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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.56%), Hang Seng (1.54%), Shanghai Composite (1.11%) as of 03:10 ET

Dec 16 ,2025

  • Synopsis:

    • Asia equities ended with sharp losses Tuesday. Strong selling pressure in technology-orientated benchmarks with steep losses in Hong Kong, Japan, South Korea and Taiwan. Australia, India and Singapore with more modest falls, Southeast Asia also outperformed but still down. US futures lower, Europe opened with losses in early trade. US dollar steady, yen strengthened, yuan at 15-month high while rupee fell to a fresh low. Treasury yields higher at the short end, lower at the long; JGBs mixed. Brent and WTI futures lower again, silver down sharply, gold also lower. Copper leading base metals down. Cryptocurrencies seeing more losses.

    • Asia benchmarks down sharply for second day amid a risk-off sentiment and market caution ahead of critical US data today through to Thursday, and ongoing concerns over AI-valuation in several countries. Technical factors also unfavorable as MSCI China approached a 'correction' and the Hang Seng technology index entered a formal bear market. A sharp decline in oil prices also pressed on energy stocks adding to the losses in several countries. Weaker currencies in South Korea, India and Japan provided additional headwinds with rupee at fresh record low while, in contrast, the yuan trading at a 15-month high against the dollar.

    • In regional developments, Australia consumer confidence slid in December following RBA's hawkish hold just as handful of economists now forecast February RBA rate hike amid rising inflation. Australia's flash December PMI fell to 51.1 as service activity softened; Japan flash reading showed manufacturing contraction eased in December while India's reading indicated continued expansion but at a much-reduced pace. New Zealand's government said it does not expect a budget surplus until at least 2030 amid a slowing economy.

    • OMRON (7313.JP) is to start a tender offer for Matsuya R&D (7317.JP) at ¥1,110 per share in June 2026. Australian exchange operator ASX (ASX.AU) could face being broken up if it breaches commitments agreed with regulators, according to the AFR. Youngpoong and MBK Partners have filed a court injunction to block Korea Zinc's (010130.KS) share issuance; shares sharply lower. Samsung Electronics (005930.KS) is nearing a del to supply more than 30% of Nvidia's HBM4 memory next year, according to a DigiTimes report.

  • Digest:

    • Asia equities fall sharply as investors turn cautious ahead of key data:

      • Asia stocks ended down sharply Tuesday amid risk-off mood ahead of key US jobs due later Tuesday, retail sales figures Wednesday, inflation Thursday. Data will be first significant set of economic figures since government shut down disrupted regular monthly schedule, expected to show mild slowdown but nothing severe (Bloomberg). Nikkei 225, Topix, Kospi and Taiex all down 1-2%; MSCI Asia Pac-ex Japan index 1.3% lower with underperformance in IT & internet stocks dragging Hang Seng, mainland boards to two-month lows; MSCI China meanwhile nearing technical 'correction'. Concerns over stretched AI valuations weighing on Seoul and Taipei's boards; energy names down on oil price decline. Risk assets also back under pressure with bitcoin at two-week low, gold hovering at two-month highs. US dollar steady but developed Asia currencies under some pressure; rupee at fresh record low but emerging Asia forex a tick higher.

    • China NPC to be held December 22-27:

      • Xinhua reported NPC Standing Committee set the schedule for its 19th session to be held December 22-27. Potentially market-relevant items on the agenda mentioned include drafting laws on national development planning and revisions to the foreign trade law. Separate story flagged the scheduled publication today in the Qiushi Journal of President Xi Jinping's article on the strategy to expand domestic demand. Teased an excerpt indicating the strategy will be of significant scope and not a stopgap measure, necessary for long-term sustained development of China's economy. Piece calls for efforts to boost domestic demand, particularly consumption, to elevate this sector as a key growth driver. Stresses the domestic demand expansion strategy must be integrated with deeper supply-side structural reform with the goal of cultivating a virtuous supply-demand cycle. Acknowledging that aggregate demand is insufficient, the article calls for prompt efforts to create a complete framework that prioritizes boosting consumer demand through income support, fostering investment demand with reasonable returns, and increasing financial demand with constraints on capital and debt. Following yesterday's soft activity data, NBS said China's economy has maintained steady momentum, creating favorable conditions to achieve the annual growth target of about 5% (Xinhua).

    • More economists see RBA hiking cash rate in February:

      • Hawkish shift in expectations surrounding RBA cash rate continue with CBA and NAB now predicting 25 bp rate hike in February to 3.85% (Bloomberg). NAB anticipating a follow-up rate hike in May for terminal rate of 4.10%, joining Citi, which moved to pencil in two rate hikes next year (Financial Review). UBS also recently brought forward its rate hike timing to Q2 from Q4 and forecast another increase in H2 (with risk of a third). Shift has largely been driven RBA's increased concerns about upside inflation risks, prompting Governor Bullock to explicitly warn of a rate hike if inflation does not come down. February seen as 'live' meeting if Q4 trimmed mean CPI (28-Jan) doesn't decelerate below Q3's 1.0%. NAB estimates Q4 trimmed mean inflation coming in at 0.9%, which would still leave it above RBA's forecast of 0.8%. Economists also point to tight labor market, strengthening consumption, surging house prices and related easing of financial conditions, as factors arguing for a rate hike. Some banks continue to see RBA on hold through 2026 and markets are only pricing in a ~33% chance of rate hike by February (which rises to ~80% by May).

