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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.10%), Hang Seng +0.42%, Shanghai Composite (0.23%) as of 03:10 ET

Dec 10 ,2025

  • Synopsis:

    • Asia equities ended mixed and in a narrow band Wednesday as investors continued with cautious ahead of the Fed meeting. Small losses for Japan's Nikkei 225 benchmark, Shanghai's composite, Australia's ASX and the Kospi while Taiwan's Taiex and the Hang Seng ended slightly higher. The Topix was flat while there were small gains for India; Southeast Asia mostly lower. US futures flat, Europe opened slightly lower. US dollar slipping in late trade, yen marginally weaker. Treasuries and JGBs mixed. Oil contracts a smidge stronger, silver at a record high near $62/oz while gold is flat. Copper also strong again while iron ore eases back. Cryptocurrencies down a little.

    • Asia equity markets stalled out ahead the Fed's rate decision and all-but priced-in 25 bps rate cut, but traders split on whether its accompanying message will lean dovish or hawkish. Economists appear to favor a 'hawkish cut' with the Fed re-inserting language that provides a high bar for future cuts although the dot plot is expected to be unchanged.

    • In regional developments, China consumer inflation rose amid a surge in food prices but core inflation was stagnant and producer price inflation worsened slightly albeit with a base year effect partially responsible. Taiwan's exports recorded their fastest growth in more than 15 years in November thanks in large part to AI-related shipments. South Korea unemployment rose slightly while outstanding household loans rose again with another leg higher in mortgage loans. The Asia Development Bank upped FY growth forecasts for Asia's economies but continued to warn of tariff tensions and market volatility as the main risk factors. The yen resumed its broad weakening course after PM Takaichi joined her finance minister in saying the government was watching market trends and would act against excessive moves.

    • Asteria (3853.JP) stock higher on reports SpaceX, in which it owns shares, is eying a valuation of around $1.5T in its 2026 IPO. Samsung SDI's (006400.KS) America unit has signed a deal to supply lithium iron phosphate batteries to an unknown US customer for energy storage systems in a deal worth around KRW2T ($1.36B). SK Hynix (000660.KS) confirmed it is weighing a New York ADR listing but said nothing had been finalized. TSMC (2330.TT) reported November revenue up 24.5% y/y at NT$343.6B.

  • Digest:

    • China CPI in line, PPI unexpectedly softer:

      • Headline CPI rose 0.7% y/y in November, matching expectations. Follows 0.2% in the previous month and marks the highest since January. Momentum evenly balanced between a 0.6% increase in goods vs 0.7% rise in services. Core inflation was steady at 1.2%. NBS attributed headline pickup to an upturn in food prices. Elsewhere, household appliances were a notable gainer, contrasting with weaker fuel prices. PPI softened to a 2.2% y/y drop from 2.1% in the prior month with consensus at 2.0%. Marginal deterioration came in downstream prices, while upstream declines were steady, though NBS put this down to base effects. Noted 'anti-involution' campaign has yielded results based on narrowing decreases among affected industries, mentioning coal mining, solar equipment manufacturing, lithium-ion batteries and NEVs. Continued to promote positive developments in emerging industries and also highlighted support from policy efforts to tap into consumer demand in leisure sectors while attributing this dynamic for the moderating declines in household white goods. Early takes saw stronger CPI as incremental, having little effect on the broader deflation narrative.

    • China property stocks rally on Vanke debt progress, policy support hopes:

      • Bloomberg reported on strong positive movement in China property stocks after market talk stemming from China Vanke's (2202.HK) meeting with bondholders indicated progress with bondholders. Company, debt holders met to discuss extension on CNY2B ($283M) onshore note due on 15-Dec. Article cited analyst noted price hike in Vanke shares Wednesday likely comes from meeting in which creditors presented with three proposals on debt. Article also cited people familiar with matter saying Beijing considering fresh support measures for housing market that may come via Central Economic Work Conference. Comes also as Hong Kong builder Parkview announced $940M in loan refinancing in deal backed by core Beijing asset; refinances identical sized borrowing that saw two extensions in August and last month (Bloomberg). Hang Seng mainland property index up almost 0.8%, CSI real estate sector index almost 6.0% higher.

    • BOJ seen primed to hike next week, barring notable headline surprises:

      • Nikkei discussed the upcoming BOJ meeting on 18-19 Dec. With a rate hike largely priced in, board members will monitor upcoming risk events for any major surprises before making a decision. Highlighted Governor Ueda's remarks yesterday at a lower house budget affairs committee session that BOJ will make the appropriate decision next week. At the same forum, Prime Minister Takaichi was asked if she would accept a rate hike, repeating a statement that specific monetary policy steps should be left to the central bank. Prior caution against US tariff impacts said to have waned among BOJ officials. Cited an FT online event in which Ueda rationalized the Q3 GDP contraction as a function of payback from tariff front-loading in exports, and expects Q4 to rebound, noting the "real economy is solid." Article highlighted key upcoming risk events include the FOMC under way, BOJ Tankan, US payrolls, as well as CPI out of both Japan and US. Another hawkish takeaway from the FT event noted Ueda said inflation expectations are running significantly higher compared to the prior several years. Yet, clarified there are no signs that actual inflation is accelerating while acknowledging the risk that this could change due to a prolonged period of food inflation and weak yen.

