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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.14%), Hang Seng +0.17%, Shanghai Composite +0.53% as of 03:10 ET

Dec 24 ,2025

  • Synopsis:

    • Asia equities ended mixed on Christmas Eve amid thin volumes ahead of a holiday tomorrow in most of the region. Modest gains for mainland China, Hong Kong and Taiwan. Small losses for Japan, Australia and South Korea. Singapore and India flat. US futures slightly lower, Europe opened unchanged. US dollar flat after recovering from early losses, yen strengthened further, won stronger on BOK/government intervention warning. Treasuries and JGBs quiet. Crude oil higher, gold, silver, platinum and palladium all surging again to record highs. Base metals mixed. Cryptocurrencies under some pressure.

    • Asia stocks drifted into the holiday period amid low volumes and few catalysts. The region still set for a stellar year in terms of equity returns with AI-driven technology benchmarks outperforming by some distance, offsetting wobbles over trade and concerns over broader economic growth. On Wednesday, forex markets in focus as the yen strengthened back toward its level just before the BOJ announced its rate decision last week, weighing on exporters and trading houses somewhat.

    • Today, BOJ minutes showed members agreed real interest rates were still low and if its growth and inflation forecasts are realized, further rate hikes would be required. The won strengthened after the BOK and finance ministry warned they would take steps to stabilize the currency. Meanwhile, South Korea December consumer confidence stayed elevated but eased from November's peaks. Taiwan export order growth rose to an almost five-year high in November amid ongoing strong demand for AI chips. RBI Governor Malhotra repeated India in for long period of low rates with policy in neutral phase amid benign inflation backdrop. The White House said it would delay new tariffs on chip exports to China for 18 months.

    • CNOOC (883.HK) said it had discovered an oil field in the Bohai Sea with more than 100M tonnes of oil equivalent in reserve. China Vanke (2202.HK) was downgraded to 'selective default' by S&P following temporary creditor reprieve; analysts said company may resort to multiple short-term repayment extensions before proposing debt restructuring. SMIC (981.HK) is said to have raised prices on some of its products following growth in demand from mobile applications and AI. Doosan (000150.KS) is to sell 11.7M shares in Doosan Robotics (454910.KS) through a price return swap but will retain a 50.06% ownership of the company. LG Energy Solution (373220.KS) is to sell the assets of a JV in the US state of Ohio to Honda Motor (7267.JP).

  • Digest:

    • USTR delays additional China chip tariffs until 2027:

      • Reuters cited a USTR filing that announced additional China semiconductor tariffs will be delayed until Jun-27 and any action will be flagged at least 30 days in advance. Section 301 investigation was launched in December last year into China activity related to targeting dominance in the semiconductor market and downstream permeation into products used in critical industries. Noted Beijing declined consultations on the matter. Based on public comments, USTR concluded that China's activity is unreasonable (to the detriment of the US) and warrants a response. Cited centralized controls that effectively force the chip sector and other economic actors to comply. Pursuit of targeted dominance has been conducted in ways that run counter to fair competition and market-oriented principles. China in turn leverages this control to exploit non-market advantages across every major segment of the semiconductor supply chain, listing several specific examples. Technically, Section 301 action set an initial tariff level of 0 now, to be increased on 23-June-27 with a notice period of at least 30 days. Chip tariffs will be stacked on top of existing 50% related to forced technology transfer. Reuters described the response as an extension of a softer stance on China in the face of Chinese export curbs on rare earths. As part of negotiations with China, Washington pushed back restrictions on US tech exports of units of black-listed Chinese companies. It has also launched a review that could greenlight Nvidia (NVDA) H200 chips to China.

    • Won strengthens after Seoul issues verbal warning over weak currency, pledges action:

      • South Korea won strengthened 1.3% in early trades Wednesday after finance ministry and finance and Bank of Korea said in joint statement market would soon see government's strong commitment to stabilizing domestic currency (KoreaHerald). Authorities said they held series of meetings over past two weeks after won appreciated to 1,484 per dollar, near level last seen during GFC in 2009 and AFC in 1997. Recent strength blamed on several factors: sharp rise in overseas investments by locals, lower interest rates and fading hopes for accelerated US rate cuts, $350B investment pledge as part of US trade deal. In response, authorities had asked national pension service to sell dollars, told local brokerages to stop marketing overseas equities, eased currency regulations to boost onshore liquidity (Bloomberg). Even post this morning's move, won still nearly 8.0% weaker than its 52-week high in June.

