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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.22%, Hang Seng (0.43%), Shanghai Composite +1.65% as of 04:10 ET

Sep 11 ,2025

  • Synopsis:

    • Asian equities mixed Thursday. Greater China diverged with mainland benchmarks sharply higher on tech gains while Hang Seng ended lower amid selloff in biotech names. Japan, Korea and Taiwan all at fresh record highs amid tech strength. ASX lower. Indonesia extended rebound following early-week tensions over finance minister replacement. India trading higher. US futures edged up after back-to-back all-time highs. Treasury yields up slightly ahead of CPI data. Dollar firmed against yen and kiwi. Crude oil and gold both slipped. Bitcoin near three-week high.

    • Tech strength drove benchmarks in Japan, Korea and Taiwan all to record highs. Oracle's (ORCL) huge contract wins and computing power deal with OpenAI generating more AI hype, leading to 10% surge in SoftBank (9984.JP), also follows major shareholding ARM Holdings' (ARM) 9.5% climb overnight. TSMC (2330.TT) also reported better-than-expected August revenue growth, highlighting solid AI demand. Samsung Electronics (005930.KS) and SK Hynix (000660.KS) advanced as well. Market attention shifts to US August CPI with consensus looking for unchanged core inflation that reflects ongoing tariff impact on import-sensitive categories. CPI not expected to impact September rate cut expectations though some thought hotter print could result in less dovish rate path.

    • In macro developments, Japan MOF large firm sentiment recovered following US-Japan trade deal. Japan wholesale inflation rose in-line with forecasts amid elevated growth in food costs. China considers asking state lenders and policy banks to lend to local governments to help them repay bills to private sector, estimated at over $1T. Nothing new from RBNZ Governor Hawkesby, who reaffirmed central projection for OCR to fall to around 2.50% from 3.00% currently. South Korean President Lee said massive ICE raid against Korean workers in Georgia could make its companies "hesitant" about direct investment in US. A team from US Defense Department and Boeing expected to visit India next week as two countries aim to revive trade talks. New Indonesian finance minister unveiled $12B cash injection to stimulate lending.

    • Alibaba (9988.HK) seeks to raise $3.17B of zero-coupon convertible notes, set to be this year's largest, due 2032 and can be converted to its ADRs. 80% of proceeds to enhance its cloud infrastructure. NIO (9866.HK) raised about $1B via share sale, or 181.8M new shares at HK$43.36 ($5.57), to develop future vehicle platforms and models, expand battery swapping network and invest in R&D. NIO ADRs fell nearly 9% overnight. China biotech stocks plunged after NY Times sources said Trump administration weighing severe restrictions on medicines from China. Hansoh Pharmaceutical (3692.HK) was down nearly 9%, worst performer in Hang Seng Index. CSPC Pharmaceutical (1093.HK), WuXi AppTec (2359.HK), Sino Binopharmaceutical (1177.HK), and Wuxi Biologics (Cayman) (2269.HK) were all sharply lower.

  • Digest:

    • Growing speculation of MOF buybacks buoys superlong JGBs:

      • JGB 40y outperformed Thursday, attributed to a Nikkei discussion about growing market speculation of MOF buybacks in the superlong sector. Notion was apparently a key takeaway from MOF's questionnaire distributed to market participants (reported earlier) presaging an expected primary dealer meeting this month. MOF floated the idea of reducing the size of tap auctions for the 15.5y~39y zone from the current JPY350B to either JPY250B or zero, and the latter figure triggered speculation this might be a prelude to buybacks. Context stems from participants' calls for off-the-run ultralong buybacks in response to market volatility in the Spring, given brokerages have been laden with inventory and suppressing risk appetite. Such bonds issued during the BOJ unconventional easing era carries coupons of less than 1% and subject to depressed valuations when prevailing yields are rising -- such that these bonds are now worth about half of what they were when issued. Concurrently, life insurers facing large unrealized losses on their balance sheets, prompting rotation into higher coupon notes, leaving brokerages stuck with inventory. With primary dealers among them, burden has led to minimize take-up at auctions, raising the risk of undersubscription.

    • Majority calls for BOJ rate hike by year-end narrows, ETF unwind strategy said to be in the works:

      • Reuters consensus poll (n=68) found all but three economists expect no rate change at the next BOJ meeting on Sep 18-19. Similarly, virtually unanimous views that a Fed rate cut would not cause a delay in a BOJ move. Key running tally showed 55% of respondents anticipate a rate hike in Q4, down from 63% last month, though matching the July consensus. Median year-end policy rate projection was 0.75%, unchanged from last month, compared with market-implied odds of a hike by year-end above 50%. Story cited some thoughts an October hike is plausible if the September BOJ Tankan survey provides sufficient affirmation that tariff effects are limited and wage-inflation dynamics remain in place. Report mentioned potential delay from political uncertainty, though citing only one analyst's view the likelihood of a hike would significantly diminish if Sanae Takaichi becomes prime minister. Quickly moved on to wage growth, where 22 of 29 do not expect next year's shunto wage hikes to exceed this year's 5.25% with a median estimate of 4.80%. Still, BOJ focus generally seen pivoting more towards sustainability provided growth remains solid. Separately, Reuters sources said BOJ is firming up a strategy to unwind risk assets likely to center on gradual reduction of ETF holdings, though there is yet no consensus on timing of an announcement.

