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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.02%), Hang Seng (0.94%), Shanghai Composite (0.07%) as of 04:10 ET

Oct 22 ,2025

  • Synopsis:

    • Asia equities ended with a negative tilt Wednesday. Losses in Shenzhen, Hong Kong and Taiwan. Australia ended sharply lower after gold mining stocks sold off. Nikkei and Shanghai flat. Modest advances for the Topix, Singapore and Thailand; another strong day for South Korea. India closed for a holiday. US futures higher after being lower earlier, Europe lower in early trades. US dollar slightly higher with DXY hovering around 99 level; AUD, NZD and yen all strengthening slightly. Treasury yields mostly higher, JGBs mixed. Crude contracts higher, gold lower again as rout continues. Cryptocurrencies under fresh pressure.

    • Asia equities drifted lower over the day amid a lack of firm catalysts although there was another record closing high for the Kospi, which saw a sixth consecutive day of gains as exporters advanced as a trade deal with the US nears. Australia's ASX jolted by gold prices plummeting the most in 12 years as several gold mining names sold off. The change in fortune for gold and silver put down to technical reasons including over bought conditions, liquidity, and the short squeeze in London last week on silver. Hong Kong and mainland China boards lower just as President Xi suggested a meeting between himself and President Xi may not take place, although Treasury Secretary Bessent's meeting with his China counterpart is still on schedule for this weekend.

    • Elsewhere, Mint reported a US-India trade deal was close with tariffs likely to be cut to around 15% from 50% although there is still some debate as to whether India has promised to end imports of Russian oil. Bank Indonesia kept its base rates unchanged against most expectations of a 25 bps cut with the bank saying it wanted more time for previous monetary easing to take effect. Bank of Thailand officials warned Q3 GDP growth would contract q/q because of temporary factory closures but said it would maintain its accommodative stance.

    • SoftBank (9984.JP) is looking to raise another $2-2.5B in foreign debt amid an AI fundraising push. Takeda Pharma (4502.JP) and Innovent Biologics (1801.HK) announced a deal to co-develop cancer drugs and sell them globally including in the US. UK-based activist fund Palliser Capital disclosed a stake in LG Chem (051910.KS), triggering a substantial share price jump. Rio Tinto (RIO.AU) is considering an asset-for-equity swap with Aluminum Corp of China (2600.HK) that would cut Chalco's ownership of Rio to 11%, according to a Reuters report.

  • Digest:

    • US and India near trade deal that may cut India tariff rate substantially:

      • Mint citing three people with knowledge reported India and US are nearing trade deal that could lower tariffs on Indian exports to 15%-16% from current 50% which includes 25% punitive levy due to New Delhi's purchase of Russian oil. Sources said New Delhi may agree to gradually reduce imports of Russian oil and allow in more non-genetically modified US corn and soymeal. Meanwhile no clarity on tariff cuts for US dairy products yet, a key demand from Washington. An agreement may be announced when President Trump and PM Modi possibly attend ASEAN summit in Malaysia from 26-28 Oct. On energy, New Delhi mulling allowing US ethanol imports and gradually reducing purchases of Russian oil, likely without any formal announcement while Bloomberg reported President Trump stressed he received assurance from Modi that India would wind down such purchases. Analysts said progress in US-India trade talks accelerated by China's hardening stance on trade, which Beijing expanded rare earth export curbs and avoidance of US agriculture products, as Washington seeks allies and partners to build alternative supply chains.

    • Japan PM Takaichi focused on busy schedule, deflecting questions about snap election:

      • No major surprises out of Prime Minister Takaichi's inaugural press conference Tuesday evening (Nikkei) or cabinet appointments (Nikkei) where most of the key positions were leaked. Immediate attention turns to US President Trump's planned visit to Japan on 28-Oct. Recited the longstanding position the Japan-US alliance is the cornerstone of diplomatic and security policy. Pledged to create a system that allows Japan to defend itself independently and bolster defense capabilities. Takaichi has endorsed increasing defense spending beyond the current target of 2% of GDP, though she has not proposed a new target yet and appointed Koizumi as Defense Minister who has been satisfied with the status quo. Takaichi brushed aside the idea of holding a snap election, saying economic issues come first. Will instruct cabinet members to craft new economic policies in her first cabinet meeting with plans to abolish the gasoline surcharge and implement electricity & gas subsidies during peak winter energy demand. Direct stimulus revolving around the concept of income tax breaks with refundable credits for low-income earners (vs opposition parties pushing for some variation of consumption tax cuts). Also pledged to raise the minimum tax threshold to remove a disincentive to work. On monetary policy, reiterated she is not considering any immediate reassessment of the BOJ accord, explicitly acknowledging policy decisions should be left to the central bank.

