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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.42%), Hang Seng (0.28%), Shanghai Composite (0.33%) as of 03:10 ET

Jan 15 ,2026

  • Synopsis:

    • Asian equities mixed Thursday. Nikkei pulled back following record-setting streak while Topix extended record highs. Hang Seng and Shanghai both lower, Shenzhen eked out mild gains. Kospi outperformed and ASX also higher. Taiex weaker. India closed for a holiday. US futures higher, reversing earlier losses. Treasuries little changed. JGB yields lower along the curve following big backup. Dollar strongest against Korean won, as the currency resumed decline toward 17-year low on Thursday and erased gains after Treasury Secretary Bessent's warning against excessive depreciation. Yen regained ground following latest verbal intervention from the government. Oil and gold both lower. Bitcoin off from two-month high

    • Oil fell for first time in six days, retreating from multi-month highs after President Trump signaled that he may hold off on military action against Iran by claiming he received assurances Iranian killing of protestors has stopped. Other commodities, including gold, silver, platinum and palladium all fell. TSMC (2330.TT) reported better-than-expected Q4 profits, reigniting optimism for AI, semi-related stocks after investors rotated out from big tech overnight on Wall Street. In Japan, snap election speculation continues with Nikkei top story noting PM Takaichi informed senior executives of LDP and JIP Wednesday of her intention to dissolve lower house early in regular Diet session, which convenes 23-Jan, paving way for potential 8-Feb vote at earliest. 'Takaichi trade' reignited this past week with stocks hitting all-time highs and JGBs under pressure. Yen weakness prompted more verbal warnings from Finance Minister Katayama on Wednesday evening, stating government will respond to excessive moves. Separately, Japan wholesale inflation in December slowed to lowest since Jun-2024.

    • In other developments, BOK left policy rate unchanged at 2.50% for fifth straight meeting as expected in a unanimous decision. Communications shifted to more neutral tone with statement omitting line about leaving room for potential rate cuts. Noted upside risks to growth has increased while weak won is posing upside risk to inflation. Governor Rhee said five of six board members see rates on hold in next three months (vs 3:3 split in November). Trump administration cleared way for sales of NVDA H200 and AMD MI325X chips to China as US government will take 25% of sales, however still unclear whether Beijing will allow those chips into the country. China credit data metrics for December better or in line with expectations while banks extended smallest amount of new loans for the whole year in 2025 in seven years.

    • TSMC (2330.TT) posted 35% y/y jump in Q4 profit to record levels, beating estimates and earmarked $52B to $56B in capex for 2026, also stronger-than-expected, signaling confidence in global AI boom. Trip.com (9961.HK) shares plunged nearly 20% Thursday after Chinese regulators opened antitrust probe into the company, accusing it of abusing its dominant market position. Baidu (9888.HK) is considering upgrading its Hong Kong listing to primary status to be eligible for stock-connect to tap mainland China investors.

  • Digest:

    • BOK leaves rates unchanged as expected, won weakness adds to reasons to stay on hold:

      • BOK left the policy rate unchanged at 2.5%, matching unanimous expectations. Policy statement maintained a pledge to continue supporting growth though tone was otherwise generally neutral, refraining from telegraphing the direction of the next move as board members closely monitor economic developments. Governor Rhee said at the press conference the vote was unanimous, and five of six board members saw a "high chance" of remaining on hold over the next three months and described the general consensus was to wait and see (Bloomberg). Market expectations for easing were eroded further by recent currency weakness following interpretations from the prior meeting the BOK was moving closer to a neutral policy stance to signal an approaching end to the rate cut cycle. Rhee also at the time said current rate levels were in the neutral range. Won depreciation drew attention after sinking to its lowest in nearly 17 years versus dollar and most recently lost ground for the tenth straight session through Wednesday (Yonhap). Other constraints against rate cuts include elevated house prices and BOK appears to be assessing the impact of tighter government regulations on home purchases in Seoul and surrounding areas as well as stricter caps on household lending. Also comes against the backdrop of similar circumstances in other economies with growth momentum relatively resilient as a reflection of mitigating US tariff risks, alongside elevated inflation. Going forward, Reuters consensus pushed back projections for the next rate cut to 1Q27 from 1Q26.

