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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +3.92%, Hang Seng +0.22%, Shanghai Composite +1.29% as of 03:10 ET

Feb 03 ,2026

  • Synopsis:

    • Asian equities rebounded sharply Tuesday with MSCI Asia Pacific Index jumping the most since April. Commodity-fueled volatility ebbing, aiding broader market sentiment and translating to big gains on tech-heavy benchmarks that underperformed Monday. Kospi surged 6.8%, most since Mar-2020, while a brief trading halt was triggered in the early session. Japan also rebounded sharply. Mainland China outperformed Hong Kong as Hang Seng Tech lower due to rumor on tax hike on internet companies. Taiwan, Singapore and Australia all advanced. India trading sharply higher after announcement of trade deal with US. US futures edging up. Treasury yields little changed. Dollar weakest against Aussie after RBA rate decision, lower against other majors too. Crude extending declines amid dialing back of US-Iran tensions. Gold and silver rebounding after sharp selloff in last two sessions. Bitcoin holding above Apr-2025 lows.

    • RBA raised cash rate by 25 bp to 3.85% as expected. Board judged inflation likely to remain above target for some time. In her press conference, Governor Bullock said won't rule anything out with respect to future policy moves, doesn't want higher inflation to be entrenched but will be cautious about bringing it down too quickly. South Korea inflation slowed in January, in-line with expectations though BOK seen maintaining hold stance amid won volatility, financial stability risks. Kyodo election survey showed LDP on track to gain majority in Japan's lower house election on Sunday.

    • US President Trump announced trade agreement with India that will reduce reciprocal tariff rate to 18% from 25% and remove the additional 25% punitive tariff entirely as New Delhi agrees it will stop buying Russian oil. Trump also said India to lower its tariffs and non-tariff barriers on US goods and has committed to purchasing $500B worth of US energy and agricultural goods. Heavyweights Adani Enterprises (512599.IN) jumped nearly 12%, most since Nov-2024 and Reliance Industries (500325.IN) also gained 4% on Tuesday amid boost from the agreement.

    • In company news, Samsung Electronics (005930.KS) surged 11.4% Tuesday, most in 17 years, while SK Hynix (000660.KS) added 9.3% as both stocks recouped losses from prior session as markets stabilized. Kyocera (6971.JP) announced JPY500B buyback and will partially offload stake in KDDI (9433.JP). TDK (6762.JP) upgraded FY earnings guidance, highlighting data center demand for rechargeable batteries and HDD heads.

  • Digest:

    • RBA raises cash rate by 25 bp amid persistently elevated inflation:

      • RBA raised cash rate by 25 bp to 3.85% as expected in a unanimous decision. Board judged inflation likely to remain above target for some time with capacity pressures greater than previously assessed and labour market conditions a little tight rate, reflecting strong growth in private demand. Updated economic forecasts show trimmed mean inflation above 2-3% target through 2026. Forecast based on technical assumption of another 1-2 rate hikes this year. RBA upgraded near-term GDP forecasts amid strength in private demand but made negative revisions to outer year projections, reflecting impact of policy tightening. Board uncertain whether financial conditions remain restrictive and some indicators like credit growth and rising house prices suggest conditions may now be somewhat accommodative. In her press conference, Governor Bullock said won't rule anything or out with respect to future policy moves, doesn't want higher inflation to be entrenched but will be cautious about bringing it down too quickly. Added if demand is stronger than RBA is expecting going forward and pushing up against supply, might have to consider another rate hike (potentially in March following Q4 GDP release). Outcome drove hawkish reaction with policy-sensitive 3Y yield nearing highest since 2011. Market pricing in 66% chance of another rate hike by June.

    • Japan stocks sustained a rally as confidence restored:

      • Japan markets sustained a rally throughout the Tuesday session following yesterday's sharp fade that seemed to revolve around election plays. Today's directional cues were back to normal -- overnight US strength, positive tech leads with SOX index up 1.7%, as well as weaker yen. Big bounce in KOSPI and gold futures also helped to restore shaken confidence which in turn reignited tech optimism and all Japan tech majors rose sharply. Breadth notably positive with all sectors advancing. Yesterday's early attention was drawn to an Asahi election poll that pointed to LDP winning well above the 233 threshold required for a standalone majority in the lower house. Similarly, latest Kyodo survey echoed those results, projecting LDP will finish with around 180 single-seat electorates (vs 138 pre-election) and 70 proportional representation (vs 60). Coalition partner JIP poised to maintain 34 seats. Still, 20% undecided poses uncertainties. Recall yesterday's rally drew skepticism there was that much upside based on election plays given a major LDP victory has already been largely priced in. Some talk of Nikkei at 54K is the target level representing this scenario. However, with the index having clearly broken through, strength was seen to be driven more by foreign investor buying interest in futures emboldened by US gains as an indication of broader global bullish sentiment. Domestic earnings reactions also appeared to be a net positive with running tallies so far showing 9M aggregate earnings growth despite the US tariff overhang with weaker yen providing a key buffer.

    • Indian stocks, rupee advance on boost from big US tariff cut:

      • Indian stocks gapped up at open on Tuesday with Nifty 50 jumping nearly 5% before paring some gains after US would cut 25% reciprocal tariff to 18% and get rid of 25% punitive tariff due to New Delhi's purchase of Russian crude entirely following phone call between President Trump and PM Modi that India would stop buying Russian oil. Rupee posting its biggest gain since Nov-22 at around 90.35 while Indian sovereign bonds advancing too with 5Y yield down 5 bp. Recall lack of progress in trade deal with US was one of key overhangs for Indian equities, which has extended underperformance versus other Asian peers in 2026 and contributed to record foreign outflows that exert downward pressure on rupee. India's MSCI EM weight fell behind that of South Korea in January for first time since Dec-21 (Bloomberg). Early takeaways from fund managers and economists see the deal as catalyst for global investors to return. Meanwhile some have cautioned more details need to be scrutinized, including the extent to which India will reduce tariffs on US and what India has committed to purchase from or invest in US and its time horizon.

