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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.30%, Hang Seng +1.37%, Shanghai Composite +0.83% as of 04:10 ET

Sep 24 ,2025

  • Synopsis:

    • Asia equities ended mixed Wednesday in an almost mirror image of Tuesday's trading. Greater China stocks ended higher, led by the Hang Seng. Japan pared early losses to close higher. Elsewhere, stocks ended lower in Taiwan, South Korea, India and most of Southeast Asia. US futures slightly higher, Europe markets lower in early trades. US dollar marginally higher, AUD spiked on higher-than-expected CPI, yen weaker, rupee at another record low. Treasury yields lower across tenors, JGB yields also largely lower. Crude futures higher on Trump's Ukraine comments, gold dipping from record highs, base metals mixed.

    • Asia equities propelled higher by advances in regional technology stocks on news of a significant AI investment by Alibaba, by defense stocks on Trump's comments on Ukraine, and by Chinese e-commerce platforms on moves to end the food delivery price war. However, the positive moves were far from region or sector wide as several benchmarks reversed yesterday's gains post Wall Street's dip overnight. The Hang Seng propelled higher by Alibaba's increased investment into AI infrastructure to past $50B, which helped to support Shanghai-listed ACM Research (688082.CH) and NAURA Technology (002371.CH) among others; Alibaba later announced it would integrate Nvidia robotics software into its AI platform. Also supporting stocks today, China's market regulator moved to cap competition among meal delivery companies by drafting rules that capped fees charged to restaurants, supporting JD.com (9618.HK) and Meituan (3690.HK) et al.

    • In other developments, Australia CPI came in higher than expected, dampening expectations for a RBA rate cut next week. Japan's flash PMI for September mirrored those for India and Australia in showing a slowdown in manufacturing output and lower new orders; service PMI growth dipped to a three-month low. The RBNZ appointed Sweden's Anna Breman as its new governor to start on 1 Dec. Thailand's export growth slowed unexpectedly on a stronger baht and hit from tariffs. South Korea's consumer sentiment dipped on economic outlook concerns.

    • Resonac (4004.JP) is to transfer its Japan and Thailand auto molded parts business to Moriroku (4249.JP) for ¥17.2B. Alibaba (9988.HK) announced plans to increase spending on AI infrastructure, adding to its plan announced in February to spend $53B on AI; it also announced it would integrate Nvidia robotics software in its AI platform. Lotus Pharmaceutical (1795.TT) is to buy US-based Alvogen Pharma for NT$20B ($658M). ASX (ASX.AU) has been told by the RBA that it has 'considerable work to do' to meet its expectations of regulators.

  • Digest:

    • Alibaba flags plans to raise AI infrastructure capex, unveils new LLM:

      • Alibaba (9988.HK) rallying back to highest levels since late 2021 following CEO Eddie Wu's comments at developer conference, where he flagged step-up in planned CNY380B ($53B) AI infrastructure capex over next three years (Bloomberg). Wu outlined plans to become full stack AI service provider encompassing Model-as-a-service (MaaS) and Platform-as-a-service (PaaS), noting industry developing faster than expected. Alibaba's other major announcement was unveiling of Qwen3-Max LLM, its most powerful model to date with claims to have outperformed Anthropic's Claude and DeepSeek-V3.1 in some aspects (Reuters). Later, company said it would integrate Nvidia (NVDA) robotics software in its AI platform (Bloomberg). Sentiment towards Alibaba aided further by trading report from Ark Investment Management that two of its ETFs accumulated positions in stock following four-year hiatus (Bloomberg).Alibaba's preceding momentum has also been chalked up to other factors, including better-than-expected 26% increase in quarterly cloud sales that underlined confidence in capex monetization potential. Reports have also highlighted Alibaba's advances in development of in-house chips for its AI models.

    • Asian defense stocks rally after Trump voices support for Ukraine:

      • Wednesday rally in Asian defense stocks put down to a renewed focus on geopolitical tensions following President Trump's hawkish shift in tone on Russia's war against Ukraine. In Truth Social post Trump escalated his rhetoric against Russia and appeared to move closer to Ukraine's position, claiming that over time Kiev could retake territory lost to Russia and that US would continue supplying weapons to NATO. In remarks to reporters on Tuesday Trump also agreed that NATO countries should shoot down Russian aircraft that breach their airspace (Bloomberg). Hanwha Aerospace (012450.KS), Korea Aerospace Industries (047810.KS), IHI (7013.JP), Mitsubishi Heavy (7011.JP), Kawasaki Heavy Industries (7012.JP) and DroneShield (DRO.AU) among notable gainers amid suggestions that Trump's openness to supplying NATO with weaponry will lead to increase in defense spending. Addressing UN, Trump also repeated readiness to impose "powerful" tariffs (on countries that purchase Russian crude) but that Europe must be joint participant in any action.