    • Currency officials call out FX levels out of line with fundamentals:

      • Japan Finance Minister Katayama issued more verbal intervention in yen Wednesday evening, warning that authorities "won't rule out any means and will respond appropriately to moves that are excessive, including those that are speculative" (Bloomberg). Added "the kind of sudden moves we saw on 9-Jan have nothing to do with fundamentals and are deeply concerning." Rhetoric was echoed by FX policy chief Mimura. Similar concerns about South Korean won. US Treasury Secretary Bessent posted on X that he met with South Korea Deputy Prime Minister Koo Yun Cheol on Monday to discuss the critical minerals ministerial meeting and ongoing market developments in Korea, including the recent depreciation of the Korean won which is not in line with Korea's strong economic fundamentals. Won was trading around 1,470 per dollar near a 17-year low ahead of the BOK decision. Bloomberg noted Bessent rarely comments on specific exchange rates was roped into recent verbal intervention after Katayama earlier this week said she and Bessent shared concerns about one-way weakening of the yen. Treasury Department statements on both meetings emphasized excess FX volatility is undesirable. Bessent also highlighted in his discussion with Katayama the need for "sound formulation and communication of monetary policy," playing into well-established market expectations that US will continue to call out Japan's combination of weak yen and low policy rates.

    • Japan PM Takaichi reveals plans to dissolve lower house, details to come Monday:

      • Nikkei top story said Prime Minister Takaichi met Wednesday with senior executives of the LDP and JIP to inform them of her plan to dissolve the lower house early in the regular Diet session, which convenes on 23-Jan. Takaichi also told reporters they discussed a dissolution "early" in the regular session without specifying, keeping consistent with previous remarks to LDP leadership that proceeding at the start of the session was "one option." LDP Secretary-General Suzuki and JIP leader Yoshimura indicated Takaichi will disclose details including the election schedule at a news conference on Monday. Article reaffirmed that a 23-Jan dissolution would set up official election campaigning 27-Jan ahead of an 8-Feb vote at the earliest (Japanese version noted alternative 3-Feb campaign/15-Feb vote remains viable). Prospects looking encouraging with cabinet approval ratings high, stoking elevated expectations within the LDP they can gain seats in the lower house. LDP currently holds 199 out of 465 seats including some controlled by independent partners. Combined with JIP, coalition holds razor-thin 233 majority. Election stimulating hopes the LDP can regain a standalone majority. Coast looks clear thereafter as Takaichi won't face another national election until the next upper house vote in 2028.

    • TSMC profit surges to record, beating estimates amid strong AI demand:

      • TSMC (2330.TT) reported 35% y/y increase in Q4 profit to record NT$505.7B ($16B), versus average analyst estimate for 25% growth to NT$467B (Bloomberg). Operating income rose to NT$564.9B versus FactSet consensus NT$526.7B on revenue up 20.4% y/y to NT$1.046T versus consensus NT$1.031T. Operating margin 54.0% versus consensus 50.9% and prior guidance 49-51%. The semiconductor bellwether company surpassed $100B in annual revenue for first time and posted more than 30% annual sales growth for two straight years, expressing strong optimism in AI to drive long-term growth despite growing concerns about capex sustainability. Industry insiders expect TSMC to continue increasing capital expenditure in 2026 to around $50B (Nikkei). TSMC's US expansion on track and it will be critical part of imminent trade deal between Taiwan and US, with company expected to commit to build more chip fabrication facilities in US. JPMorgan analyst said TSMC likely to deliver another strong revenue growth this year with momentum likely to extend into 2027. Meanwhile memory crunch in consumer electronics seen to cut into its mobile device sales.

