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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.45%, Hang Seng +0.85%, Shanghai Composite +0.38% as of 04:10 ET

Sep 08 ,2025

  • Synopsis:

    • Asian equities higher Monday as Friday's weak US labor data cemented case for Fed rate cut in September. Japan advanced following PM Ishiba's resignation announcement. Greater China, Korea and Taiwan benchmarks all saw mild gains while Australia slightly weaker. Singapore's STI near all-time high. India is trading higher. US futures inched higher. Treasury yields lower across tenors while JGB curve steepened. Dollar weaker against aussie, kiwi and yen. Crude rising after OPEC+ announced modest production hike for October. Gold hitting new all-time high, hovering near $3,610 per ounce. Bitcoin little changed.

    • Japan PM Ishiba's resignation announcement on Sunday influenced today's market moves. Weakness in long-dated JGBs thought to reflect fiscal expansion expectations with Ishiba's exit is fueling opposition calls for more aggressive cost-of-living relief measures. At same time, stimulus angle considered conducive for equity support. Political vacuum helped to reverse a yen rally Friday that was triggered by the US payrolls disappointment. Momentum is seen likely aided by positioning with hedge funds now short yen vs dollar , according to CFTC data. In terms of monetary policy implications, strategists suggest fluid politics will make it difficult for BOJ to raise rates for time being (market pricing in less than 50% chance of rate hike by Dec-2025).

    • Japan Q2 GDP revised up from preliminary read, with main contributions coming from inventories and consumption, partially offsetting downward revisions to capex. China export growth slowed by more than expected in August, reflecting payback for July's acceleration that was driven by US-China trade truce and base year effects. Growth in imports also weakened by more than expected with domestic demand subdued. Press discussions highlighted how US and China are making little progress in trade talks with Beijing is demanding removal of fentanyl tariffs and easing of tech export curbs while resisting calls to ramp up soybean purchases. PBOC extended gold buying spree to 10 months in August as it continues to diversify reserves away from US dollar. Meanwhile recent China stock rally may delay any monetary easing from PBOC as policymakers hope to avoid a repeat of 2015 market crash. Thailand new PM Anutin announced key cabinet picks, including Ekniti as finance minister, seen as reassuring investors. Will call a fresh election within four months.

    • On corporate, US raid at Hyundai-LG site in Georgia last week triggered turmoil among South Korean firms. LG Energy (373220.KS) has tentatively decided to postpone start of its EV battery plant with Hyundai (005380.KS) in Georgia. Hyundai has banned all US trips by its staff. Separately, US considers annual approvals for exports of chipmaking supplies to Samsung Electronics (005930.KS) and SK Hynix's (000660.KS) factories in China. Pop Mart (9992.HK) shares tumbled 7.1% Monday while today marked first day it was included in Hang Seng Index and Hang Seng China Enterprises Index amid profit-taking on the stock's gains accumulated in run-up to index inclusion. Some concerns over product demand surfaced as well after it launched mini Labubu last month.

  • Digest:

    • Japan PM Ishiba announces resignation, succession process begins:

      • Nikkei cited a press conference Sunday evening where Prime Minister Ishiba said he will step down as LDP president to take responsibility for the upper house election rout, just 11 months after becoming PM. Announcement came a day before the LDP planned to hold a vote on whether to hold an early leadership election, essentially to unseat Ishiba, and follows Thursday's formal agreement with the Trump administration to set 15% reciprocal levies on Japanese exports to the US. After having initially resisted calls to resign since the upper house election defeat, Ishiba said he made the difficult decision given he believed that discussions of an early LDP presidential race would have sowed party division. However, such a vote is required anyway now that Ishiba has resigned and the next regular presidential election not due until Sep-27. Nikkei reported LDP executive committee meeting concluded Monday morning, canceling the now redundant plan for a nationwide party poll that was required to hold an early election. Discussions now move to the LDP election committee to decide the parameters of the forthcoming election with the hope of reaching a verdict tomorrow. Nikkei highlighted shortlist of prospective candidates led by Agriculture Minister Shinjiro Koizumi and former economic security minister Sanae Takaichi based on opinion polls. Other mentions were former economic security minister Takayuki Kobayashi, Chief Cabinet Secretary Yoshimasa Hayashi and former LDP secretary-general Toshimitsu Motegi.

