

    • Asia equities ended mixed Wednesday. The Hang Seng finished significantly higher as its internet and technology stocks surged with more advances for mainland China boards. Southeast Asia benchmarks also ended higher while India is at two-month highs. Elsewhere, benchmarks tracked US markets lower with Australia, Japan, South Korea and Taiwan all lower albeit with most off their troughs. US futures higher, Europe opened with gains. US dollar recovering slightly after reaching four-year lows overnight, yen and AUD reversing overnight gains somewhat. Treasuries yields mostly higher, JGB yields lower. Crude oil, precious metals and industrial metals all down.

    • Asia equities largely followed Wall Street's overnight trajectory lower with Greater China markets standout outperformers to continue a five-plus month streak. The Hang Seng rose steeply as several of its large-cap tech names surged: Baidu, on a successful bond issue and broker upgrade; SMIC on progress on AI-chip building technology; and NIO on a SUV launch and broker upgrade were among the leaders but many tech names rose notably. Ahead, Fed decision this evening Asia time with a 25 bps almost fully priced in with focus on commentary and dot plot to ascertain degree of Fed dovishness.

    • In regional developments, Bank of America Asia fund manager survey leaned bullish although expected gains over the next 12M more muted amid high valuations. Bank Indonesia unexpectedly trimmed its base interest rate 25 bps to support growth amid concerns over its independence from politicians. China's Golden Week travel bookings for early October surged in what could be a solid boost for economic sentiment. Shipments to the US and China weighed on Singapore and Japan export data for August. New Zealand's consumer confidence dipped in Q3 while its current account deficit narrowed on increased import volumes of low-value consumer products.

    • Jera, a joint venture between Tokyo Electric Power Co (9501.JP) and Chubu Electric Power Co (9502.JP) is in advanced talks to buy natural gas production assets in the US for around $1.7B. Baidu (9888.HK) completed a CNY4.4B bond offering at a record low rate to finance its AI ambitions; shares surged. SMIC (981.HK) is said to be trialing home-made advanced tools for AI chipmaking, according to a FT report. Tencent (700.HK) raised around CNY9B ($1.27B) in a three-tranche offshore yuan bond deal with financing around 50 bps tighter than first offered to investors. SK Innovation (096770.KS) is considering the sale of its entire 35% stake in Sinopec-SK petrochemical joint venture. BHP (BHP.AU) is to close a low-margin coal mine because of high Queensland state royalties.

  • Digest:

    • China tech stocks surge on hopes that AI spending will pay off:

      • Hang Seng Tech index jumped as much as 4.4% Wednesday to hit strongest level since Nov-2021, led by more than 16% surge in Baidu (9888.HK). Shares of Alibaba (9988.HK) and JD.com (9618.HK) all advanced sharply. Index is on track for seventh consecutive weekly gain and up by more than 41% YTD, helped by de-escalation in US-China tensions and growing bets big tech's expenditure on AI will pay off (Bloomberg). Hang Seng Tech now trading at around 20.5X forward earnings, still below 5Y average of 23.3X and Nasdaq 100's 27X. Analysts noted China tech firms showing ability to monetize AI faster than expected and more brokers are now raising price targets. Baidu shares climbed most in more than two years in Hong Kong after Arete Research lifted its ADRs from sell to buy, citing growth potential for in-house chip business (Bloomberg). If rebound persists, it could accelerate return of investment to Chinese stocks that suffered regulatory crackdown and post-Covid economic woes. Bullish sentiment was seen on mainland market as well with strong gains in ChiNext and STAR 50 index. SMIC (688981.CH) and CATL (300750.CH) both hit record highs.

    • BofA Asia FMS sentiment riding wave of optimism:

      • September BofA Asia FMS was broadly bullish as the near-unidirectional equity rally since April lows pushed measures of investor sentiment to near euphoric levels. Strong majority of investors anticipate market gains over the next 12 months though measured in magnitude in light of elevated valuations. Optimism toward regional favorite Japan building even further, taking net overweight proportion to its highest on record going back to Oct-23. Themes clearly shifting to value and small/mid-caps and corporate governance reforms play out. Half of respondents forecasting a BOJ rate hike by year-end, favoring October over December. China sentiment mixed with some constructive pockets. Economic growth outlook remains mildly net negative though still a six-month high amid expectations for more policy support to address deflation. That said, proportion looking to add positions has faded from last month. Country rankings based on net overweight saw Japan first, followed by South Korea, Taiwan and India. China fell back to third-last with net underweight, behind Australia and ahead of main laggards Indonesia and Thailand. By sector/theme, Japan banks/semis still the mainstays while ex-Japan skewing more towards tech at the expense of commodities, utilities and real estate. China anti-involution became the standout favorite, well ahead of usual AI/semis.

    • Bank Indonesia unexpectedly trims base interest rate 25 bps amid concerns over independence:

      • Bank Indonesia (BI) lowered its base interest rate 25 bps to 4.75% against wide expectations for no-change, follows July's trim of 25 bps. Deposit facility rate cut 50 bps to 3.75%, lending facility rate cut 25 bps to 5.5%, also against expectations. BI said cut decision was because economic growth needed strengthened, ensure forex rate reflected expectations, will continue to assess room for more cuts to support growth but account for inflation. Governor Warjiyo said financial system had ample liquidity, urged banks to lower rates. Domestic political pressure to trim rates increased recently after BI entered "burden-sharing" agreement with finance ministry over interest costs on some projects, and purchasing government bonds as officials counter protests, push for President's Prabowo's 8% FY GDP growth rate. This week, Jakarta legislators also considering new mandate for BI and lowering bar for removing senior bank officials, heightening concerns over BI's independence (Bloomberg).

