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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.87%, Hang Seng +1.61%, Kospi +2.70% as of 04:10 ET

Oct 02 ,2025

  • Synopsis:

    • Asia equities ended higher across the region Thursday after another step higher in technology stocks. The MSCI Asia Pac ex Japan index ended Asia trading at a new record high while Japan's Nikkei 225 closed higher although the Topix lost a few points late on. The Kospi led the region after substantial gains in Samsung Electronics and SK Hynix; Taiwan's Taiex led by TSMC. Singapore surged to a new record high, gains for the rest of Southeast Asia and India. US futures a smidge higher, Europe strong in the first hour of trading. US dollar unchanged, NZD higher, other Asia currencies quiet. Treasury yields close to unchanged, JGBs mixed. Crude futures higher, gold off its record, base metals led by spike in copper prices. Cryptocurrencies building on this week's gains.

    • Asia equities led by technology stocks in South Korea on news Samsung Electronics (005930.KS) and SK Hynix (000660.KS) had signed an agreement with OpenAI to supply chips and other equipment to its Stargate project. Several other Samsung and SK group listed stocks also higher to push the Kospi to a fresh record high. Reports OpenAI CEO Altman was also in Taiwan this week supported TSMC (2330.TT) and Hon Hai Precision (2317.TT) once again today, taking the Taiex to another record high. Stargate partner Softbank (9984.JP) and Tokyo Electron (8035.JP) also gained on positive read through.

    • In other developments, Japan's 10Y bond auction met with weaker demand m/m amid growing political uncertainties. According to OIS, markets now price in just over a 50% chance of a BOJ rate hike later in October. President Trump said he would speak directly to President Xi over China halting US soybeans orders. Early data showed trip counts on the first day of China's Golden Week holiday were above expectations. South Korea inflation rose by more than expected following expiration of one-off cuts to telecom subsidies. Australian household spending growth slowed by more than expected following recent pullback in November rate cut expectations. Japan consumer mood hit a nine-month high.

    • Asahi Group (2502.JP) said it will postpone the launch of several new products because of a cyberattack. Tokyo Electric Power (9501.JP) may not be able to restart its Kashiwazaki-Kariwa nuclear power plant early after a referendum indicated local residents were against the move. BYD (1211.HK) reported its first sales fall for 19 months, down 5.5% y/y to 396K units. Samsung Electronics (005930.KS) and SK Hynix (000660.KS) signed letters of intent to supply memory chips for OpenAI's datacenters to build its Stargate initiative; Samsung affiliates SDI (006400.KS), C&T (028260.KS) and SDS (018260.KS) were also higher, while Tokyo Electron (8035.JP), Kioxia (285A.JP) and TSMC (2330.TT) among the Asia tech names higher on read across. SK Square (402340.KS) may benefit form South Korean authorities easing regulations surrounding the separation of industrial and financial capital. LG Electronics (066570.KS) says it wants to make India its global manufacturing hub after its local unit's listing.

  • Digest:

    • Asia AI rally:

      • AI names among leading gainers in Asian trade Thursday with the most prominent moves occurring in South Korea after Samsung (005930.KS) and SK Hynix (000660.KS) signed letter of intent with OpenAI for supply of HBM and DRAM chips to Stargate project (FT, Reuters). Samsung subsidiaries seen benefiting from agreement to construct data centers in South Korea. Deal generating positive read-through for Stargate partner SoftBank (9984.JP) and other chipmaking equipment manufacturers like Tokyo Electron (8035.JP). Taiwan semis are rally participants following local media report OpenAI CEO Sam Altman visiting island for Stargate cooperation discussions with TSMC (2330.TT) and Hon Hai Precision (2317.TT). Elsewhere, Street remains bullish on China tech with JP Morgan upgrading Alibaba (9988.HK) price target by 45% (implying 36% upside from Tuesday's close), citing stronger revenue growth outlook for cloud unit (Bloomberg). China-linked AI companies were among best performing stocks globally in Q3 with CSI AI index surging almost 70% over the period (Nikkei), reflecting growing enthusiasm towards China's AI chip self-sufficiency drive.

    • Samsung Electronics and SK Hynix sign chip supply deal for OpenAI data centers:

      • Samsung Electronics (005930.KS) and SK Hynix (000660.KS) signed letters of intent to supply memory chips for OpenAI's data centers to meet long-term demand for Stargate initiative. OpenAI to require 900K wafers by 2029 for global expansion; deal also includes construction of two data centers in South Korea as Stargate partners support development of domestic AI ecosystem to fulfill Seoul's ambition to become AI hub in Asia (Bloomberg, Reuters). SK Hynix said demand projection more than double current global capacity for HBM needed for Nvidia's AI accelerators. Samsung Electronics shares up 4.6%, SK Hynix up 11.0% to bring a WTD return of 19%. Samsung affiliates SDI (006400.KS), C&T (028260.KS) and SDS (018260.KS) seeing gains of 2-6% early on. News supported other chip stocks in region: TSMC (2330.TT), Tokyo Electron (8035.JP) among notable gainers. Kospi up 3.1% on back of news to top 3.5K for first time.

