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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.06%), Hang Seng (0.94%), Shanghai Composite +0.05% as of 03:10 ET

Jan 07 ,2026

  • Synopsis:

    • Asia equities ended mixed Wednesday. Some signs of the new year's rally stalling with losses in Japan, Hong Kong and Taiwan while India is also trading lower. Mainland China and Singapore boards ended flat with modest gains for Australia and South Korea. Southeast Asia mixed. US futures mixed, Europe opened slightly higher. US dollar flat, AUD at one-year year high before retreating, yen stronger, little movement of note elsewhere. Treasury and JGB yields mixed. Crude oil sharply lower after Trump said Venezuela would send US 50M barrels of oil to the US. Precious metals lower with silver down 3%. Copper off record highs. Cryptocurrencies lower.

    • Asia's YTD equity rally running out of steam Wednesday with some reversals in Japan's big exporters and trading houses. Came as China and Japan's diplomatic row over Taiwan worsened after Beijing banned the export of dual-use civilian-military goods, although several Asia-based rare earth names were substantially higher. Elsewhere, energy stocks under pressure on the oil price decline; WTI down around 1.2% and Brent 1.0% after President Trump claimed Venezuela was about to give the US 50M barrels of crude to the US worth $2.3B, with the proceeds controlled by him. Technology stocks in South Korea and Taiwan mostly higher although TSMC fell a little. China tech stocks climbed on reports Beijing was planning to grow AI into a trillion-yuan industry within two years, albeit without providing details, as well as a significant broker upgrade.

    • In other developments, Australia November CPI was below consensus and October's reading at 3.4% giving the RBA more time to reflect before a possible rate hike. The PBOC promised monetary easing this year through a cut to internet rates and RRRs. the Bank of Thailand warned the country's competitiveness was waning amid a decline in competitiveness while an influential banking group warned of 'all-round exhaustion' this year in the economy.

    • Baidu's (9888.HK) AI chip unit Kunlunxin is said to have hired CICC (3908.HK), CITIC Securities (6030.HK) and Huatai Securities (6886.HK) as lead banks on its upcoming IPO. South Korea labor ministry pledged 'stern measures' against Coupang (CPNG) over alleged violation of workplace laws. Nanya Technology (2408.TT) reported December revenue up 445% y/y at NT$12B, improved margins and stronger supply-demand conditions in Q4. Hyundai Motor (005380.KS) stock significantly higher after its CEO met with Nvidia's Huang building hopes for an autonomous driving venture. VinFast (VFS) said it had doubled deliveries in Vietnam to around 170K units.

  • Digest:

    • China bans dual-use exports to Japan:

      • China Commerce Ministry on Tuesday announced a ban on the export of dual-use products to Japan, effective immediately (Xinhua). Ban will be applied to Japanese military users, products used by the military and any others that help enhance Japan's military capabilities. Ministry spokesperson cited Japan Prime Minister Takaichi's "erroneous" remarks on Taiwan that "seriously violated the one-China principle" and were deemed to be hinting at the "possibility of military intervention in the Taiwan Strait." Foreign Ministry expressed concerns about Japan's intention of revising its security policies -- including increasing defense spending, revising the three non-nuclear principles, lifting restrictions on arms export and developing offensive military capability -- which Beijing sees as "dangerous moves to speed up remilitarization" (Xinhua). Direct implications unclear at this point given lack of specifics. Yet, Reuters recalled China curbed rare earth exports to Japan during a previous diplomatic dispute more than a decade ago. Also noted Chinese state-affiliated social media blog wrote earlier on Tuesday that China was considering tightening approvals of rare earth export licenses, playing into fears among some analysts and Japanese companies of such a punitive measure soon after the dispute broke out in November.

    • Australia monthly headline CPI softer than expected:

      • Monthly CPI rose 3.4% y/y in November, below consensus 3.6% and follows 3.8% in the previous month to mark the softest in three months. Trimmed mean was in line, edging lower to 3.2% from 3.3%. Housing and food/non-alcoholic beverages remained the main drivers, while transport remained steadily elevated. Main swing factor apparently recreation & culture which eased to 2.0% after a relatively outsized 3.2% in October that was boosted by school holidays and major sporting events. Other categories to show deceleration were housing, furnishings, household equipment & services, as well as health. Easing headline was broadly based across goods and services. Amid ongoing attention on cost of living pressures, goods inflation was weighed down by a sharp drop-off in electricity to 19.7% from 37.1%, mainly reflecting impacts/base effects from QLD electricity rebates. ABS said electricity prices excluding this factor rose 4.6% in November vs 5.0% in October. Meanwhile, new dwelling prices picked up to 2.8% in November from 1.7% in October, translated from a steady 0.5% sequential increase. Rent inflation eased marginally to 4.0% from 4.2%, extending a trend reflecting stable vacancy rates in most capital cities.

