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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (2.58%), Hang Seng (1.73%), Shanghai Composite (0.62%) as of 04:10 ET

Oct 14 ,2025

  • Synopsis:

    • Asia equities ended mostly lower Tuesday: Biggest falls seen in Japan's Nikkei and Topix benchmarks as they returned from holiday. Steep falls in China's Shenzhen and Hong Kong markets, Shanghai composite saw more modest declines. Kospi pared early gains on Hanwha news, Taiwan also lower. India, Singapore down. Southeast Asia mixed, Australia held up by miners. US futures negative having traded higher earlier, Europe opened with some sharp losses. US dollar a little stronger, yen stronger, Asia-ex currencies weaker. Treasuries mixed, JGB yields mostly lower except at the long end. Crude oil falling sharply, gold and silver volatile and hovering near record highs. Base metals mixed as copper rises but iron ore falls. Cryptocurrencies notably lower.

    • Asia equities quickly pared some early gains Tuesday on reports Beijing was to sanction South Korea's Hanwha Ocean in response for its cooperation with a US probe into the China shipping sector. It added to comments from US Treasury Secretary Bessant who accused Beijing of trying to damage the global economy, as well as the escalation of tensions last week on rare earth shipment restrictions, and Trump's threat to impose an additional 100% tariff on China-made goods in response.

    • The escalation caused Asia risk assets to selloff with Japan under additional pressure from uncertainty over its political outlook post the collapse of its ruling coalition, raising uncertainty over fiscal spending and leading to a tick higher in long-dated JGBs. The yen reversed early weakness to strengthen back towards 150 per dollar after the finance minister said the government was closely watching excessive moves in the forex market while bank stocks were weak as traders saw the political instability making it more difficult for the BOJ to hike rates later this month.

    • In other developments, Singapore's MAS kept its policy settings unchanged amid a robust economy and declining uncertainty following global trade deals with the US. Separate data showed Singapore Q3 GDP growth at a higher than expected 2.9% although was below Q2's level. RBA minutes showed board members remained cautious and data-dependent in last month's rate decision. India consumer inflation fell to its lowest rate in more than eight years while wholesale prices barely rose to be well below expectations, potentially paving the way for a potential RBI rate cut.

    • LG Energy Solution's (373220.KS) Q3 profit surged on US tax credits despite a revenue dip. Samsung Electronics (005930.KS) said it expects its best quarterly profit since 2022 as the AI chip race has tightened supply and driven up prices of conventional chips. China has imposed sanctions on five US-affiliates of Hanwha Ocean (042660.KS), accusing it of cooperating with a US probe into China's maritime and shipbuilding sectors. Rio Tinto (RIO.AU) said it needs a strong finish to the year to meet its iron ore shipment targets. LG Electronics India (544576.IN) market capitalization overtook that of its parent company after surging on market debut. Genting Berhad (3182.MK) has offered to acquire the remaining 50.6% stake in Genting Malaysia (4715.MK) it does not already own.

  • Digest:

    • China escalates trade fight by sanctioning US entities of Hanwha Ocean:

      • US-China trade tensions flaring again after Commerce Ministry put five US units of Hanwha Ocean (042660.KS) onto a sanctions list prohibiting them from doing business with China (CNBC, Bloomberg). Separately, Ministry of Transport announced investigation into impact of White House's S301 probe into China's maritime sector, which may pave way for further retaliatory action. Moves follow US decision to steeply hike fees on Chinese ships docking at US ports from Tuesday, which Beijing retaliated against by imposing similar charge. Beijing's latest escalation comes after two sides voiced openness to dialogue in bid to resolve current dispute (link). Markets had partially retraced initial selloff on the spike in trade tensions, reflecting view both sides will negotiate another détente. While China criticized US tariffs it has so far avoided in-kind retaliation and attempted to sooth concerns over its rare earths export controls. US and China keeping lines of communication open and Bessent said Trump still planning to meet Xi at APEC summit this month (Reuters, Bloomberg). Still, tensions remain elevated with Bessent accusing China of wanting to drag down global economy and US sources telling FT White House has prepared countermeasures if two sides do not reach agreement, including export controls on software sales.

    • Samsung Q3 preliminary results beat:

      • Samsung (005930.KS) preliminary Q3 revenue and operating earnings came in notably above expectations and marks the best OP since 2Q22. Reuters preview noted expectations were bullish on the back of higher memory chip prices supported by server demand, outweighing ongoing delays in HBM sales to Nvidia (NVDA). TrendForce data showed DRAM prices surged 171.8% y/y in Q3. Relative performance against rival SK Hynix (000660.KS) remains in focus, highlighting the opportunity cost for Samsung in the HBM segment. Optimism underpinned by prospects for Samsung to catch up after having guided in the July earnings call they expect meaningful expansion in HBM in H2 (Bloomberg). Broader sentiment toward Samsung has been boosted by supply deals with OpenAI with direct announcement effects from Samsung/SK Hynix deals for Stargate this month, which combined with rising memory prices, prompted dozens of analyst target price upgrades recently. Share price has jumped more than 60% since early June, accelerated by supply deal with Tesla (TSLA) announced in late July. Trade frictions noted as the main overhang, including US restrictions on advanced chip sales to China, potential US tariffs on chips and tighter China controls on rare earth exports. Samsung earnings details slated for release 30-Oct.

