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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.65%, Hang Seng +0.02%, Shanghai Composite (0.40%) as of 03:10 ET

Nov 20 ,2025

  • Synopsis:

    • Asian equities strengthened Thursday. MSCI Asia Pacific ex Japan index rebounded from one-month low. Taiwan, Japan and South Korea benchmarks rebounded strongly with tech/chip stocks taking cues from NVDA's post-earnings rally. ASX higher too after hitting five-month low. Hang Seng was flat while mainland bourses ended lower. India trading higher. US futures climbing as NVDA results boosted sentiment. Europe opened higher. Treasury yields little changed. JGB yields continued to rise to multi-year highs across tenors. Dollar stronger against Korean won and yen. Crude drifting higher while gold edging lower. Bitcoin clawing back overnight losses.

    • Asian markets saw a relief rally with biggest gains in chipmakers and NVDA suppliers after the AI bellwether delivered another beat and raise. Advantest (6857.JP), Disco (6146.JP), Lasertec (6920.JP) and Tokyo Electron (8035.JP) outperformed in Japan. TSMC (2330.TT) and Hon Hai Precision (2317.TT) led in Taiwan while memory chip producers Samsung Electronics (005930.KS) and SK Hynix (000660.KS) were the main contributors to Kospi's rally. NVDA strong guidance as CEO Jensen Huang flagged strong demand for its AI chips helped soothe jitters over stretched valuations and AI bubble concerns that have driven steep declines in Asia's tech majors this month.

    • In macro developments, China left 1Y and 5Y loan prime rates unchanged for sixth straight month as expected, consistent with steady 7D reverse repo rate. Monetary easing expectations have waned after PBOC moved to a less dovish stance. Bloomberg reported Chinese officials are considering new property market stimulus, including providing mortgage subsidies for first time nationwide. In Japan, BOJ board member Koeda stressed need to continue with policy normalization, given real rates remain significantly low and need to avoid unintended distortions. PM Takaichi's government in final stages of launching largest stimulus package since pandemic worth JPY21.3T ($135B). RBA Assistant Governor Hunter reiterated board's view labor market too tight to sustain inflation at target.

    • In corporate news, CICC (3908.HK) to acquire two smaller brokerages Dongxing Securities (601198.CH) and Cinda Securities (601059.CH) via share-swap merger. Xiaomi (1810.HK) now expects to deliver more than 400k cars this year as company is set to hit earlier target of 350k deliveries by this week and its EV business became profitable in most recent quarter.

  • Digest:

    • Nvidia guidance beats, CEO Huang doesn't see AI in a bubble:

      • Early Nvidia (NVDA) earnings takeaways were positive. Headline Q3 EPS beat FactSet consensus. Accompanied by broadly bullish commentary from CEO Huang in the earnings statement noting Blackwell sales are "off the charts" and cloud GPUs are "sold out." Also declared the start of a "virtuous cycle of AI." Added in the conference call, "There's been a lot of talk about an AI bubble," though "we see something very different" (Bloomberg). Most of the attention on better-than-expected Q4 revenue guidance of $65B vs FactSet $62.17B. After Huang said in October they amassed $500B in AI chip orders over 2025/26, CFO Kress said, "The number will grow" (CNBC). Reactions generally revolve around AI bubble concerns; while positive earnings run counter to the narrative, some analysts remain skeptical the results will be enough to fully quell bubble fears (Reuters). Hurdles include sustainability of AI investment growth and hyper-scaler capacity utilization constraints from energy grid access. Some attention on increasingly narrow concentration of revenues with four customers accounting for 61% of sales, up from 56% in the previous quarter. Not much mention of China business, only expressing disappointment they cannot ship current-generation Blackwell chips to China. While granted a license to export H20, Kress said sales were only $50M for the quarter.

    • China mulling new housing stimulus package:

      • Bloomberg citing people with knowledge reported China is considering slew of new measures to revive the struggling property market as further weakening of sector runs risk of destabilizing financial system. Since at least Q3, officials including those from housing ministry have been weighing providing new homebuyers with mortgage subsidies for first time nationwide. Other options being discussed include raising income tax rebates for homebuyers on mortgages and lowering property transaction costs. Recall slump in home sales and prices deepened in October with new home prices falling at steepest pace in a year (Reuters) and bigger decline in real estate investment (Bloomberg). Now four-year property market downturn has dampened household wealth, consumption and employment, meanwhile a weakening of households' ability to repay mortagages is hurting banks' asset quality and increasing their bad debt. There have been calls for more forceful policy support for housing market in recent months as effects from previous measures launched since 2024, including lowering loan thresholds, easing homebuying restrictions in top-tier cities, have largely fizzled out and Chinese households are still actively deleveraging amid uncertain job market and slowing economy.