    • PBOC to maintain moderately loose policy stance in 2026:

      • No surprises from the PBOC annual work conference, reaffirming a moderately loose monetary policy stance in 2026 (Xinhua). Continued to specifically mention RRR and interest rate cuts that usually portend follow-through at some point. Also reaffirmed its stable yuan policy. CGTN added PBOC highlighted priorities such as promoting high-quality economic development and reasonable price recovery. Noted plans to optimize Bond Connect and Swap Connect mechanisms. Latest indications represent little change in the policy outlook, with key phrasing remaining consistent with recent government rhetoric. PBOC Q3 monetary policy report also said it would maintain "moderately loose" policy. However, revival of "cross-cyclical adjustments" in the report drew some takeaways that PBOC may be less inclined to ease. Economists continue to predict mild monetary easing through RRR and policy rates some time in H1. Recall that adhoc stimulus was held back last year as policymakers were perceived to be saving ammunition until US tariffs clearly hit growth momentum. Yet, economic narrative has been somewhat mixed to the extent that weakness in exports to US have so far been offset by stronger growth in alternative markets. Latest activity data indicated momentum flagging in H2 (especially Q4) though H1 performance was strong enough to ensure 2025 economic policy targets will be achieved.

    • Analysts continue to talk up Asia-ex equities despite record breaking start to the year:

      • Asia equity analysts see more gains for regional benchmarks in 2026 despite strong start to year with Kospi gaining more than 8%, Taiex 5% and MSCI Asia Pac ex Japan index more than 4%. Regional MSCI index, Kospi, Taiex as well as Singapore's STI and Indonesia's JSX all at record highs following strong end to 2025. Bloomberg noted South Korea equity analysts see ongoing support from chipmakers, Seoul's planned KRW150T ($104B) investment fund, deepening corporate reforms. Increased expectations from retail investors who could rotate into local stocks from US names may provide additional support. Second Bloomberg report noted analysts rushing to raise target prices on TSMC (2330.TT), which has 45% of Taiex weighting, despite 8% gain already YTD. Broker Goldman Sachs also raised MSCI China forecast 20%, CSI 300 index 12% supported by AI and policy measures (Bloomberg). Bullishness not restricted to tech boards: BusinessTimes noted analysts believe revitalized IPO market, policy tailwinds could send STI past 5K by year end.

    • Thailand central bank says country's competitiveness in decline:

      • Bank of Thailand Wednesday said country's economy will face challenges this year including sustained decline in competitiveness, slowdown in exports due to US tariffs. Said H2-25 GDP growth 1.3% y/y while inflation remained within 1-3% range. Growth level below Southeast Asia peers as country grapples with high household debt, appreciating currency, domestic political uncertainty, simmering Cambodia border conflict (Reuters). Bank said strong baht tightening liquidity for SMEs and weighing on shipments. Separately, bank also said it must take medium-term view on rates to defend against unforeseen risks to financial system, preserve limited space for further easing (Bloomberg). Warned of financial imbalances which build up from keeping rates low for long period. Adding to downbeat comments, leaders of three largest commercial banks warned of 'challenging' 2026, said upcoming financial year would see 'all-round exhaustion', forecast GDP growth of below 2% (TheNation).

    • Notable Gainers:

      • +13.8% 005380.KS (Hyundai Motor): reports point to speculation after executive chair meets with Jensen Huang at CES

      • +9.5% 8233.JP (Takashimaya): reports Q3 results; to purchase ¥60.0B zero coupon convertible bonds due 2028 through tender offer

      • +5.5% 2408.TT (Nanya Technology): reports December revenue NT$12.02B, +444.9% y/y

    • Notable Decliners:

      • -15.2% 403870.KS (HPSP Co.): HPSP largest holder Crescendo reportedly sells 10.0% stake at KRW35,050-36,800/share via block trade

      • -14.1% 328130.KS (Lunit): responds to SED report; notes that the company never pursued KRW200B funding

      • -8.3% 1918.HK (Sunac China Holdings): reports December contracted sales value CNY2.95B; StreetAccount notes the year-ago figure was CNY1.75B

      • -4.1% 1776.HK (GF Securities): to place 219.0M H-shares at HK$18.15/share; to issue HK$2.15B convertible bonds

      • -2.3% 7011.JP (Mitsubishi Heavy Industries): China bans exports of dual-used items for military purposes to Japan

  • Data:

    • Economic:

      • Japan

        • December final services PMI 51.6 vs flash 52.5 and 53.2 in prior month

          • Composite PMI 51.1 vs flash 51.5 and 52.0 in prior month

      • Australia

        • November CPI +3.4% y/y vs consensus +3.6% and +3.8% in October

          • Trimmed mean CPI +3.2% y/y vs +3.3% in October

        • November building approvals +15.2% m/m vs consensus +2.0% and revised (6.1%) in October

    • Markets:

      • Nikkei: (556.10) or (1.06%) to 51961.98

      • Hang Seng: (251.50) or (0.94%) to 26458.95

      • Shanghai Composite: 2.10 or +0.05% to 4085.77

      • Shenzhen Composite: 2.75 or +0.11% to 2620.52

      • ASX200: 12.80 or +0.15% to 8695.60

      • KOSPI: 25.58 or +0.57% to 4551.06

      • SENSEX: (278.30) or (0.33%) to 84785.05

    • Currencies:

      • $-¥: (0.19) or (0.12%) to 156.4910

      • $-KRW: (0.27) or (0.02%) to 1446.5330

      • A$-$: (0.00) or (0.03%) to 0.6736

      • $-INR: (0.27) or (0.30%) to 89.8425

      • $-CNY: +0.01 or +0.08% to 6.9894

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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