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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +3.89%, Hang Seng +1.76%, Shanghai Composite +1.41% as of 03:10 ET

Feb 09 ,2026

  • Synopsis:

    • Asia equities ended higher across the region Monday. Japan's Nikkei and Topix markets surged in the wake of PM Takaichi's decisive general election win although did finish off their intraday peaks, while Thailand's SET also outperformed post its election Sunday. Tech stocks led elsewhere to follow Friday's advance on the Nasdaq with the Taiex and Kospi both notably higher. China's main benchmarks advanced, Southeast Asia benchmarks were also mostly higher while India is higher for a second day. US futures higher, European markets higher at the open as they catch up with late Wall Street action. US dollar back on the retreat, yen strengthening notably. Treasury yields higher across tenors on warnings from Beijing to banks to curb exposure, JGB yields also higher. Crude prices under pressure as US and Iran agreed to talks, precious metals higher with gold back above $5K. Base metals supported. Cryptocurrencies inched higher early on but now back in the red.

    • Asia equities saw a risk-on trade Monday following market-friendly general election outcomes and a Friday rally in US technology stocks that unwound some of last week's losses. 'Takaichi' trade assets in Japan outperformed as pharmaceutical, defense and construction equities outperformed, JGB yields advanced marginally however the yen reversed last week's weakening trend after another government verbal warning. A notable outperformance in Thailand risk assets too, where the largest coalition party gained seats in Sunday's general election and is in the position to form a more stable government, according to analysts, and ease pressure on the BoT to support growth.

    • In other regional developments, Japan's nominal wage growth saw real wages contract versus forecasts for a modest increase. Australia household spending in December contracted although was set against November's sales' driven surge. Malaysia's December industrial output accelerated supported by electronics' output. The PBOC increased liquidity ahead of next week's LNY holiday. India's stock markets advancing for a second day on signals trade talks with the US were advancing and a lower crude prices after the US said talks with Iran would continue this week.

    • KDDI (9433.JP) postponed the release of its Q3 results and flagged revisions to full-year guidance amid an ongoing investigation into fictitious ad transactions. Innovent Biologics (1801.HK) will receive $350M in an upfront payment to collaborate with Eli Lilly & Co (LLY) to develop new cancer treatments and immune disorders. Zijin Mining (2899.HK) raised production guidance for 2026 and 2028 amid still-high gold prices. LG Energy Solution (373220.KS) has bought a 49% stake in NextStar Energy from Stellantis to achieve full ownership of the company. Samsung Electronics (005930.KS) is to begin mass production of HBM4 memory chips used in AI infrastructure buildout, according to a Yonhap report.

  • Digest:

    • Japan stocks swoon on election euphoria despite yen volatility, higher yields:

      • Nikkei index rallied as much as 5.68% in Monday's morning session, briefly breaking into the 57K range for the first time. While Japan was primed for sharp gains from Friday's US market strength, all the attention went to election euphoria as LDP achieved a historic victory Sunday, beating all projections and becoming the first single party to reach a two-thirds supermajority in the lower house (Nikkei). Breadth was also resounding. Disco (6146.JP) was cited as an early standout exemplifying leadership from semis and defense stocks in a continuation of Takaichi trades. Attention now moves forward to post-election trading patterns. While the so-called 'election anomaly' described a positive bias in the lead-up to the vote, Nikkei presented historical data since 1979, noting that while certainty of an election result usually bodes well for stocks in the short term, longevity over the first 120 days following lower house votes is generally mixed, having fallen in the preceding two episodes in 2024 and 2021. Yet this led to a debate about how comparable these precedents are to the current environment. Notable volatility in FX. While most had expected a weaker yen, reversal seemed to reflect growing skepticism about the prospects for a consumption tax cut on food items. Takaichi reaffirmed in a TV interview Sunday that she will expedite examination by a bipartisan parliamentary committee as per her campaign pledge. Perceived reluctance to follow through drew comparisons to the TACO dynamic in the US (Nikkei). While this element had already alleviated pressure on bond yields last week, JGB knee-jerk reactions were bearish again on the outlook for fiscal policy with weakness concentrated in 10y.