    • Japan LDP leadership remains a two-horse race, Koizumi favored to win:

      • Ahead of the 4-Oct LDP presidential election, Nikkei analysis showed Agriculture Minister Koizumi favored to win, though appears to be headed for a runoff. Full-spec voting format allocates 295 votes each to Diet members (almost 90% have expressed opinions about the race) and local chapters. Koizumi was backed by roughly 70 lawmakers as of Wednesday followed by Chief Cabinet Secretary Hayashi with 50 and conservative Takaichi with 40. Article noted the Diet member count is key in the event of a runoff, where voting allocation changes to 295 Diet vs 47 rank-and-file, notably weighting the outcome towards Diet members. Still, about 70 lawmakers have not declared support for any candidate, leaving the outcome uncertain. Analysis canvassed 250 rank-and-file members derived from public opinion polls. Koizumi leading Takaichi by 33% to 28% among LDP supporters in a recent Nikkei/TV Tokyo survey. Combined tallies would give Koizumi nearly 170 votes, followed by Takaichi with ~130 and Hayashi with ~110. Election will extend to a runoff in the event nobody wins by majority in the first round -- this scenario is widely expected. Outcome will likely come down to whoever captures the most votes from supporters of Kobayashi and Motegi who were backed by nearly 30 lawmakers each.

    • Trump criticizes Beijing for stopping US soybean purchases, will raise issue with Xi:

      • Soybeans emerging as flashpoint in US-China trade talks after President Trump criticized Beijing for stopping purchases from America. Vowing to raise issue with President Xi next month, Trump echoed Republican concerns expressed on Tuesday that Beijing doesn't intend to resume purchases of US agricultural goods (Bloomberg). Press articles have highlighted how Beijing halting purchases of American soybeans as a means of leverage in US trade talks (Bloomberg). China's Commerce Minister also signaled that resumption of soybean purchases hinges on tariff relief (Reuters). Beijing has instead been preferencing soybean purchases from South American countries, seemingly inflaming US tensions with Argentina following Milei government's decision to suspend export taxes, which has led China to ramp up purchases of Argentine soybean cargoes. Trump set to meet President Milei in two weeks though White House proposal to issue credit swap line has drawn anger from Republicans, who have questioned decision to bail out Buenos Aires amid soybean situation they say is hurting American farmers (Reuters).

    • Street Takeaways: September BOJ Tankan survey

      • Economist takeaways from the September BOJ Tankan survey were generally benign in the end, after elevated attention on whether this could help clinch an October rate hike. None of the reports seen by StreetAccount indicated a shift in rate hike calls, though the October camp notably saw results as sufficient to reaffirm their stance. There was general agreement the content was mostly positive -- business confidence remains resilient, capex projections solid, labor market remains historically tight, inflation expectations remain stably elevated. Minority of negative takes on softer H2 profit outlook. Also, while price DIs eased, relative movements pointed to margin compression. Some division in views about tariff effects. Most survey responses thought to have been submitted 10-Sep, after US President Trump signed the executive order on the Japan trade agreement on 4-Sep. Optimists saw no meaningful alarm signals in business conditions outlook DIs while pessimists raised some concerns. Tariffs seemingly had limited impact on capex forecasts though may have been reflected more in the softer H2 profit outlook. In all, economists anticipating a rate hike later than October set a somewhat higher bar and looked for meaningful improvements to compel them to bring forward their calls. Conversely, October calls saw no setbacks to warrant a revision either.

    • Notable Gainers:

      • +15.8% 402340.KS (SK Square Co.): Korean government to consider easing regulations on the separation of industrial and financial capital

      • +15.0% 285A.JP (Kioxia Holdings): semiconductor sector move as US chipmakers surged overnight on tight NAND supply and AI-related demand

      • +14.4% 1672.HK (Ascletis Pharma): conducts buyback of up to HK$300M

      • +9.9% 000660.KS (SK Hynix): Samsung Electronics and SK Hynix sign chip supply deal for OpenAI data centers

      • +0.7% 7550.JP (Zensho Holdings): reports September Sukiya existing store sales +6.3% y/y

    • Notable Decliners:

      • -7.9% 9501.JP (Tokyo Electric Power Co. Holdings): early restart of Kashiwazaki-Kariwa nuclear plant may be unlikely as the Niigata Prefecture survey shows that 60% of respondents disagree that conditions for restarting the plant are in place

      • -2.6% 2502.JP (Asahi Group Holdings): to postpone launch of new products scheduled for October due to cyber attack

  • Data:

    • Economic:

      • Australia August

        • Trade balance A$1.83B vs consensus A$6.20B and revised A$6.61B in July

          • Exports (7.8%) y/y vs +3.3% in July

          • Imports +3.2% y/y vs (1.3%) in July

        • Household spending +0.1% m/m vs consensus +0.3% and +0.5% in July

          • Household spending +5.0% y/y vs consensus +5.2% and +5.1% in July

      • South Korea September

        • CPI +2.1% y/y vs FactSet consensus +1.9% and +1.7% in prior month

    • Markets:

      • Nikkei: 385.88 or +0.87% to 44936.73

      • Hang Seng: 431.56 or +1.61% to 27287.12

      • Shanghai Composite: Closed

      • Shenzhen Composite: Closed

      • ASX200: 100.20 or +1.13% to 8945.90

      • KOSPI: 93.38 or +2.70% to 3549.21

      • SENSEX: Closed

    • Currencies:

      • $-¥: (0.09) or (0.06%) to 146.9880

      • $-KRW: (1.25) or (0.09%) to 1401.5510

      • A$-$: +0.00 or +0.18% to 0.6624

      • $-INR: +0.08 or +0.10% to 88.7685

      • $-CNY: (0.00) or (0.01%) to 7.1186

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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