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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.73%, Hang Seng +0.17%, Shanghai Composite +0.14% as of 03:10 ET

Jan 22 ,2026

  • Synopsis:

    • Asia equities ended mostly higher Thursday as the risk-off sentiment cooled. Japan's Nikkei 225 and Topix benchmarks ended with sharp gains while there were more advances in Taipei and Seoul, the latter of which saw the Kospi briefly break through 5,000. Australia, Singapore and India all higher, Malaysia's KLCI at a seven-year high. Mainland China boards closed with small gains while Hong Kong ended flat. Indonesia's JSX underperformed notably the day after its central bank held rates steady. US futures higher, European markets opened with sharp gains. US dollar flat, AUD and NZD stronger, yen and won weaker. Treasury yields curve steepened for a second day, JGB yields lower. Crude futures flat, precious metals mixed, base metals supported.

    • Asia equities higher Thursday as the relief rally overnight in Europe and US markets fed through to Asia bourses. Positive sentiment came after President Trump backed off threats over Greenland in a renewal of the 'Taco' trade, which also saw the dollar recover and sovereign yields decline. In Asia today, South Korea's Kospi briefly topped 5,000 before settling back as technology and battery stocks outperformed after Nvidia CEO Huang said the AI buildout still needs trillions of dollars in investments. Japan's bond markets settling down after Tuesday's tumult with longer dated yields rallying noticeably.

    • In other developments, Japan trade data showed export growth just below prior month's level, as strength in semiconductor shipments offset weakness in autos. South Korea's Q4 GDP grew by less than expected y/y at 1.5% with q/q growth negative. Australian employment data showed biggest monthly increase in jobs since Apr-2025 while the unemployment rate unexpectedly fell, firming odds of a RBA rate hike in February. Japan's December exports missed estimates amid a sharp decline in shipments to the US. Malaysia's central bank held rates steady as fully expected amid a strong economy and benign inflation.

    • Three Toyota Motor (7203.JP) affiliates have reached a $436M settlement over a forklift truck emissions cheating scandal. Tepco (9501.JP) has restarted a nuclear reactor for the first time since Fukushima explosion; said damage compensation from Fukushima will exceed ¥11T. A South Korea labour union has warned Hyundai Motor's (005380.KS) warned over the company's development of humanoid robots, saying they will bring "employment shocks". Reliance Industries (523445.IN) is to receive sanctions-compliant oil from Russia in February and March following a one-month pause, according to a Reuters report. Sun Pharmaceuticals (524715.IN) is talking with advisors over a possible bid for US-listed Organon (OGN). Norway's Telenor sells its 30% stake in True Corp (TRUE.TB) for around $3.9B to a holding company owned by True's chairman Suphachai Chearavanont.

  • Digest:

    • Trump announces framework deal on Greenland, backs off tariff threat:

      • President Trump backed off from threat to impose tariffs on EU unless Denmark ceded control of Greenland, announcing "framework" of future deal on the territory without specifying details (Bloomberg, Reuters). Speaking on CNBC, Trump said deal would be permanent and involve US 'Golden Dome' and mineral rights. Deal appeared to fall well short of Trump's demand for ownership, though NY Times sources said discussions involved granting US sovereignty over sections of Greenland for US military bases. NATO spokesman added continued talks between Denmark, Greenland and US will aim to ensure Russia and China never gain foothold in Greenland. Outcome avoids market's worst-case scenario of tit-for-tat trade war escalation, which had renewed discussions about 'sell America' trade following simultaneous selloff in US stocks, bonds and dollar. Trump's reversal was not altogether surprising amid thoughts he was following familiar 'escalate-to-deescalate' playbook. 'TACO' trade also appeared to win out after Trump softened his maximalist demands.

    • Japan exports sustain growth despite sharp US declines, external demand positive for Q4 GDP:

      • Customs exports rose 5.1% y/y in December, somewhat below consensus and prior month's 6.1%, though still marked the fourth straight increase. Main growth drivers were semiconductors/electronic components, nonferrous metals and general raw materials products. Autos were the biggest drag, largely reflecting a 19.2% drop in shipments to US, to where total exports dropped a sharp 11.1%, reversing a brief 8.8% increase in the prior month. Follows a run of seven straight declines since the Liberation Day US tariff announcements in April. Semis also tumbled, representing the next largest drag. US weakness was outweighed by fifth straight increase in shipments to EU and Asia, latter accelerating notably to double digits as China rebounded from a decline in November. Semis featured in the top three contributors in all major markets outside of US, yet chipmaking equipment fell notably. Imports rose 5.3%, above consensus 3.6%, and picking up from 1.3% in the previous month for the strongest growth since January. Communication equipment from China, drugs from EU were the main bright spots, outweighing declines in fossil fuels. BOJ real trade indices showed exports fell 3.8% m/m though as partial payback for a strong November, while imports rose 1.1% for the second straight rise. Q4 averages were left with a decent gain in exports contrasting with a decline in imports, pointing to a positive contribution to Q4 GDP growth and potential upside risk to consensus forecasts assuming a mild net drag.

