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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.44%), Hang Seng (0.71%), Shanghai Composite +0.04% as of 03:10 ET

Dec 29 ,2026

  • Synopsis:

    • Asia equities ended mostly lower Monday amid light trading volumes although technology benchmarks rallied again. Some sharp declines in Japan, Australia and Hong Kong; India also seeing modest losses. Shanghai ended flat, gains in Taiwan while South Korea's Kospi rallied to just short of record highs. US futures mixed, Europe opened unchanged. US dollar a little stronger, yuan steadying amid state media warnings, yen and won stronger again. Treasury and JGB yields mostly higher. Silver tested $80 per ounce for a second time before selling off sharply, gold and palladium also hovered near records before declining. Crude oil futures higher, copper at record high. Cryptocurrencies rallied.

    • Another strong rally in South Korea Monday after the domestic stock market lifted its 'investment warning' on SK Hynix, triggering another leg higher in it and several other big tech stocks. Other country-based boards limping towards the end of the year after the US finished lower on Friday, albeit on very thin volumes. Metal prices the story of the day with gold and silver touching record highs before selling off, platinum prices moved in a wide range, while copper also moved to fresh record highs. A weaker US dollar last week, hopes for more Fed rate cuts, and thin trading volumes exacerbated underlying moves put down to rising geopolitical tensions over Venezuela. Copper's surge related to the imposition of US import tariffs that could see supplies already squeezed by mining outages.

    • In other developments, the BOJ Summary of Opinions showed members voted for December's rate hike amid diminished US tariff threats and on optimism over inflation and wages. China industrial profits contracted at a faster pace in November to match the trajectory seen in activity indicators. Thailand and Cambodia agreed to a ceasefire along their border while China arranged a further meeting of foreign ministers in Yunnan. Thailand's November industrial output fell unexpectedly; PPI in Singapore rose by the least in three months and fell in Malaysia.

    • Softbank (9984.JP) is said to be near a deal for data center private equity group DigitalBridge. LG Energy Solution (373220.KS) and Freudenberg Battery Power Systems have terminated their battery supply contract. Coupang (CPNG) is offering more than $1B in compensation, or $35 each in the form of vouchers, to customers affected by the country's largest ever data breach.

  • Digest:

    • Loose financial conditions, low real rates and wage hike momentum supported BOJ rate hike:

      • December BOJ Summary of Opinions showed several members felt it appropriate to raise interest rates amid receding risks related to US tariffs, high company profit growth and wage hike momentum, and rising inflation, all of which is raising likelihood of baseline scenario of being achieved. Excessively accommodative financial conditions and very low real interest rates were also given as justifications for raising rates. Another mentioned risk of BOJ falling behind curve amid possibility of global trend towards tightening next year. One noted that amid still-considerable gap between current interest rate and neutral level, BOJ should adjust policy within intervals of few months to prevent rapid tightening in future. One said BOJ should not aim for particular level of neutral rate but be flexible on conduct of policy. Members reaffirmed expectation of underlying inflation reaching target in second half of projection period with one arguing this outcome will be confirmed if next spring's wage hikes match price stability target. Government policies to boost consumption and investment also expected to contribute to higher longer-term inflation.

    • China to enhance fiscal spending next year, focusing on consumption and investment:

      • According to Ministry of Finance readout, China Fiscal Work Conference concluded Friday with pledge to expand and enhance fiscal spending in 2026 (Reuters, Bloomberg). Key fiscal aims will involve stimulating consumption, including via increasing social safety net and promoting household income growth, as well as accelerating new growth drivers with investments in technology and high-quality manufacturing. Financing will involve better optimization of government bonds, which was interpreted as signal authorities will focus on spending efficiency than total size. Attention turning to government work report in March amid suggestions policymakers will stick to targeting GDP growth of ~5% next year (Reuters). Authorities signaling policy support may lean more heavily on targeted fiscal measures in pursuit of next year's growth target though economists continue to expect reductions to interest rates and RRR early next year (Reuters).PBOC Q4 monetary policy report reaffirmed will maintain moderately loose policy, though absence of specific rate cut guidance was notable contrast to December CEWC statement (Bloomberg).