    • Yen under more pressure after Ueda signals larger JGB purchases to stabilize yield curve:

      • Nikkei editorial discussed the latest bout of yen weakness back to a two-week low versus dollar near the 157 level. Noted most of the price action occurred during the European session, reacting to a comment from BOJ Governor Ueda at Tuesday's lower house budget affairs committee session that JGB purchases would be flexibly increased in order to encourage stable yield formation, prompting takeaways this contradicts BOJ's policy normalization path. Momentum was attributed to foreign investors, raising questions over the BOJ's conviction to policy normalization (argument is that 10y JGB yield has been rising but still only at around 2%), prompting speculation that even if there is a rate hike next week, subsequent moves seem some way off. Furthermore, with prospects for other central banks to pivot to rate hikes in 2026 (ECB, RBA), perceptions of BOJ sluggishness inviting further yen selling. Cited latest DBS FX outlook report published this week, suggesting a scenario in which yen underperforms dollar despite a continuation of Fed rate cuts, and current domestic monetary/fiscal dynamics lead to further yen depreciation that ultimately prompts FX intervention. Pressures not limited to USD/JPY with yen also hitting a record-low 182 vs euro and briefly reached a YTD low 104 vs AUD.

    • SK Hynix confirms it is weighing New York listing:

      • SK Hynix (000660.KS) rallying Wednesday after confirming speculation it is weighing a New York ADR listing (Bloomberg). In a filing, company said potential listing one of various measures it is considering to boost shareholder value, and that further announcement will be made when details finalized or within one month. NY listing seen aiding company's bid to narrow valuation gap with other US-listed peers like Micron (MU) and TSMC (2330.TT), attracting inflows from passive funds and ETFs. Korea Economic Daily first reported the potential listing on Tuesday, noting company has received offer to list to about 2.4% of outstanding stock. Speculation drove 6% surge in SK Hynix shares on Monday, which was followed by Korea Exchange issuing a second "investment caution" on stock a day later (Bloomberg). Such alerts generally prompted by abnormal changes in price or volume. Higher level alerts could prompt measures such as margin limits after exchange issued similar note in early November. Stock is up more than 230% year-to-date, underpinned by surge in AI demand for HBM chips.

    • Notable Gainers:

      • +8.5% 817.HK (China Jinmao Holdings Group): reports November contracted sales CNY8.00B; StreetAccount notes year-ago CNY8.00B

      • +3.8% 2196.HK (Shanghai Fosun Pharmaceutical (Group) Co.): signs global licensing agreement with Pfizer for GLP-1R agonist YP05002

      • +3.7% 000660.KS (SK Hynix): responds to media reports regarding potential US listing; notes reviewing measures but nothing finalized

      • +3.4% 3853.JP (Asteria): SpaceX reportedly looking to raise "far above" $30B in 2026 IPO, targeting valuation of around $1.5T; Asteria reportedly holds shares in SpaceX through its investment business

      • +2.4% 006400.KS (Samsung SDI): signs more-than-KRW2T contract with US firm to supply LFP batteries

      • +1.9% 3711.TT (ASE Technology Holding): reports November consolidated revenue NT$58.82B, +11.1% y/y

      • +1.5% 001979.CH (China Merchants Shekou Industrial Zone Holdings): reports November contracted sales CNY14.09B; StreetAccount notes the year-ago figure was CNY21.59B

    • Notable Decliners:

      • -10.0% 603019.CH (Dawning Information Industry): terminates Higole Information share-swap merger plan

      • -1.5% 005380.KS (Hyundai Motor): Goldman Sachs downgrades to neutral from buy

  • Data:

    • Economic:

      • China November

        • CPI +0.7% y/y vs consensus +0.7% and +0.2% in prior month

          • PPI (2.2%) y/y vs consensus (2.0%) and (2.1%) in prior month

      • Japan November

        • CGPI +2.7% y/y vs consensus +2.7% and revised +2.7% in prior month

      • South Korea November

        • Unemployment rate 2.7% vs FactSet consensus 2.7% and 2.6% in prior month

    • Markets:

      • Nikkei: (52.30) or (0.10%) to 50602.80

      • Hang Seng: 106.55 or +0.42% to 25540.78

      • Shanghai Composite: (9.03) or (0.23%) to 3900.50

      • Shenzhen Composite: 6.44 or +0.26% to 2492.37

      • ASX200: (6.50) or (0.08%) to 8579.40

      • KOSPI: (8.55) or (0.21%) to 4135.00

      • SENSEX: (37.95) or (0.04%) to 84628.33

    • Currencies:

      • $-¥: (0.24) or (0.15%) to 156.6500

      • $-KRW: (0.92) or (0.06%) to 1468.7100

      • A$-$: +0.00 or +0.05% to 0.6645

      • $-INR: +0.04 or +0.05% to 89.9486

      • $-CNY: (0.00) or (0.03%) to 7.0613

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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