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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng (1.52%), Shanghai Composite (0.19%), Kospi (0.72%) as of 04:10 ET

Oct 13 ,2025

  • Synopsis:

    • Asia equities ended largely lower Monday. Declines in many markets although most finished off their low points. Hang Seng tech and IT stocks under the most pressure with mainland benchmarks also down. Declines for South Korea and Taiwan, Australia and Singapore saw modest losses. Several Southeast Asia boards posted small gains. Japan and Thailand closed for holidays. US futures higher, Europe higher at the open. US dollar lower again, AUD strengthening but onshore yuan weakening, rupee hovering near record lows. Treasury futures higher although bond market closed in US and Japan today; CGB 10Y yield fell to a five-week low. Crude oil contracts trading higher, gold at fresh record highs with silver also at a record after a near 5% surge on a London short squeeze. Copper higher on trade truce between US and China, iron ore lower. Cryptocurrencies steady.

    • Asia equities followed through from Wall Street's selloff on Friday with some sharp declines at the open however most finished well away from their troughs after Beijing and Washington hinted Sunday at openness to further negotiations while Trump said he did not rule out meeting with President Xi next month at APEC. Nevertheless, concerns over trade tensions added to growing investor stress on over-bought conditions in equity markets and sending stocks lower although the bounce in US futures capped losses for now. Among gainers today were rare earth producers in South Korea and Australia as well as a sprinkling of Chinese chip makers following the weekend tariff developments.

    • In regional developments, China September exports rose 8.3% y/y, above expectations and August's figure; among notable sector and country component data was a sharp increase in soybean imports from suppliers away from the US, and a decline in rare earth exports; shipments to the US plunged while those to other major trading partners rose. Highlights of Malaysia's budget released Friday included plan to lower the fiscal deficit to 3.5% of GDP from 3.8%, and increased funds for clean energy, semiconductor-related sectors and digital transformation.

    • China Vanke (2202.HK) confirmed its recently appointed chairman has resigned for personal reasons as it approaches several onshore debt maturities. Kingsoft (3888.HK) stock noticeably higher following report Beijing replaced Microsoft Word with company's WPS software in official documents. Treasury Wine Estates (TWE.AU) scrapped its earnings guidance for its 2026 financial year and paused a share buyback program because of uncertainty in China and the US, its two largest markets. Shanghai-listed Sany Heavy Industry (600031.CH) has begun marketing to gauge investor interest in its Hong Kong listing. Tata Capital (544574.IN) debuted on the BSE in India's largest IPO this year to date but the share price was muted and rose only slightly in a down market. Wingtech Technology (600745.CH) stock limit down after Dutch government moved to assume control of Nexperia.

  • Digest:

    • US and China hint at off-ramp amid latest spike in trade tensions:

      • Spike in US-China trade tensions remained talking point over the weekend after President Trump on Friday announced additional 100% tariffs on China (from 1-Nov) in response to what he described as "hostile" actions by Beijing involving announcement of rare earths export curbs, a QCOM antitrust probe, tightened customs inspections of NVDA chip imports, and new port fees for US ships. Developments were blamed for Friday's late risk-off move on markets, though there are signs from both sides they are looking for an off-ramp after VP Vance said US willing to be reasonable if China reciprocates (Bloomberg). In a statement, China Commerce Ministry said US should stop threatening higher tariffs while also urging White House to return to negotiations to resolve outstanding issues (Bloomberg, FT). President Trump similarly downplayed concerns and did not rule out meeting Xi at APEC summit, signalling that 1-Nov date for tariff implementation allows room for talks. China Commerce Ministry comments downplaying supply chain impact of its measures, and stressing that export controls are not tantamount to a ban, were also interpreted by some that it overreached with its initial actions.

    • China export growth beats estimates to surge to six-month high:

      • Dollar-denominated exports rose 8.3% y/y in September, beating estimates 6.0% and 4.4% growth in August while hitting fastest since March, which Bloomberg noted as a sign of resilience that might put Beijing in strong position in trade war with Washington. Exports to US fell 27% y/y, extending double-digit declines into sixth month and bringing YTD drop to nearly 17%. Meanwhile shipments to ASEAN and EU rose 15.6% y/y and 14.2% y/y respectively as Chinese exporters made strides beyond US. Reuters noted exports to India hit all-time high in August and those to Africa and ASEAN on track for annual records. Economists said limited impact from higher US tariffs on overall trade so far likely emboldened Beijing to make bold moves in negotiations with Washington. As renewed flashpoint of US-China trade tensions, China's rare earth exports plunged 31% y/y and 30.9% m/m in September, marking lowest since February (Reuters). Meanwhile imports rose 7.4% y/y, far exceeding estimates 1.5% and August's 1.3%, narrowing trade surplus to $90.45B from $102.3B in prior month.