    • Japan post-Ishiba markets so far in line with expectations:

      • Japan market reactions Monday to Prime Minister Ishiba's resignation announcement so far matching expectations. Political vacuum helped to reverse a yen rally Friday that was triggered by the US payrolls disappointment. Momentum seen likely aided by positioning with hedge funds now short yen vs dollar according to CFTC data (Nikkei). More market anecdotes echoed views political turmoil may well push back the timeline for BOJ rate hikes. However, key problem in that USD/JPY rotations are difficult given markets are bearish on both currencies. EUR/JPY the next cross in the spotlight with current levels approaching a YTD high logged in July. Projections for JGB curve steepening also proving accurate with relative strength from the short end into 10y on the back of delayed BOJ rate hikes pivoting into superlong weakness to reflect fiscal expansion risk. Equities also sharply higher on the prospects for more stimulus despite ongoing uncertainties over the US economic outlook. Nikkei 225 reached a new intraday record 43,838.6. Breadth of gains attested to homegrown bullish sentiment (Nikkei). Post-Ishiba dynamic already prompting a couple of trading themes, based around the two leading succession candidates Takaichi and Koizumi. Foreign investors said to be reviving so-called 'Takaichi trades' (buy stocks, sell yen) that were popular around last year's LDP leadership race, driven by opposition to BOJ rate hikes and fiscally dovish stance. Koizumi has been a proponent of labor market and agriculture reforms, encouraging sharp gains in stocks such as Kubota (6326.JP), Iseki (6310.JP), Nousouken (3541.JP).

    • US-South Korea relations tested by detention of Korean workers in Georgia:

      • US detention of South Korean workers at Hyundai (005380.KS) plant in Georgia emerging as latest flashpoint in bilateral relations (FT). Agents detained 475 workers last week, most of whom were from South Korea, amid probe into illegal employment practices. Yonhap sources said detained workers will be repatriated home on charter flights. Trump downplayed concerns about rift and talked up US-South Korean relationship, acknowledging need for skilled workers and indicating administration would reassess visa situation (Yonhap). Images of workers in shackles drawing anger in South Korea and raising concerns about ramifications for promised Korean investment in US (Bloomberg). US-South Korea trade deal included commitment to invest $350B in US with $150B directed for shipbuilding. Worker detention has put construction of Georgia plant on pause, which could have implications for Hyundai's EV production in US. LG Energy (373220.KS) suspending business travel to US with start of company's EV battery plant in Georgia postponed (Bloomberg). Korea Economic Daily sources added that at least 22 other factory sites involving Korean firms in autos, shipbuilding, steel and electrical equipment sectors have been nearly halted.

    • China export growth misses estimates, slows to six-month low:

      • Dollar-denominated exports rose 4.4% y/y in August, missing Reuters consensus 5.0% and following 7.2% jump in July. Outbound shipments posted slowest growth in six months, weighed down by weaker shipments to US as temporary boost from truce with Washington has faded. Customs data showed exports to US plunged 33% y/y in August, fifth month of double-digit declines, bringing YTD drop to 15.5%. Recall Beijing and Washington agreed on 11-Aug to extend tariff truce for another 90 days, but limited progress has been made since with recent visit to US by senior China trade negotiator yielding little of substance. Meanwhile shipments to ASEAN jumped 22.5% y/y in August, extending 16.6% gain in July and exports to EU rose 10.4% y/y last month despite tensions between Beijing and Brussels. Imports rose 1.3% y/y, also lower than 3.0% growth expected and 4.1% rise in July. Trade surplus expanded to $102.3B, compared with $99.2B expected and $98.2B in July. Bloomberg noted a gauge of China's new export orders has been at multi-month low. Analysts are watching whether Beijing will unveil additional fiscal support in Q4 to boost domestic demand and offset weakening exports.