    • Japan stimulus indications continue to swell:

      • Latest reports indicated upcoming stimulus package will total about JPY21.3T ($135B) (NHK, Nikkei). Includes an FY25 supplementary budget of JPY17.7T, notably above the previous year's JPY13.9T. Tax breaks to include higher minimum income tax threshold costing JPY1.2T while scrapping the gasoline surcharge adds another JPY1.5T. Main outlays feature JPY11.7T for general welfare/cost of living relief, JPY7.2T for crisis management/growth investments and JPY1.7T to bolster defense and diplomatic capacity. Another JPY4.2T for FILP funding would take the subtotal to 25.5T, and the addition of regional government spending and private sector contributions would blow out the augmented size to JPY42.8T. Other featured measures include JPY2T in local government transfers for discretionary cost-of-living relief intended to fund food coupons and water utility discounts. Nationwide electricity and gas subsidies to be implemented again over January to March next year for which JPY500B will be earmarked. For childrearing, each child aged 18 or younger will receive JPY20K with no means testing, expected to cost JPY400B. Crisis management/growth investments to include a 10-year fund to build up shipbuilding capacity, while space and national resilience programs also to receive budget allocations.

    • BOJ's Koeda believes rate normalization needs to continue:

      • In a speech, board member Koeda noted that given real rates are significantly low, BOJ needs to proceed with interest rate normalization to avoid creating unintended distortions in the future. Also mentioned output gap tracking around 0% and labor market conditions tight due to supply shortages. Recited the Outlook Report consensus view the Bank should continue rate adjustments in accordance with improvement in economic activity and prices. In a discussion of underlying inflation, acknowledged the variability of measures and their idiosyncracies. Highlighted the influence of food prices on headline core inflation and a surge in staples my affect inflation expectations, which have been on a solid uptrend over the past few years. Overall, believes that underlying inflation is about 2% but achievement of the price stability target depends on stability and anchorage. Flagged long-term inflation expectations and Phillips curve analysis as areas of attention going forward. Briefly discussed balance sheet normalization though did not break new ground, reaffirming that JGB holdings in stock terms will decline moderately as redemptions exceed purchases with the next interim assessment at the Jun-26 MPM.

    • China LPRs unchanged as expected, monetary easing expectations recede:

      • China LPRs were unchanged for the sixth straight month with 1y at 3.00% and 5y at 3.50%, matching unanimous expectations (Reuters). Stability consistent with the seven-day reverse repo rate. Consensus view saw PBOC moving to a less dovish stance after the Q3 monetary policy implementation report mentioned "cross-cyclical" adjustments for the first time since 1Q24, interpreted as a signal of more target credit support. Prevailing corporate loan rates have fallen, though October credit data notably missed expectations. Recall recent PBOC policy consensus forecasts preceding the GDP data looked for mild 10 bp easing in the 7-day reverse repo policy rate in Q4, similar cuts to LPRs, and a 20 bp RRR cut. However, Q3 GDP was good enough to set a low bar for Q4 to meet the government official 2025 growth target of about 5% and subsequent brokerage notes started to push back or retract easing calls. More of the focus remains on fiscal support; after stimulus prospects for much of this year was thought to be a function of US tariff impacts, attention now shifting to usual year-end deliberations at the CEWC and economic targets finalized at the following NPC. Five-Year Plan guidelines did not reveal much quantitatively, though Premier Li Qiang said the economy will exceed CNY170T ($24T) by 2030, consistent with a publication suggesting required annual GDP growth of 4.17% over the next decade to become a medium-level developed economy by 2035 (Reuters).

    • Notable Gainers:

      • +2.4% 010620.KS (HD Hyundai Mipo): reports October revenue KRW454.32B vs year-ago KRW422.67B

      • +2.3% 1024.HK (Kuaishou Technology): reports Q3 adjusted net income CNY4.99B vs FactSet CNY4.86B

      • +1.8% 7936.JP (ASICS Corp): to acquire Thaidotrun which operates a race registration platform in Thailand etc; execution of the acquisition expected to be April-June 2026

      • +1.6% 329180.KS (HD Hyundai Heavy Industries Co.): reports October revenue KRW1.406T vs year-ago KRW1.217T

      • +1.2% 9201.JP (Japan Airlines): reports October traffic +11.3% y/y

    • Notable Decliners:

      • -7.9% 8766.JP (Tokio Marine Holdings): reports H1 net income attributable ¥686.84B vs year-ago ¥688.50B; guides FY26 net income attributable ¥910.00B vs prior guidance ¥930.00B and FactSet ¥1.001T

      • -7% 3888.HK (Kingsoft): reports Q3 net income attributable CNY213.1M, (48%) vs year-ago CNY413.4M

  • Data:

    • Markets:

      • Nikkei: 1,286.24 or +2.65% to 49823.94

      • Hang Seng: 4.92 or +0.02% to 25835.57

      • Shanghai Composite: (15.69) or (0.40%) to 3931.05

      • Shenzhen Composite: (18.90) or (0.76%) to 2454.44

      • ASX200: 104.80 or +1.24% to 8552.70

      • KOSPI: 75.34 or +1.92% to 4004.85

      • SENSEX: 437.79 or +0.51% to 85624.26

    • Currencies:

      • $-¥: +0.22 or +0.14% to 157.3780

      • $-KRW: +1.55 or +0.11% to 1468.5600

      • A$-$: +0.00 or +0.08% to 0.6470

      • $-INR: +0.18 or +0.20% to 88.6703

      • $-CNY: +0.00 or +0.05% to 7.1153

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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