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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.85%, Hang Seng +1.35%, Shanghai Composite +0.18% as of 03:10 ET

Jan 27 ,2026

  • Synopsis:

    • Asia equities ended higher Tuesday. South Korea's Kospi quickly reversed an opening decline to trade at a new record high despite Trump's tariff threat, with an outsized gain at SK Hynix. Solid gains for the Nikkei and Topix boards, Hang Seng led Greater China stocks higher. Taiwan and Singapore both at record highs with the latter crossing 4.9K for the first time, Thailand also outperformed. India and Indonesia stocks underperformed again. US futures mixed, Europe positive in opening trades. US dollar steady following recent losses, yen notably weaker alongside the NZD and AUD; yuan a few ticks stronger. Crude blends lower; sharp declines for platinum and silver, gold also lower. Base metals down.

    • Asia equities finished largely higher Tuesday as confidence returned to the market in earnest. Strong gains for the Kospi, which closed at yet another record high despite opening lower on Trump's threat to raise 'reciprocal' tariffs to 25% following delays by Seoul's parliament to pass the necessary legislation and act on its investment pledge. Markets quickly reversed in a 'South Korea Taco' trade after Seoul pledged to Washington its commitment to the deal and SK Hynix was revealed as the sole supplier of HBM for Microsoft's AI chip. The won also initially weakened before recovering to trade marginally stronger.

    • Elsewhere, China December industrial profits bounced back from a decline in November to produce the first annual growth in five years as December manufacturing sector returns rose to match trajectories seen from recent industrial output, PMI and export data. Australia's December business confidence advanced but cost pressures increased on capacity constraints while South Korea business sentiment fell slightly as declines in services offset gains in manufacturing. Japan services sector inflation eased. India and the EU concluded talks over a comprehensive trade agreement while Canada PM Carney is set to visit India in March for trade talks. Indonesia's parliament approved the appointment of President Prabowo's nephew to a senior Bank Indonesia post, increasing concerns over the bank's independence. Thailand's finance ministry kept its FY26 GDP forecast at 2.2% despite lower export expectations. Philippines posted its smallest trade deficit in 10 months as exports rose.

    • Sinochem (600500.CH) said it had proposed a 'structured solution' to end the disagreement with Italy's Camfin over their ownership of Pirelli although the latter is unlikely to accept the proposals as it stands, according to a Reuters report. Zijin Gold International (2259.HK) said it had agreed to buy Allied Gold (AAUC.CN) for around $4B. SK Hynix (000660.KS) was revealed as the exclusive supplier of HBM for Microsoft's AI chip, Maia 200; stock gained substantially. ANTA Sports (2020.HK) agreed to buy a 29.1% stake and become the largest shareholder in Puma (PUMA.GR) in a deal worth around $1.8B. Adani Enterprises (512599.IN) said it was not party to any legal proceedings linked to regulatory action in the US; group said it had signed an agreement with Brazil's Embraer to set up a aircraft manufacturing site in India.

  • Digest:

    • Trump says will hike tariffs on South Korea to 25% from 15%:

      • President Trump announced he is raising tariffs on South Korean autos, lumber and pharma to 25% from 15% (Bloomberg). Trump blamed South Korea's legislature for not enacting trade deal struck last year. Nikkei cited legislative source who put delay down to prioritisation of other National Assembly business. South Korea's Finance Minister Koo said he will press lawmakers to quickly pass bill. Earlier, Blue House said it had not been officially notified about tariff hikes while Industry Minister Kim Jung-kwan plans visit to US soon to discuss matter with Commerce Secretary Lutnick. Yonhap suggested other factors may be at play, including US opposition to revision of Information and Communications Network Act it claims will harm American technology firms. South Korea's probe into Coupang data leak has also emerged as source of tension (Reuters). Implementation of trade deal was already facing hurdles from won's depreciation. South Korea agreed to invest up to $20B annually in US, though Koo recently voiced doubts about about this year's investment proceeding amid exchange rate volatility (Bloomberg, Reuters). Tariff threat being viewed with usual skepticism that Trump will follow through after have gave no timeframe while White House has so far not issued formal order adjusting duties.

    • China corporate earnings finish challenging 2025 with a slight increase for the year:

      • Industrial profits rose 5.3% y/y in December, rebounding from a 13.1% drop in the previous month. This left the 2025 aggregate up 0.6% to mark the first annual growth since 2021. Broad dissection showed steep declines in mining posed the key drag throughout the year, offsetting moderate growth in manufacturing (though rebounding notably from 2024 declines) and utilities. Gains were skewed to foreign enterprises while private firms were flat and SOEs declined. By sector, notable bright spots included transportation equipment ex-autos, computers & electronics and metals processing. Auto sector edged higher. With Q4 bottom-up results yet to be aggregated, recall Nikkei analysis of Jan-Sep metrics showed a record 24% reported net losses over period, weighed down by overproduction and sluggish domestic demand. Percentage was up 1 ppt from a year earlier and has risen steadily from a low of 7% in 2017. Real estate sector stood out as a particular laggard. Market weakness hit other sectors such as construction where over 30% were in the red. Overcapacity hung over sectors such as solar power. In autos, six of 21 car makers posted losses with sector aggregate earnings down 10% y/y.

