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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.17%, Kospi +1.76%, Shanghai Composite +0.70% as of 04:10 ET

Oct 29 ,2025

  • Synopsis:

    • Asia equities traded mostly higher Wednesday. South Korea and Taiwan stocks led again while technology names on the Nikkei 225 gave it a noticeable advantage over the Topix. Mainland China markets also gained while India and several Southeast Asia benchmarks are higher. Australia dragged down by a strong inflation print that probably ends the chances for a RBA cut in the short term at least. Hong Kong closed for a holiday. US futures higher; Europe opened with modest losses. US dollar higher on trade deal optimism, yen volatile and slightly weaker for now, AUD stronger as RBA cut pushed out. Treasuries and JGBs mixed. Oil contracts lower, precious metals mixed, base metals off recent highs. Cryptocurrencies mixed.

    • Fresh positive sentiment on trade deals sent the MSCI Asia Pac-ex Japan index to another record high Wednesday. Most deal details largely speculated on extensively however confirmation provided market support alongside a set of corporate quarterlies from technology companies that beat expectations to ward off talk of an equity bubble. On trade, President Trump said he expects to reduce the 20% fentanyl tariff after Beijing pledged to crack down on chemical precursor shipments. China also reported to have placed its first soybean order of the season with US farmers while Trump said he would discuss Nvidia's Blackwell chip with President Xi. Still under discussion appears to be a decision from Beijing to delay rare earth export curbs which are said to hinge on the US rolling back its recent BIS export 'affiliate rule'. Finally, Beijing confirmed Xi and Trump to meet Thursday in Busan although agenda remained vague.

    • In other developments, Australia Q3 inflation came in much higher-than-expected to erode the probability of a November RBA rate cut and push out easing expectations to May-26, with CBA saying the RBA was now done with its easing cycle. Fed widely expected to cut by 25 bp Wednesday and may announce the end to its quantitative tightening policy. In India, the RBI may be about to restart IGB purchases to effectively inject cash while analysis by Bloomberg showed the country's recent IPO boom was led by retail investors just as listings' returns had fallen sharply.

    • Advantest (6857.JP) raised targeted management metrics, post higher-than-expected Q2 earnings and began a ¥150B share buyback scheme; stock substantially higher. Hitachi (6501.JP) signed a MoU with the US government to improve and strengthen its electricity grid. Samsung Electronics (005930.KS) and Hyundai Motor (005380.KS) said to be close to signing deals with Nvidia over AI chip supplies. SK Hynix (000660.KS) posted a 62% improvement in quarterly profit and said it has sold its entire memory chip product portfolio for next year.

  • Digest:

    • Trump expects to lower China fentanyl tariff, will discuss Nvidia Blackwell chips with Xi:

      • Trade deal details trickling through ahead of Trump-Xi meeting on Thursday. President Trump confirmed he expects to reduce 20% fentanyl tariff with China expected to do more on curbing flow of chemical precursors (Bloomberg). While he did not specify by how much, media sources said rate could be cut by up to 10%. That would bring down China tariff rate to ~45% from current 55%. Trump also revealed he intends to discuss Nvidia (NVDA) Blackwell chips with Xi, prompting suggestions he is open to giving Beijing access to the processors. Other uncertainty related to export controls after Treasury Secretary Bessent said no ground was given during weekend talks while China countered that an agreement was reached. China government adviser said Beijing's offer to delay rare earths export curbs will hinge on US rolling back Commerce Department rule expanding entity list requiring US firms to seek export licenses (Bloomberg). Updated entity list would capture subsidiaries with at least 50% ownership by companies already on list. That decision drew China's ire and was said to have prompted Beijing's recent escalatory actions. Trump also downplayed possibility of substantive discussions on Taiwan, coming after Secretary of State Rubio this week dismissed notion of US changing its Taiwan policy in pursuit of a trade deal.

