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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.88%), Hang Seng +0.14%, Shanghai Composite (0.64%) as of 03:10 ET

Feb 05 ,2026

  • Synopsis:

    • Asian equities mostly lower Thursday. South Korea under the most pressure with sharp falls in chipmakers. Taiwan also sharply lower. Japan ended down, dragged by tech selloff. Greater China mixed with Hang Seng eking out small gains and mainland lower amid falling trading volumes ahead of holiday season. India trading lower. US futures edging up. Treasury yields down 1-2 bp along curve. JGBs were mostly firmer with curve flattening, driven mainly by a firmer than expected 30y auction. Dollar logging broad-based gains against Asian currencies. Crude losses intensifying after US and Iran agreed to hold talks on Friday, easing tensions. Precious metals volatile with silver at one point falling as much as 17% and gold down 4%. Nothing specific behind latest drop, which has occurred alongside broader commodity and equity market selloff. Bitcoin briefly traded down below $70k before edging up slightly.

    • Tech selloff snowballed into Asia as concerns over expensive valuations and growing AI capex fueled rotation out of tech. Despite most of the attention has been SaaS companies, sentiment towards chipmakers has taken a hit with Samsung Electronics (005930.KS) and SK Hynix (000660.KS) weighing heavily on Kospi, down nearly 4% as worst major benchmark in Asia. SoftBank (9984.JP) a notable decliner in Japan as Arm Holdings (ARM) down 9% in extended trading after revenue outlook fell short of loftiest forecasts, while licensing revenues missed. Japanese software names mixed with Fujitsu (6702.JP) and NEC (6701.JP) extended selloff while Nomura Research Institute (4307.JP) stabilized. Hang Seng Tech reversed morning losses to eke out gains with Lenovo (992.HK) and Xiaomi (1810.HK) as top gainers.

    • Relatively light day on economic calendar in Asia. Indonesia Q4 GDP rose 5.3% y/y, beating expectations and at three-year high as state stimulus boosted demand. On geopolitics and trade, Presidents Trump and Xi held first phone call since November, where the two discussed topics such as trade (including China soybean purchases), Trump's China visit in April and Taiwan. China ramping up pressure on Panama, telling state firms to halt talks over new projects in the Central American country. India reluctant to confirm US claim that it will stop buying Russian oil, adding skepticism over imminent cut.

    • Sony (6758.JP) beat StreetAccount/FactSet consensus on all headline Q3 metrics as well as FY guidance that saw mostly upward revisions. Panasonic (6752.JP) outperformed in Japan after positive reception to restructuring plans outweighed guidance downgrade. Renesas (6723.JP) rallied sharply after earnings notably beat on both Q4 and Q1 guidance as it sees more growth in semiconductor demand via data centers. Toyota (7203.JP) plans to make around 30% more hybrid vehicles in 2028 compared with current production levels. TSMC (2330.TT) will produce 3nm chips as its new plant in Kumamoto, changing its original plan for 6-7nm architecture due to sluggish demand.

  • Digest:

    • Renesas earnings beat proves hard to ignore, Japan sees more progress in AI chip development:

      • Japan tech majors broadly weaker Thursday in the wake of the US selloff overnight, though Renesas (6723.JP) the lone exception, rallying sharply after earnings notably beat on both Q4 and Q1 guidance as it sees more growth in semiconductor demand via data centers. CEO Hidetoshi Shibata said on the earnings call that power chips will drive growth in 2026 and AI-related sales will double over the year (Nikkei). Noted GPU market was the growth area in the past, but this year will be led by hyper-scaler demand for ASIC. Earnings coincide with positive developments in domestic AI chip capacity. TSMC (2330.TT) announced a change in plans for its Kumamoto plant under construction to produce near cutting edge 3nm architecture, contributing to a stable onshore supply chain for AI chips which start from 4-5nm and below (Nikkei). Having broken ground on the facility in autumn last year and production slated to commence late 2027, the original plan was for 6-7nm used in autos, communications devices and game consoles, though quickly changed course due to sluggish demand. Kumamoto now stands to be TSMC's second most advanced production line behind its leading edge 2nm plant in Taiwan. News ties in with a Nikkei discussion highlighting prospects for Rapidus to raise more than JPY160B ($1.02B) in private sector financing for FY25, surpassing its original plan for about JPY130B as IBM (IBM) looks set to participate as the first foreign corporate investor. Recall Rapidus's ambitions to produce 2nm chips though there was considerable uncertainty over whether it could raise enough funding to get operations off the ground. Rapidus estimates total funding requirements of over JPY7T by FY31 and aims for JPY1T private sector contribution.