    • EU unlikely to heed US calls to impose tariffs on China and India; US-India tensions ease:

      • Reuters sources said EU unlikely to heed US calls to impose punitive tariffs on India and China over Russian crude purchases. FT earlier reported President Trump asked EU to impose tariffs of up to 100% on India and China to pressure Russia into ending its war on Ukraine, and that US would be prepared to match any tariff hike. However, sources pointed out EU only imposes tariffs following lengthy investigations to establish legally sound justification. Imposing tariffs could also imperil trade deal EU is trying to negotiate with India. Rather, European Commission weighing more targeted option of including some China 'teapot' refiners in upcoming Russia sanctions package, per Reuters sources. Meanwhile, there are emerging signs of a thaw in US-India tensions with Trump and PM Modi to speak in coming weeks (Bloomberg). Modi echoed Trump's optimism about coming to a successful conclusion in trade talks, describing US and India as close friends. Sources said Indian officials may visit Washington in coming days to resume talks. Still, prospects of a breakthrough hinge on overcoming divisions over access to India's agricultural and dairy sectors as well Delhi's continued buying of Russian crude.

    • Worker detention remains sore point for South Korea ahead of trade talks:

      • US detention of South Korean workers at Hyundai plant in Georgia has emerged as a political flashpoint with President Lee saying government is in talks with US to try and resolve visa issues (Bloomberg). Foreign Minister Cho Hyun met with Secretary of State Rubio on Wednesday to voice deep concern over the detention (Bloomberg). South Korean officials told FT President Trump offered affected employees option of staying in US to help train American workers. However, workers chose to fly home with option of returning to US later if necessary. Pictures of workers in shackles prompted anger in South Korea with Lee warning about potential risk to future investment plans. Comes as Industry Minister Kim Jung-kwan departs for US to continue discussion on details of trade deal struck in July. Ahead of Kim's visit, Lee conceded there is a long way to go in negotiations. Two sides remain at odds over aspects of trade agreement, including composition of funding and profit-sharing agreements (Yonhap). Trump yet to sign executive order formalizing lowered tariff rate of 15% while South Korea adamant it will not accept same terms as Japan did on its $550B investment pledge.

    • China policymakers pledge to continue with supportive policies this year:

      • In 2025 progress reports submitted to the NPC Standing Committee, Finance Minister Lan Fo'an said fiscal policy has become more proactive and provided sustained support this year, with budget execution and fiscal operations remaining stable (Xinhua). Cited implementation of funding for a special campaign to boost consumption and a range of financial support measures. Scope of car and home appliance trade-in scheme has been broadened, and issuance of ultra-long special treasury bonds began a month earlier than last year. Going forward, pledged China will make full, effective use of its more proactive fiscal policy and continuously improve its policy toolkit. NDRC chief Zheng Shanjie said China is making every effort to accomplish the economic and social development goals set for 2025, with a raft of work arrangements to be continued in H2 (Xinhua). Said government will work to ensure stability in the job market and corporate activity, refine a more proactive fiscal policy and a moderately loose monetary policy, and make policies more targeted and efficient. Efforts will also be made to implement consumption-boosting programs, removing associated red tape, and roll out measures to expand service consumption.

    • Notable Gainers:

      • +10% 9984.JP (SoftBank Group): sympathy to media report about Oracle signing $300B five-year computing power deal with OpenAI; Klarna Holding IPO opens at $52.00 on the NYSE; priced at $40

      • +1.2% 2330.TT (TSMC): reports August revenue NT$335.77B, +33.8% y/y

      • +1.1% 7201.JP (Nissan Motor): reportedly reducing bureaucratic burden of bringing new models to market, shortening development process significantly

      • +0.4% 9988.HK (Alibaba Group): announces proposed offering of ~$3.2B of zero coupon convertible senior notes

    • Notable Decliners:

      • -7.5% 1093.HK (CSPC Pharmaceutical Group): Trump administration reportedly weighing restrictions on drugs from China

      • -4.3% 2269.HK (Wuxi Biologics (Cayman)): Trump administration reportedly weighing restrictions on drugs from China

      • -4.3% 2618.TT (EVA Airways): reports August revenue NT$18.33B, (8.0%) y/y

  • Data:

    • Economic:

      • Japan

        • Q3 MOF BSI large manufacturing index 3.8 vs (4.8) in prior quarter

          • Large non-manufacturing index 5.2 vs (0.5) in prior quarter

          • Large all-industry index 4.7 vs (1.9) in prior quarter

        • August CGPI +2.7% y/y vs consensus +2.7% and revised +2.5% in prior month

    • Markets:

      • Nikkei: 534.83 or +1.22% to 44372.50

      • Hang Seng: (113.94) or (0.43%) to 26086.32

      • Shanghai Composite: 63.09 or +1.65% to 3875.31

      • Shenzhen Composite: 61.13 or +2.54% to 2468.66

      • ASX200: (25.40) or (0.29%) to 8805.00

      • KOSPI: 29.67 or +0.90% to 3344.20

      • SENSEX: 94.47 or +0.12% to 81519.62

    • Currencies:

      • $-¥: +0.35 or +0.24% to 147.8150

      • $-KRW: +2.36 or +0.17% to 1391.6700

      • A$-$: (0.00) or (0.06%) to 0.6608

      • $-INR: +0.28 or +0.32% to 88.3325

      • $-CNY: +0.00 or +0.02% 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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