    • SK Hynix confirms record operating earnings amid 'surging' AI memory demand:

      • SK Hynix (000660.KS) Q3 results were notably above StreetAccount consensus on net profit and largely in line on operating earnings, revenue, confirming record OP topping KRW10T for the first time. Cited "full-scale" rise in DRAM, NAND prices as well as growth in shipments of high-performance products for AI servers led by 12-high HBM3E and DDR5. Guidance for product development was broadly encouraging, having completed discussions with key customers regarding HBM supply for next year. HBM4 fully meets customer performance requirements and supports industry-leading speeds and Shipments to commence in Q4 with full-scale sales expansion planned for next year. Furthermore, amid surging demand for AI memory, the company has already secured full customer demand for its entire DRAM and NAND production for next year. Expects investment to continue growing next year to expand production capacity. Bloomberg takeaway suggested results defy caution towards tech overvaluation and noted many investors hold a long-term view that AI will trigger a "super-cycle" in the memory market, spearheaded by HBM. On the competition front, a Nikkei piece discussed SK Hynix's commanding lead over rival Samsung (005930.KS). Samsung HBM3e shipments finally getting off the ground after clearing Nvidia's (NVDA) qualification tests though has a lot of catching up to do. Fortunes largely rest with HMB4 and whether Samsung can calibrate timing with Nvidia's GPU roadmap.

    • BOJ expected to stay on hold, FX looms as X-factor:

      • Nikkei online preview of the Oct 29-30 BOJ meeting said board members are expected to leave the policy rate unchanged, largely echoing the preceding narrative and drawing little from inside sources. Cited entrenched concerns about tariff impacts on the US economy. MPC to make a final decision after watching over FX markets for yen volatility. Noted market pricing implies only a ~10% probability of a rate hike. BOJ said to be evaluating the appropriate timing while continuing communications with markets and the new administration. Recalled BOJ's latest analysis that notable tariff-related drags have yet to emerge while AI investment and Fed rate cuts have added support for the economy. However, impacts are expected to build over time, sustaining views they will eventually weigh on employment and private consumption. Cited many in the BOJ of the view that they should wait it out while some pushed back against perceptions they are in a hurry to hike. Article cited FX as a key variable, where yen depreciation increases the justification for a move. While Fed rate cut expectations have been cemented, volatility could be triggered by Powell's remarks. Also, US Treasury Secretary Bessent is effectively lobbying for a correction in yen weakness, saying on X Wednesday the "government's willingness to allow BOJ policy space will be key to anchoring inflation expectations and avoiding excess exchange rate volatility." BOJ vote count also to draw attention and Tamura, Takata are seen highly likely to continue proposing a rate hike. On the Outlook Report update, report indicated the possibility of an upgrade to the FY25 GDP growth forecast of 0.6%, though any revisions would be minor, posing limited implications to the main outlook scenario.

    • Several Japan large caps express interest in US investment projects worth nearly $400B:

      • Nikkei discussed a joint US-Japan fact sheet showing several multinational companies are considering at least 21 major US investment projects to flesh out Japan's $550B investment pledge. The list covers energy, AI infrastructure, and critical minerals. Notable Japanese companies included Mitsubishi Heavy Industries (7011.JP), Toshiba, Hitachi (6501.JP), SoftBank (9984.JP), Mitsubishi Electric (6503.JP), IHI (7013.JP), Fujikura (5803.JP), TDK (6762.JP), Murata Manufacturing (6981.JP) and Panasonic (6752.JP). Of the potential deals, 16 were of a 'business scale' with tangible investment and revenue totaling nearly $400B. Half the amount was made up by two energy projects to construct AP1000 nuclear reactors and small modular reactors. US President Trump said during a visit to the Yokosuka US naval base that he was told by Prime Minister Takaichi that Toyota (7203.JP) is "going to be putting auto plants all over the US to the tune of over $10B," yet Toyota was not included in the fact sheet, and a company spokesperson was not aware of what Trump was referring to. In line with press leaks, White House published a bilateral Memorandum of Cooperation covering AI, quantum technology, biotech as well as fusion energy and space. Nikkei reported two sides also signed a memorandum of understanding to cooperate on expanding shipbuilding capacity and making related investment in the US.

