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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (2.40%), Hang Seng (2.38%), Shanghai Composite (2.45%) as of 03:10 ET

Nov 21 ,2025

  • Synopsis:

    • Asian equities sharply lower Friday. MSCI Asia Pacific ex Japan index dropped 2.6% to bring weekly loss to 3.8%, steepest since early April. Sharp losses, led by tech, in South Korea, Taiwan and Japan. Greater China saw bigger losses in mainland bourses and Hong Kong dropped in five of last six sessions. India trading at milder losses after testing ATHs in prior session. US futures steadied. Treasury yields fell 2bp across tenors while JGB yields reversed after hitting multiyear highs along the curve earlier this week. Yen stronger against dollar after hovering 10-month low as Japan's finance minister flagged intervention as an option. Crude accumulating losses while gold also edging lower. Bitcoin on track for worst month in almost 3.5 years.

    • Asian stocks under heavy selling pressure with tech/semis taking biggest losses after US benchmarks experienced largest intraday swing since April tariff turmoil as rally from NVDA results on Thursday reversed course. Advantest (6857.JP), Kioxia (285A.JP), SoftBank (9984.JP) and SK Hynix (000660.KS) among Friday's biggest decliners in Asia with losses of 9-12%. Hon Hai Precision (2317.TT) and TSMC (2330.TT) dropped nearly 5%. Positive NVDA earnings takeaways were quickly overshadowed by ongoing discussions about stretched valuations, extended positioning and accompanying bubble concerns. Trend of companies issuing debt to finance capex plans driving concerns about credit market risks. Bearish technical also getting attention with Japan and Taiwan benchmarks approaching 50-day moving averages. Momentum unwind corresponding with doubts about prospect of Fed rate cut in December after delayed September nonfarm payrolls report was mixed and ongoing Fed policymaker divide left markets pricing in 40% chance of a reduction.

    • In macro developments, Japanese PM Takaichi's cabinet approved JPY21.3T ($135B) stimulus package, biggest since the pandemic and was consistent with Thursday's press leaks. Reuters sources said additional JGB issuance expected to be larger than for last year's stimulus while Takaichi said total amount of government bond issuance for this financial year expected to be lower than last year's total of JPY42.1T. Japan core inflation rose to in-line 3% while ex-energy series edged up to 3.1% as energy base effects settled. Export growth slowed by less than expected, led by semiconductors and electronics components. Flash PMI showed factory contraction narrowed slightly amid subdued demand. South Korea adj export growth slowed in first 20 days of November while chip and auto shipments up over 20%. Singapore upgraded 2025 GDP growth estimate after stronger-than-expected Q3 growth but flagged slowdown in 2026 as US tariff impact becomes more pronounced. India flash PMIs showed economy activity slowed in November.

    • Foxconn, or Hon Hai Precision (2317.TT) chairman said company can make 1,000 AI racks per week next year. Company will also collaborate with OpenAI on AI hardware manufacturing and plans to invest $2-3B annually in AI over next three to five years. CK Hutchison (1.HK) plans dual listing of A.S. Watson Group in Hong Kong and UK. CATL (3750.HK) plans to reopen a key lithium mine as early as December. China's state-run iron ore buyer asked major steel mills and traders to stop buying BHP Group's (BHP.AU) Jingbao fines, a second type of ore from the company, as negotiations with the miner drag on.

  • Digest:

    • Asia tech stocks end volatile week as AI sentiment deteriorates:

      • No letup in AI selloff with Kioxia (285A.JP), Advantest (6857.JP), SoftBank (9984.JP), and SK Hynix (000660.KS) among Friday's biggest decliners in Asia with losses of 10-13%. Positive NVDA earnings takeaways were quickly overshadowed by ongoing discussions about stretched valuations, extended positioning and accompanying bubble concerns. Trend of companies issuing debt to finance capex plans driving concerns about credit market risks (Reuters). Spotlight recently turned to ORCL as a barometer of credit market risk amid a blowout in its CDS spreads (Bloomberg). Also concerns about maturity mismatch amid preference for longer-dated issuance (30, 40Y) to finance assets with short depreciation cycles of around four years (Reuters). Bearish technicals getting attention with Japan and Taiwan benchmarks approaching 50-day moving averages following recent breaches by US indexes. Momentum unwind also corresponding with doubts about December Fed rate cut after mixed September nonfarm payrolls report and ongoing Fed policymaker divide left markets pricing in ~40% chance of a reduction.

