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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.34%), Hang Seng (0.38%), Shanghai Composite +0.18% as of 03:10 ET

Nov 19 ,2025

  • Synopsis:

    • Asian equities mostly lower Wednesday. MSCI Asia Pacific ex Japan index hit new low since mid-Oct. Taiwan, South Korea and Australia swung between gains and losses to end lower in choppy session. Japan erased earlier gains. Hang Seng slightly lower while mainland China was flat. India trading higher. US futures flat. Treasuries little changed. JGB curve continued bear steepening with yields of various tenors hitting multi-year highs. Dollar strongest against Korean won, kiwi and Aussie, steady against yen. Crude drifting lower while gold inching higher. Bitcoin under pressure.

    • Asian stocks struggled to gain ground, extending losses into fourth day as investors await earnings from NVDA amid concerns over expensive AI valuations. Dip buying provided some intraday support following sharp selloffs in prior session that saw most major indexes post narrower losses compared with Tuesday. Uncertainty remains over US monetary policy easing with markets now pricing about 42% chance of 25 bp rate cut in December, further weighing on sentiment.

    • In macro developments, Australian wage inflation remains elevated, reinforcing case for RBA to stay on hold. Japan core machinery orders rebounded by more than expected, led by manufacturing sector. Japan 20Y bond auction drew softer demand with bid-cover shrinking to 3.28 and tail widening from prior month's sale, coming on back of pickup in concerns about impact on Japan's fiscal position from PM Takaichi's stimulus push. Tensions between Japan and China remain elevated as Beijing suspends imports of Japanese seafood. Bank Indonesia kept main policy rate unchanged as expected as it focuses on stabilizing rupiah.

    • In corporate news, Toyota (7203.JP) will invest $912M in US hybrid vehicle production. PDD Holdings (PDD) warned revenue growth will moderate amid competitive pressures in China and external uncertainties. Baidu (9888.HK) posted biggest quarterly revenue slide on record while AI-related revenue rose 50% y/y as a bright spot. Xiaomi (1810.HK) turned maiden profit for its EV business though flagged smartphone price hike amid memory chip cost pressures. Shares fell to lowest since April. Renewed selloff in DroneShield (DRO.AU) after US CEO resigned, effective immediately.

  • Digest:

    • Japan stimulus indications affirm substantial size:

      • Kyodo, citing a source, reported the government is looking to compile an economic package worth more than JPY20T ($129B) to ease the pain of rising living costs. Measures expected to be approved by the Cabinet possibly on Friday will include a gasoline tax cut, backed by an FY25 supplementary budget expected to reach JPY17T, well above last year's JPY13.9T. Also includes plans for another round of electricity and gas subsidies over January to March next year, as well as financial support for local governments to launch their own measures such as rice vouchers to deal with rising prices. Follows a weekend Nikkei report citing Finance Minister Katayama as indicating the package would total more than JPY17T with the headline size expected to exceed JPY20T when including FILP funding. Kyodo's report flagged a notably larger extra budget size than Nikkei which put the ballpark figure at around JPY14T. Markets said to be more focused on revenue sources in the absence of which, signs point to JGB issuance for the bulk of funding though some portion will presumably come from carryover tax revenue surplus funds and unused existing budget provisions. Prime Minister Takaichi has explicitly not ruled out deficit-covering JGB issuance, while a revocation of the administration's annual review of the primary balance opened the door for a larger extra budget.

    • BofA Asia FMS optimism continues to build:

      • BofA Asia FMS showed APAC ex-Japan economic growth expectations climbed to a 13-month high alongside a better global backdrop. Equity outlook skewed positive with nine out of ten respondents projecting further gains and returns tracking in the 92nd percentile of survey history. Also, valuations above long-term average though well below YTD highs. Main contrast between Japan and China. Japan views almost uniformly bullish though with some split in terms of whether Takaichi policies are priced in. Leadership change clouded the timing of the next BOJ rate hike; virtually all respondents anticipate a move by 1Q26. China growth outlook swung to net 29% bearish from net 8% bullish in October in the wake of soft data. Yet, policy easing expectations remain limited. Country ranking sees Japan still at the top (key factors remain earnings, corporate governance, BOJ policy, FX), followed by South Korea (corporate value-up program gaining incremental traction) and Taiwan. China dropped one place to fourth, remaining mildly net overweight despite growth concerns. India was middle of the pack with positioning neutral. Trading themes were little changed, still dominated by AI/semis across the region.

    • Takaichi-Ueda meeting generated little debate:

      • Not much came of the first official meeting between Japan Prime Minister Takaichi and BOJ Governor Ueda Tuesday evening that only lasted about 25 minutes (Nikkei). Summary of discussions were based on Ueda's point of view, offering reassurance that "monetary policy accommodation is being gradually adjusted to ensure inflation reaches 2% in a sustainable and stable manner." According to Ueda, Takaichi accepted his explanation. Indicated there were frank discussions covering various aspects of the economy, prices, financial situation and monetary policy. Acknowledged FX was also discussed though refrained from noting anything specific and only said the desired dynamic is for yen to move stably in line with fundamentals. Article also cited comments by Chief Cabinet Secretary Kihara reaffirming the government will continue to work closely with the BOJ in accordance with BOJ Act Article IV and the joint accord. Nikkei digest discussed how Takaichi's advocacy of Abenomics is encouraging yen depreciation that increases pressure on inflation and BOJ is seeking affirmation for its rate hike path. Added Ueda said Takaichi did not request anything in particular regarding monetary policy. In the next stage, MOF announced a joint meeting to take place today with Ueda, Finance Minister Katayama and economic minister Kiuchi (Nikkei). Katayama will meet the press afterward.