    • Bank Indonesia maintains base interest rate against expectations for a cut:

      • Bank Indonesia (BI) kept its 7D repo rate at 4.75% Wednesday, against majority of economist forecasts of 25 bps trim. Deposit facility rate held at 3.75%, lending facility rate held at 5.5%. Economists had expected rate cut to support government's ambition to reach 8% annual growth by end of President Prabowo's term with several billing October meeting as pivotal as pause could signal slower easing policy ahead. BI said decision consistent with low FY inflation forecast for 2025 and 2026, and efforts to maintain rupiah stability however still sees high levels of uncertainty in global economy. Bank said it would strengthen pro-market monetary operations to transmit previous rate cuts, September's $12B financial sector cash injection, using several measures; said it would continue to intervene in forex market to support rupiah. Added FY 25 GDP growth to be slightly above midpoint of previous 4.6-5.4% range and increase next year (Bloomberg).

    • Bank of Thailand to maintain accommodative monetary stance as it warns on Q3 growth:

      • Bank of Thailand said Wednesday it will keep monetary policy accommodative to support economy, remains ready to adjust policy settings (Reuters). Deputy Governor Piti Disyatat said economy needed further monetary and fiscal support amid temporary factory closures that would reopen in Q4. Said government stimulus would also kick in during Q4 while previous rate cut effects were still feeding through to economy. BoT expects Q3 growth of 1.5%, 1.3% in Q4 to give q/q decline of 0.5% in Q3; FY25 growth to be 2.2% and 1.6% next year to continue to lag peers in Asean region. Added deflationary pressures to end in Q2-26, return to target range of 1-3% in early 2027. BoT to meet next in December: most economists expect bank to cut 25 bps. Downgrade to forecasts come day after manufacturers said they are being hit by high tariffs, relatively high baht (Bloomberg).

    • China, EU in talks over rare earth and Dutch seizure of Nexperia:

      • European Trade Commissioner Maros Sefcovic had invited Chinese Commerce Minister Wang Wentao to Brussels in coming days to find urgent solutions to Beijing's expansion of rare earth export curbs after the two held virtual meeting Tuesday (Reuters, SCMP). Sefcovic said Brussels had no interest in escalation of trade tensions, calling latest rare earth restrictions "unjustified and harmful". EU is seeking relaxation in export licensing requirements for such minerals and magnets. Meanwhile Wang said controls are normal step in improving its export control system and Beijing has consistently facilitated approval process for EU companies. Repeating messages conveyed to foreign businesses by vice commerce minister (Bloomberg). Wang also criticized Dutch government's seizure of Nexperia. Bloomberg reported in separate call with Dutch economy minister Vincent Karremans, Wang urged the Hague to urgently resolve issue as it has "seriously affected" stability of global supply chain. Reuters added German auto industry has warned of potential production stoppages after Beijing blocked exports of Nexperia's chips, which are mostly packaged in China.

    • Notable Gainers:

      • +13% 051910.KS (LG Chem): Activist Palliser Capital recommends value enhancement plan for LG Chem including share buyback

      • +3.3% 7203.JP (Toyota Motor): report of developing AI agent to monitor traffic conditions and issue warnings

      • +1.9% 8233.JP (Takashimaya): report of considering ¥80B share buyback by FY28 to prepare for CB conversions

      • +0.1% 2615.TT (Wan Hai Lines): reveals 2027 to be the peak of ship deliveries

      • +0.1% 4503.JP (Astellas Pharma): FDA accepts sBLA for Astellas Pharma's PADCEV in combination with KEYTRUDA for priority review

    • Notable Decliners:

      • -1.8% 600048.CH (Poly Developments & Holdings Group): reports Q3 net income attributable (CNY782.2M), (299.2%) y/y

      • -0.2% 728.HK (China Telecom): reports Q3 mobile net adds 4.5M

  • Data:

    • Economic:

      • Japan September

        • Trade balance (¥234.6B) vs consensus ¥22.5B and revised (¥242.8B) in prior month

          • Exports +4.2% y/y vs consensus +4.4% and (0.1%) in prior month

          • Imports +3.3% y/y vs consensus +0.6% and (5.2%) in prior month

    • Markets:

      • Nikkei: (8.27) or (0.02%) to 49307.79

      • Hang Seng: (245.78) or (0.94%) to 25781.77

      • Shanghai Composite: (2.57) or (0.07%) to 3913.76

      • Shenzhen Composite: (10.52) or (0.43%) to 2452.52

      • ASX200: (64.70) or (0.71%) to 9030.00

      • KOSPI: 59.84 or +1.56% to 3883.68

      • SENSEX: 0.00 or 0.00% to 84426.34

    • Currencies:

      • $-¥: (0.08) or (0.05%) to 151.8540

      • $-KRW: (0.24) or (0.02%) to 1431.0500

      • A$-$: +0.00 or +0.18% to 0.6500

      • $-INR: (0.31) or (0.35%) to 87.7164

      • $-CNY: +0.00 or +0.02% to 7.1237

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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