    • Kospi breaks through 5K for first time, extending world-beating run:

      • South Korean equities on world-beating run in January with Kospi breaking through 5K for first time. Index up almost 20% month-to-date. AI theme continues to underpin the market with Samsung Electronics (005930.KS) and SK Hynix (000660.KS) among main standouts, achieving month-to-date gains of 18% and 29% respectively. Memory pricing growth remains the primary upside catalyst with market projected to face supply gap through 2027. Defense manufacturers and shipbuilders have also outperformed with Korea Aerospace (047810.KS), Hanwha Aerospace (012450.KS) and HD Hyundai Heavy (329180.KS) up 21-42% month-to-date, benefiting in part from increased military spending globally. On a broader level corporate governance reform (Value-Up) supporting market's re-rating with government looking to legislate forced cancellation of treasury shares, part of broader efforts to boost stockmarket and encourage global inflows by ending 'Korea discount' and win classification as a developed market by MSCI.

    • South Korea Q4 GDP turns to mild contraction, some pickup expected in 2026:

      • South Korea GDP contracted 0.3% q/q in Q4, contrasting with expectations of 0.1% growth. Follows revised 1.3% expansion in Q3, marking the first negative print in three quarters. 2025 aggregate still finished with a 1.0% expansion, slowing from 2.0% in 2024. Q4 demand segments were mostly lower. Exports fell faster than imports, implying a net drag from external demand. Gross fixed capital formation also more than reversed growth in Q3, driven by construction and facilities. Main bright spot was final demand with both private and public consumption logging the third straight quarter of growth, albeit mild. Sector breakdown showed key manufacturing declined for the first time in three quarters while construction fell notably. Headline GDP growth was in line with BOK predictions in its January economic report. Going forward, momentum projected to strengthen to 1.8% in 2026, led by domestic demand as consumption continues to recover while construction drags ease. Exports seen underpinned by semiconductors while non-IT products stand to weaken from US tariff impacts.

    • Hot Australian jobs data firms odds of RBA rate hike:

      • Australian employment rose 65.2K in December, more than double consensus 27.0K and reversing November's 21.3K fall. Unemployment rate fell to 4.1% from 4.3% (also consensus), leaving it well below RBA's year-end forecast of 4.4%. Composition was strong with full-time jobs rising 54.8K and part-time employment climbing 10.4K. Monthly hours worked up 0.4%. Indicators of labor market slack tightened with underemployment and underutilization rates seeing notable falls. Data reinforced RBA's ongoing assessment of labor market tightness and firmed odds of near-term RBA rate hike with futures pricing in ~60% of move in February (odds rise to 100% by May). Australian yield curve bear flattened in immediate aftermath with policy-sensitive 3Y yield rising to highest since Nov-2023. February rate hike now likely to hinge on outcome of Q4 CPI (28-Jan), where trimmed mean inflation print above 3.2% is seen strengthening case for move next month. Comes after Governor Bullock in December said there would be (hawkish) implications for monetary policy if inflation proves persistent.

    • Notable Gainers:

      • +17.1% 6146.JP (DISCO Corp.): reports Q3 revenue and operating profit ahead of guidance and FactSet estimates

      • +17.0% 2175.JP (SMS Co.): Oasis Management discloses 7.8% stake

      • +9.9% 2301.TT (Lite-On Technology): launches public tender offer for all shares in U-Media Communications at NT$54/share

      • +6.0% 300394.CH (Suzhou TFC Optical Communication): guides FY net income attributable CNY1.88-2.15B vs FactSet CNY2.22B

      • +3.0% 1929.HK (Chow Tai Fook Jewellery Group): reports Q4 retail sales value growth +17.8% y/y

      • +1.4% 293.HK (Cathay Pacific Airways): reports December traffic +24.1% y/y

    • Notable Decliners:

      • -5.1% 207940.KS (Samsung Biologics): reports Q4 results; operating profit below StreetAccount expectations

      • -4.2% 018260.KS (SAMSUNG SDS CO.): reports Q4 results; operating profit, revenue below StreetAccount expectations

      • -4.0% 3877.HK (CSSC (Hong Kong) Shipping): to issue HK$2.34B 0.75% guaranteed convertible bonds due 2031

      • -1.1% 035250.KS (Kangwon Land): reports FY operating profit and revenue below FactSet estimates

  • Data:

    • Economic:

      • Japan

        • December trade balance ¥105.7B vs consensus ¥360.0B and revised ¥316.7B in prior month

          • Exports +5.1% y/y vs consensus +6.1% and +6.1% in prior month

          • Imports +5.3% y/y vs consensus +3.6% and +1.3% in prior month

      • Australia

        • December employment +65.2K m/m vs consensus +27.0K and (21.3K) in November

          • Unemployment rate 4.1% vs consensus 4.3% and 4.3% in November

          • Participation rate 66.7% vs consensus 66.8% and revised 66.7% in November

      • South Korea

        • Q4 GDP (0.3%) q/q vs consensus +0.1% and revised +1.3% in prior quarter

          • GDP +1.5% y/y vs consensus +1.9% and +1.8% in prior quarter

    • Markets:

      • Nikkei: 914.25 or +1.73% to 53688.89

      • Hang Seng: 44.90 or +0.17% to 26629.96

      • Shanghai Composite: 5.64 or +0.14% to 4122.58

      • Shenzhen Composite: 18.61 or +0.69% to 2713.51

      • ASX200: 65.80 or +0.75% to 8848.70

      • KOSPI: 42.60 or +0.87% to 4952.53

      • SENSEX: 45.15 or +0.06% to 81954.78

    • Currencies:

      • $-¥: +0.51 or +0.32% to 158.8200

      • $-KRW: +4.53 or +0.31% to 1469.4610

      • A$-$: +0.00 or +0.59% to 0.6801

      • $-INR: +0.08 or +0.08% to 91.6230

      • $-CNY: (0.00) or (0.02%) to 6.9622

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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