    • Asia markets tumble on resumption of trade tensions but off troughs:

      • Asia equities under pressure all day Monday following White House threats Friday to increase tariffs on China imports by additional 100% in response to Beijing's extended rare earth export controls. Most benchmarks ended off opening troughs after White House Sunday signaled openness to China deal but Trump's subsequent comment that full trade war would wound China has kept downward pressure on equities for most of Monday (Bloomberg). Region led lower by China equities: Shanghai composite 0.2% lower after $1.8 initial decline, Hang Seng 1.7% down led by internet & IT names; several rare earth and chip names notably outperformed in holiday-impacted thin and volatile trade (Reuters). Taiwan's Taiex 1.4% lower, Kospi also under pressure. Regional currencies rebounded following Friday selloff, CGB yields lower. US futures higher: S&P contracts 1.5% higher, Nasdaq 2.0% better; Treasury futures also higher, oil saw strong gains following steep decline Friday. Gold and silver at record highs.

    • Tata Capital starts trading in biggest IPO week of the year for India:

      • Tata Capital (544574.IN) began trading Monday in big week and even bigger month for India IPOs but stock gaining only 1% in muted trade. Tata Group raised INR155B ($1.7B) in float, India's biggest YTD, will be followed by LG Electronics India's INR116B listing Tuesday, which was oversubscribed fivefold and which was trading 30% above list price in grey market Friday. FT said string of listings this month reflect domestic companies looking to take advantage of equity market rebound in past month. Stocks set to debut include Lenskart Solutions in INR 85B listing, and Canara HSBC Life Insurance and Canara Roberco AMC, which combined will raise INR38B. Bloomberg noted cash raised from IPOs this year could top $21B in 2024 if Tata Capital, LG Electronics' listings are successful as they could unleash set of smaller company offerings.

    • China seen avoiding repeat of April tariff sell-off, rotation flows could favor defensives:

      • Ramp in US-China tensions driving steep losses in Chinese stocks on Monday, though strategists so far don't expect repeat of post-Liberation Day selloff. Knee-jerk selling inviting 'buy-the-tip' talk, reflecting view US and China will reach some form détente given unsustainability of 100% tariffs (TACO), and suspicion both sides jockeying for leverage ahead of high-level talks (Bloomberg).There had been thoughts China markets were primed for pullback given magnitude of Sept/Oct run-up and accompanying signs of froth, particularly among semiconductor stocks (Bloomberg).Amid potential for near-term correction, UBS favoringdefensives and domestically focused sectors while tech/semi/internet space could see most selling pressure. CSI300 considered to be more resilient amid prospect of National Team intervention and index's year-to-date underperformance relative to other benchmarks. JP Morgan similarly highlighted potential for rotation from growth to defensives, basing its cautious market stance on extent of index multiple expansion relative to flat EPS consensus. Longer-term story considered intact with bulls pointing to still-favorable market fundamentals underpinned by tech sector AI traction.

    • Notable Gainers:

      • +19.5% 010130.KS (Korea Zinc Co.): reportedly expects operating profit of its rare metals division to reach KRW500.0B

      • +16.9% 009520.KS (POSCO M-TECH Co.): South Korean lithium sector move following reports that China plans to implement export controls on high-end lithium-ion batteries

      • +13.1% 3888.HK (Kingsoft): trading higher after China's ministry of commerce adopts Kingsoft's WPS format in official notices

      • +9.2% 308.HK (China Travel International Investment Hong Kong): to spin off its tourism real estate business

      • +4.2% 034020.KS (Doosan Enerbility): signs contract to supply two 380-megawatt-class gas turbines for power plants

      • +2.5% 066570.KS (LG Electronics): reports preliminary Q3 revenue operating profit KRW688.9B vs StreetAccount KRW616.01B

    • Notable Decliners:

      • -10.0% 600745.CH (Wingtech Technology): resumes trading; subsidiaries received Ministerial Order from the Ministry of Economic Affairs and Climate policy of Netherlands and ruling from Enterprise Court of the Amsterdam Court of Appeal recently

      • -5.7% 1810.HK (Xiaomi): trading lower on SU7 Ultra accident

      • -3.3% 2202.HK (China Vanke): chairman Xin Jie resigns, effective 12-Oct; board has elected director Huang Liping as replacement

      • -0.2% BN4.SP (Keppel): subsidiary M1 served with an Originating Application commenced by Liberty Wireless

  • Data:

    • Economic:

      • China September

        • Trade balance $90.45B vs consensus $98.96B and $102.3B in prior month

          • Exports +8.3% y/y vs consensus +6.0% and +4.4% in prior month

          • Imports +7.4% y/y vs consensus +1.5% and +1.3% in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: (400.84) or (1.52%) to 25889.48

      • Shanghai Composite: (7.53) or (0.19%) to 3889.50

      • Shenzhen Composite: (18.49) or (0.74%) to 2487.22

      • ASX200: (75.50) or (0.84%) to 8882.80

      • KOSPI: (26.05) or (0.72%) to 3584.55

      • SENSEX: (347.44) or (0.42%) to 82153.38

    • Currencies:

      • $-¥: +1.12 or +0.74% to 152.2950

      • $-KRW: (2.24) or (0.16%) to 1427.3000

      • A$-$: +0.00 or +0.73% to 0.6522

      • $-INR: (0.08) or (0.09%) to 88.6763

      • $-CNY: +0.02 or +0.22% to 7.1306

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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