    • Japanese business braces for fallout from diplomatic spat with China:

      • Nikkei discussed the risk faced by Japanese companies with significant China exposure in the wake of worsening China-Japan relations. Japan Tourism Agency data showed Chinese tourist spending totaled JPY590.1B ($3.8B) in Q3, accounting for 27.7% of aggregate inbound spending and up from 26.1% a year earlier. Shopping makes up 30% of Chinese traveler spending as high-end items such as luxury brand bags, jewelry and cosmetics have long been popular. Takashimaya (8233.JP) and Matsuya (8237.JP) have reported Chinese customers account for at least half of tax-free sales. So far, neither has experienced significant impact from Beijing's warning to citizens to avoid traveling to Japan. Chinese tourists totaled about 7.48M in Jan-Sep, up 40% y/y, marking a record high for any nationality during the 9M period. They accounted for 18% of the record 3.9M foreign tourists in October alone. JAL (9201.JP) has seen no impact yet though Chinese media reported several local carriers have suspended or canceled flights to Japan and multiple travel agencies have halted new bookings. A separate Nikkei piece noted many Chinese tourists arrange their own flights rather than going through agencies. Group tours made up only around 10% of Chinese visitors in 2024. Chinese comprise around 37% of foreign students studying in Japan, the largest share. Education ministry has also seen no major impact.

    • Memory chip shortage threatens to push up price of consumer electronics:

      • Nikkei piece discussed how memory chip shortage is fueling concerns about supply crunch that may push up price of consumer electronics. Major memory chip producers prioritizing production of chips for AI computing and data centers, risking shortage of other types of chips used in smartphones, PCs, autos and other products. Memory chip manufacturers already operating near full capacity with executives warning 2026 production slots almost sold out. SK Hynix (000660.KS) said recently it sold its entire 2026 lineup of DRAM, HBM and NAND chips (Reuters). Cost of older generation DDR4 already up 840% y/y, putting pressure on electronics producers. This was evident in Xiaomi's (1810.HK) Q3 earnings after group warned prolonged memory cost inflation shrinking smartphone GMs despite price hikes. Flagged further margin compression in 2026. Developments threatening to impact other parts of supply chain after SMIC (981.HK) revealed its customers are delaying orders for other types of semiconductors until there is more clarity about availability of memory chips (Reuters).

    • Notable Gainers:

      • +2.6% 033780.KS (KT&G Corp): report of signing definitive agreement to acquire Courtyard Marriott Seoul Namdaemun Hotel for ~KRW250B from KT&G

      • +1% 035250.KS (Kangwon Land): to launch KRW40.00B buyback, to run from 19-Nov through 18-Feb

      • +0.8% 030200.KS (KT): begins full-scale screening of 33 candidates for its next CEO

      • +0.3% 7203.JP (Toyota Motor): announces $912M investments in US hybrid vehicle production

    • Notable Decliners:

      • -14.6% 036570.KS (NCsoft): report of AION 2 receiving negative reviews from users following launch in Korea and Taiwan

      • -11.5% 3660.HK (Qifu Technology): guides Q4 adjusted net income CNY 1.0-1.2B vs FactSet CNY1.31B

      • -2.6% 9898.HK (Weibo Corporation): reports Q3 non-GAAP EPS $0.42 vs FactSet $0.41

      • -0.8% 047050.KS (POSCO INTERNATIONAL): acquires remaining 861.9M shares in AGPA for KRW1.256T

  • Data:

    • Economic:

      • Japan

        • September core machinery orders +4.2% m/m vs consensus +2.0% and (0.9%) in prior month

          • Q3 core orders (2.1%) q/q vs guidance (4.0%), Q4 projection +0.2%

      • Australia

        • Q3 wage price index +0.8% q/q vs consensus +0.8% and +0.8% in Q2

          • Wage price index +3.4% y/y vs consensus +3.4% and +3.4% in Q2

    • Markets:

      • Nikkei: (165.28) or (0.34%) to 48537.70

      • Hang Seng: (99.38) or (0.38%) to 25830.65

      • Shanghai Composite: 6.93 or +0.18% to 3946.74

      • Shenzhen Composite: (12.45) or (0.50%) to 2473.34

      • ASX200: (21.20) or (0.25%) to 8447.90

      • KOSPI: (24.11) or (0.61%) to 3929.51

      • SENSEX: 367.16 or +0.43% to 85040.19

    • Currencies:

      • $-¥: (0.02) or (0.01%) to 155.4990

      • $-KRW: +6.51 or +0.45% to 1465.8900

      • A$-$: (0.00) or (0.34%) to 0.6486

      • $-INR: (0.06) or (0.07%) to 88.4875

      • $-CNY: +0.00 or +0.01% to 7.1086

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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