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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.99%, Hang Seng (0.76%), Shanghai Composite +0.22% as of 04:10 ET

Sep 22 ,2025

  • Synopsis:

    • Asian equities trading mixed Monday. Japan ended higher to bounce back from Friday's selloff, Shenzhen added to recent gains, while South Korea and Taiwan also benefited from a renewed surge in the region's tech sector. Australia higher on a rally in miners. On the downside, India lower on US visa changes, Hang Seng weighed by financials, China CSI300 losses offset by strong gains in several tech names. Southeast Asia lower. US futures lower, Europe opened with losses. US dollar flat, Asia currencies unchanged. Crude futures higher, gold at another record high, base metals led higher by iron ore. Cryptocurrencies down notably.

    • Asia equites mixed once again, split between positive returns in technology-leaning benchmarks in northern Asia, and negative returns in those lacking tech exposure. Japan's main benchmarks bounced back from Friday's BOJ's ETF sell down report to reapproach record highs. South Korea's Kospi higher, led by SEC, which is said to have won approval from Nvidia for its next-generation high-bandwidth memory chip, Taiwan's TSMC also higher to follow through from Friday's Nasdaq's rally. On the downside, IT stocks weighing on India's main boards following Trump's changes to the US H-1B visa program that may hurt its large-cap IT services companies Infosys and Tata Consultancies among others.

    • In other regional developments, China left its 1Y and 5Y loan prime rates unchanged as expected but injected almost CNY300 ($42B) via the little-used 14-day reverse repo agreement, topping up its regular injection via seven-day repos as its long Golden Week holiday approaches. RBA Governor Bullock testified before Australia's parliament, reiterating the banks expectations for pickup in consumption and economic growth. Presidents Xi and Trump spoke Friday although little of note came of it while Trump said he would meet Xi in South Korea next month while touting progress on trade and fentanyl. US-South Korea trade talks remain stalled on investment component of deal with Seoul asking for a currency swap arrangement to ease the economic blow.

    • IBIDEN (4062.JP) CEO said it will increase production of IC substrates used in generative AI servers to meet rising demand. China's market regulator has launched an investigation into a Kuaishou Technology (1024.HK) over potential violation of e-commerce rules. Reports suggest Nvidia has approved Samsung Electronics' (005930.KS) fifth generation high-bandwidth memory product; shares sharply higher. Singtel (Z74.SP) faces another Australian government probe into its November 2023 emergency phone line outage.

  • Digest:

    • China LPRs unchanged as expected:

      • China LPRs were unchanged as widely expected at 3.00% in 1y and 3.50% in 5y. Follows steady rate in last week's OMO 7-day reverse repo operation. Attention on easing signals attracting more attention recently since latest macro data have been mostly soft. However, stock market strength cited as the latest obstacle against a monetary response, displacing earlier yuan depreciation risk. Growing leveraged activity underscoring concerns about bubble risk as margin financing reached a record earlier this month (Reuters). Going forward, easing forecasts remain mild -- especially after H1 economic activity turned out better than expected -- as latest surveys pointed to ~10 bp in rate cuts in Q4 and 50 bp RRR cut. PBOC quarterly report for June reaffirmed its easing stance though emphasized implementation of existing policy measures rather than signaling new stimulus. Monetary support so far coming mainly through liquidity provisions via channels such as MLF while reviving 14-day reverse repo operations to keep liquidity abundant (Xinhua) after an eight-month hiatus. Some debate over whether PBOC would go ahead with rate cuts at the risk of further fanning stock market exuberance, though softer economic fundamentals seen justifying a move in line with forecasts.

    • Trump-Xi approve TikTok deal, agree to meet at South Korea APEC:

      • US President Trump said on Truth Social Friday that he completed a "very productive" call with Xi Jinping, noting progress in "many" issues including trade, fentanyl, Ukraine war and approval of the TikTok deal. Also agreed to meet at the South Korea APEC summit (next month), followed by a Trump visit to China early next year and Xi to reciprocate with a US visit at "an appropriate time." Trump confirmed to reporters at the White House that they approved the TikTok deal and are now moving forward (Bloomberg). In China coverage, Xinhua cited Xi describing the phone call as pragmatic, positive and constructive. No explicit confirmation of a TikTok agreement, though noted Beijing respects the will of the corporate sector and welcomes business engagement as long as they comply with Chinese laws. Stressed the importance of Sino-US relations and praised the tone of recent dialogue. Called on US to avoid taking unilateral trade restrictions to prevent undermining progress through multiple rounds of consultations. With attention turning to details of the TikTok deal, Trump said on Fox News' "The Sunday Briefing" that Fox Corp (FOXA) CEO Lachlan Murdoch, Oracle (ORCL) co-founder Larry Ellison and Dell (DELL) CEO Michael Dell would be involved as US investors (Reuters). A senior White House official said Americans would hold six out of seven board seats in TikTok US but unclear if the deal would qualify as a full divestiture as required by Congress under the 2024 law (Reuters). TikTok US data to be stored on domestic cloud infrastructure run by Oracle and algorithm to be US-operated beyond the control of ByteDance.

