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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.35%), Hang Seng +0.72%, Shanghai Composite +0.22% as of 04:10 ET

Oct 23 ,2025

  • Synopsis:

    • Asia equities ended mixed Thursday. Technology stocks dragged on Nikkei 225, Kospi and Taiex benchmarks following overnight losses on Wall Street. Some declines in Southeast Asia but elsewhere, stocks rallied in afternoon trade. The Hang Seng and mainland China boards closed higher while there were gains for India and Singapore. Australia was flat with IT losses offset by gains for energy names and gold miners. US futures mixed, Europe edging higher in the opening hour. US dollar a little higher, yen notably weaker on increased likelihood of stimulus. JGB mixed, Treasury yields higher across tenors. Crude prices sharply higher on Russia oil sanctions. Gold and silver higher, base metals with small gains. Cryptocurrencies recovering some poise.

    • Asia stocks drifted over the day with tech losses mirroring those on Wall Street overnight amid returning angst over US-China trade relations, but Greater China benchmarks rallied into the close just as news broke VP He was to be in Malaysia this week for trade talks with the US, and as the CCP fourth plenum ended. Meanwhile, the White House is said to be considering a curb on software exports to China in response to Beijing's move to restrict rare earth shipments, reigniting fears of a fresh set of retaliatory trade sanctions if a breakthrough deal cannot be reached. Another extension to the trade war truce is still the market default but tensions building before APEC summit and the 1-Nov deadline for a China-US trade deal to be finalized.

    • In other trade-related news, India's refinery executives said they expect Russian oil imports to drop to near zero following US sanctions on Rosneft and Lukoil, opening the door to a US-India trade deal. The sanctions and subsequent oil price spike weighed on refinery stocks in India but supported energy names in China and Australia. Meanwhile, the Kospi touched 3,900 for the first time before a retreat on downbeat comments from officials over a US trade deal, as well as auto and battery makers that fell on read through from Tesla's results.

    • In other developments, The Bank of Korea kept its base interest rate on hold as widely expected on concerns over house prices and won volatility and, while forward-looking board opinions leant dovish, economists forecast a slower pace of easing ahead. Taiwan's central bank chief said an interest rate hike was unlikely in the near term given benign inflation and stable economic growth, adding he saw the island's AI-related products as bargaining chips with the US over trade. Singapore headline inflation rose to 0.7% y/y with core at 0.4%.

    • Mitsui E&S (7003.JP) and Namura Shipbuilding (7014.JP) among the Japanese shipyards to benefit from a ¥350B sector-wide investment to boost production capacity. Sumitomo Heavy Industries (6302.JP) among the stocks higher Thursday on reports new Japan PM Takaichi will increase defense spending to 2% of GDP. PopMart (9992.HK) Q3 revenue topped analysts expectations but the stock fell sharply over concerns on decelerating growth in the coming quarters. BHP (BHP.AU) confirmed it was in negotiations with China's state iron ore buyer but flagged 'difficult decisions' ahead for metallurgical coal business. Woodside Energy (WDS.AU) said it was looking for at least one more partner for its Louisiana LNG production and export terminal project after signing up pipeline producer Williams.

  • Digest:

    • US readying curbs on software exports to China, Trump optimistic of deal:

      • US-China trade situation remains fluid ahead of planned Trump-Xi summit at APEC later this month. While market looking forward to another détente, US also readying retaliatory actions should talks fail. Ahead of his meeting with China Vice Premier He Lifeng this weekend, Treasury Secretary Bessent said "everything on the table" and US would coordinate with allies any export controls on items such as software or engines (Bloomberg). Reuters sources earlier said Trump administration preparing curbs on exports of critical software in retaliation against China's rare earths curbs. Such a move could spark fresh trade disruptions with China and boomerang on US economy. However, sources added administration might announce measures to pressure China, but stop short of implementing them. Speaking on Wednesday, Trump maintained optimism he can work out deal with Xi, anticipating their meeting will be a long one. However, he has also warned that additional 100% tariffs will go ahead on 1-Nov if no deal is reached and flagged other potential actions such as halting shipments of commercial airline parts.

    • Bank of Korea leaves base interest rate on hold, keeps growth and inflation forecasts steady:

      • Bank of Korea kept policy rate unchanged at 2.5% for third consecutive meeting and as widely expected amid surge in Seoul house prices and mortgage debt levels that threaten financial stability. Uncertainty over US trade and investment deal pushed won down by around 3%since July also weighed on decision. Governor Rhee said one board member voted for rate cut; two members expect no change over next three months, four see rate cut. Bank said it was necessary to monitor financial stability conditions, impact of stabilization measures on Seoul's housing market, won volatility. Noted domestic economy supported by consumption recovery, favorable export growth with both likely to remain robust (Bloomberg). GDP growth forecasts unchanged at 0.9% for FY25, 1.6% for FY26 but upside and downside risks increased. Inflation expectations remain at around 2% despite upward pressure from won. Said maintained 'rate cut stance' to mitigate downside risks to economic growth (Yonhap).