    • Singapore's monetary authority holds policy steady amid strong Q3 growth:

      • Monetary Authority of Singapore (MAS) maintained monetary settings as largely expected amid above-forecast Q3 GDP growth. MAS said would keep slope, width, center of S$NEER unchanged as uncertainty over economic outlook had receded post conclusion of US trade deals. Noted boom in AI investment had offset slowdown in trade-related activity, added core inflation should trough in near term, rise gradually next year (BusinessTimes). Separate data from Ministry of Trade and Industry showed GDP grew 2.9% in Q3, slowing from Q2's 4.5% but well above FactSet consensus 1.8%. Manufacturing growth slowed to zero, construction output also decelerated offset by expansion in IT and financial services (BusinessTimes). MAS said it expects Singapore GDP growth to moderate from above-trend pace in coming quarters as activity normalizes in trade-related sectors; AI investments to boost manufacturing, infrastructure spend to support construction and financial services.

    • RBA says market services and housing inflation pose upside risks to Q3 CPI:

      • September RBA minutes showed board members backed a cautious and data-dependent stance after leaving cash rate unchanged last month. Observed that policy still a little restrictive, but extent of restriction difficult to determine. Noted since August private demand recovering little quicker than expected given size and breadth of rebound in household consumption. Still assessed labor market conditions as a little tight, and while there was a moderation in August employment, lead indicators are pointing to healthy labor demand in near-term. Flagged risk of upside surprise to Q3 CPI based on stronger-than-expected growth in market services and housing components of recent monthly inflation prints. Said if combination of higher-than-expected inflation and broadly stable labor market conditions is sustained, it could imply staff's assumption regarding supply-demand balance was incorrect. Noted easing of financial conditions was indicative of past rate cuts amid pickup in housing credit growth, adding that it would take some time before full effects flow through economy.

    • Efforts underway to secure rare earths supplies amid China's latest curbs:

      • China's export controls continue to reverberate on markets with Australian- and US-listed rare earths producers staging big early-week rally. With China controlling estimated 90% of global processing and production of rare earths, there are thoughts its latest actions will speed up efforts to source alternative supplies. Ahead of PM Albanese's visit to White House this month, Canberra reportedly floating US participation in an Australian critical minerals strategic reserve (Financial Review). JP Morgan (JPM) on Monday pledged $10B of direct investment in strategic industries including critical minerals (Bloomberg). US government also recently acquired 10% stake in Canada's Trilogy Metals (TMQ), marking its latest attempt to seek equity holdings in critical minerals producers as it looks to reduce dependence on China (FT). China's tightened curbs on rare earths exports have prompted fresh discussion about supply chain vulnerabilities in important industries such as semiconductors (Bloomberg), defense and auto manufacturing (NY Times, FT) and EV batteries (Bloomberg).

    • Notable Gainers:

      • +13.4% 7453.JP (Ryohin Keikaku): reports FY operating income ¥73.84B vs FactSet ¥72.34B; reports September mainland China LFL sales +13.1% y/y

      • +8.9% 4715.MK (Genting Malaysia): Genting Berhad offers to acquire remaining 50.6% stake in Genting Malaysia for MYR2.35/share in cash

      • +5.6% 3182.MK (Genting): Genting Berhad offers to acquire remaining 50.6% stake in Genting Malaysia for MYR2.35/share in cash

    • Notable Decliners:

      • -5.8% 042660.KS (Hanwha Ocean): China imposes sanctions against five US-based subsidiaries of Hanwha Ocean, effective today

      • -3.3% 2317.TT (Hon Hai Precision Industry): collaborates with NVIDIA On 800 VDC power architecture for next generation AI factory

      • -2.2% 4503.JP (Astellas Pharma): phase 2 GLEAM trial did not meet primary endpoint of OS in patients with metastatic pancreatic cancer

      • -1.8% 005930.KS (Samsung Electronics): reports preliminary Q3 operating profit KRW12.10T vs StreetAccount KRW9.440T

  • Data:

    • Economic:

      • Australia

        • September NAB business confidence +7 vs +4 in August

          • Business conditions +8 vs +7 in August

      • Singapore

        • Q3 GDP +2.9% y/y vs consensus +2.0% and revised +4.5% in prior quarter

          • Q3 GDP +1.3% q/q vs consensus +0.3% and revised +1.5% in prior quarter

    • Markets:

      • Nikkei: (1,241.48) or (2.58%) to 46847.32

      • Hang Seng: (448.13) or (1.73%) to 25441.35

      • Shanghai Composite: (24.27) or (0.62%) to 3865.23

      • Shenzhen Composite: (47.39) or (1.91%) to 2439.84

      • ASX200: 16.60 or +0.19% to 8899.40

      • KOSPI: (22.74) or (0.63%) to 3561.81

      • SENSEX: (460.62) or (0.56%) to 81866.43

    • Currencies:

      • $-¥: (0.25) or (0.16%) to 152.0480

      • $-KRW: +5.80 or +0.41% to 1432.2900

      • A$-$: (0.01) or (0.86%) to 0.6458

      • $-INR: +0.12 or +0.14% to 88.7969

      • $-CNY: +0.01 or +0.11% to 7.1396

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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