    • Sony earnings beat, though struggling to find new identity:

      • Sony (6758.JP) beat StreetAccount/FactSet consensus on all headline Q3 metrics as well as FY guidance that saw mostly upward revisions. Share price initially spiked higher though gains quickly evaporated. Bigger themes were discussed in a Nikkei preview. Intuitively, concerns arose about the future vision of the firm after unloading its TV division -- share price was down 9% since the announcement on 2-Feb though takeaways were generally constructive. Broader memory price squeeze was cited as a more likely factor -- share price has trended lower from around November, consistent with a major market rotation into semis -- standing to impact its gaming and camera divisions. Article suggested this still doesn't explain the entirety of the overhang, shifting discussion to Sony's outlook as it aspires to be an entertainment/IP stock. Preceding the earnings announcement, there was some trepidation as to whether Sony could pitch a case for better-than-expected earnings growth (FY guidance for revenue and OP in pictures and entertainment were unchanged). Moreover, Sony is lagging major international competitors in key expectations metrics -- forward PER is some 20x on par with the Nikkei index, though lower than 26 for Netflix (NFLX) and 59 for Spotify (SPOT). Similarly, forward EPS is +9% for Sony, +21% for Netflix, +68% for Spotify. This comparison also exposes the fundamental issue in that Sony does not benefit from the stabilization provided by subscription models that define its competitors. The Crunchyroll acquisition was a step in that direction, though investors remain unclear on Sony's direction.

    • Trump-Xi talks remained positive:

      • US President Trump posted on Truth Social that he had a broadly constructive phone call with Xi Jinping that covered a lot of ground, including, trade, military, Trump's planned visit to China in April, Russia/Ukraine and Iran. Also covered China purchases of US oil & gas, as well as Beijing's upsized commitment to buy 20M tons of US soybeans this season and 25M next season. Taiwan was another topic though Trump did not elaborate. Xinhua reported Xi stressed this is the most important issue in Sino-US relations, reiterating Taiwan is China's territory and Beijing will "never allow Taiwan to be separated." Cautioned that US must handle arms sales to Taiwan with prudence. China press did not mention trade or other specifics, instead focusing on improving goodwill in their bilateral relations. Bloomberg cited analyst takes the lack of mention of China's tensions with Japan as evidence of a turn for the better, in contrast to their last phone call in November that was dominated by Beijing's displeasure with Japan over the Taiwan issue. However, Japan press did not pick up on this while monitoring the substance of discussions on Taiwan (Nikkei). Phone call was preceded by more hawkish rhetoric towards Japan from the foreign ministry (Xinhua).

    • StreetAccount Event Preview: Reserve Bank of India policy meeting, 6 February:

      • RBI widely expected to keep repo rate unchanged at 5.25% on Friday as there are no immediate concerns on economic growth or inflation. Central bank also expected to maintain "neutral stance" (mint). The three-day MPC meeting takes place right after Union Budget and announcement of US-India trade deal. Recall RBI has cut key lending rate by cumulative 125 bp since last February with latest 25 bp cut in December. Analysts said pause is needed at current stage as RBI should wait to assess incoming data, including January CPI on 12-Feb, using 2024 as new base year and GDP data from FY24-26 on 27-Feb, using FY23 as base year. Economists see inflation in FY27 to average at 4%, within RBI target, while growth to show signs of becoming broad-based, with pickup in rural and urban consumption. Meanwhile pressure on rupee and weak transmission of previous rate cuts have narrowed scope for further easing. Bloomberg noted bond yields remain elevated while attention shifts to whether RBI will provide more liquidity support to help absorb growing bond sales, which government just announced record debt-sale plan that exceeded expectations.