    • Japan Cabinet approves $135B stimulus package:

      • Nikkei reported a JPY21.3T ($135B) stimulus package was approved at an extraordinary Cabinet meeting Friday. Fiscal thrust seen at JPY24T, providing annualized 1.4% boost to GDP. Content was consistent with yesterday's press leaks. Bulk of funding to come from an FY25 supplementary budget of JPY17.7T, notably above the previous year's JPY13.9T. Inclusion of local government spending and private sector contributions take the total size to JPY42.8T. Main three spending categories consist of 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. Provisional fund top-up of JPY700B takes the subtotal to JPY21.3T. Tax breaks to include higher minimum income tax threshold costing JPY1.2T while scrapping the gasoline surcharge adds another JPY1.5T. Other features include 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 JPY700B will be earmarked. For childrearing, each child aged 18 or younger will receive JPY20K with no means testing. Budget proposal now needs to be approved by parliament, where ruling coalition lacks majority control in both houses, requiring support from Komeito or other opposition parties.

    • Japan Finance Minister says FX intervention is an option:

      • At a post-cabinet meeting press conference, Nikkei reported Finance Minister Katayama addressed excessive fluctuations and disorderly movements in the FX market, noting that authorities will take appropriate action in accordance with the US-Japan joint statement published in September. Clarified that FX intervention is "naturally conceivable" under the interpretation the statement allows for a response to excessive volatility. Reiterated concerns that recent price action has been extremely one-sided and sudden and that FX markets should move stably reflecting fundamentals. Article noted one of the drivers of yen weakness has been stimulus headlines that promoted broadening concerns about fiscal expansion. After press leaked stimulus details yesterday comprising a core package totaling JPY21.3T ($135B) and an FY25 supplementary budget of 17.7T, above last year's JPY13.9T, Katayama argued the aim was not to inflate the size but was a result of individually crafted measures. Added there were adjustments to ensure a certain degree of fiscal discipline was observed and approved by Prime Minister Takaichi. Article explained the context of the latest bout of yen pressure, citing Wednesday's joint meeting between Katayama, BOJ Governor Ueda and economy minister Kihara when Katayama said there were no specific discussions on FX, thereby allaying market concerns of potential intervention.

    • Beijing threatens further action against Japan unless PM Takaichi retracts Taiwan remarks:

      • China backlash against Japan continues. Foreign Ministry reconfirmed Premier Li Qiang will not meet Prime Minister Takaichi at the G20 (Xinhua). MOFCOM spokesperson said Takaichi's remarks on Taiwan causing "a severe negative impact on China-Japan economic and trade exchanges and cooperation" (Xinhua). Warned that if Japan continues along this path, "China will resolutely take necessary measures and all consequences will be borne by Japan. "Nikkei noted Beijing has effectively reinstated a ban on Japan seafood imports and suggested additional measures may include restrictions on rare earths and other exports to Japan. However, Bloomberg cited experts expressing doubts Beijing would play this card, as it would risk alienating other trading partners in reinforcing the need to develop alternative supply chains. This article was among several noting bilateral diplomatic relations are the worst since the 2012 spat over Senkaku Islands. Reuters reflected expectations of protracted tensions and encapsulated the viewpoint the government acknowledges Takaichi's off-the-cuff remarks should not have been expressed in public, though genuinely reflected longstanding discussions behind the scenes and should not/cannot be retracted. US remains the crucial backstop for Japan and US ambassador reaffirmed full support from the Trump administration (FT).

