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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.27%, Hang Seng +0.65%, Shanghai Composite +1.36% as of 04:10 ET

Oct 21 ,2025

  • Synopsis:

    • Asia equities ended higher across the region Tuesday. MSCI Asia Pacific ex Japan index touched a fresh record high as Greater China stocks added to yesterday's gains while there were rallies in Apple-related stocks in Seoul and Taipei. Australia's ASX also at a new record powered by rare earth stocks. Singapore and the rest of Southeast Asia higher. India slightly higher in a shortened day's trade. US futures a little lower, Europe flat in the first hour of trade. US dollar higher, yen weaker on political developments, AUD snapped two-day gain. Treasuries mixed, JGB yields lower except at the very long end. Gold lower, silver sharply down as London's shortage ends; crude contracts unchanged, iron ore contracts higher on bullish BHP comments but copper down. Cryptocurrencies notably lower.

    • Asia markets saw another broad rally Tuesday to add to Monday's gains on optimism over trade deals while Apple-related stocks in several countries rose on read through from Apple's results overnight. Australia-based rare earth stocks also rallied strongly after the US and Australia had signed an investment agreement over critical minerals aimed at countering China's near monology on rare earth supplies. The next pivotal catalyst likely to be US-China trade deal progress with Treasury Secretary Bessent to meet VP He later this week and Trump visits Malaysia.

    • Japan stocks rallied further to touch record highs briefly before paring gains following the election of Sanae Takaichi as its next prime minister. A minority LDP-JIP coalition is set to rule following a weekend agreement which will see the JIP support budget legislation but not take up any cabinet positions. Equities and JGB prices rallied and the yen weakened on the news with Takaichi known to lean toward stimulus and against a BOJ rate hike.

    • CATL (3750.HK) saw Q3 net profits rise more than 41% despite growing competition and fears of a slowdown in EV sales. The founder of Kakao Group (035720.KS) Brian Kim was cleared of charges related to Kakao's takeover of SM Entertainment (041510.KS). VHM (VHM.AU), Northern Minerals (NTU.AU) and Arafura Rare Earths (ARU.AU) among the stocks that gained after the US and Australia signed a critical minerals deal. Telkom Indonesia (TLKM.IJ) is to spin off its wholesale fiber connectivity business to its own infrastructure unit in a $2.1B deal.

  • Digest:

    • Takaichi elected as Japan's first female prime minister:

      • NHK reported Sanae Takaichi won the lower house with a majority 237 votes to avoid a runoff. Opposition parties nominated their own party leaders. Takaichi also won in the upper house in the first runoff in 13 years. Takaichi will be sworn in as Japan's first female prime minister before holding an inaugural press conference (set to emphasize work on an FY25 supplementary budget) and officially announcing her cabinet this evening. Several key posts reportedly set, including her LDP leadership rivals -- Former LDP Secretary-General Toshimitsu Motegi as foreign minister, Agriculture Minister Shinjiro Koizumi as defense minister, Chief Cabinet Secretary Yoshimasa Hayashi as minister of internal affairs and communications. Former economic security minister Takayuki Kobayashi has already been named LDP policy research council chair. Nikkei sources said Takaichi will appoint Satsuki Katayama to the key post of finance minister. This triggered recollections of some hawkish remarks on yen -- suggesting in a March Reuters interview that USD/JPY real value was closer to 120-130 when market fell to around 150 -- and was not opposed to a BOJ rate hike. Under the new coalition, LDP and JIP pledged short term implementation of cost-of-living relief measures and political reforms through trimming the number of Diet seats (Nikkei).

    • US and Australia sign critical minerals agreement amid China curbs:

      • Critical minerals the focus of Prime Minister Albanese's White House meeting with President Trump on Monday (Bloomberg). According to White House Factsheet US and Australia to coinvest more than $3B in various projects over next six months with estimated value of $53B. Australian readout noted US making equity investment with right of offtake in West Australian gallium projectthat is expected to provide 10% of global gallium supply. US Department of War to also invest in 100 metric ton-per-year advanced gallium refinery in Western Australia. Second project in Northern Territory expected to provide 5% of global rare earths supply. Commenting on agreement, Albanese touted $8.5B investment pipeline ready to go with Trump voicing optimism about significant expansion of rare earths supply in about a year's time. Australia, being one of the world's largest rare earths producers, pitching itself as an alternative source to China that can more reliably supply materials for US defense needs. China's sudden tightening of rare earths export controls had strengthened expectations of a US-Australia agreement, which was preceded by a significant run-up in share price of ASX-listed producers such as Lynas (LYC.AU), Arafura Rare Earths (ARU.AU), and Brazilian Rare Earths (BRE.AU).