    • Japan Takaichi cabinet approval rating starts on a positive note:

      • Kyodo opinion poll showed Prime Minister Takaichi's inaugural cabinet approval rating was 64.4%, marking a head start on her two immediate predecessors (Ishiba 50.7%, Kishida 55.7%). However, the LDP rating was 31.4%, slightly lower than 33.8% in the previous poll early this month. Notably, 60.8% saw no need for a change in government after tri-party opposition talks on an alliance that may have defeated Takaichi in the parliamentary election. Amid efforts to establish credibility via diplomacy, Reuters sources said Takaichi began finalizing a purchase package, including Ford F-150 pickup trucks (despite limited demand prospects), soybeans and gas, to present to President Trump in next week's talks. But there will be no commitment for any new defense spending target amid US pressure on allies to contribute more. However, Kyodo sources indicated Takaichi plans to bring forward the timeline for increasing defense spending to 2% of GDP from the current FY27 to the current fiscal year with funding from the FY25 supplementary budget. Nikkei discussed policy direction changes signaled by new cabinet members. Most of the attention on Finance Minister Satsuki Katayama (who has already triggered some market reactions) though remarks largely echoed those of Takaichi -- pledging a responsible proactive fiscal policy and to gradually reduce net debt to GDP.

    • US sanctions Russia's Lukoil and Rosneft over stalled Ukraine peace efforts:

      • US Treasury Department announced sanctions against Russia's Rosneft and Lukoil, citing Moscow's lack of serious commitment to Ukraine peace process (Reuters, Bloomberg). Emerging fallout extending to India, which imports 36% of crude from Russia. Bloomberg sources noted flows to Indian refiners expected to grind to a halt. Bloomberg also discussed potential impact on China, which imports 20% of crude from Russia. Companies in both countries face secondary US penalties in dealings with Rosneft and Lukoil. Speaking to reporters on Wednesday, Trump said time for sanctions had arrived with Putin having repeatedly spurned peace efforts. Trump said he hopes sanctions won't be in place for long and that he plans to discuss with China's Xi ways of ending Ukraine war, whether through oil or energy. Europe also set to move ahead with its own sanctions package Thursday, which includes ban on Russian LNG imports. Separately, media sources said Trump administration has lifted restrictions on Ukraine firing long-range missiles into Russian territory in a bid to pressure Moscow (which Trump denied).

    • China tech stocks near correction amid scrutiny on stretched valuations:

      • China tech stocks tracking for negative October with Hang Sang tech sub-index and CSI All-Share semi index down 9% month-to-date. Selling comes on heel of a strong run-up this year fueled largely by China's advances in AI and progress in developing a domestic chip ecosystem. This has also driven pickup in concerns tech rally has run too hard, too fast, pushing valuations in some pockets of the market to extreme levels. This has in turn resulted in margin lending curbs due to rule that sets margin financing conversion rates to zero for stocks with P/E ratios that exceed 300x. SMIC (981.HK) was highest profile stock to have its rate set to zero, though Bloomberg noted number of mainland-listed firms whose P/E crossed 300x has risen ~30% y/y to 236, leaving many facing margin restrictions with potential for increased volatility. Strategists remain positive on the sector over longer term, with pullback being viewed as opportunity to rebuild positions amid Beijing's self-sufficiency drive, continued technological advancements in domestically-produced chips, and AI capex monetization potential for cloud services providers.

    • Notable Gainers:

      • +11.3% 6302.JP (Sumitomo Heavy Industries): Japanese Prime Minister Takaichi Sanae to increase defense spending to 2% of GDP in FY25 vs prior target of FY27

      • +8.7% 267260.KS (HD Hyundai Electric): reports Q3 Operating profit KRW247.1B vs StreetAccount KRW231.41B

      • +7.5% 7003.JP (MITSUI E&S): 17 domestic shipbuilders declare ¥350B CAPEX to counter China's maritime presence

      • +2.1% 293.HK (Cathay Pacific Airways): reports September traffic +21.0% y/y

      • +1.7% 762.HK (China Unicom (Hong Kong)): reports 9M net income attributable CNY20.00B, +5% vs year-ago CNY19.03B; Q3 connectivity subscribers 1.23B

      • +1.6% 4005.JP (Sumitomo Chemical): expects to record about ¥35B pretax income in Q3 from partial sale of Petro Rabigh shares

      • +1.4% 2382.TT (Quanta Computer): sees FY25 another good year as immediately taken up by customers whenever there is new capacity rollout

    • Notable Decliners:

      • -1.8% 2268.HK (WuXi XDC Cayman): completes 24.1M-share placement at HK$58.85/sh

  • Data:

    • Economic:

      • Singapore September

        • CPI +0.7% y/y versus consensus +0.6% and +0.5% in prior month

          • Core CPI +0.4% y/y vs consensus +0.2% and +0.3% in prior month

    • Markets:

      • Nikkei: (666.18) or (1.35%) to 48641.61

      • Hang Seng: 186.21 or +0.72% to 25967.98

      • Shanghai Composite: 8.65 or +0.22% to 3922.41

      • Shenzhen Composite: 5.38 or +0.22% to 2457.90

      • ASX200: 2.80 or +0.03% to 9032.80

      • KOSPI: (38.12) or (0.98%) to 3845.56

      • SENSEX: 678.76 or +0.80% to 85105.10

    • Currencies:

      • $-¥: +0.49 or +0.32% to 152.4530

      • $-KRW: +4.66 or +0.33% to 1436.7600

      • A$-$: +0.00 or +0.30% to 0.6507

      • $-INR: +0.14 or +0.16% to 87.8787

      • $-CNY: (0.01) or (0.08%) to 7.1209

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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