    • Japan CPI inflation edges higher, export growth holds up relatively well, manufacturing PMI remains in contraction:

      • Nationwide core CPI rose 3.0% y/y in October, matching expectations, following 2.9% in the previous month. Ex-fresh food & energy inflation similarly edged up to 3.1% from 3.0% in line with consensus. Energy contributions were little changed as base effects settled following the reintroduction of electricity and gas subsidies. Positive factors were led by accelerated auto insurance fees, accommodation and a positive swing in household durables. Main drag came from slower increases in non-fresh food. Closely watched rice prices continued to decelerate notably. Customs exports rose 3.6% y/y in October, above consensus 1.1%, following 4.2% in the prior month to mark the second straight increase. Main drivers were semiconductor & electronics components, generators and raw materials, outweighing a drop in chip-making equipment. By region, exports to US fell for the seventh straight month (albeit at a notably narrower pace) and posed the only drag among major markets. Imports rose 0.7%, contrasting with an expected 1.0% decline and follows revised 3.0% growth in September. Sharp 20.9% rise in US imports overshadowed EU decline and mild Asia growth. BOJ real trade indices showed sequential imports falling faster than exports, marking a positive start to Q4 external demand. Flash manufacturing PMI improved somewhat to 48.8 in November from 48.2 in October though remained in contraction amid ongoing subdued demand conditions.

    • Notable Gainers:

      • +6.7% 294870.KS (HDC Hyundai Development): launches buyback of 1.1M shares for KRW20.00B to run from 21-Nov to 20-Feb

      • +2.3% 3391.JP (TSURUHA Holdings): to acquire remaining 49% stake in Lady Drug Store from FUJI for ¥19.5B

      • +0% 2892.TT (First Financial Holding): reports 9M EPS NT$1.51; StreetAccount notes the year-ago figure was NT$1.48

    • Notable Decliners:

      • -5.8% 005930.KS (Samsung Electronics): appoints Roh Tae-moon as co-CEO

      • -2.6% 9896.HK (MINISO Group Holding): reports Q3 adjusted EPADS CNY2.48 vs FactSet CNY2.43

      • -0.9% 047050.KS (POSCO INTERNATIONAL): subsidiary acquiring 65.7% stake in PT Sampoerna Agro for KRW830.02B

      • 0% 1.HK (CK Hutchison Holdings): report of preparing Hong Kong-UK listing of AS Watson, which may raise up to $2B (HK$15.57B)

  • Data:

    • Economic:

      • Japan

        • October nationwide core CPI +3.0% y/y vs consensus +3.0% and +2.9% in prior month

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

          • Overall CPI +3.0% y/y vs consensus +3.0% and +2.9% in prior month

        • October trade balance (¥231.8B) vs consensus (¥284.2B) and revised (¥237.4B) in prior month

          • Exports +3.6% y/y vs consensus +1.1% and +4.2% in prior month

          • Imports +0.7% y/y vs consensus (1.0%) and revised +3.0% in prior month

        • November flash manufacturing PMI 48.8 vs 48.2 in prior month

          • Services PMI 53.1 vs 53.1 in prior month

          • Composite PMI 52.0 vs 51.5 in prior month

      • New Zealand

        • October trade balance (NZ$1,542M) vs revised (NZ$1,384M) in September

          • Exports +16.0% y/y vs +19.0%% in September

          • Imports +11.0% y/y vs +1.6% in September

      • Singapore

        • Q3 final GDP +4.2% y/y vs preliminary +2.9% and revised +4.7% in prior quarter

    • Markets:

      • Nikkei: (1,198.06) or (2.40%) to 48625.88

      • Hang Seng: (615.55) or (2.38%) to 25220.02

      • Shanghai Composite: (96.16) or (2.45%) to 3834.89

      • Shenzhen Composite: (84.12) or (3.43%) to 2370.32

      • ASX200: (136.20) or (1.59%) to 8416.50

      • KOSPI: (151.59) or (3.79%) to 3853.26

      • SENSEX: (276.63) or (0.32%) to 85356.05

    • Currencies:

      • $-¥: (0.65) or (0.41%) to 156.8140

      • $-KRW: (0.38) or (0.03%) to 1473.9000

      • A$-$: +0.00 or +0.02% to 0.6443

      • $-INR: (0.00) or (0.00%) to 88.7125

      • $-CNY: (0.00) or (0.06%) to 7.1118

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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