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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.87%, Hang Seng +0.61%, Shanghai Composite +0.32% as of 04:10 ET

Mar 18 ,2026

  • Synopsis:

    • Asia equities rallied across the region Wednesday amid a slide in crude prices: Japan's Nikkei and Topix gapped higher and closed near their highs with an across-the-board rally. Greater China boards pared early losses to trade higher with Hong Kong AI-listed stocks outperforming. Strong gains for the Kospi after authorities moved to end duplicate listings; Taiwan, Australia, Singapore and Southeast Asia all higher. India also trading higher. US futures trading higher, Europe up in opening trades. US dollar flat, Asia currencies mostly unchanged. Treasury yields mixed, JGB yields lower. WTI futures sharply down, Brent also lower; LNG and several petchem downstream products lower. Precious metals down, base metals mixed. Cryptocurrencies higher.

    • Equity markets stabilized further Wednesday as pre-Iran war drivers reasserted themselves. Hong Kong, South Korea and Taiwan AI-related technology stocks all up sharply following upbeat comments on AI from Nvidia's CEO Jensen Huang including over OpenClaw technology, and Samsung Electronics announcement of fresh chip developments. South Korea's benchmarks benefitted further Wednesday after country's financial services regulators announced the barring of duplicate listings, long cited as reason behind the 'Korea discount'. Iran war taking a backseat for today as WTI fell below $94/bl and Brent below $102 on reports Iraq had reached a deal to export oil through Turkey as well as comments from President Trump that hinted at the war ending soon.

    • In other developments, Japan export growth slowed but still beat estimates despite collapse in shipments to China and the US; imports grew strongly. Reuters Tankan survey showed Japan manufacturer sentiment rose to its highest since Dec-21 driven by strong semiconductor sales. South Korea unemployment rate fell to three-month low.

    • Elliot Management has acquired a stake in Mitsui O.S.K. Lines (9104.JP), saying the stock is substantially undervalued. Mitsubishi Electric (6503.JP) confirmed it is considering transferring a partial stake in Mitsubishi Electric Mobility after accepting an investment from Hon Hai Precision (2317.TT). SMBC (8316.JP) has asked Asia banks backing a Saudi loan deal to reconfirm their commitments following the outbreak of the Iran conflict. BHP Group (BHP.AU) named Minerals Americas president and former iron ore boss Brandon Craig as CEO. Macquarie Group (MQG.AU) has abandoned a deal on Kuwait oil pipelines amid the Iran war. Sunway Healthcare (5555.MK) shares rose by around 35% in its Kuala Lumpur IPO in Malaysia's biggest listing in years.

  • Digest:

    • Kospi surges after Seoul moves to end double listings:

      • Kospi surged 5.0% and Kosdaq 2.4% Wednesday after Financial Services Commission chair Lee Eog-weon announced ban of duplicate listings, long viewed by investors as suppressing equity valuations (Bloomberg). Lee said authorities will also push companies with low price-to-book (PB) values through 'naming and shaming'. Duplicate listing long used by Korea chaebols to raise equity but tend to lower holding company shares, source of 'Korea discount' that suppresses valuations of domestic companies versus global peers. SK Inc (0347730.KS) among notable gainers Wednesday although holding groups once again eclipsed by chip stocks: SK Hynix (000660.KS) up 8.9% and Samsung Electronics (005930.KS) up 7.5% amid regionwide rally in technology stocks following upbeat comments from Nvidia CEO Huang at AI conference (Yonhap). Strong Kospi move led Korea Exchange to issue 'buyside sidecar' that suspended program trading for five minutes after futures rose more than 5% for least one minute (Yonhap).

    • Japan exports beat despite declines to US and China:

      • Customs exports rose 4.2% y/y in February, somewhat above consensus 1.9%. Follows outsized 16.8% in the previous month skewed by LNY effects, marking the sixth straight increase. Semiconductors & electronic components were the notable main driver, followed by metallurgical fuel and construction/mining equipment. However, chipmaking equipment was a key drag (mainly due to China). By region, exports to US fell for the third straight month while China fell in payback for the 32.0% jump in January reflecting the shifting timing of LNY holidays. Yet, broader Asia shipments remained mildly positive while EU logged double-digit growth for the second month. Imports rose 10.2% vs consensus 11.3% and revised 2.6% decline in the prior month. Main drivers were chips & electronic components, nonferrous metals and nonferrous ores. Note that Topix nonferrous metals sector has been the standout outperformer, up 57.78% YTD largely tied to AI infrastructure plays. Crude oil stands to attract more attention going forward; imports dropped 31.8% in February to be the main drag before prices surged as the war in Iran began. Expected deterioration in terms of trade has formed the main basis for bearish views in the yen market. BOJ real trade indices showed exports fell back 5.8% m/m while imports rebounded 7.0%, but owing to a solid start to the quarter, Q1 trajectory still notably favoring exports, pointing to a positive contribution to GDP growth from external demand.

