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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng +2.76%, Kospi +2.27%, Taiex +1.33% as of 03:10 ET

Jan 02 ,2026

  • Synopsis:

    • Asia equities started 2026 on a very strong note with technology stocks again driving gains: Hong Kong and Seoul gaining more than 2% with Taipei also at fresh record highs. Another new record for Singapore, India also higher and some modest gains in Sydney. Japan, mainland China and Thailand remained closed. US futures point to another strong opening, Europe mixed at the open. US dollar flat, AUD notably higher, offshore yuan at 18-month highs. Treasuries higher across tenors. Precious metals higher with silver notably stronger. Crude oil higher, base metals quiet.

    • Asia equities started 2026 as they left 2025 with very strong gains in technology and specifically AI-related tech names. TSMC (2330.TT) and Nanya Technology (2408.TT) among stocks in Taiwan at fresh records, driving the Taiex to another record high; Samsung Electronics (005930.KS) up 7%, SK Hynix (000660.KS) up 4% on bullish new year statements, and which helped the Kospi to a fresh record. Gains in Hong Kong technology. Fresh record highs on Singapore's STI too, collectively helping the MSCI Asia Pac ex Japan index to a new record high.

    • Economic data out today also positive. Regional PMIs for December showed a return to growth in South Korea and Taiwan, and ongoing strength in ASEAN, adding to China's strong reading published on Wednesday. India's final PMI revised slightly lower but still expansive. South Korea exports for December beat expectations on higher semiconductor shipments; BOK Governor Rhee warned over a 'misaligned' won and reiterate support for the currency. Singapore Q4 GDP growth higher than expected at 5.7% y/y thanks to a surge in manufacturing and pharmaceutical output, and leading to a stronger-than-expected 4.8% annual growth.

    • Shanghai Biran Technology (6082.HK) surged more than 75% in its first day of trading in Hong Kong. Bain Capital is to buy a 43.7% stake in Echo Marketing (230360.KS) in a $344M deal and will make a tender offer for the remaining stake at 16K per share. Samsung Electronics (005930.KS) reported progress on next generation HBM4 chips. SK Hynix (000660.KS) CEO said AI demand to remain permanent factor in chip market. US granted TSMC (2330.TT) its annual license to import US chipmaking tools into China. Australia gold miner Northern Star (NST.AU) cuts production forecast after operational problems. BYD (1211.HK) said it had met its revised sales forecasts to likely surpass Tesla as the world's top EV maker.

  • Digest:

    • Offshore yuan hits strongest level against dollar since May-2023:

      • Offshore yuan strengthened beyond 6.97 per dollar Friday morning amid thin liquidity during New Year Holiday as dollar-CNH tested its low in May-2023. Came after onshore yuan rose beyond key 7 per dollar level earlier this week for first time in more than 2.5 years, signaling Beijing's tacit consent for more currency appreciation (Bloomberg, Bloomberg). PBOC also set yuan's reference rate on 31-December at fresh high since September 2024, although still well below market consensus which suggested policymakers still preferred gradualist approach in FX management. Yuan rose 4.2% against dollar in 2025, ending three straight years of depreciation from 2022 to 2024 (Caixin). Meanwhile PBOC reaffirmed commitment to maintain exchange rate flexibility, strengthen efforts to guide expectations and guard against overshooting risks in annual financial stability report. Slew of state media commentaries have pushed against making "one-way bets" on yuan, calling recent trend "unsustainable" (Bloomberg).

    • Singapore FY25 GDP growth surpasses expectations on Q4 surge:

      • Singapore's economy grew 4.8% in FY25, well ahead of consensus and government estimates, thanks in part to sharp growth in manufacturing and pharmaceutical output during Q4, according to Ministry of Trade & Industry. Prime Minister Wong said stronger performance came as global growth proved more resilient in face for US tariffs while Singapore had benefitted from surge in AI-related chip and electronics demand which helped keep unemployment and inflation low while real wages grew. But Wong also warned country faces demographic challenges, fractured trade and geopolitical tensions that could hinder growth in coming years (BusinessTimes). Q4 GDP grew 5.7% y/y versus Bloomberg consensus 6.3% and Q3's 4.3% as manufacturing, which includes AI-related technology clusters, grew 15% y/y and 9.2% q/q. On annual basis, all major segments saw growth with additional outperformance in construction, financial services.

    • South Korea exports cap off record year, manufacturing PMI logs first growth in three months:

      • Customs exports rose 13.4% y/y in December, above consensus 9.0%. Follows 8.4% in the previous month, marking the eighth straight increase and the strongest since Jun-24. According to Bloomberg calculations, calendar-adjusted growth slowed to 8.7% from 13.3% for the third straight gain. Semiconductors surged 43.2% to outweigh a 1.5% decline in autos. Imports rose 4.6%, also above consensus 2.5% and follows 1.1% in November. Most of the attention went to 2025 aggregates showing exports grew 3.8% to a record $710B. Main bright spots were semis, autos and maritime vessels. Growth was notable given declines in the biggest markets -- US down 3.8%, China down 1.7% -- which were offset by better demand in ASEAN, EU and Middle East. In contrast, imports edged down 0.02%, leaving a trade surplus of $78B, largest since 2017. Manufacturing PMI rose to 50.1 in December from 49.4 in the prior month, returning to expansion territory for the first time since September. Highlight was new orders logging the first growth in three months and the strongest since Nov-24 attributed mainly to new product launches and overseas demand. Respondents signaled improving demand conditions in key markets across Europe, Americas and mainland China.

