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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.69%), Hang Seng +1.89%, Shanghai Composite +0.90% as of 04:10 ET

Sep 29 ,2025

  • Synopsis:

    • Asia equites traded mostly higher Monday, ex Japan which was weighed by stocks trading ex-dividend. Technology-leaning benchmarks outperformed with strong gains in Hong Kong, Shenzhen and South Korea. Mainland China boards also higher, Southeast Asia was mostly higher but India has pared early gains. Taiwan closed for a holiday. US futures higher, Europe modestly higher at the open. Dollar retreating from Friday's highs, yen, yuan and AUD notably stronger. Treasury and JGB yields lower across tenors. Gold at fresh record highs, silver also higher. Iron ore under pressure prior to China holiday but copper higher. Crude oil retreating quite sharply. Cryptocurrencies mostly lower.

    • Asia technology stocks enjoyed another strong day to follow from Nasdaq gains late Friday, and supported today by a dip in the US dollar and higher US futures. Investors also largely shrugged off the threat of a US government shut down, which could imperil the release of key data later this week including non-farm payrolls on Friday. China equities supported by data out over the weekend that showed a substantial jump in domestic industrial company profits in August as Beijing's anti-involution campaign gathers steam. This was underpinned today by reports Beijing was lowering non-ferrous metal's output target for 2025-26, leading to a surge in several mining names.

    • Hang Seng's technology stocks boosted by another surge in Alibaba on a positive broker report while large-caps JD.com, Kuaishou Tech, SMIC and Tencent were also notable gainers on the day as sentiment improves. Ahead this week, China PMIs likely to show manufacturing stuck in contraction over September while regional PMIs will show whether technology-driven manufacturing growth is still decelerating. The RBA meets Tuesday with no change likely, while traders remain cautious over next weekend's leadership election in Japan's ruling LDP.

    • Nidec (6594.JP) said it had found more suspected cases of improper bookkeeping, raising fears of a regulator probe and possible delisting. Sony Financial Group (8729.JP) debuted on the Tokyo Stock Exchange with shares initially rising more than 30% before a very sharp reversal and close more than 15% lower. Toyota Motor (7203.JP) global monthly sales rose 4% thanks to a surge in overseas sales which offset a sharp slump in Japan. JD.com (9618.HK) resubmitted plans for the Hong Kong IPO of JD Industrial Technology. Yangzijiang Shipbuilding (BS6.SP) terminated $180M of contracts after buying was allegedly attempting to circumvent US sanctions. Vedanta (500295.IN) is considering a dollar bond sale to repay higher-cost debt held at private lenders and lower internal costs.

  • Digest:

    • US pharma tariff reverberations:

      • After global pharma shares came under pressure Friday from President Trump's announcement of a 100% tariff on branded drugs, EU and Japan officials expressed confidence their levies will be capped at the 15% stipulated in their respective trade agreements with US (Reuters, Bloomberg). White House official said UK faces 100% levy given there was no specific stipulation for pharmas in their US deal. FT sources indicated British government set to concede UK should pay more for some medicines and Starmer chief business adviser Chandra will travel to Washington next week to convey such overtures. Tariff announcement qualified that pharmas would be exempt if they have broken ground on US facilities. While implications for specific companies remains unclear, Reuters noted many drugmakers have announced multi-billion-dollar US investments, citing Roche (ROG.SW) and Novartis (NOVN.SW) statements Friday they are in the process of building new sites onshore and do not expect to be affected. India Nifty pharma names fell sharply Friday even though they mostly export generic drugs to US (CNBC). Selling pressure viewed as a function of broader bilateral trade tensions and risk of escalation. Singapore Deputy PM Gan Kim Yong said companies are seeking clarification on whether they qualify for an exemption; while most of their exports to US are branded, many firms have existing plans to build in US (Reuters).

    • BOJ's Noguchi doesn't offer much resistance to rate hikes:

      • In a speech, BOJ board member Noguchi summarized developed-economy monetary policy over the past several decades spanning the Covid pandemic, GFC and Japan's 1990 financial crisis. As a by-product, he acknowledged that Japan inflation dynamics have shifted significantly away from decades of a "zero norm" characterized by flat prices, wages and inflation expectations. Extensive discussion of balance sheet adjustments at the Fed and ECB hinted this exercise also aimed to draw lessons for BOJ. Main conclusion was that central banks need to control the money market rate via ample reserve balances, and this would likely be the most important challenge for the BOJ. Noguchi's stance on monetary policy was cautious, yet balanced, expressing his personal belief that BOJ needs to flexibly adjust policy while examining price developments. Japan's paradigm shift away from the zero norm is notably balancing out inflation risks that had previously been skewed to the downside making it increasingly important for BOJ to adjust degree of monetary accommodation at the appropriate time. Current dynamics now warrant equivalent attention to upside risks. On domestic grounds, suggested Japan will in the not-too-distant future require a new policy perspective that addresses upside risks (albeit did not elaborate). However, also urged due caution to downside macro risks for the time being due to tariff risks.