    • More noise surrounding China approvals for Nvidia H200 purchases:

      • Multiple Reuters sources said Chinese customs authorities told customs agents this week that Nvidia's (NVDA) H200 chips are not permitted to enter China. Government officials also said to have summoned domestic technology companies to meetings on Tuesday where they were explicitly instructed not to purchase the chips unless necessary. Tone was strong enough to evoke interpretations that this was effectively a ban for the time being. Amid ongoing Sino-US frictions, it remains unclear whether Beijing wants to ban it outright so that domestic chip companies can flourish, or is still chewing over restrictions, or whether these measures could be used as a bargaining tactic in talks with Washington. Reuters also reported President Trump coming under scrutiny for his decision to green light H200 exports to China on concerns the move erodes US competitive advantage in AI and enhances China's military capabilities. Reports follow a steady stream of developments. Recall that Nvidia hyped up strong China demand for H200 at the latest earnings presentation as they waited for approval and was reportedly aiming to commence shipments before LNY in mid-February. While Bloomberg reported last week that China plans to approve H200 imports as soon as this quarter, Beijing's stance has been unclear from the outset, giving rise to speculation that H200 purchases might be approved in a package with domestic chips. Nikkei cited two sources indicating the government is working on purchase limits with approvals to come as soon as the end of this month, but companies will be required to explain why they need H200s.

    • Notable Gainers:

      • +11.8% 7453.JP (Ryohin Keikaku): reports Q1 results; operating income ¥28.38B vs FactSet ¥24.56B

      • +6.2% 6201.JP (Toyota Industries): Toyota Fudosan raises Toyota Industries offer to ¥18,800/share from ¥16,300/share

      • +4.6% 2809.JP (Kewpie): reports FY results; operating income ¥34.63B vs guidance ¥34.50B and FactSet ¥33.99B

      • +2.5% 9602.JP (Toho Co): reports 9M results; reiterates FY guidance; to conduct 5-for-1 stock split, effective 1-Mar

      • +0.8% 9888.HK (Baidu): reportedly considers changing Hong Kong listing to primary from secondary

    • Notable Decliners:

      • -19.2% 9961.HK (Trip.com Group): China initiates investigation into Trip.com Group for suspected monopolistic behavior in abusing market dominance based on preliminary inspections

      • -6.2% 2013.HK (Weimob): extends long-stop date of 688.5M-share placement announcement on 17-Sep

      • -3.8% 2268.HK (WuXi XDC Cayman): offers to acquire BioDlink International at HK$4.0/share

      • -0.8% 6030.HK (CITIC Securities): reports preliminary FY revenue CNY74.83B vs FactSet CNY77.01B

      • -0.2% 1385.HK (Shanghai Fudan Microelectronics Group): Trump imposes 25% tariffs on imports of certain advanced semiconductors

  • Data:

    • Economic:

      • Japan

        • December CGPI y/y +2.4% versus +2.7% in prior month

      • China

        • December new loans CNY910B vs consensus CNY800B and CNY390B in prior month

          • Outstanding loan growth +6.4% y/y vs consensus +6.3% and +6.4% in prior month

          • Total social financing CNY2.21T versus consensus CNY2.0T and CNY2.49T in prior month

          • M2 money supply +8.5% y/y vs consensus +8.0% and +8.0% in prior month

    • Markets:

      • Nikkei: (230.73) or (0.42%) to 54110.50

      • Hang Seng: (76.19) or (0.28%) to 26923.62

      • Shanghai Composite: (13.49) or (0.33%) to 4112.60

      • Shenzhen Composite: (3.49) or (0.13%) to 2689.92

      • ASX200: 41.10 or +0.47% to 8861.70

      • KOSPI: 74.45 or +1.58% to 4797.55

      • SENSEX: 0.00 or 0.00% to 83382.71

    • Currencies:

      • $-¥: +0.18 or +0.11% to 158.6350

      • $-KRW: +5.11 or +0.35% to 1472.2740

      • A$-$: (0.00) or (0.04%) to 0.6682

      • $-INR: +0.05 or +0.05% to 90.2948

      • $-CNY: (0.00) or (0.07%) to 6.9692

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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