    • Japan LDP wins lower house election in a landslide:

      • NHK reported LDP won 316 out of 465 seats in Sunday's lower house election with all seats counted, well surpassing the two-thirds threshold and their pre-election total of 198. Article noted this marks the first time that a single party has taken a two-thirds majority in the post-war era. JIP won 36 (vs prior 34) for a coalition total of 352. Among the opposition parties, Centrist Reform Alliance won 49 (vs 167), DPP 28 (vs 27). Smaller newcomers made some notable gains -- Sanseito 15 (2), Mirai 11 (0). Voter turnout was firmer in the end despite heavy snowfall in Tokyo and cities along the western coastline. NHK projected a participation rate as of 7-Feb to be 55.68% including early ballots, up from 55.85% in the 2024 election. Nikkei calculations saw polling station turnout 3.31 ppt lower, outweighed by record early voting. Results follow strong hints of a potential LDP landslide in preceding media surveys, though final result still beat all projections. Affirms key achievements that a two-thirds majority means LDP can overturn any bills voted down in the upper house (where LDP is still in minority) while attaining an 'absolute stable majority' that grants chair and majority representation in all sitting lower house committees. In other implications, outcome was also notable for the decimation of the CRA, portending further fragmentation of opposition parties. Recall Komeito left the ruling coalition to partner with the CDP and election candidates had to leave their respective established parties to formally sign up for CRA. CDP leader (former PM) Yoshihiko Noda and Komeito's Tetsuo Saito held a joint press conference Monday and all but declared their resignations (Nikkei).

    • Japan wages buoyed by winter bonuses, 2025 momentum softer:

      • Nominal average wages rose 2.4% y/y in December, below consensus 3.2%. However, prior month was revised up to 1.7% from 0.5%. Growth rate was anchored by marginal improvements contracted earnings (firmer base pay outweighed softer growth in overtime). Main swing factor was notable growth in special payments, now a significant weighting due to winter bonuses. Recall bonus component in last week's household survey indicated a decline. Sector breakdown showed highly positive breadth, consistent with elevated corporate profits and influence from general pressure for wage hikes. Yet, real wages still edged down 0.1%, contrasting with an expected 0.8% increase. Follows revised 1.6% decline in November, marking the 12th straight negative print. Preliminary 2025 aggregates showed nominal wage growth slowed to 2.3% from 2.8% -- while contracted earnings rose a steady 2.0%, deceleration came from special payments. Crucially, real wages fell 1.3%, worse than 0.3% in 2024, for the fourth straight annual decline. Post-Covid recovery phase in 2021 provided a brief respite in a persistent downtrend since 2019. Going forward, focus increasing on 2026 shunto results with preliminary tallies due in April. Consensus polls have indicated aggregate wage hikes likely to soften marginally as Rengo pushes for better breadth between large vs small firms. Real wage growth expected to be supported by softer inflation in H1 of FY26 -- primary CPI ex-imputed rent deflator already dropped back to the 2% range in December for the first time since Oct-24.

    • Thailand conservative party consolidates power after election win:

      • Thailand's incumbent PM Anutin Charnvirakul's conservative-leaning Bhumjaithai Party (BJP) won decisive general election victory Sunday, paving way for potential more stable government following several years of uncertainty. With almost 93% of votes tallied, BJP won 194 seats, progressive People's Party 116 seats and Pheu Thai Party on 76 seats in 500-seat parliament (BangkokPost). Anutin gambled on snap election amid nationalist upsurge in wake of border dispute with Cambodia and although fell short of outright majority, analysts say he is in strong position to form coalition with fellow conservative parties without Pheu Thai; populist People's Party already stated they intend to form opposition. Anutin also in position to push through consumer subsidy program, other fiscal measures to reduce pressure on BOT to support growth; election result boosted baht and SET equity benchmark Monday . Simultaneous referendum on whether to draft new constitution easily passed with draft soon to be worked on (Reuters).

