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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.26%, Hang Seng +0.92%, Shanghai Composite +1.19% as of 03:10 ET

Dec 17 ,2025

  • Synopsis:

    • Asia equities ended mixed Wednesday in a relatively quiet session. The Nikkei ended a few points higher while the Topix was flat. there were strong gains in Seoul and in China's three main benchmarks. The rest of the region was lower including in Singapore, Mumbai and Taipei. US futures turning positive, Europe opened with small gains. US dollar higher, AUD, NZD and yen all weaker, won at fresh eight-month low, rupee stronger following RBI intervention. Treasury yields higher across tenors, JGB yields higher as the 10Y yield hit a fresh 18-year peak. Crude oil higher following White House's blockade of Venezuela oil. Precious metals higher with silver surging. Base metals higher. Cryptocurrencies continue to be under pressure.

    • Asia technology stocks found a base Wednesday to drive the larger benchmarks higher. A successful listing of MetaX Integrated Circuits in Shanghai, which rose almost sevenfold, helped boost China's boards while Samsung Electronics and SK Hynix led in Seoul. Wobbly US jobs data overnight did little for sentiment and saw the Nasdaq rise a little on Fed rate cut hopes, but the main S&P and DJIA boards tilted lower. Ahead, US retail data later today, inflation numbers Thursday, and Bank of Japan rate decision Friday with markets and economists forecasting a 25 bps hike.

    • In regional developments, Bank Indonesia kept its benchmark interest rate steady, as expected. Japan machinery orders rose in October, against expectations for a decline; the country's exports rose 6.1% y/y in November, the third month in a row of higher shipments; Singapore November non-oil exports also rose for a third consecutive month in November supported by a surge in pharma shipments. Late Tuesday, India's exports also defied expectations and rose sharply, including a rise in shipments to the US. New Zealand consumer sentiment improved in Q4; meanwhile, the RBNZ lowered capital requirements for banks to boost lending facilities; the bank's governor also repeated projections see interest rates to remain on hold throughout 2026. November BOK minutes showed board member concern about financial stability risks and FX volatility augured for keeping rates unchanged.

    • Kubota's (6326.JP) president said the impact from tariffs will be offset by price increases and fixed cost reductions. Mitsubishi UFJ (8306.JP) is to invest more than $4B for a roughly 20% stake in Shriram Finance (5112218.IN) with the deal to be closed as soon as Friday. Mizuho Financial Group (8411.JP) is to buy a controlling 78.3% stake in KKR's investment bank unit Avendus Capital for INR47B $516M). China Vanke (2202.HK) said it had revised its bond extension proposal and presented it to credit holders in another attempt to avert default. China chipmaker MetaX Integrated Circuits (688802.CH) debuted in Shanghai after the retail component of its IPO was almost 3K oversubscribed. An India government tribunal approved Vedanta's (500295.IN) plan to split itself into five separate listed entities. Treasury Wine (TWE.AU) announced an overhaul of its business that includes asset sales and cost cutting, warning over weakening demand in its key markets.

  • Digest:

    • Japan exports beat amid rebound in US shipments:

      • Customs exports rose 6.1% y/y in November, above consensus 5.0%. Follows 3.6% in the previous month, marking the third straight increase. Main drivers were semis/electronic components, drugs and nonferrous metals. Autos were the main drag. Notably, US shipments rose 8.8%, returning to growth for the first time since March. Drugs accounted for about a quarter of the increase, followed by marginal contributions from metallurgical fuel and mining equipment. In contrast, semiconductor making equipment fell sharply. Elsewhere, EU shipments accelerated markedly to double digits while Asia growth remained largely steady despite China reverting to declines for the first time in three months driven by chipmaking equipment, nonferrous metals and organic compounds. Imports expanded 1.3%, softer than consensus 3.0% and follows 0.7% in the prior month. Growth in generators, electronics components and drugs curbed by sharp declines in fossil fuels and communications equipment. Volume data also encouraging with exports up marginally for the first time in four months while imports logged third month of growth to outweigh consistently lower prices. BOJ real trade indices showed exports rebounding a sharp 6.6% m/m, outpacing 2.0% growth in imports. Q4 trajectories higher for exports and lower for imports, pointing to a positive contribution to GDP from external demand. Contrasts with JCER consensus looking for a net drag.

    • China AI chipmaker MetaX surges in trading debut:

      • China AI chipmaker MetaX (688802.CH) surged more than 700% in trading debut after retail component of IPO was 2,986x oversubscribed (Nikkei, Bloomberg). Hype mirrors that surrounding Moore Threads (688795.CH) in its trading debut earlier this month after IPO was also massively oversubscribed. China's emerging AI chip stocks have underpinned 54% ytd surge in STAR CHIP 50 index, as Beijing channels resources into developing a homegrown semiconductor industry while curbing access to foreign-made chips. China AI chip producer IPO pipeline remains healthy with Integrated Circuits, Biren Technology, SJ Semiconductor, ChangXin Memory Technologie and Yangtze Memory Technologies among other names slated to list on mainland. Other China AI startups slated to list in Hong Kong over coming weeks (Bloomberg). MetaX turned maiden revenue in first nine months of 2025 but remains loss-making company, raising questions about sustainability of current stock surge. Exuberance surrounding Moore Threads has abated since its debut with stock down 24% from last week's highs after warning it expects to remain unprofitable this year.