    • SK Hynix reportedly strikes supply deal with Microsoft:

      • South Korea's memory stocks staged another rally Tuesday with SK Hynix (000660.KS) up as much as 8%. Main catalyst came from Korean media reports citing industry sources who said company chosen as exclusive supplier of HBM3E for Microsoft's (MSFT) latest AI chip, Maia 200 (Yonhap). Comes day after press sources said Samsung Electronics (005930.KS) was close to securing Nvidia's (NVDA) approval to supply HBM4 chip with mass production beginning next month (Bloomberg, KED). Both stocks trading back towards record highs set earlier this month with SK Hynix and Samsung up 21% and 31% respectively so far this month. Memory chip producers among big winners of AI trade lately with supply tightness seen lasting through 2027 amid strong AI data center demand, creating very favorable environment for pricing and earnings. Both companies slated to report on Thursday with expectations bolstered recently by Micron's (MU) big beat and raise and commentary that it sees total addressable market CAGR of ~40% through 2028.

    • New York Fed rate check may have more to do with dollar than yen:

      • Nikkei discussed the aftermath from reports the NY fed conducted a USD/JPY rate last Friday, which led to broader dollar weakness against the majors as well as cross rates against major US trading partners such as CAD and MXN. Dollar index dropped to its lowest in about four months. Article noted that while a BOJ rate check during the Tokyo session may signal a unilateral Japan intervention operation, a Fed rate check might portend US intervention on behalf of Japanese authorities, or a US-Japan coordinated operation. Coordinated moves are not unprecedented, though are usually reserved for extreme circumstances such as the response to acute yen appreciation following the 2011 tsunami. Rarity would indicate comparable urgency, raising speculation that US is defending the Treasury market. Key catalyst was seen to be the surge in JGB yields last week that spilled over to Treasuries as affirmed by Treasury Secretary Bessent. But if Japan were to act unilaterally, this would mean Japan selling of US Treasuries, where supply-demand is already softening from Japanese and European pension funds reducing their holdings. Higher US yields pose particular problems for the Trump administration which is moving to ease house price appreciation ahead of the midterm elections. Rate check prompted liquidation of short yen positions amid concerns over dollar policy. Sustained dollar depreciation against major trading partners stands to add to inflation pressure, complicating Trump administration's 'affordability' efforts. In turn, this element drawing some skepticism that US will continue cooperation with Japan to stem yen weakness.

    • India and EU conclude comprehensive trade deal:

      • India and EU officials concluded negotiations on comprehensive trade deal late Monday, allowing for removal or reduction in duties on more than 90% of EU goods to double shipments to India (EconomicTimes). Deal set to cover alcohol, food products, chemicals and pharma; will include €50M in EU support to cut greenhouse gas emissions. Agreement to take 5-6 months for legal vetting, various parliamentary approvals; implemented within 12 months. Second deal on security and defense expected to be concluded which will may eventually see India participation in European defense initiatives (Reuters). Follows India trade agreements signed in December with New Zealand and Oman, and EU trade pacts with Mercosur et al. Also follows thaw in New Delhi-Beijing relations with exports from India to China up more than two-thirds in December y/y (FT). Separately, Reuters reported Canada PM Carney to visit India in March to pen deals on uranium, energy, minerals and AI.

    • Notable Gainers:

      • +12.3% 017670.KS (SK Telecom): analyst notes significant upward revision to DPS forecasts

      • +11.6% 2259.HK (Zijin Gold International): Allied Gold enters definitive agreement to be acquired by Zijin Gold International in all-cash offer valued at C$5.5B

      • +8.8% 2206.JP (Ezaki Glico): Dalton chief investment officer James Rosenwald says Dalton aims to take Ezaki Glico private

      • +8.7% 000660.KS (SK Hynix): reportedly revealed as exclusive supplier of HBM for Microsoft's AI chip, Maia 200

      • +7.2% 010120.KS (LS Electric): reports Q4 earnings; operating profit KRW130.25B vs StreetAccount KRW111.16B

      • +2.0% 2020.HK (ANTA Sports Products): agrees to acquire 43.0M shares in Puma at €35/sh for total consideration of €1.51B (CNY12.28B)

      • +0.6% 4684.JP (OBIC Co.): reports 9M results; operating income ¥66.27B, +13% vs year-ago ¥58.57B

    • Notable Decliners:

      • -6.7% 011070.KS (LG Innotek Co.): reports FY results; operating profit KRW665.01B vs StreetAccount KRW709.89B

      • -3.3% 6988.JP (Nitto Denko): reports Q3 earnings

      • -3.0% 3635.JP (Koei Tecmo Holdings): reports 9M results; operating income ¥14.57B, (3%) vs year-ago ¥15.08B

      • -1.1% 000270.KS (Kia Corp.): US President Trump announces tariff hike on South Korea to 25% from 15%

  • Data:

    • Economic:

      • China Jan-Dec 2025

        • Industrial profits +0.6% y/y vs +0.1% in Jan-Nov (09:30 CST)

          • December industrial profits +5.3% y/y vs (13.1%) in prior month

      • Japan December

        • Services PPI +2.6% y/y vs consensus +2.7% and revised +2.7% in prior month

      • Australia December

        • NAB business confidence +3 vs revised +2 in November

          • Business conditions +9 vs +7 in November

    • Markets:

      • Nikkei: 448.29 or +0.85% to 53333.54

      • Hang Seng: 361.43 or +1.35% to 27126.95

      • Shanghai Composite: 7.30 or +0.18% to 4139.90

      • Shenzhen Composite: (2.59) or (0.10%) to 2718.26

      • ASX200: 81.50 or +0.92% to 8941.60

      • KOSPI: 135.26 or +2.73% to 5084.85

      • SENSEX: 84.50 or +0.10% to 81622.20

    • Currencies:

      • $-¥: +0.47 or +0.31% to 154.6740

      • $-KRW: (2.66) or (0.18%) to 1446.3500

      • A$-$: (0.00) or (0.08%) to 0.6912

      • $-INR: (0.01) or (0.01%) to 91.7026

      • $-CNY: +0.00 or +0.03% to 6.9567

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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