    • China industrial profits in November post worst decline since September 2024:

      • Industrial profits fell sharply by 13.1% in November, steepest pace in 14 months and accelerating from 5.5% decline in October, adding to signs that weakening domestic demand and persistent deflationary pressure are hurting corporate earnings despite resilience in exports. Profits rose 0.1% y/y in first 11 months, slowing from 1.9% growth seen in Jan-Oct. Among industrial firms, manufacturers posted 5% increase in profit over first 11 months, supported by strength in advanced manufacturing including aerospace and electronics production. Utilities' profits grew 8.4% y/y over same period while miners saw 27.2% drop. Bloomberg noted more headwinds may come along as fixed-asset investment continues to fall, consumption growth slows, and trade tensions rise with key partners despite temporary truce with US. Still Beijing is seen unlikely to roll out additional stimulus for now as official growth target of around 5% is within reach. Reuters citing analysts noted November's poor reading is consistent with broader cooling in macro data in Q4 amid drag from weak local demand while profitability may improve under so-called "anti-involution" campaign.

    • China set to host Thailand, Cambodia chief diplomats as ceasefire holds:

      • Thailand-Cambodia border region said to be quiet late Sunday as ceasefire takes hold, China offered to hold follow-up talks to improve ties between two sides (TheNation). Foreign ministers from Bangkok, Phnom Penh expected to meet China FM Wang Yi in Yunnan with Beijing also pledging to provide humanitarian needs for Cambodia border region (Reuters). Thailand's defense minister said ceasefire was 'strategic' decision rather than concession to Cambodia but analysts said his comments reflect fragile nature of ceasefire after Trump-negotiated deal broke down in early December (Bloomberg). In other Southeast Asia developments, former Malaysia's High Court gave former PM Najib Razak 15-year sentence late Friday over part in country's 1MDB corruption scandal (NewStraitsTimes). Myanmar's first election since 2021 coup took place but turnout significantly lower than 2020 amid accusations from UN, human rights groups election 'not free, fair or credible' (Reuters).

    • Notable Gainers:

      • +6.8% 000660.KS (SK Hynix): investment warning lifted by Korea Exchange

      • +1.9% 3994.JP (Money Forward): holder ValueAct raises stake to 9.53% from 5.62%

      • +0.9% 9863.HK (Zhejiang Leapmotor Technology): to issue 74.8M shares to FAW Equity at CNY50.03/share (HK$55.29/share)

      • +0.1% 532541.IN (Coforge): to buy Encora for EV of $2.35B (INR211.34B); payment to be made in shares valued at INR1,815.91/share

    • Notable Decliners:

      • -1.6% 1810.HK (Xiaomi): co-founder Lin Bin plans potential disposal of up to $2B stake starting from Dec-26

      • -1.1% 3086.JP (J. FRONT RETAILING): reports Q3 operating profit ¥10.7B vs FactSet ¥10.10B

      • -0.9% 373220.KS (LG Energy Solution): KRW3.922T EV battery supply contract with Freudenberg Battery Power Systems terminated

  • Data:

    • Economic:

      • China Jan-Nov 2025

        • Industrial profits +0.1% y/y vs +1.9% in Jan-Oct (27-Dec)

          • November industrial profits (13.1%) y/y vs (5.5%) in prior month

    • Markets:

      • Nikkei: (223.47) or (0.44%) to 50526.92

      • Hang Seng: (183.70) or (0.71%) to 25635.23

      • Shanghai Composite: 1.60 or +0.04% to 3965.28

      • Shenzhen Composite: (8.30) or (0.33%) to 2533.64

      • ASX200: (37.00) or (0.42%) to 8725.70

      • KOSPI: 90.88 or +2.20% to 4220.56

      • SENSEX: (338.34) or (0.40%) to 84703.11

    • Currencies:

      • $-¥: (0.39) or (0.25%) to 156.1940

      • $-KRW: (10.16) or (0.70%) to 1431.8700

      • A$-$: (0.00) or (0.23%) to 0.6700

      • $-INR: +0.09 or +0.10% to 89.9318

      • $-CNY: +0.00 or +0.01% to 7.0075

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.
Please refer to "Terms Of Use".

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