    • US making little inroads with China and India:

      • Media sources highlighted how China keeping communications line open but showing little inclination to yield to US trade demands. Senior China trade negotiator Li Chenggang Li's recent visit to Washington produced no tangible outcome after he reiterated demands for US to remove tariffs and ease tech export curbs while offering little in return. China continues to insist US remove 20% fentanyl tariffs before acting further against production of precursor chemicals. Trump's call for China to ramp up soybean purchases also being resisted by Beijing with President Xi reportedly keen to avoid signing onto another lopsided purchase commitment. Meanwhile, there are still no signs of breakthrough in US-India trade standoff. President Trump softened his tone on India by touting special bilateral relationship and his friendship with PM Modi, who later reciprocated those sentiments (Bloomberg). However, New Delhi remains cautious and reportedly waiting on more reassuring signals, while deep divisions remain over US access to India's agriculture and dairy markets, and its purchases of Russian crude. On latter, India's finance minster said country would continue to buy Russian oil (Bloomberg).

    • Notable Gainers:

      • +7.2% 7261.JP (Mazda Motor): Citi upgrades to to buy from sell citing lower US tariffs on Japanese auto exports

      • +6.9% 1813.HK (KWG Group Holdings): Shenzhen relaxes home purchase limits, no longer differentiates between first and second homes for mortgage rates

      • +3.8% 9072.JP (NIKKON Holdings): to launch up-to-¥15.0B buyback, to run from 8-Sep through 31-Mar-26

      • +2.7% 500182.IN (Hero MotoCorp): appoints Harshavardhan Chitale as CEO, effective 5-Jan

      • +1.3% 9989.JP (Sundrug): guides H1 net income ¥14.40B vs prior guidance ¥8.40B

    • Notable Decliners:

      • -7.9% 9926.HK (Akeso Inc): Summit Therapeutics presents data from Phase III HARMONi trial of ivonescimab at WCLC 2025

      • -2.4% 035760.KS (CJ ENM): Park Chan-wook's 'No Other Choice' reportedly misses Venice awards

      • -0.7% 005380.KS (Hyundai Motor): 450 people reportedly arrested in ICE raid of Hyundai Motor facility in Savannah, Georgia; raid reportedly part of ongoing criminal investigation into allegations of unlawful employment practices and other serious federal crimes

      • -0.2% 018250.KS (Aekyung Industrial Co.): Taekwang Industrial consortium reportedly named as preferred bidder to acquire 63% stake in Aekyung Industrial

  • Data:

    • Economic:

      • China

        • August trade balance $102.3B vs consensus $99.2B and $98.2B in prior month

          • Exports +4.4% y/y vs consensus +5.0% and +7.2% in prior month

          • Imports +1.3% y/y vs consensus +3.0% and +4.1% in prior month

      • Japan

        • Q2 revised GDP +2.2% q/q annualized vs preliminary +1.0% and +0.6% in prior quarter

          • Revised GDP +0.5% q/q vs preliminary +0.3% and +0.1% in prior quarter

        • August bank lending +3.6% y/y vs +3.2% in prior month

        • July current account balance ¥2,684B vs consensus ¥3,354B and ¥1,348.2B in prior month

    • Markets:

      • Nikkei: 625.06 or +1.45% to 43643.81

      • Hang Seng: 215.93 or +0.85% to 25633.91

      • Shanghai Composite: 14.33 or +0.38% to 3826.84

      • Shenzhen Composite: 21.57 or +0.90% to 2427.39

      • ASX200: (21.60) or (0.24%) to 8849.60

      • KOSPI: 14.47 or +0.45% to 3219.59

      • SENSEX: 349.72 or +0.43% to 81060.48

    • Currencies:

      • $-¥: +0.16 or +0.11% to 147.5530

      • $-KRW: +0.97 or +0.07% to 1387.5600

      • A$-$: +0.00 or +0.43% to 0.6585

      • $-INR: (0.20) or (0.23%) to 87.9947

      • $-CNY: (0.00) or (0.00%) to 7.1305

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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