    • Japan wage agreements look promising ahead of key tallies:

      • Shunto wage agreements peaking today before first preliminary tallies are slated to be released 23-Mar (Nikkei). JCER consensus looks for large firms to award increases of 5% or more for the third straight year. The previous comparable stretch was during the height of the bubble era from 1989-1991. Recall that BOJ has pointed to sustained solid pay raises as the key to galvanize prospects for underlying inflation to reach the 2% inflation target and thereby justify further policy normalization. In a recent speech, policy hawk Tamura described this year as the final piece of the puzzle to confirm sustainability. Most blue-chip companies so far fully satisfying union demands. Toyota (7203.JP) typically the most closely watched barometer, meeting union requests for the sixth straight year (Nikkei). Defense sector majors IHI (7013.JP) and Mitsubishi Heavy (7011.JP) also issued full awards. Steelmakers Nippon Steel (5401.JP), Kobe Steel (5406.JP) and JFE (5411.JP) gave increases but by less than demanded. Recall Rengo maintained their target for 'at least 5%' growth at the headline and 3% for base wages as they focus more on lobbying for better breadth particularly among small firms.

    • Crude halts rally amid efforts to bring more oil to market:

      • Crude stabilizing with WTI and Brent lower over the week, suggesting headline effects of energy supply disruptions have lost some potency. Avenues being given to China and India following reports Iran allowing some ships to transit Hormuz and US issuing 30-day sanctions waiver for Russian oil. Gulf producers working to redirect Hormuz flows via pipelines to Gulf of Oman and Red Sea (Reuters). Signs market responding to planned oil reserves release with traders selling front-month futures while bidding up longer-dated contracts (Bloomberg). Thoughts that continued degradation of Iran missile and drone capabilities, killing of senior leadership and political pressure on White House from surging energy prices may create opening for off-ramps - Axios sources noting US envoy Witkoff and Iran Foreign Minister Araghchi recently resumed talks. Unclear whether market calm will last with US allies baulking at Hormuz naval escorts and ceasefire still considered quickest way to reopen Strait. Iran continues to strike Middle East energy infrastructure, impacting operations. Still no clarity on war timeline with latest reports noting fighting could last few more weeks.

    • Chinese stocks linked to OpenClaw jump amid bullish comments from Nvidia's Huang:

      • Chinese AI stocks related to OpenClaw jumping on Wednesday with MiniMax (100.HK) up nearly ~14% and Zhipu (2513.HK) rising more than ~15%, which Bloomberg attributed to bullish comments made by Nvidia (NVDA) chief Jensen Huang that "OpenClaw is definitely the next ChatGPT". Huang described the agent as foundational shift that expands what users can do with the technology. Came as OpenClaw swept across China by creating a "lobster craze" with many tech companies rushing to launch versions of the AI agent and integrations. Latest were Baidu (9888.HK) integrating OpenClaw with smart speakers to serve as voice-controlled remote for the AI agent (Bloomberg) and Tencent (700.HK) upgraded super app WeChat portal to its Qclaw (link, Bloomberg). Meanwhile the frenzy has also raised security warnings from regulators and government agencies as misconfigured deployments could leave systems exposed to cyberattacks or data breaches.

    • Notable Gainers:

      • +16.3% 9501.JP (Tokyo Electric Power Co. Holdings): Tokyo Electric Power Co. attracts interest for capital alliance from dozens of companies - Asahi Shimbun

      • +11.8% 9104.JP (Mitsui O.S.K. Lines): Activist Elliott acquires stake in Mitsui O.S.K. Lines; seeks to boost shareholder returns and capital efficiency - Reuters

      • +3.3% 6503.JP (Mitsubishi Electric): Mitsubishi Electric confirms it is considering all options, including transferring partial stake in Mitsubishi Electric Mobility

    • Notable Decliners:

      • -0.4% 4516.JP (Nippon Shinyaku): Nippon Shinyaku launches ELZONRIS injection for treatment of blastic plasmacytoid dendritic cell neoplasm in Japan

  • Data:

    • Economic:

      • Japan

        • February trade balance ¥57.3B vs consensus (¥460.0B) and revised (¥1,163.5B) in prior month

          • Exports +4.2% y/y vs consensus +1.9% and +16.8% in prior month

          • Imports +10.2% y/y vs consensus +11.3% and revised (2.6%) in prior month

        • March Reuters Tankan manufacturers sentiment index +18 vs +13 in prior month

          • Services index +25 vs +25 in prior month

      • South Korea

        • February unemployment rate 2.9% vs FactSet consensus 2.7% and 3.0% in prior month

    • Markets:

      • Nikkei: 1,539.01 or +2.87% to 55239.40

      • Hang Seng: 156.88 or +0.61% to 26025.42

      • Shanghai Composite: 13.08 or +0.32% to 4062.98

      • Shenzhen Composite: 25.84 or +0.97% to 2680.88

      • ASX200: 26.30 or +0.31% to 8640.60

      • KOSPI: 284.55 or +5.04% to 5925.03

      • SENSEX: 831.04 or +1.09% to 76901.88

    • Currencies:

      • $-¥: (0.16) or (0.10%) to 158.8460

      • $-KRW: (1.27) or (0.09%) to 1486.5700

      • A$-$: +0.00 or +0.06% to 0.7110

      • $-INR: +0.08 or +0.09% to 92.4681

      • $-CNY: (0.01) or (0.19%) to 6.8741

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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