    • Japan Q4 GDP rebound seen a little stronger, BOJ rate hike expectations virtually unanimous:

      • December JCER consensus survey showed Q4 GDP growth expected to rebound 0.84% q/q saar, revised up from 0.60% last month before the Q3 second estimates were published. Private consumption and capex seen extending moderate growth, partly offset by a drag from external demand amid a decline in exports. Longer term GDP estimates continue to track around the 1% trend pace. Core CPI projections predicted to trough at 1.64% in 2Q26 before a gradual recover back above 2% in 1Q27. 2026 shunto wage hike forecasts saw an average of 4.98%, marginally firmer than 4.88% as of November though somewhat lower than 5.52% in 2025. Earlier commentaries suggested this would still be sufficient to satisfy BOJ provided constructive dynamics remain intact. Ahead of Friday's BOJ decisions, 35 out of 37 respondents look for a rate hike. Going forward, majority 26 see no further change through Jun-26 and 22 anticipate one 25 bp hike by Dec-26. Adhoc questions on fiscal stimulus revealed near unanimous expectations the package will boost annualized GDP growth by an average 0.43 ppt (markedly softer than the government estimate of 1.4%) while also serving to ease CPI inflation pressure by 0.24 ppt on an annual basis, concentrated in 0.41 ppt over Feb-Apr 2026.

    • India's industrial output growth slows in December flash PMI shows:

      • India's December flash HSBC PMI reading showed economy expanded again this month but at notably decelerated pace as manufacturing and services growth eased. Flash composite reading at 58.9 from November's final 59.7; manufacturing at 55.7 from 56.6 (S&PGlobal). New orders expanded again also at a slower pace; new export orders component expanded despite lack of trade agreement with US. Employment and inventory levels also expanded, also at slower pace; business sentiment was also softer. Separate data out Monday showed November exports down just 1.9% y/y in but included surprise jump in US shipments despite lack of clear timetable on when trade deal with Washington can be reached (Bloomberg). Weak rupee supportive for exporters; currency fell to fresh record low Tuesday, reaching 91.2 per dollar as foreign equity outflow continues, RBI support wanes (Reuters).

    • Notable Gainers:

      • +3.8% 000661.CH (Changchun High-Tech Industry (Group) Co.): out-licenses GenSci098 injection to Yarrow Bioscience outside of greater China for $120M upfront

      • +0.9% 021240.KS (COWAY Co.): Align Partners urges company to revise value-up plan by 30-Jan

    • Notable Decliners:

      • -13.9% 010130.KS (Korea Zinc Co.): Youngpoong and MBK Partners file injunction to block Korea Zinc's share issuance

      • -5.8% 2196.HK (Shanghai Fosun Pharmaceutical (Group) Co.): to acquire controlling stake in Green Valley Pharma for CNY1.41B

      • -3.2% 8306.JP (Mitsubishi UFJ Financial): reportedly in advanced talks to take minority stake in Shriram Finance

      • -2.5% 3593.JP (Hogy Medical): responds to Nikkei report; currently finalizing details with Carlyle with assumptions around ¥6,700/share tender offer price

      • -1.0% 6645.JP (OMRON): proposes to acquire Matsuya R&D at ¥1,110/share via OMRON Healthcare

  • Data:

    • Economic:

      • Japan December

        • Flash manufacturing PMI 49.7 vs 48.7 in prior month

          • Services PMI 52.5 vs 53.2 in prior month

          • Composite PMI 51.5 vs 52.0 in prior month

      • Australia December

        • December Westpac-MI consumer sentiment index 94.5 vs 103.8 in November

      • India December

        • Flash manufacturing PMI 55.7 vs final 56.6 in prior month

          • Services PMI 59.1 vs 59.8 in prior month

          • Composite PMI 58.9 vs 59.7 in prior month

    • Markets:

      • Nikkei: (784.82) or (1.56%) to 49383.29

      • Hang Seng: (393.47) or (1.54%) to 25235.41

      • Shanghai Composite: (43.11) or (1.11%) to 3824.81

      • Shenzhen Composite: (36.80) or (1.50%) to 2417.61

      • ASX200: (36.10) or (0.42%) to 8598.90

      • KOSPI: (91.46) or (2.24%) to 3999.13

      • SENSEX: (449.33) or (0.53%) to 84764.03

    • Currencies:

      • $-¥: (0.32) or (0.21%) to 154.8900

      • $-KRW: +6.07 or +0.41% to 1474.7400

      • A$-$: +0.00 or +0.01% to 0.6643

      • $-INR: +0.27 or +0.30% to 90.9647

      • $-CNY: (0.01) or (0.09%) to 7.0415

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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