    • BOK Governor Rhee issues cautious New Year's address:

      • In a New Year's speech, BOK Governor Rhee highlighted several ongoing challenges ahead for 2026. Noted ongoing significant uncertainty over global trade (particularly tariff risks and US-China tensions) and monetary policies of major countries. Added uncertainty surrounding the US investment agreement remains unresolved. Stressed that $20B annual flows into US represents a ceiling rather than a baseline and vowed authorities will not allow this to compromise FX stability. Much of the attention was drawn to remarks on won, which has depreciated to the upper 1,400 range vs dollar. Market vigilance remains high and adds to inflation risk. While acknowledging difficulties in assessing precise fair value, declared this range appears to be substantially misaligned with economic fundamentals. Cited growth/interest rate differentials as the main dynamic as well as the so-called 'Korea discount.' Also mentioned persistent growth in portfolio outflows and raised issues with the overly transparent investment patterns of the National Pension Service, whose flows are exerting increasingly greater influence on the FX market. On macro, sees recent elevation in CPI inflation as mostly temporary and expects 2026 to average steady at 2.1% while noting potential upside risks from FX factor. Also warned that cost of living burdens cannot be solved by monetary policy alone. GDP growth projected at 1.8% though subject to a significant margin of error from various crosswinds while widening disparities across sectors will likely open up a sizable gap between headline indicators and actual economic sentiment.

    • Asia manufacturing recovers in December, PMIs show:

      • Asia S&P Global December PMIs improved with output, new orders improvement, but also higher inflation. Australia PMI saw output, new orders expand again on domestic, overseas demand but inflation accelerated, feeding into RBA concerns over prices. South Korea's reading of 50.1 was return to expansion while forward-looking sentiment and new order readings also bode well; Taiwan's reading returned to expansive 50.9 from November's 48.8 however both countries recorded higher input costs. ASEAN region continued expansive trend: Indonesia saw improved output, new orders with business sentiment now at three-month high. Malaysia saw strong rise in employment, countering slight output moderation with final PMI reading at 50.0. Philippines signaled improved operating conditions, higher new orders for first time in four months. Vietnam ended volatile year with output, new orders, sentiment improving, but also saw sharp rise in input costs. Pre New Year holiday, China's official and RatingDog PMI also showed return to growth for first time since March.

    • Notable Gainers:

      • +13.4% 042700.KS (HANMI Semiconductor): proposes year-end dividend of KRW800/share vs year-ago KRW720/share

      • +11.9% 068270.KS (Celltrion): signs KRW678.71B ($473.0M) pharmaceutical manufacturing contract with Eli Lilly

      • +9.4% 9888.HK (Baidu): to proceed with spin-off and listing of Kunlunxin

      • +2.3% 2330.TT (TSMC): Nvidia seeking increased production from TSMC; is granted approval for US chipmaking tool shipments to China

      • +1.9% 9863.HK (Zhejiang Leapmotor Technology): reports December deliveries 60,423 units, +42% y/y

      • +1.7% 175.HK (Geely Automobile Holdings): reports December sales volume 236,817 units, +13% y/y

      • +0.7% 2317.TT (Hon Hai Precision Industry): OpenAI to give orders to Hon Hai instead of Luxshare

      • +0.4% 532977.IN (Bajaj Auto): reports December vehicle sales 370K vs StreetAccount 373K

      • +0.0% 443060.KS (HD Hyundai Marine Solution): guides FY26 revenue KRW2.334T vs FactSet KRW2.331T

    • Notable Decliners:

      • -2.1% 9973.HK (Chery Automobile): reports December sales volume 232,308, (16%) vs year-ago 275,052

      • -1.2% 2333.HK (Great Wall Motor): December production 116,812 units, (16.4%) y/y

  • Data:

    • Economic:

      • South Korea December

        • Exports +13.4% y/y vs FactSet consensus +10.3% and +8.4% in prior month

          • Imports +4.6% vs FactSet +3.0% and revised +1.1% in prior month

      • Singapore Q4

        • GDP +5.7% y/y vs consensus +6.3% and revised +4.3% in prior quarter

    • Markets:

      • Nikkei: Closed

      • Hang Seng: 707.93 or +2.76% to 26338.47

      • Shanghai Composite: Closed

      • Shenzhen Composite: Closed

      • ASX200: 13.50 or +0.15% to 8727.80

      • KOSPI: 95.46 or +2.27% to 4309.63

      • SENSEX: 491.29 or +0.58% to 85679.89

    • Currencies:

      • $-¥: +0.29 or +0.18% to 156.9680

      • $-KRW: +2.09 or +0.14% to 1442.7060

      • A$-$: +0.00 or +0.32% to 0.6695

      • $-INR: +0.22 or +0.25% to 90.1028

      • $-CNY: (0.00) or (0.01%) to 6.9927

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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