    • RBI steps in to support rupee after record lows on successive days:

      • Reserve Bank of India intervened in forex market Wednesday, aggressively selling dollars via state run banks to support ailing rupee. Currency had fallen to below 91 per dollar in early trade but rallied to 89.75 before settling back; is third such supportive maneuver after similar dollar-selling moves in October and November (Reuters, Bloomberg). Traders noted dollar sales occurred after market opening versus previous episodes in which bank intervened before trading began, comes after four consecutive down days in which rupee lost 1% of value hitting fresh lows each time. However, long-term pressure on rupee appears to be in place amid lack of progress on US trade deal, foreign investor exodus, exporter hedging. Separately Wednesday, Finance minister Sitharaman said priority for government in next fiscal year would be to lower India's debt to GDP ratio, which she described as "a worry" (Reuters).

    • RBNZ Governor Breman says November's OCR projections still hold:

      • Speaking to NZ Herald late Tuesday, RBNZ Governor Breman reiterated comments published on Monday that November OCR track still holds for rate to remain on hold through 2026. Breman added that economic developments since November have largely tracked RBNZ's forecasts. Her published remarks on Monday were notable after she said financial conditions had tightened since November. Last month, RBNZ's 25 bp rate cut was accompanied by expectations of a cyclical economic rebound and a flat OCR track, which drew hawkish takeaways and saw markets price in three rate hikes in 2026. New Zealand wholesale and mortgage rates had also risen since November. Speaking to RNZ on Wednesday, Breman gave some insight into reasoning behind her remarks on Monday, stating she felt it reasonable for markets to see how she is interpreting data (though she did not offer view on whether markets mispricing rate outlook). She pointed out RBNZ will have Q3 GDP (Thurs) and Q4 CPI in January on hand when it deliberates at February's meeting. While her remarks about tighter financial conditions led to a modestly dovish repricing this week, market still pricing in two rate hikes next year.

    • BofA Asia FMS ramp in optimism slows:

      • BofA Asia FMS showed APAC ex-Japan economic growth prospects edged lower though remaining near one-year highs despite further improvement in the global outlook to a four-year high. While market sentiment remains clearly positive with breadth of optimism on the corporate profit outlook edging further above the long-term average, perceived valuations remain moderately elevated, working to temper enthusiasm for outsized gains. Country preferences continued to see Japan as the standout, followed by Taiwan, India and South Korea (losing second place). Notably, China dropped further from fourth to 10th and swung to net underweight despite a bounce in the economic growth outlook from net 29% bearish to 3% bullish. Report alluded to broader stall in growth expectations (marginally net positive at best) since the Liberation Day announcements in April. Yet, qualitative positioning metrics remained generally constructive. On sectors/themes, semis and banks remain the favorites in Japan, tech/semis/software in APAC ex-Japan, AI/semis in China.

    • Notable Gainers:

      • +9.5% 011210.KS (Hyundai WIA): reportedly to unveil future mobility technologies at CES

      • +2.3% 004020.KS (Hyundai Steel): to invest KRW2.152T in US electric furnace steel mill JV

      • +2.1% 6501.JP (Hitachi): Honda Motor acquires additional 21% stake in Astemo from Hitachi for ¥152.3B

      • +1.3% 1919.HK (COSCO SHIPPING Holdings): China reportedly demands Cosco receive majority ownership in BlackRock consortium's acquisition of Hutchison Ports Group

      • +0.2% 8411.JP (Mizuho Financial): subsidiary Mizuho Securities to acquire more than 60% stake in Avendus Capital Private from from major shareholders

    • Notable Decliners:

      • -5.7% 1332.JP (Nissui): to acquire PESQUERA YADRAN in Chile for $133M (¥20.60B) by early January 202

      • -3.2% 601360.CH (360 Security Technology): denies accounting fraud allegations in gaming business

      • -0.9% 8306.JP (Mitsubishi UFJ Financial): confirms appointment of Hironori Kamezawa as chairman, effective 1-Apr-26

      • -0.6% 030200.KS (KT): names Park Yoon-young, former KT president, as CEO

  • Data:

    • Economic:

      • Japan

        • November trade balance ¥322.2B vs consensus ¥72.6B and revised (¥226.1B) in prior month

          • Exports +6.1% y/y vs consensus +5.0% and +3.6% in prior month

          • Imports +1.3% y/y vs consensus +3.0% and +0.7% in prior month

        • October core machinery orders +7.0% m/m vs consensus (1.8%) and +4.2% in prior month

      • Singapore November

        • November non-oil domestic export y/y +11.6% versus +21.7% in prior month

    • Markets:

      • Nikkei: 128.99 or +0.26% to 49512.28

      • Hang Seng: 233.37 or +0.92% to 25468.78

      • Shanghai Composite: 45.47 or +1.19% to 3870.28

      • Shenzhen Composite: 40.54 or +1.68% to 2458.15

      • ASX200: (13.70) or (0.16%) to 8585.20

      • KOSPI: 57.28 or +1.43% to 4056.41

      • SENSEX: (157.03) or (0.19%) to 84522.83

    • Currencies:

      • $-¥: +0.85 or +0.55% to 155.5790

      • $-KRW: +3.13 or +0.21% to 1476.1480

      • A$-$: (0.00) or (0.28%) to 0.6613

      • $-INR: (0.61) or (0.67%) to 90.3373

      • $-CNY: +0.00 or +0.04% to 7.0447

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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