    • Japan exports not as soft as feared, yet US declines deepen:

      • Customs exports edged down 0.1% y/y in August against expectations of a sharper 2.0% fall. However, follows a 2.6% drop in the previous month and still marks the fourth straight decline. Main drags were autos as tariffs weighed on US shipments while unfavorable competition hampered China demand. Iron & steel and auto parts were the other notable drivers. Regional weakness in US was offset by mild growth in EU and Asia. Exports to China were 0.5% lower, extending down streak to six months. Imports contracted 5.2%, above consensus 4.1%, following revised 7.4% drop in July. Fossil fuels and drugs were the main factors. Price factor was supportive for exports, masking the first slide in volumes since March as US declines accelerated to 12.0% y/y. Total import volumes were little changed. Most of the attention still on US amid ongoing tariff reverberations. Exports to US fell by double digits for the fourth straight month while imports logged the first growth in seven months, resulting in a halving of the bilateral trade surplus. Recall that Trump signed an executive order to lower tariffs to 15% from 25% this month and only went into effect this week though retroactive from 7-Aug. BOJ real trade indices showed exports up a marginal 0.3% m/m with imports down 0.5%. Follows notably sharper declines in the prior month, leaving both down some 2% q/q pointing to a neutral external demand contribution to Q3 GDP.

    • Singapore core exports contract sharply as shipments to US tank:

      • Singapore August non-oil exports declined 11.3% y/y to add to July's 4.7% contraction as electronics, non-electronics hit with US tariffs for first time. Consensus varied at 0.1-1.0% gain. In Jan-Aug period, shipments now up just 1.6% y/y versus government FY forecast of for 1-3%. Enterprise Singapore data showed electronic shipments declined 6.5% y/y albeit versus high base in Aug-24 as disk media, integrated circuits and personal computer shipments all fell; non-electronics fell 13% y/y. By country, exports to US, Singapore's largest export market, declined 28.8% y/y following July's 42.8% contraction as food preparation products suffered near wipe out; to China shipments fell 21.5% and to Indonesia by 39.6%. Government and MAS forecast slowdown in Singapore manufacturing in H2 following outperformance in H1 on front loading while trade minister Gan last week warned chain supply shipments to secondary countries affected by tariffs will also slow (Reuters).

    • Notable Gainers:

      • +17.4% 412.HK (Shandong Hi-Speed Holdings Group): launches up to $100M (HK$778.3M) share buyback at up to HK$17/share

      • +15.7% 9888.HK (Baidu): ADRs upgraded to buy at Arete Research

      • +11.5% 9866.HK (NIO Inc): upgraded to buy from neutral at UBS; noted factors including increased consumer confidence and recent product releases

      • +8.4% 2229.JP (CALBEE): Oasis Management discloses 5.98% stake

      • +7.1% 981.HK (SMIC): reportedly trialing China's first domestically produced advanced chipmaking equipment in attempt to rival US-made processors

      • +3.6% 042670.KS (HD Hyundai Infracore): HD Hyundai Construction Equipment, HD Hyundai Infracore shareholders approve merger scheme

      • +1.2% 096770.KS (SK Innovation): unit reportedly in talks to sell entire 35% stake in Sinopec-SK Petrochemical joint venture

    • Notable Decliners:

      • -5.9% 4666.JP (Park24): reports 9M earnings; operating income ¥24.91B, (6%) vs year-ago ¥26.61B

      • -1.2% 6920.JP (Lasertec): downgraded to neutral from buy at BofA

  • Data:

    • Economic:

      • Japan August

        • Trade balance (¥242.5B) vs consensus (¥512.6B) and revised (¥118.4B) in prior month

          • Exports (0.1%) y/y vs consensus (2.0%) and (2.6%) in prior month

          • Imports (5.2%) y/y vs consensus (4.1%) and revised (7.4%) in prior month

      • New Zealand Q2

        • Current account (NZ$1B) versus (NZ$0.7B) in prior quarter

      • Singapore

        • August non-oil exports (11.3%) y/y vs consensus +0.1% and (4.7%) in prior month

        • Q2 Unemployment Rate (Final) 2% versus consensus 2.1% and 2.1% in prior quarter

    • Markets:

      • Nikkei: (111.89) or (0.25%) to 44790.38

      • Hang Seng: 469.88 or +1.78% to 26908.39

      • Shanghai Composite: 14.48 or +0.37% to 3876.34

      • Shenzhen Composite: 20.74 or +0.83% to 2510.52

      • ASX200: (59.20) or (0.67%) to 8818.50

      • KOSPI: (36.22) or (1.05%) to 3413.40

      • SENSEX: 345.04 or +0.42% to 82725.73

    • Currencies:

      • $-¥: +0.19 or +0.13% to 146.6530

      • $-KRW: +1.22 or +0.09% to 1379.9900

      • A$-$: (0.00) or (0.23%) to 0.6667

      • $-INR: (0.14) or (0.16%) to 87.7877

      • $-CNY: (0.01) or (0.11%) to 7.1069

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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