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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.77%, Hang Seng (0.29%), Shanghai Composite +1.32% as of 04:10 ET

Oct 09 ,2025

  • Synopsis:

    • Asia equities ended higher almost everywhere Thursday. Strong gains for mainland China as its markets reopen following the golden week holiday, Hong Kong dipped slightly into the close to end lower. Strong gains for the Nikkei led by Softbank, Topix gained by less; Taiwan ended higher, India higher, Indonesia at record high to lead Southeast higher. South Korea closed for a holiday. US futures mixed, Europe stocks also mixed at the open. US dollar lower, yen flat, AUD and NZD reversed early strength. Treasury and JGB yields mixed. Crude futures flat, gold and silver off record highs, copper and iron ore notably stronger. Cryptocurrencies lower.

    • Asia markets tracked Wall Street higher Thursday as technology-leaning boards advanced on TSMC's better-than-expected quarterly revenue figures and despite fresh warnings over a tech bubble forming. Mainland China boards reopened following a prolonged holiday with the strongest gains for materials and IT sectors while consumer discretionary and staples names underperformed post reports that hinted at underwhelming retail spending over Golden Week. Materials supported by rare earths stocks after Beijing tightened export controls on process technology.

    • In other developments, the yen weakened again to move past 153 per dollar with investors now discussing at what level the finmin will intervene. The Philippines central bank lowered its base interest rate 25 bps to 4.75% against expectations for no change amid a dip in business sentiment following a corruption scandal. Japan machine tool orders rose 9.9% y/y in September, a six-month high. China's ministry of culture and tourism said retail and catering sales rose 2.7% y/y during the Golden Week holiday while cinema intake rose to CNY1.79B.

    • Softbank's (9984.JP) UK-based Graphcore unit is planning a $1.3B chip and research facility in India. Tokyo Electric Power (9501.JP) has given Niigata prefecture ¥100B ($655M) for regional development where it is struggling to get approval to restart its nuclear power plant. HSBC (5.HK) revealed plans for privatization of its Hang Seng Bank (11.HK) arm at HK$155 per share; Hang Seng stock sharply higher. Hon Hai Precision (2317.TT) is to abandon plans to acquire Nissan Motor's (7201.JP) Oppama factory. TSMC's (2330.TT) 2nm wafer is rumored to be 10-20% more expensive than its 3nm wafer against earlier reports of a 50% increase.

  • Digest:

    • China steps up rare earth export controls, banning defense uses:

      • China's commerce ministry issued two notices (link, link) on Thursday, imposing expanded export control measures on rare earths with immediate effect (Xinhua). Restrictions on exporting technology to make rare earth magnets will be expanded to more types of magnets and Beijing will now limit some components and assemblies that include restricted magnets (Reuters). Foreign entities will need Chinese government approval to export products that contain even small amount of China-sourced rare earth minerals or that are manufactured using Chinese technology, in what will be a Chinese version of US foreign direct product rule for first time (FT). Added export applications for military uses won't generally be approved while those for semiconductor R&D will be reviewed case-by-case (Bloomberg). Recall rare earth minerals have been flashpoint in US-China trade tensions as Beijing used its dominance of global supply as leverage in negotiations with Washington. New restrictions came just weeks before in-person meeting between President Trump and Xi at APEC summit, adding uncertainty as two sides seek to clinch broader trade deal.

    • Mainland China stocks advance after eight-day holiday:

      • Mainland bourses reopened higher on Thursday with Shanghai Composite topping 3,900 level to new high in a decade after eight-day Golden Week break as investors digest mixed holiday data and renewed enthusiasm for AI/tech. Bloomberg noted early data suggested households remained budget-conscious with cheaper road trips replacing flights while box office sales missed expectations. Ministry of Transport data showed total number of journeys during holiday hit record 2.4B trips, 6.2% higher from 2024 (SCMP), lower than 8% growth during Labor Day holiday in May. Hong Kong retailers and caterers saw 20% surge in business growth with 1.29M mainland travelors visting the city during first seven days, 6.4% y/y growth (SCMP). Meanwhile sales at key retailers and restaurants in mainland grew 3.3% in first four days, nearly half of growth pace seen during Labor Day. Some analysts pointed to limited evidence for "wealth effect" from equity rally (Bloomberg). Recall Chinese stocks have gained for five straight months through September, longest winning streak in eight years. Traders now turning attention to policy signals from upcoming Fourth Plenum on 20-23 Oct, where 15th five-year plan will be outlined.