    • Australian monthly inflation comes in hotter, RBA rate cut expectations wound back:

      • Australia monthly inflation rose to 3.0% y/y in August from 2.8% in July, highest in 13 months. Headline result again skewed by fading contribution of energy subsidies, which saw electricity inflation rise to 24.6% from 13.6% in prior month. Stripping out impact of irregular or temporary price changes, trimmed mean inflation fell to 2.6% from 2.7%. When excluding volatile items such as food and fuel, and holiday travel, CPI inflation rose to 3.4% from 3.2%. Sticky services categories such as rents, financial services and insurance, health and education saw narrow changes while clothing and footwear inflation rose along with new dwelling prices. Data strengthened expectations RBA will leave cash rate unchanged next Tuesday but also led several economists to pare number of rate cuts they had been penciling in (Financial Review). Market now pricing in less than 50% chance of a November rate cut after one had been fully priced in a month ago. Terminal rate forecasts were also pushed up with market anticipating just one more rate cut left in the cycle.

    • Dr Anna Breman chosen as next RBNZ governor:

      • New Zealand Finance Minister Nicola Willis announced Dr Anna Breman will be next RBNZ governor for a five-year term beginning 1-Dec-2025. Interim Governor Hawkesby's term will be extended until 30-Nov before he will be departing central bank. Breman is Riksbank's First Deputy Governor, having held role since Sep-2022. She will assume leadership of RBNZ at a time markets are pricing in additional rate cuts amid subdued economic growth, characterized by weakness across manufacturing, construction, services and housing sectors. New Zealand's economy contracted by more than anticipated in Q2, prompting markets to price in ~40% chance of a 50 bp rate cut in October (NZ Herald). Westpac and Rabobank were also predicting 50 bp reduction next month. Some thought extent of economic weakness poses downside risks to central bank's terminal rate forecast of 2.50%. Following GDP data, market was pricing in OCR trough of around 2.3% in early 2026, implying three more rate cuts from current OCR of 3.00%.

    • Japan LDP leadership candidates debate cost-of-living stimulus strategies:

      • LDP leadership candidates held their first public debate at the Japan National Press Club Wednesday (Nikkei). With cost-of-living relief measures shaping up to be the key battleground, featured soundbites indicated Takaichi reaffirmed her position as a fiscal dove, arguing that a consumption tax cut should not be ruled out. Others were more skeptical; Koizumi suggested gasoline tax cuts would be a way to quickly deliver cost of living relief, while offering reasons against a consumption tax cut -- benefits higher income earners more, revenues are tied to social security spending, and system adjustments would take time. Motegi echoed the view that a consumption tax cut would take time while also urging for a pivot away from the ruling coalition proposal to distribute uniform JPY20K cash handouts in response to public backlash. Takaichi voiced support for raising the income tax threshold while Koizumi said it would depend on consensus. Takaichi's stance on monetary policy also drawing attention as her dovish reputation from last year's contest carried over. After direct comments on BOJ have been absent so far, Takaichi defined the government's responsibility in determining the direction of economic policy within which BOJ should decide the means.

    • Notable Gainers:

      • +9.9% 1795.TT (Lotus Pharmaceutical): to acquire Alvogen Pharma US for $658M

      • +9.2% 9988.HK (Alibaba Group): CEO Eddie Wu says to invest more in AI infrastructure in addition to CNY380B announced in February; Cathie Wood's Ark funds reinvested in Alibaba Group for the first time in four years totalling $16.3M

      • +6.0% 9984.JP (SoftBank Group): SoftBank Group, OpenAI and Oracle expand Stargate with new AI data centre sites bringing capacity to around 7 GW

      • +2.0% 8697.JP (Japan Exchange): guides FY26 net income attributable ¥64.50B vs prior guidance ¥55.50B and FactSet ¥64.09B

      • +1.2% 4523.JP (Eisai): enters into settlement agreement with Dr. Reddy's regarding Lenvatinib in the U.S

    • Notable Decliners:

      • -0.9% 097950.KS (CJ CheilJedang): sells bio business CJ Youtell Biotech to Kemin Industries

      • -0.6% 4004.JP (Resonac Holdings): to transfer Japan and Thailand auto molded parts business to Moriroku for ¥17.2B

  • Data:

    • Economic:

      • Japan September

        • Flash manufacturing PMI 48.4 vs 49.7 in prior month

          • Services PMI 53.0 vs 53.1 in prior month

          • Composite PMI 51.1 vs 52.0 in prior month

      • Australia August

        • CPI +3.0% y/y vs +2.8% in July

          • Trimmed mean CPI +2.6% y/y vs +2.7% in July

    • Markets:

      • Nikkei: 136.65 or +0.30% to 45630.31

      • Hang Seng: 359.53 or +1.37% to 26518.65

      • Shanghai Composite: 31.81 or +0.83% to 3853.64

      • Shenzhen Composite: 38.51 or +1.56% to 2505.51

      • ASX200: (81.40) or (0.92%) to 8764.50

      • KOSPI: (14.05) or (0.40%) to 3472.14

      • SENSEX: (161.92) or (0.20%) to 81940.18

    • Currencies:

      • $-¥: +0.38 or +0.26% to 148.0370

      • $-KRW: +1.37 or +0.10% to 1395.7400

      • A$-$: +0.00 or +0.37% to 0.6620

      • $-INR: (0.06) or (0.07%) to 88.7425

      • $-CNY: +0.01 or +0.10% to 7.1191

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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