    • Bank of Korea governor contender says it is too early to tighten:

      • Lee Seung-heon, leading contender to become next Bank of Korea governor, said he backs raising taxes on property ownership to curb surge in house prices provoking inflation spike, and said monetary tightening pivot premature (Reuters). Lee said markets moved too quickly to reprice front end of Korea's sovereign bond curve that implied traders had lowered expectations for BOK easing, implying Lee favors 'no-change' stance. Said stabilizing housing market difficult unless cost of owning homes rises via higher property-owning tax measures. Messages matches those of authorities in recent weeks: tougher real-estate measures to cap speculative property trading and stable interest rates. Lee added US dollar-won exchange rate in 'reasonable natural range' around 1,460 per dollar, move toward 1,450 would reflect external anxieties more than domestic conditions while 1,500 was achievable but probably unsustainable.

    • Notable Gainers:

      • +20.2% 090430.KS (Amorepacific): reports Q4 results; revenue ahead of StreetAccount estimates

      • +15.7% 7012.JP (Kawasaki Heavy Industries): reports Q3 earnings; resolves to implement 1 into 5 stock split

      • +10.7% 073240.KS (KUMHO TIRE): reports Q3 results; guides FY revenue

      • +10.5% 6976.JP (Taiyo Yuden): reports Q3 results; raises FY guidance

      • +8.8% 4751.JP (CyberAgent): reports Q1; strong performance from game and media & IP segments

      • +7.5% 425.HK (Minth Group): enters into framework agreement with Leader Harmonious for proposed establishment of JV in the US

      • +6.5% 316140.KS (Woori Financial Group): reports Q4 results; net operating revenue ahead of StreetAccount estimates

      • +5.6% 2899.HK (Zijin Mining Group): provides 2026 & 2028 production guidance

      • +2.5% 373220.KS (LG Energy Solution): Stellantis sells its 49% equity stake in NextStar Energy to LG Energy Solution; price not disclosed

    • Notable Decliners:

      • -9.2% 9433.JP (KDDI Corp): reports 9M preliminary results; to release finalized Q3 results, corrected results for previous FYs by end March in light of inappropriate transactions

      • -6.0% 8113.JP (Unicharm): guides FY net income ¥65.21B vs prior guidance ¥85.10B and FactSet ¥83.52B

      • -4.8% 6448.JP (Brother Industries): reports Q3 results; lowers FY revenue and operating profit guidance

  • Data:

    • Economic:

      • Japan

        • December average nominal wages +2.4% y/y vs consensus +3.2% and revised +1.7% in prior month

          • Real wages (0.1%) y/y vs consensus +0.8% and revised (1.6%) in prior month

        • January bank lending +4.5% y/y vs revised +4.3% in prior month

        • December current account balance ¥728.8B vs consensus ¥1,081.2B and ¥3,674.1B in prior month

      • Australia

        • December household spending (0.4%) m/m vs consensus +0.1% and +1.0% in November

          • Household spending +5.0% y/y vs consensus +5.8% and +6.3% in November

    • Markets:

      • Nikkei: 2,110.26 or +3.89% to 56363.94

      • Hang Seng: 467.21 or +1.76% to 27027.16

      • Shanghai Composite: 57.51 or +1.41% to 4123.09

      • Shenzhen Composite: 50.65 or +1.91% to 2700.22

      • ASX200: 161.30 or +1.85% to 8870.10

      • KOSPI: 208.90 or +4.10% to 5298.04

      • SENSEX: 433.24 or +0.52% to 84013.64

    • Currencies:

      • $-¥: (0.61) or (0.39%) to 156.6270

      • $-KRW: (3.20) or (0.22%) to 1460.0700

      • A$-$: +0.00 or +0.31% to 0.7035

      • $-INR: +0.10 or +0.11% to 90.6285

      • $-CNY: (0.01) or (0.17%) to 6.9274

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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