    • Japan post-close earnings highlights -- megabanks, Astellas, Tobu Railway:

      • MUFG (8306.JP) rounded out megabank 9M earnings on pace to set aggregate records for the third straight FY owing mainly to higher domestic rates (Nikkei). Aggregate 9M net profits grew 13% to a record JPY4.22T ($26.9B) and all three maintained FY guidance totaling JPY4.73T which is set to account for 9% of the all-industry aggregate among TSE Prime Market constituents with fiscal year ending March.

      • Astellas (4503.JP) notably beat FactSet consensus on key Q3 metrics. Also upgraded FY net profit guidance now projected to be nearly 5-fold vs prior year to a new record. Xtandi the main growth driver, combined with smaller impairments.

      • Line Yahoo (4689.JP) beat StreetAccount consensus on Q3 net income. 9M performance still strong owing to PayPay, though FY revenue guidance was revised lower amid reverberations from system failures caused by the cyber-attack on subsidiary Askul (2678.JP).

      • Tobu Railway (9001.JP) upgraded FY guidance for the second time this period somewhat above consensus, reaffirming inbound tourism tailwinds for the sector. Also raised dividends.

      • Rohm (6963.JP) slightly upgraded FY guidance on the back of strength of demand in auto power chips and weaker than expected yen.

      • Panasonic (6752.JP) reported an unexpected Q3 net loss vs StreetAccount consensus and downgraded FY guidance on higher-than-expected restructuring costs from headcount cuts via its voluntary retirement program. FY revenues still point to a 9% decline as bright spots in AI data center energy storage systems and aviation electronics offset by soft overseas household appliances.

    • Notable Gainers:

      • +10.3% 8354.JP (Fukuoka Financial Group): 9M earnings; raises FY guidance

      • +9.5% 139480.KS (E-Mart): South Korean ruling party, government, presidential office reportedly discussing plan to allow early morning delivery services by large discount stores

      • +8.4% 6752.JP (Panasonic): reports Q3 earnings; revenue ¥2.063T vs StreetAccount ¥1.997T

      • +7.8% 4689.JP (LY Corp.): reports Q3 results; analysts note performance solid ex-Askul impact

      • +7.5% 6723.JP (Renesas Electronics): reports Q4 results; SiTime to acquire Renesas' timing business

      • +4.9% 4519.JP (Chugai Pharmaceutical): in sympathy to Eli Lilly results, outlook

      • +0.09% 6758.JP (Sony): reports Q3 results with operating income ¥515.04B vs StreetAccount ¥458.22B; raises FY guidance; increases size of buyback program

    • Notable Decliners:

      • -13.3% 9696.HK (Tianqi Lithium): places 65.05M shares at HK$45.05/share; launches zero-coupon convertibles bond due 2027

      • -13.2% 1030.HK (Seazen Group): to place 198.0M shares at HK$2.39/share

      • -11.5% 011170.KS (Lotte Chemical): reports Q4; revenue KRW4.710T vs FactSet KRW5.097T

      • -9% 6963.JP (ROHM Co.): reports Q3 earnings; operating income ¥2.05B vs FactSet ¥4.48B

      • -7% 9984.JP (SoftBank Group): in sympathy to Arm's Q3 results

      • -0.2% 6448.JP (Brother Industries): to launch tender offer for 100% of shares in Mutoh Holdings at ¥7,626/share

  • Data:

    • Economic:

      • Economic

        • Australia December trade balance A$3.37B vs consensus A$3.50B and revised A$2.60B in November

          • Exports +1.0% y/y vs (2.9%) in November

          • Imports (0.8%) y/y vs +0.2% in November

      • Markets:

        • Nikkei: (475.32) or (0.88%) to 53818.04

        • Hang Seng: 37.92 or +0.14% to 26885.24

        • Shanghai Composite: (26.29) or (0.64%) to 4075.92

        • Shenzhen Composite: (34.81) or (1.30%) to 2650.65

        • ASX200: (38.60) or (0.43%) to 8889.20

        • KOSPI: (207.53) or (3.86%) to 5163.57

        • SENSEX: (429.91) or (0.51%) to 83387.78

      • Currencies:

        • $-¥: +0.23 or +0.15% to 157.1080

        • $-KRW: +1.44 or +0.10% to 1463.5500

        • A$-$: (0.00) or (0.14%) to 0.6987

        • $-INR: (0.27) or (0.30%) to 90.1630

        • $-CNY: (0.00) or (0.03%) to 6.9397

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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