    • Trump cuts US reciprocal tariffs on India, key focus on Russian oil:

      • President Trump announced on Truth Social that US reciprocal tariffs on India will be lowered to 18% from 25%, effective immediately, after talks with Prime Minister Modi, who agreed to stop buying Russian oil (and buy more from US and potentially Venezuela) and reduce India's tariffs/non-tariff barriers on US to zero. Modi also committed to buy US goods "at a much higher level" on top of more than $500B of energy, tech, ag, coal and other products. Modi only confirmed the talks and the US tariff cut. Additionally, White House official told Reuters US rescinding a punitive, 25% duty on all imports from India over its purchases of Russian oil that had stacked on top of a 25% "reciprocal" tariff rate, corroborated by Bloomberg. Bulk of the focus has been on oil and press recalled India's procurement has been heavily influenced by geopolitics. Encouraging signs of progress came last weekend when Trump flagged the prospect of India purchases of Venezuela oil as a substitute for Russian supplies (Reuters). India stopped buying oil from Caracas last year after Trump in March imposed a 25% tariff on countries buying Venezuelan oil. While Trump said Venezuela oil would replace Iranian supplies, India halted purchases from Iran in 2019 due to US sanctions on Tehran's nuclear program. Indian refiners turned to US supply though later became the top buyer of Russian crude sold at a discount after Western countries imposed sanctions on Moscow over its invasion of Ukraine in 2022.

    • South Korea CPI eases to five-month low:

      • South Korea January consumer inflation eased to 2.0% y/y, a five-month low, from prior 2.3% and in line with expectations. Returned to be within BOK 2.0% target rate after staying above for four months. Moderation for second consecutive month, partly attributed to seasonal factors with LNY holiday falling in January in 2025 and February this year, when food prices typically rise. Still seafood surged 5.9%, largest jump since Aug-24 and livestock products and rice both saw notable gains. Gasoline and diesel prices both fell amid drop in global fuel prices, easing pressure on utility costs during winter peak period. Core inflation rose 2.0% y/y, same as prior month. Data consistent with BOJ's recent policy signals, which the bank kept benchmark rate at 2.5% last month and dropped language referencing possibilit of further easing. BOK attention shifts to stabilize won and housing market as government led efforts to crack down on real estate speculation.

    • Notable Gainers:

      • +11.4% 6762.JP (TDK): reports Q3 earnings; raises FY revenue guidance

      • +11.3% 6971.JP (Kyocera): reports 9M results; updates strategic business transformation project; president, CEO Hideo Tanimoto to resign; Shiro Sakushima, director and senior managing executive officer in charge of Strategic Business Transformation, has been appointed replacement

      • +6.1% 8411.JP (Mizuho Financial): reports 9M results; increases maximum buyback amount to ¥300.00B from ¥200.00B

      • +5.6% 6723.JP (Renesas Electronics): SiTime reportedly near $3B (¥466.65B) acquisition of Renesas Electronics's timing division

      • +5.4% 2175.JP (SMS Co.): Oasis Management increases stake to 11.5% from 7.8%

      • +1.5% 600104.CH (SAIC Motor): reports January vehicle sales 327,413units vs year-ago 264,166 units

    • Notable Decliners:

      • -10.1% 7272.JP (Yamaha Motor): revises FY guidance, cuts dividend

      • -8.2% 6886.HK (Huatai Securities): to issue HK$10.00B zero coupon convertible bonds due 2027

      • -4.1% 6902.JP (DENSO Corp.): reports 9M results; operating income ¥375.88B, (6%) vs year-ago ¥401.56B

      • -2.8% 006110.KS (SAM-A ALUMINIUM): reports FY earnings; operating profit (KRW17.47B) vs year-ago (KRW9.59B)

      • -2.3% 6201.JP (Toyota Industries): holder Elliot Management maintains opposition to Toyota Fudosan's revised offer

  • Data:

    • Economic:

      • Australia

        • December building approvals (14.9%) m/m vs consensus (6.4%) and revised +13.1% in November

      • South Korea

        • January CPI +2.0% y/y vs FactSet consensus +2.0% and +2.3% in prior month

          • CPI ex-food & energy +2.0% vs +2.0% in prior month

    • Markets:

      • Nikkei: 2,065.48 or +3.92% to 54720.66

      • Hang Seng: 59.20 or +0.22% to 26834.77

      • Shanghai Composite: 51.99 or +1.29% to 4067.74

      • Shenzhen Composite: 61.41 or +2.35% to 2676.84

      • ASX200: 78.50 or +0.89% to 8857.10

      • KOSPI: 338.41 or +6.84% to 5288.08

      • SENSEX: 2,286.51 or +2.80% to 83952.97

    • Currencies:

      • $-¥: (0.21) or (0.13%) to 155.3970

      • $-KRW: (12.22) or (0.84%) to 1442.2400

      • A$-$: +0.01 or +1.32% to 0.7040

      • $-INR: +0.12 or +0.14% to 90.2637

      • $-CNY: (0.01) or (0.16%) to 6.9357

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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