    • China industrial profits turn positive:

      • Headline industrial profits rose 0.9% y/y in Jan-Aug, following a 1.7% decline in Jan-Jul. August profits grew 20.4%, rebounding from a 1.5% decrease in July. NBS cited multiple factors including policy effects, development of a national unified market and favorable base effects. YTD improvement was fairly broad-based with manufacturing and utilities logging stronger growth while mining declines moderated. NBS highlighted 7.2% growth in equipment manufacturing added 2.5 ppt to the headline. Raw materials accelerated notably while consumer goods rebounded from a prior decline. Earnings at small and medium-sized firms picked up somewhat alongside narrower decreases among large firms. NBS urged for continued efforts to expand domestic demand, further development of national unified market and standardized corporate competition. While description was somewhat vague, Bloomberg chalked this up to signs of progress in China's anti-involution campaign amid an absence of a clear catalyst (Reuters). Recall latest cyclical indicators missed expectations earlier this month and largely reinforced views that H2 growth momentum will slow amid the permeation of tariff effects and fade in various short-term support factors. Attention remains on whether forecasts for another round of meaningful fiscal stimulus will materialize.

    • US says South Korea not a currency manipulator, unlocking potential currency swap deal:

      • South Korea finance minister Koo Yoon-cheol said Saturday US agreed Seoul not manipulating won for trade advantage, but still awaits Washington's response to bilateral currency swap proposal (KoreaEconomicDaily). Weekend agreement not formally related to talks on swap deal however designation of South Korea as currency manipulator previously seen as hurdle in eventual arrangement. Seoul says currency arrangement necessary to structure $350B in US investments, agreed to by Seoul and Washington in July. Saturday, South Korea national security advisor said 'not realistically possible' for Seoul to pay $350B in up-front payment adding to President Lee's warning last week country's economy could fall into 1997-style crisis if Seoul accepted US demands without safeguards (Reuters). Friday, won fell to five-month low on strengthening US dollar, concerns $350B investment fund could trigger massive capital outflows. Monday, won strengthened in early trade by around 0.5% versus US dollar down 0.2%.

    • Strategists look for China equity rally to broaden out:

      • Brightening outlook for Chinese markets prompting bullish shift in perception among foreign funds with asset inflows hitting multi-year highs, yet strategists note global funds still 1.3% underweight China (Bloomberg). While China's breakthroughs in AI have largely underpinned this year's tech-led surge on equity markets, strategists are eyeing additional catalysts that may sustain the rally into 2026. HSBC forecast 2026-end CSI 300 target of 5,400, implying 19% upside from current levels. Anticipates selective broadening out of the rally in mainland indexes with upside supported by improved innovation across several sectors, structural recovery in 2026 earnings forecasts aided by reflationary effects of anti-involution policies, and abundant liquidity with household savings being channeled into stocks. Resumption of Fed easing shapes as another catalyst with UBS noting Chinese equities have historically been more sensitive to lower real US yields and weaker dollar than US equities themselves. Pointed out MSCI China has averaged 11% return in six months following initial Fed rate cut in 2007, 2019 and 2024 cycles, outperforming global benchmarks by 13%.

    • Notable Gainers:

      • +6.5% 1772.HK (Ganfeng Lithium Group): on China's goal to have annual growth target for nonferrous metal industry at around 5% for 2025-2026

      • +4.3% 196170.KS (Alteogen): to transfer listing to KOSPI by end of year

      • +3.1% 9618.HK (JD.com): resubmits filing for Hong Kong IPO of JD Industrial Technology

      • +1.6% 000661.CH (Changchun High-Tech Industry (Group) Co.): files for Hong Kong IPO

      • +1.2% 9896.HK (MINISO Group Holding): report of Top Toy International may raise $300M from Hong Kong IPO

    • Notable Decliners:

      • -2.4% BS6.SP (Yangzijiang Shipbuilding (Holdings)): terminates $180M shipbuilding contracts on allegations buyer was circumventing US sanctions

      • -1.2% 7974.JP (Nintendo): Microsoft competing with Nintendo's new Switch 2 at the Tokyo Game Show with better graphics and performance boost with advances in chip technology

      • -0.8% 8591.JP (ORIX): to dissolve ONE Energy Corporation, liquidation to be completed by 31-Mar-26

  • Data:

    • Economic:

      • China Jan-Aug 2025 industrial profits +0.9% y/y vs (1.7%) in Jan-Jul (Saturday CST)

        • August industrial profits +20.4% y/y vs (1.5%) in prior month

    • Markets:

      • Nikkei: (311.24) or (0.69%) to 45043.75

      • Hang Seng: 494.68 or +1.89% to 26622.88

      • Shanghai Composite: 34.43 or +0.90% to 3862.53

      • Shenzhen Composite: 37.64 or +1.52% to 2508.37

      • ASX200: 75.10 or +0.85% to 8862.80

      • KOSPI: 45.16 or +1.33% to 3431.21

      • SENSEX: 110.85 or +0.14% to 80537.31

    • Currencies:

      • $-¥: (0.99) or (0.66%) to 148.5150

      • $-KRW: (11.14) or (0.79%) to 1398.5400

      • A$-$: +0.00 or +0.45% to 0.6572

      • $-INR: +0.07 or +0.08% to 88.7470

      • $-CNY: (0.02) or (0.23%) to 7.1176

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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