    • StreetAccount Event Preview: Bank of Korea policy meeting, 23 October

      • Bank of Korea widely expected to keep base interest rate unchanged Thursday as Seoul house prices reaccelerate, won volatility increases in wake of trade deal uncertainty. Will be third consecutive no-change decision as bank grapples with surge in household debt, house prices that triggered fresh lending restrictions mid-October that economists say will take time to work. Appreciation in won to 1400 per US dollar linked to unclear funding arrangements around investment commitments included in US trade deal (Reuters). Funding arrangements likely finalized before APEC next month but too late for October BOK meeting. Resilient export data for first 20 days October further indicate no urgency for bank to act although economists on lookout for 'dovish hold', indications bank will trim in November. BOK Governor Rhee added to no-change likelihood Monday after saying bank will not fuel housing market with liquidity (Yonhap).

    • Trump says he expects China deal, but again threatens 155% tariff if no agreement:

      • President Trump on Monday expressed optimism over (likely) coming talks in South Korea with Chinese President Xi, saying he thinks US and China will have a fair, great trade deal together. Trump also said he's been invited to China, will be going in early 2026. However, Trump reiterated threat of additional 100 pp tariff on China to 155% if no deal is reached by 1-Nov, other potential actions like cutting off shipments of commercial airline parts. Trump also deferred from commenting when asked if he's considering deal with China in which US would not support Taiwan in exchange for trade deal with Beijing, though did say he expects Taiwan would be on the agenda in talks with Xi (Bloomberg). Comments come after recent step-down in trade tensions, including Treasury Secretary Bessent noting positive weekend video call with China's Vice Premier He Lifeng, two making plans to meet face-to face this week (SCMP). Also follows reports White House watering down some of its tariff policy, increasingly offering exemptions and carve-outs for products with little or no domestic production (and positioning for a possible Supreme Court rebuff).

    • Trump keeps tariff pressure on India for its purchase of Russian oil:

      • President Trump has warned India could continue to face "massive tariffs" if it doesn't stop importing oil from Russia (Reuters, TOI). He repeated claim that PM Modi assured him that New Delhi would stop buying Russian crude Sunday, despite India said it had no record of such conversation while Trump said he did not believe it. India's foreign ministry said it is country's consistent priority to safeguard interests of consumers in volatile energy scenario, including expanding and diversifying energy sourcing to achieve stable prices and secure supplies. Russian deputy foreign minister Rudenko said its oil companies continue to ship oil to India as shipments accelerated in first half of October (EconomicTimes). Meanwhile Bloomberg noted India said it's making solid progress in trade negotiations with US as two sides have narrowed differences. Commerce minister Goyal stressed New Delhi's priorities in protecting farmers, fishermen and small businesses. Reuters reported RBI said in its monthly bulletin Indian economy is not immune to considerable global challenges, but has so far demonstrated resilience amid low inflation, strong corporate and banking balance sheets. Added domestic structural reforms help to offset drag from external weakness.

    • Notable Gainers:

      • +7.0% 002475.CH (Luxshare Precision Industry): Counterpoint Research says Apple's iPhone 17 series outperformed its predecessor in early sales in China and the U.S

      • +4.6% 2327.TT (Yageo): completes public acquisition of Shibaura Electronics with 87.3% subscription rate

      • +3.5% 009540.KS (HD Korea Shipbuilding & Offshore Engineering Co.): wins order for two very large crude oil carriers (VLCCs) worth KRW360B

      • +1.1% 000270.KS (Kia Corp.): completes KRW350.00B on-market buyback

      • +1.0% 9434.JP (SoftBank Corp): to acquire 10.2% stake in Japan Data Science Consortium for ¥1.49B

      • +0.9% 068270.KS (Celltrion): reports preliminary Q3 revenue KRW1.026T vs FactSet KRW1.131T

      • +0.8% 207940.KS (Samsung Biologics): Samsung Bioepis, Phrontline Biopharma to co-develop two investigational ADC assets

    • Notable Decliners:

      • -1.4% 941.HK (China Mobile): reports Q3 mobile customers net adds +4.0M

  • Data:

    • Economic:

      • New Zealand September trade balance (NZ$1,335M) vs revised (NZ$1,235M) in August

        • Exports +19.0% y/y vs +23.0%% in August

        • Imports +1.6% y/y vs (0.4%) in August

    • Markets:

      • Nikkei: 130.56 or +0.27% to 49316.06

      • Hang Seng: 168.72 or +0.65% to 26027.55

      • Shanghai Composite: 52.44 or +1.36% to 3916.33

      • Shenzhen Composite: 42.61 or +1.76% to 2463.04

      • ASX200: 62.80 or +0.70% to 9094.70

      • KOSPI: 9.15 or +0.24% to 3823.84

      • SENSEX: 187 or 0.23% to 84363.37

    • Currencies:

      • $-¥: +0.38 or +0.25% to 151.1240

      • $-KRW: +6.38 or +0.45% to 1427.6000

      • A$-$: (0.00) or (0.45%) to 0.6483

      • $-INR: +0.07 or +0.09% to 87.9557

      • $-CNY: (0.00) or (0.04%) to 7.1170

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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