    • China reaffirms vow to stabilize the housing market:

      • Xinhua reported China's top housing authority concluded a work conference Tuesday and pledged to stabilize the real-estate market, rolling out a package of measures centered on city-specific policies to reduce inventories and optimize housing supply. Minister of Housing and Urban-Rural Development Ni Hong said key measures include controlling new supply in line with local conditions, revitalizing existing land resources, and refining the provision of government-subsidized housing, alongside greater support for the reasonable financing needs of real estate developers. On home sales, Ni emphasized promoting the sale of completed new homes to mitigate delivery risks and strengthening supervision of advance payments in pre-sale property projects. Global Times added pledged efforts to promote the purchase of existing commercial housing for use as affordable housing, resettlement housing, dormitories, talent apartments, and other purposes. Ni emphasized further leveraging of the 'whitelist' system that offers preferential treatment to fast-track viable development projects.

    • BOJ October MPM minutes showed pieces moving in the right direction, but MPC needed a little more time:

      • Minutes for the October BOJ meeting made redundant by last week's rate hike though still indicated many members saw US tariff impacts on the Japanese economy was likely to be smaller than initially expected, thus lowering uncertainty. Prior discussions were headed in this direction, though with no clear consensus. Assessment restored confidence among some members of the likelihood Japan will continue to grow at an above-potential pace in FY25/26 despite tariff headwinds. Yet, cyclical dynamics were seen softer -- slower external demand translating to industrial production, corporate profits and capex -- albeit transitory. Weaker corporate profits seen leading to a temporary drag on wage growth via hit to semiannual bonuses, though absolute profit levels remain high and structural labor market tightness expected to anchor recent wage hike momentum. General expectation that 2026 shunto will yield similar wage hikes to this year, though attention seemingly shifting more towards longevity rather than growth rate. On inflation, while some members acknowledged underlying trend had been rising moderately toward 2% it had yet to reach the threshold, though discussions were largely constructive. Overall, many members saw a gradual increase in the likelihood of their main outlook scenario being realized though wanted "a little more time" for further confirmation.

    • China positioned to benefit from its role in AI value chain:

      • China tech stocks on track for strong 2025 with Hang Seng tech index up 23% year-to-date. Momentum seen continuing in 2026 as Beijing pushes to narrow gap with US and develop tech self-sufficiency (Reuters). Some foreign investors see case for increasing exposure to China's major platforms amid recent scrutiny on US tech valuations underlined by Nasdaq's 31x P/E compared to Hang Seng Tech P/E of 24x. China's AI startups also generating hype following blockbuster listings of chip producers like Moore Threads and MetaX. Several other China AI chip firms seeking to list soon (Bloomberg). Global AI capex growth predicted to reach $571B in 2026 from $423B in 2025, with resulting ramp in data center construction heaping pressure on local energy grids. China exporters uniquely positioned to power global AI with key markets like US dependent on imports (Nikkei). China power transformer shipments rose 36.3% y/y in first 11 months of 2025. China also leading player in energy storage systems, with exports up 61% in first 10 months of 2025 according to JP Morgan.

    • Notable Gainers:

      • +10.6% 348370.KS (Enchem): board reportedly approves five-year contract to supply a total of 350Kt of electrolyte to CATL; to acquire 12.84% stake in Shidai Sikang New Materials from Longyan Sikang New Material for KRW59.94B (CNY284.9M) in cash

      • +4% 000150.KS (Doosan): to sell 11.7M shares of Doosan Robotics through price return swap with a reference price of KRW81,000/share

      • +0.3% 8001.JP (ITOCHU): ITOCHU, East Japan Railway sign MoU regarding strategic alliance in real estate sector

      • +0.2% 883.HK (CNOOC): notes oilfield discovery of Qinhuangdao 29-6 in Bohai Sea with over 100Mt of proved oil equivalent in-place

    • Notable Decliners:

      • -5% 454910.KS (Doosan Robotics): Doosan to sell 11.7M shares of Doosan Robotics through price return swap with a reference price of KRW81,000/share

      • -3.4% 4716.JP (Oracle Corp Japan): reports H1 results; confirms guidance

      • -0.9% 4689.JP (LY Corp.): chairperson Kentaro Kawabe intends to retire upon expiration of term in June 2026

      • -0.4% 005930.KS (Samsung Electronics): HARMAN International to acquire ZF Group's ADAS business at valuation of €1.5B (KRW2.618T)

  • Data:

    • Economic:

      • Japan November

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

    • Markets:

      • Nikkei: (68.77) or (0.14%) to 50344.10

      • Hang Seng: 44.79 or +0.17% to 25818.93

      • Shanghai Composite: 20.97 or +0.53% to 3940.95

      • Shenzhen Composite: 25.87 or +1.04% to 2517.98

      • ASX200: (33.00) or (0.38%) to 8762.70

      • KOSPI: (8.70) or (0.21%) to 4108.62

      • SENSEX: (38.59) or (0.05%) to 85486.26

    • Currencies:

      • $-¥: (0.32) or (0.21%) to 155.9100

      • $-KRW: (20.26) or (1.37%) to 1459.8970

      • A$-$: +0.00 or +0.13% to 0.6711

      • $-INR: +0.11 or +0.12% to 89.7731

      • $-CNY: (0.01) or (0.18%) to 7.0156

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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