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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.35%, Hang Seng +0.74%, Shanghai Composite +0.71% as of 04:10 ET

Oct 24 ,2025

  • Synopsis:

    • Asia equities ended higher almost everywhere Friday to cap a strong week for the region. South Korea's Kospi led the region as tech and exporters surged again, Japan's tech names also supported the Nikkei. Greater China led by Shenzhen, several leading technology stocks also much higher in Hong Kong and Shanghai. India a few points lower, Australia also traded a few points lower. For the week, the Hang Seng was 3.6% higher, the Nikkei 225 2.1% better and the Kospi 3.8% higher to close at another record high. US futures point to another higher open, Europe paring opening gains. US dollar slightly higher but still rather rangebound, yen weaker again, AUD lower. Treasury yields higher across tenors, JGB yields mixed but lower at the long end. Crude blends lower following yesterday's surge, iron ore back under pressure, gold and silver lower. Cryptocurrencies extending yesterday's rally.

    • Asia markets higher Friday on read through from Wall Street's positive end and rally in tech stocks while China was supported by its five-year plan details published last night, which emphasized technology self sufficiency and further support for the consumer. The STAR 50 and ChiNext indexes outperformed on the comments while SMIC and Hua Hong Semiconductor were among the standout names in Hong Kong. Positive tones around trade negotiations ahead of a series of Head of State-level meetings next week during the APEC summit also supportive for regional sentiment; markets also ignored newsflow during trading hours that Trump was halting trade talks with Canada.

    • South Korea's Kospi buoyed by optimistic comments from officials over closing the gap with the US over a trade deal as well as pledges of support for the won. In economic developments, Japan core inflation rose as expected due to higher energy costs. Flash PMIs from Japan and Australia for October showed services expanding and manufacturing contracting in both countries, while overall growth in India is slowing. Singapore manufacturing output surged 16.1% y/y led by the volatile biomedical sector and electronics. A senior government official in Thailand said a likely date for a general election is 29 March next year.

    • Nidec (6594.JP) withdrew its own earnings guidance and suspended its dividend payment amid an ongoing probe into accountancy irregularities. Samsung Electronics (005930.KS) signed a MoU with Softbank (9984.JP) to research and develop next-generation communication technologies including AI-based radio access and 6G. Sunrise Energy Metals (SRL.AU) signed a five-deal with Lockheed Martin to supply scandium oxide from its Syerston project.

  • Digest:

    • China tech stocks climb as new five-year plan emphasizes self-reliance in science and technology:

      • China tech stocks in both mainland and Hong Kong advancing Friday as Fourth Plenum readout on China's 15th five-year plan (FYP) and confirmation of meeting between President Trump and Xi next Thursday have boosted sentiment. In mainland market, growth, innovation and technology-focused Shanghai STAR 50 Index and ChiNext both jumped Friday, outperforming broad benchmarks of CSI 300 and Shanghai Composite. In Hong Kong, Hang Seng Tech logging more gains than HSI with Hua Hong Semiconductor (1347.HK), ASMPT (522.HK), SMIC (981.HK) and Horizon Robotics (9660.HK) among biggest gainers of 30 constituents in tech index. Movements in reaction to China's pledge to "greatly increase" capacity for self-reliance and strength in science and technology in next five years (Bloomberg). In Friday's press briefing on 15th FYP, NDRC head Zheng Shanjie highlighted China would accelerate development in strategic emerging industries, including new energy, new materials, aerospace and low-altitude economy. Added China will make plans for future industries, promoting quantum technology, hydrogen/fusion energy, brain-computer interfaces and 6G mobile communications etc. Science minister Yin Hejun said China will mobilize national resources to push for breakthroughs in integrated circuits, industrial machine tools and high-end instruments. Meanwhile Reuters added despite seen as secondary in importance, policymakers promised more efforts to boost domestic consumption, aiming to significantly raise percentage of household consumption of GDP.

    • Trump optimistic of agreement with Xi, but deal may fall short of grand bargain:

      • White House confirmed President Trump to meet China's Xi at APEC summit on 30-Oct but questions surround likely outcome. Stakes high with US readying curbs on exports of critical software and reportedly weighing probe into China's noncompliance with 2020 trade deal (NY Times). Both sides striking optimistic tone with Trump confident of a deal (Reuters) and China Commerce Minister Wang Wentao hopeful of solutions to current issues (Bloomberg). Trump said he expects agreement in several areas, singling out soybeans, rare earths and fentanyl as discussion points. More sobering view is that agreement likely to entail dialing back of recent tensions and directives to continue negotiations while tariff pause is extended again (Bloomberg). Trump considered unlikely to accept Beijing's demands for full removal of tariffs and winding back of tech export controls while China seen retaining stringent oversight of rare earths exports. Media sources have highlighted how Xi feels more emboldened than during Trump's first term, appealing to his dealmaking instincts by offering small wins on soybeans and TikTok while using rare earths to demand more meaningful US concessions.

