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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.30%, Hang Seng (0.03%), Shanghai Composite +0.04% as of 04:10 ET

Sep 16 ,2025

  • Synopsis:

    • Asian equities finished mostly higher Tuesday. Solid gains for Japan as it returned from holiday, South Korea and Taiwan both at record highs. Australia also closed higher, Mainland China boards leaned higher but the Hang Seng dipped into the bell to close flat. India trading at multi-week highs. Southeast Asia mixed as Singapore and Indonesia slipped slightly. US futures higher, Europe pared early gains to trade lower. US dollar accelerating losses in afternoon trade, yen strengthening the most in Asia. Treasury yields higher at the short end, lower at the long; JGB yields higher across tenors, CGB yields at five-month highs. Gold at fresh record highs, crude futures paring early gains, iron ore higher on higher China steel production data.

    • Asia equity markets in bullish mood ahead of Fed rate decision as Fed Fund Futures indicate a 96% chance of a 25-bps cut and a 4% chance of a 50 bps cut. The odds weighing on the dollar, which is reapproaching its four-year low to the benefit of the yen, and Australia and New Zealand dollars, and yuan, which continues to see steady strengthening. Chip stocks drove equities in Seoul and Taipei to fresh record highs with notable outperformance among Japan and Australia IT stocks too. The Hang Seng stuck in a short-range trading band for now as debate continues over whether August's poor economic data warrants extra stimulus or not.

    • In regional developments, the US and China agreed to a framework deal on TikTok's ownership as trade talks in Madrid ended, while President Trump said he would speak to President Xi on Friday. Beijing accused Nvidia of violating anti-monopoly laws amid a probe into US analog chips sales. India and US trade representatives to meet later Tuesday amid optimism over a trade deal but an agreement for South Korea along the same lines as Japan's 15% deal appears unlikely for now amid differences over investment commitments into the US. Indonesia launched a $1B stimulus program partly aimed at its gig economy workers with officials stressing it wouldn't impact the country's fiscal deficit.

    • LG Display (034220.KS) is to expand its production line at its Paju plant in response to increased orders from Apple as it shifts production away from China. Reliance Group (Reliance Industries, 500325.IN) raised around $2.4B in an asset-backed securities issuance with three-quarters bought by domestic asset managers.

  • Digest:

    • US and China reach framework agreement on TikTok:

      • US and China concluded talks in Madrid, agreeing to framework deal on TikTok ownership (Reuters, Bloomberg). President Trump said meeting went well and he will be speaking to President Xi on Friday. Treasury Secretary Bessent deal would preserve Chinese characteristics while addressing US national security concerns. Xinhua readout similarly noted consensus reached on TikTok, voicing support for Chinese companies' desire to conduct commercial negotiations based on market principles. Unclear how deal addresses TikTok's algorithm with Beijing said to be hesitant allowing it to fall into US hands. China cyberspace authority official said deal could allow for licensing of property rights including the algorithm. Underlying tensions over technology remain unresolved after Beijing repeated demand for US to lift restrictive measures. In latest developments, China accused NVDA of violating anti-monopoly laws and launched probe into US analog chips, coming after US put more Chinese firms on export blacklist. Attention turns to possibility of Trump-Xi meeting, potentially at next month's APEC summit in South Korea. Ahead of his call with Xi, Trump repeated desire for a "big" deal, but recent articles have highlighted divisions over issues ranging from fentanyl to trade. Bessent said trade deal unlikely before APEC summit, though USTR Greer indicated another tariff deadline extension possible.

    • Street Takeaways: China August activity data

      • Takeaways from China August activity data almost uniformly bearish with weakness put down to several factors such as restrictions ahead of early September military parade, deepening property downturn, rising unemployment, 'anti-involution campaign', weather-related impacts and fading fiscal impulse. 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. Economists saw downside risks to Q3 GDP estimates with growth pressures potentially becoming more pervasive in Q4 amid unfavorable base year effects, labor market uncertainty that weighs on consumption growth, subdued infrastructure investment, ongoing inventory overhang that prolongs property market downturn, and softer export growth reflecting payback for earlier front-loading. Policymakers seen avoiding large-scale stimulus in favor of fiscal policy fine-tuning that may involve accelerating planned infrastructure investments and front-loading 2026 local government bond issuance quota. Scope for additional PBOC easing faces constraints from policymaker caution about adding liquidity and fanning stockmarket bubble risks.