    • FX market fathoming further downside for yen:

      • Nikkei discussed recent yen depreciation since the LDP presidential election over the weekend after USD/JPY hit the 153 level Wednesday for the first time since February. Slow progress in talks with Komeito to reaffirm their coalition is prolonging a policy vacuum, giving rise to speculation that measures to curb yen selloff (including FX intervention) will be delayed. Latest developments amplifying the underlying driver of market perceptions that Takaichi will adopt an easy fiscal and monetary policy stance. Market slashed pricing for an October BOJ rate hike, helped by yesterday's soft wage data with real earnings negative. Article also noted scope for hedge funds to unwind long yen positions, which were a net 79.5K in the week of 23-Sep according to CFTC data. Prevailing views said to be looking at 155 as the next key threshold. With no clarity on when the policy vacuum will be resolved, attention turning to potential remarks and/or social media posts from US President Trump, who has long criticized yen weakness. Bloomberg echoed broadly bearish market rhetoric on yen, noting levels approaching those where MOF last intervened from the upper 150 range. BofA revised year-end USD/JPY forecast to 155 from 153 after the LDP vote, while Deutsche shifted to neutral from bullish.

    • Philippines central bank lowers base interest rates against expectations for no change:

      • Bangko Sentral ng Pilipinas (BSP) lowered its base interest 25 bps to 4.75% to follow three consecutive cuts since April against economist expectations for no change. Monetary board said inflation outlook benign and within target range despite recent uptick, expects prices to ease albeit with pressure on electricity rates, rice tariffs. Meanwhile, board saw weaker domestic economic growth outlook, noted decline in sentiment on concerns over public infrastructure spending as well as external environment pressure. Added board saw scope for more accommodative monetary policy. Decision a surprise given Governor Eli Remolona comment in August when he described 5% policy setting as "Goldilocks" rate, signaled imminent end to easing cycle. Decision comes amid backdrop of continued peso weakening, widening corruption scandal, street protests, investor exodus that has pushed PSE index to drop more than 6% YTD, worst performing index in Asia.

    • Japan parliament vote to appoint Takaichi as PM likely to be delayed:

      • Nikkei reported the appointment of LDP President Takaichi as prime minister in a parliamentary vote will likely be delayed at least until 20-Oct from initial plans for 15-Oct, as coalition partner Komeito balks at maintaining the alliance amid concerns over her policies. Article cautioned this could threaten the passage of a supplementary budget and affect a busy diplomatic schedule. Komeito leader Saito wants to see Takaichi take steps to make a clean break from the political funding scandal, including by strengthening regulations on corporate and group donations. The appointment of members like Koichi Hagiuda (who was implicated in the scandal) to acting secretary-general raised concerns for Komeito. LDP Vice President Aso has distanced himself from Komeito and its core organization Soka Gakkai. Amid growing distrust, some within Komeito are calling for leaving the coalition. Saito has indicated that the party would not vote for Takaichi in the parliament election if a coalition agreement could not be reached. Komeito will hear opinions from regional chapters today about continuing the coalition. Komeito and LDP leaders will try to renegotiate a coalition pact later in the month.

    • Notable Gainers:

      • +25.9% 11.HK (Hang Seng Bank): HSBC proposes privatisation of Hang Seng Bank at HK$155.0 per share via scheme of arrangement

      • +11.4% 9984.JP (SoftBank Group): SoftBank's Graphcore Plans $1.3 Billion Chip Investment in India

      • +10% 600111.CH (China Northern Rare Earth (Group) High-Tech): China exerts export controls on rare earth products; entities that wish to export rare earth products will have to apply for an export permit from the Chinese Ministry of Commerce.

      • +4.9% 9501.JP (Tokyo Electric Power Co. Holdings): report of the company will create a fund supporting Niigata Prefecture

      • +1.8% 2330.TT (TSMC): its 2nm wafer rumoured to be 10-20% more expensive than 3nm vs previous report of 50%

      • +0.9% U96.SP (SembCorp Industries): to acquire ReNew Sun Bright for SG$246M

      • +0.1% 8766.JP (Tokio Marine Holdings): to invest more than $10B (¥1.5T) in overseas M&A

    • Notable Decliners:

      • -6.0% 5.HK (HSBC Holdings): proposes privatisation of Hang Seng Bank at HK$155.0 per share via scheme of arrangement

      • -1.6% 2317.TT (Hon Hai Precision Industry): to abandon its plan to acquire Nissan's Oppama factory

      • -0.7% 6305.JP (Hitachi Construction Machinery): will work with Rio Tinto unit to develop remote excavator technology

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 845.45 or +1.77% to 48580.44

      • Hang Seng: (76.87) or (0.29%) to 26752.59

      • Shanghai Composite: 51.20 or +1.32% to 3933.97

      • Shenzhen Composite: 30.54 or +1.21% to 2549.96

      • ASX200: 22.20 or +0.25% to 8969.80

      • KOSPI: Closed

      • SENSEX: 219.92 or +0.27% to 81993.58

    • Currencies:

      • $-¥: +0.39 or +0.25% to 153.0830

      • $-KRW: (0.77) or (0.05%) to 1420.7500

      • A$-$: (0.00) or (0.09%) to 0.6580

      • $-INR: +0.03 or +0.03% to 88.7835

      • $-CNY: +0.01 or +0.10% to 7.1263

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.
Please refer to "Terms Of Use".

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