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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.26%, Hang Seng +1.55%, Shanghai Composite +0.53% as of 03:10 ET

Nov 10 ,2025

  • Synopsis:

    • Asia equities ended higher Monday. South Korea stocks led the region with strong gains in financials and IT names. Hang Seng and Nikkei rallied from Friday's lows, Topix saw modest gains. Shanghai Composite, Taiwan, Australia and India all were higher. Jakarta at a fresh record high. Singapore's benchmark fell a little. US futures indicate a much higher open, Europe opened with strong gains. US dollar unchanged, AUD rallying but yet weaker. Treasury yields higher across tenors, JGB yields also up. Crude oil futures higher, precious metals up with gold back above $4K. Base metals mixed. Cryptocurrencies also rallying.

    • Asia equities rallied from last week's losses and closed higher almost everywhere Monday as sentiment improved considerably on reports the US Senate had advanced a plan to end the US government shutdown. Passage of the final bill in the House of Representatives not guaranteed but the move marks a significant step in the process just as the White House warned of the impact a shutdown would have on Thanksgiving holidays. Growth sectors outperformed with many tech stocks that fell sharply last week rallying with notable gains in Tokyo Electron (8035.JP), Hon Hai Precision (2317.TT) and SK Hynix (000660.KS) among others.

    • Regionally, South Korea's Kospi outperformed on the improved regional risk sentiment as well as several market-supportive domestic developments including lowering income tax thresholds on dividends. The BOJ summary of opinions indicated members were leaning more towards a rate hike in December, despite a separate warning today from an advisor to PM Takaichi who said the bank should avoid a hike next month. China consumer prices unexpectedly rose as food price declines decelerated while core inflation rose amid holiday shopping. Producer price deflation also moderated as Beijing's anti-involution campaign gathered steam.

    • Wingtech Technology (600745.CH) shares rose after Beijing and the Dutch government agreed to talks over Nexperia chip exports. Olympus Corp (7733.JP) shares jumped after unveiling plans to streamline operations and cull jobs. Nvidia has asked TSMC (2330.TT) to supply it with additional wafers to meet growing demand for its Blackwell chip; TSMC reported October revenue up almost 17% y/y. An Indonesia official said GoTo (GOTO.IJ) and Grab Holdings (GRAB) are in talks to merge with the country's Danantara sovereign wealth fund potentially involved. The China government removed the sanctions on US-linked units of Hanwha Ocean (042660.KS) for a year.

  • Digest:

    • US Senate advances bill to end government shutdown:

      • Markets welcoming signs US Senate nearing deal to end government shutdown (Politico, Bloomberg). Proposed deal allows Congress, and Departments of Agriculture and Veterans Affairs to be funded for full fiscal year while other agencies funded through 30-Jan. Agreement guarantees laid off federal employees will be re-hired and given backpay while preventing additional firings through 31-Jan. Under compromise, Senate Majority Leader Thune promised Democrats vote in December to extend expiring Obamacare tax credits, which have been a sticking point in negotiations. Senate cleared procedural vote Sunday night after bill garnered enough moderate Democrats to provide 60 votes needed to move it forward. Senate adjourned until Monday though has not yet scheduled full vote on the bill. If passed into law, deal would pave way for release of delayed economic data, including nonfarm payrolls, which may shape expectations surrounding prospect of a December Fed rate cut after Chair Powell nodded to complications from data vacuum. White House had also warned of negative implications for economic growth from prolonged disruption to air travel through Thanksgiving holiday (FT).

    • October BOJ meeting discussions argue case for rate hike:

      • October BOJ Summary of Opinions reinforced main stance that rate hikes to continue if outlook for economy and inflation is realized, taking into account trade policy impact on global economy and direction of US monetary policy. Few agreed it is appropriate to take some time to examine situation before acting. One member warned against missing opportunity to tighten given policy rate is below neutral. One said conditions for rate hike almost met and another added that it may be desirable to tighten amid risk of yen-driven inflation risks. On inflation, one said Japan economic conditions will be maintained even if downward effects of US tariff developments materialize, mainly on back of improvement in real wages. Another added inflation expectations already at ~2% and upside risks warrant attention. One member argued economic impact of tariffs has been limited while another said even if impact becomes pronounced, expected scale has become smaller than before. Members also shared views on negative real rates, including expansionary developments on credit side and need to monitor developments in real estate prices. Minor discussion on politics with new cabinet's policies not yet incorporated in BOJ's outlook.

    • China consumer prices rise on holiday effect while factory-gate deflation eases in October:

      • Headline CPI rose 0.2% y/y in October, beating estimates of 0.1% drop and 0.3% decline in September. Came as fastest reading since January. Drag from food and energy prices eased. Food prices saw their decline narrow by 1.5 ppt to 2.9% in October, pulling down y/y CPI by about 0.54 ppt. Price drops for pork, eggs and fresh vegetables narrowed while increases for beef, mutton and fish all expanded. Core CPI rose 1.2% to highest since March-2024. Increases in service prices widened by 0.2 ppt to 0.8% with prices for airline tickets and hotel accommodation rising by 8.9% and 2.8% respectively amid eight-day Golden Week Holiday. Notably, prices for gold and platinum jewelry jumped by 50.33% and 46.1% respectively, driven by surging prices in yellow metal. PPI declines narrowed for third straight month to 2.1%, compared with consensus 2.2% drop and 2.3% decline in prior month. Still factory-gate prices dropped for 37th straight month. NBS statistician said capacity management in key industries has narrowed y/y PPI declines. Price drop narrowed by 1.2 ppt in coal mining and washing while price falls narrowed in solar equipment, battery and automobile manufacturing as well.