    • US sanctions on Russian oil firms will impact China and India in short-term:

      • Fallout continued from US announcement of sanctions on Russia's Rosneft and Lukoil. Lot of press discussion about expected near-term impact on flows to China and India, which represent ~80% of Russian crude exports. Flows to India expected to grind to a halt (Bloomberg), with FT sources noting Reliance Industries (500325.IN) unlikely to chance US sanctions. Beijing asked state oil firms to halt purchases of seaborne Russian crude with Reuters sources naming PetroChina (857.HK), Sinopec (386.HK), and CNOOC (883.HK). From a geopolitical standpoint, some thought sanctions could help break deadlock between US and India over President Trump's demand that Delhi stop purchasing Russian crude (NY Times). However, less clear whether China will comply after Beijing voiced opposition to the sanctions. China traders anticipate pause by state oil firms may only be temporary with analysts pointing to availability of illicit financing networks. There are also questions about effectiveness of the sanctions. Around 50% of China imports come via pipeline, which traders said may be less exposed to sanctions. Additionally, most of the 1.4Mbpd seaborne Russian crude imported by China is bought by teapot refiners, which may be less affected by sanctions compared to state firms.

    • PBOC's Huang calls for 'major' policy support, but mostly from the fiscal side:

      • In a Bloomberg TV interview on the sidelines of the Bund Summit in Shanghai, PBOC MPC member Huang Yiping said China policymakers need to do "something major" to repair balance sheets of households, enterprises, local governments and also perhaps financial institutions. Remark calls into doubt China's ability to weather the trade war without stronger stimulus. Article noted the Plenum communique reiterated call to stabilize employment, enterprises, markets and expectations. Huang advocated for aggressive fiscal easing to provide local government more discretion. However, such a measure would mark a break from the targeted and conditional fiscal support to date. Huang sounded more cautious on monetary policy, saying it can play a role but warning there's no room for aggressive easing in the short term. Added that China needs to steer local governments away from being held responsible for promoting growth as in the past, and suggested authorities should be assessed on more granular indicators such as employment/household income rather than just GDP. Latest comments fit with market expectations for modest monetary easing with hopes placed mainly on fiscal stimulus.

    • India flash PMIs shows economic growth momentum slowed in October as tariffs bite:

      • India's economic growth is slowing in October, HSBC flash PMIs showed, as service sector growth slows amid a deacceleration in new orders as impact of US's 50% tariff rate beds down. S&PGlobal said composite index fell to 59.9 from September's final 61.0 as service growth dipped, offset by increased expansion in manufacturing PMI that rose to 58.4 from 57.7 last month. Sub-components showed new orders, output growth continued but at slowest pace since May; job creation softest in 18 months. Businesses still optimistic but sentiment has faded slightly. HSBC India economist said manufacturing has picked up slightly likely because of GST rate cuts that are supporting domestic demand and manufacturing new orders and output still above recent average. But drag from tariffs appearing in new export orders, optimism levels that are now below average.

    • Notable Gainers:

      • +6.4% 1913.HK (Prada): reports 9M total net revenues €4.07B, +6% vs year-ago €3.83B

      • +5.9% 009830.KS (HANWHA SOLUTIONS): reportedly looking to sell US-based hydrogen tank manufacturer Hanwha Cimarron

      • +4.5% 688981.CH (SMIC): China's pledge to "greatly increase" capacity for self-reliance and strength in science and technology in next five years

      • +3.8% 010140.KS (Samsung Heavy Industries Co.): reports Q3 Operating profit KRW238.1B vs StreetAccount KRW214.15B

      • +2.4% 005930.KS (Samsung Electronics): signs MOU with SoftBank to jointly research and develop next-generation communication technologies, including 6G and artificial intelligence-based radio access network (AI-RAN) innovations.

      • +2.2% 300014.CH (EVE Energy): reports Q3 net income attributable CNY1.21B vs FactSet CNY1.41B

      • +1.5% 1138.HK (COSCO SHIPPING Energy Transportation): completes 694.4M A-shares placement at CNY11.52/share

    • Notable Decliners:

      • -3.5% 6594.JP (Nidec): withdraws all previously announced H1, FY guidance; discontinues up-to-¥35B buyback

      • -0.4% 003490.KS (KOREAN AIR LINES Co.): completes acquisition of stake in Canada's WestJet

  • Data:

    • Economic:

      • Japan

        • September nationwide core CPI +2.9% y/y vs consensus +2.9% and +2.7% in prior month

          • CPI excl. fresh food & energy +3.0% y/y vs consensus +3.1% and +3.3% in prior month

          • Overall CPI +2.9% y/y vs consensus +2.9% and +2.7% in prior month

        • October flash manufacturing PMI 48.3 vs 48.5 in prior month

          • Services PMI 52.4 vs 53.3 in prior month

          • Composite PMI 50.9 vs 51.3 in prior month

      • India October

        • Flash manufacturing PMI 58.4 vs final 57.7 in prior month

          • Services PMI 58.8 vs 60.9 in prior month

          • Composite PMI 59.9 vs 61.0 in prior month

      • Singapore September

        • Manufacturing production y/y +16.08% versus (9.03%) in prior month

    • Markets:

      • Nikkei: 658.04 or +1.35% to 49299.65

      • Hang Seng: 192.17 or +0.74% to 26160.15

      • Shanghai Composite: 27.90 or +0.71% to 3950.31

      • Shenzhen Composite: 33.46 or +1.36% to 2491.35

      • ASX200: (13.80) or (0.15%) to 9019.00

      • KOSPI: 96.03 or +2.50% to 3941.59

      • SENSEX: (320.80) or (0.38%) to 84235.60

    • Currencies:

      • $-¥: +0.26 or +0.17% to 152.8510

      • $-KRW: (0.02) or (0.00%) to 1436.8240

      • A$-$: (0.00) or (0.17%) to 0.6501

      • $-INR: (0.01) or (0.02%) to 87.7656

      • $-CNY: (0.00) or (0.01%) to 7.1219

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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