    • Trump expects US-South Korea trade deal soon, tech agreement also on cards:

      • President Trump arrived in South Korea Wednesday for talks with President Lee. Speaking before APEC CEO Summit, Trump touted bilateral relationship and voiced optimism a deal will be finalized "very soon" (Yonhap). US and South Korea yet to finalize trade agreement locking in reduced tariff rate of 15%, with talks at an impasse over composition of Seoul's $350B investment pledge. Lee has nodded to substantial differences between two sides that makes agreement this week unlikely. South Korea proposing mix of direct investments, loans and guarantees while US insisting on upfront direct investment, which South Korea says will invite financial market risks without an FX swap line. According to Bloomberg sources, lower-level officials are still expected to sign technology agreement on Wednesday that includes cooperation in areas such as AI, quantum computing and 6G. Ahead of his attendant to APEC summit on Friday, Nvidia (NVDA) CEO Jensen Huang also expected to unveil new AI chip supply contracts with major Korean firms including Samsung (005930.KS) and Hyundai (005380.KS) (Bloomberg). Separately, Amazon (AMZN) to invest another $5B towards developing data centers in South Korea, on top of ~$4B investment proposed in June (Bloomberg).

    • Notable Gainers:

      • +22.1% 6857.JP (Advantest): reports Q2 net income attributable ¥79.6B vs StreetAccount ¥77.19B; to launch buyback of up to 18M shares; sets mid-term management plan

      • +11.6% 034020.KS (Doosan Enerbility): US enters $80B partnership with Westinghouse, Cameco, BAM for nuclear reactors; Doosan Enerbility is a partner of Westinghouse

      • +7.1% 000660.KS (SK Hynix): reports Q3 Operating profit KRW11.383T vs StreetAccount KRW11.340T; to accelerate the migration to most advanced 1cnm process, or the sixth-generation of the 10nm technology

      • +6.3% 035720.KS (Kakao): integrates ChatGPT into KakaoTalk

      • +3.7% 6501.JP (Hitachi): signs MoU with Department of Commerce to strengthen power grid

      • +2.7% 6305.JP (Hitachi Construction Machinery): upgrades FY guidance, now expects FY adjusted operating income ¥132.00B vs prior guidance ¥130.00B

    • Notable Decliners:

      • -10.9% 100130.KS (DONGKUK STRUCTURES & CONSTRUCTION Co.): temporary suspension in production of wind turbine towers

      • -9.1% 4784.JP (GMO AD Partners): parent GMO Internet Group reduces stake in company to 91.86% from 94.35% to comply with listing requirements for company

      • -7.4% 7309.JP (Shimano): reports 9M net income attributable ¥16.11B vs year-ago ¥41.34B

      • -6.5% 000063.CH (ZTE): reports Q3 net income attributable CNY264.4M, (87.8%) y/y

  • Data:

    • Economic:

      • Australia Q3

        • Headline CPI +1.3% q/q vs consensus +1.1% and +0.7% in Q2

          • Headline CPI +3.2% y/y vs consensus +3.0% and +2.1% in Q2

          • Trimmed mean CPI +1.0% q/q vs consensus +0.8% and +0.6% in Q2

            • Trimmed mean +3.0% y/y vs consensus +2.7% and +2.7% in Q2

    • Markets:

      • Nikkei: 1,088.47 or +2.17% to 51307.65

      • Hang Seng: Closed

      • Shanghai Composite: 28.11 or +0.70% to 4016.33

      • Shenzhen Composite: 33.31 or +1.32% to 2550.28

      • ASX200: (86.30) or (0.96%) to 8926.20

      • KOSPI: 70.74 or +1.76% to 4081.15

      • SENSEX: 409.78 or +0.48% to 85037.94

    • Currencies:

      • $-¥: +0.13 or +0.08% to 152.2370

      • $-KRW: (0.64) or (0.05%) to 1430.7700

      • A$-$: +0.00 or +0.34% to 0.6608

      • $-INR: +0.00 or +0.00% to 88.2327

      • $-CNY: (0.00) or (0.01%) to 7.0986

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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