    • RBA Governor Bullock says data since August meeting slightly stronger than anticipated:

      • In prepared remarks before House of Representatives committee, RBA Governor Bullock largely rehashed central bank's August assessment of economy. Noted that since August, domestic data has been broadly in line with its expectations or if anything slightly stronger. Said inflation is within 2-3% target range and underlying inflation expected to fall back to midpoint. Bullock acknowledged rise in unemployment rate amid an easing of labor market conditions, but RBA still assesses that some tightness remains. Said recovery in consumption expected to be sustained amid rising real incomes, contributing to pickup in Australian economic growth over next year. Briefly summarized risks that any pickup in domestic activity is not sustained, but equally that it could be materially stronger than RBA anticipates. Also mentioned risk there is more excess demand in economy and that labour market outcomes prove stronger than expected. While RBA has made progress in bringing inflation down, Bullock stressed importance of keeping inflation low and stable within target range.

    • India technology stocks dip sharply on H-1B visa program changes:

      • Several India IT stocks opened lower Monday post US changes to H-1B visa system that increased processing fee to $100K. Infosys (500209.IN), TCS (532540.IN), HCL Technologies (532281.IN) all fell after several India IT ADRs dipped Friday after analysts warned changes will impact margins, accelerate shift to automation and offshoring (EconomicTimes, CNBCTV). Analysts said legal challenge to order likely, which may buy reprieve, but over long term, India IT companies may have to overhaul strategy of rotating skilled talent into US projects. India IT sector worth around $283B, earns around 57% of revenue from US while 71% of H-1B visas for skilled workers go to India nationals; 11.7% go to China citizens (Reuters). Visa changes latest blow to India's IT sector this year following fall in technology spend that spiraled as trade tensions escalated, disappointing earnings, job reduction plans; Nifty IT sector down more than 15% YTD versus Nifty 50 7.1% return (Bloomberg).

    • Staying power behind Hang Seng's tech-driven bull run:

      • Hang Seng's tech-driven surge to four-year high has prompted lot of discussion about rally's sustainability though strategists sticking with bullish outlooks amid combination of AI traction and undemanding valuations (FT). Progressively increasing AI capex projections by cloud providers, advances by companies like Alibaba (9988.HK) and Baidu (9888.HK) in developing in-house AI chips, and China's campaign to encourage adoption of domestic chips while discoursing use of Nvidia among catalysts behind a rally that has extended from tech platforms to emerging chip developers like Cambricon Technologies (688256.CH). While speed of August's rally invited concerns among authorities about potential for bubble risks, China bulls point to dry powder with risk-averse retail investors having accumulated some $23T in savings following series of rate cuts (Bloomberg). Amid low cash returns and lack of investment alternatives, JP Morgan estimates some $350B being redeployed to stocks by end-2026. Rotational flows from low-yielding bonds seen to have fueled August's rally while foreigners also redirecting funds with offshore holdings of sovereign bonds falling to lowest since Jan-2021 (Bloomberg).

    • Notable Gainers:

      • +8.7% 8848.JP (Leopalace21): To cancel treasury stock amounts to 28.3% of total issued shares

      • +6.4% 6645.JP (OMRON): Aims to spin off Device & Module Solutions business by 1-Apr-26

      • +5.6% 4062.JP (IBIDEN): Reportedly has increased production of semiconductor substrates for AI by 2.5 times

      • +4.8% 005930.KS (Samsung Electronics): Reportedly has passed Nvidia's qualification tests for high-bandwidth memory

    • Notable Decliners:

      • -6.3% 9719.JP (SCSK Corp): Delays merger with NetOne Systems by one year to April 2027

      • -3.3% 1211.HK (BYD Co.): Berkshire Hathaway has sold out of BYD Co.

      • -2.4% 1024.HK (Kuaishou Technology): China's market regulator launches investigation on live-streaming e-commerce unit

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 447.85 or +0.99% to 45493.66

      • Hang Seng: (200.96) or (0.76%) to 26344.14

      • Shanghai Composite: 8.49 or +0.22% to 3828.58

      • Shenzhen Composite: 13.80 or +0.56% to 2486.42

      • ASX200: 37.40 or +0.43% to 8810.90

      • KOSPI: 23.41 or +0.68% to 3468.65

      • SENSEX: (227.86) or (0.28%) to 82398.37

    • Currencies:

      • $-¥: (0.03) or (0.02%) to 147.9390

      • $-KRW: (5.84) or (0.42%) to 1391.3700

      • A$-$: (0.00) or (0.08%) to 0.6589

      • $-INR: +0.10 or +0.12% to 88.2028

      • $-CNY: (0.00) or (0.02%) to 7.1139

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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