    • RBA's Hauser says absence of spare capacity may leave little room for rate cuts:

      • In a speech, RBA Deputy Governor Hauser said absence of spare capacity implies little scope for further demand growth that doesn't heighten inflation pressures, weakening case for further rate cuts. Productivity challenges remain acute amid strong growth in unit labor costs with Hauser also citing anecdotal reports of firms reporting staffing difficulties. Because of low productivity growth, RBA estimates potential output growth of only ~2% in next two years. Other observations consistent with that view include looser financial conditions and cash rate sitting below some estimates of neutral, and quicker-than-forecast recovery in private demand. Hauser qualified that view by acknowledging that further easing could be necessary at some point amid possibility Q3 inflation jump proves temporary or that labour market turns out to have greater capacity than thought. His remarks expand upon RBA's assessment that capacity constraints are greater than previously assessed and are feeding into services inflation. Still assesses that some labor market tightness remains despite nudging higher unemployment rate forecasts.

    • Nvidia bullish on Blackwell demand as AI trade attracts scrutiny:

      • Nvidia (NVDA) CEO Jensen Huang attended TSMC's annual sports day over weekend, where he touted very strong demand for Blackwell chips (Bloomberg, Reuters). TSMC (2330.TT) CEO C.C. Wei added that he anticipates record sales to continue, revealing Huang asked him for more supply of wafers when the two met over weekend (wires subsequently reported Huang asked for up to 50% increase in 3nm wafers to around 160k per month). Huang also highlighted continued strength in AI chip supply chain with memory chip makers SK Hynix (000660.KS), Samsung (005930.KS) and Micron (MU) scaling up "tremendous capacity" to support Nvidia. Bullish comments collided with pickup in concerns about AI sector froth amid discussions about stretched valuations, big tech index concentration (particularly in Asian benchmarks), volatile retail flows, regulatory scrutiny (Korea exchange issuing warning over SK Hynix's surge), cash burn, and leverage/extent of debt financed capex (exacerbated by OpenAI CFO Sarah Friar raising prospect of government funding backstop for its infrastructure buildout), all contributing to worst week for Asia and US tech stocks since April (Bloomberg, FT).

    • Notable Gainers:

      • +18.5% 161390.KS (HANKOOK TIRE & TECHNOLOGY Co.): reports Q3 Operating profit KRW585.95B vs StreetAccount KRW417.73B

      • +18.2% 4385.JP (Mercari): reports Q1 net income attributable ¥4.99B vs FactSet ¥4.41B

      • +12.6% 000240.KS (Hankook & Company): reports Q3 net income attributable KRW129.73B, +7% vs year-ago KRW120.68B

      • +11.5% 7733.JP (Olympus): expects to layoff around 2K positions across company through organization simplification

      • +2.8% 005930.KS (Samsung Electronics): report of in talks to launch credit card in U.S.

      • +1.8% 055550.KS (Shinhan Financial): government mulling separate taxation for dividend income

      • +1.0% 2330.TT (TSMC): report of NVIDIA CEO asks TSMC for more wafers to meet strong AI demand

    • Notable Decliners:

      • -9.0% 6645.JP (OMRON): reports Q2 net income attributable ¥2.2B vs StreetAccount ¥8.67B

      • -4.7% 7267.JP (Honda Motor): reports Q2 operating income ¥193.90B vs StreetAccount ¥213.00B; guides FY26 net income attributable ¥300.00B vs prior guidance ¥420.00B and FactSet ¥579.49B

      • -3.6% 3481.TT (Innolux): guides Q4 non-display sector down low single digit % q/q; non-commodity sector down low single digit % q/q; commodity sector down low single digit % q/q

  • Data:

    • Economic:

      • China October CPI +0.2% y/y vs consensus (0.1%) and (0.3%) in prior month (9-Nov)

        • PPI (2.1%) y/y vs consensus (2.2%) and (2.3%) in prior month

    • Markets:

      • Nikkei: 635.39 or +1.26% to 50911.76

      • Hang Seng: 407.23 or +1.55% to 26649.06

      • Shanghai Composite: 21.04 or +0.53% to 4018.60

      • Shenzhen Composite: 10.15 or +0.40% to 2529.44

      • ASX200: 66.20 or +0.75% to 8835.90

      • KOSPI: 119.48 or +3.02% to 4073.24

      • SENSEX: 467.53 or +0.56% to 83683.81

    • Currencies:

      • $-¥: +0.58 or +0.38% to 154.0010

      • $-KRW: (2.76) or (0.19%) to 1453.2390

      • A$-$: +0.00 or +0.52% to 0.6527

      • $-INR: +0.06 or +0.07% to 88.6917

      • $-CNY: (0.01) or (0.08%) to 7.1168

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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