    • US and South Korea remain divided over investment component of trade deal:

      • US and South Korea working to hash out details of trade struck in July, but press highlighting divisions over aspects of the agreement. FT sources said Seoul resisting US demands for Japan-style agreement that lets President Trump direct promised investment. There are disagreements on composition of investment with South Korea saying funds will be mostly loans and guarantees while US insisting on direct investment. South Korean official added that country's smaller FX reserves and lack of FX swap deal with US means it cannot accept a Japan-style agreement. US detention of South Korean workers at Hyundai plant in Georgia being seen as an added complication. Publicly, two sides adopting a defiant tone with South Korea's Trade Minister Yeo Han-koo vowing to prioritize national interests while Commerce Secretary Lutnick told CNBC last week that South Korea accept deal on offer or pay the tariffs (Yonhap). With US formally implementing reduced 15% tariff rate imports of Japan autos and auto parts from Tuesday, South Korea has been put at a relative disadvantage with its tariff stuck at 25%.

    • India and US set for fresh trade talks Tuesday:

      • Trade negotiators from India and US set for fresh talks Tuesday in New Delhi just weeks after US imposed 50% tariff on India imports over trade barriers and Russian oil purchases (Mint). Talks resume following consolatory comments from President Trump last week who hinted deal possible but also comes after PM Modi visited Shanghai and met with Presidents Xi and Putin in sign of warming ties with China and Russia. India negotiators late Monday said two sides 'engaged virtually' ahead of meeting, with positive 'frame of mind' from both sides although access to India's agriculture sector still known to be sticking point. Diplomatic- and ministerial-level talks also to take place simultaneously (Bloomberg). Data released Monday showed exports to US from India fell to $6.86B from $8.01B in July although full effect of 50% levy likely to be felt in September as punitive tariff began on 27-Aug (Reuters).

    • Indonesia launches $1B economic stimulus package:

      • Indonesia late Monday launched IDR 16.2T ($989M) stimulus program that will include food assistance programs, tax breaks, infrastructure building schemes to create 600K new jobs, but which critics said may undermine country's fiscal standing. New finance minister Purbaya Sadewa defended plan, said will not significantly change budget deficit as programs optimize existing budgets (Bloomberg). Stimulus includes expansion of health, unemployment insurance coverage for gig economy and low-income workers who were at center of recent demonstrations (Tempo). Stimulus comes after last week's decision to move IDR200T of finance ministry's cash reserves to state-owned commercial lenders to encourage lending (Bloomberg), and recent Bank Indonesia (BI) interest rate reductions (Reuters). BI set to meet to decide on base rate Wednesday but is widely expected to hold rates steady at 5.0%. Jakarta's JSX equity benchmark slightly higher Tuesday, rupiah pared early losses to trade slightly higher.

    • Notable Gainers:

      • +10.5% 034220.KS (LG Display): Apple reportedly shifting iPhone panel orders away from BOE

      • +9.1% 000990.KS (DB HITEK): to issue KRW125.57B zero coupon exchangeable bonds due 2030

      • +9.1% 1164.HK (CGN Mining): US reportedly seeking to increase its national strategic uranium stockpiles

      • +5.8% 081660.KS (Misto Holdings): approves special dividend

      • +3.2% 175.HK (Geely Automobile Holdings): Zeekr Group announces shareholders' approval of merger agreement with Geely Automobile

    • Notable Decliners:

      • -10.0% 2695.JP (Kura Sushi): reports 9M earnings; operating income ¥5.19B, (18%) vs year-ago ¥6.36B

      • -5.2% 145020.KS (Hugel): Hugel) co-CEOs Moon Hyung-jin, Park Cheol-min step down, effective immediately

  • Data:

    • Economic:

      • Japan July

        • Retail sales y/y (6.7%) versus (6.8%) in prior month

    • Markets:

      • Nikkei: 134.15 or +0.30% to 44902.27

      • Hang Seng: (8.05) or (0.03%) to 26438.51

      • Shanghai Composite: 1.36 or +0.04% to 3861.87

      • Shenzhen Composite: 18.35 or +0.74% to 2489.78

      • ASX200: 24.70 or +0.28% to 8877.70

      • KOSPI: 42.31 or +1.24% to 3449.62

      • SENSEX: 396.88 or +0.49% to 82182.62

    • Currencies:

      • $-¥: (0.49) or (0.33%) to 146.9300

      • $-KRW: (6.06) or (0.44%) to 1379.1000

      • A$-$: (0.00) or (0.12%) to 0.6662

      • $-INR: (0.08) or (0.09%) to 88.0446

      • $-CNY: (0.00) or (0.06%) to 7.1144

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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