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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.57%, Kospi +3.09%, ASX 0.88% as of 03:10 ET

Feb 19 ,2026

  • Synopsis:

    • Asia equities traded higher Thursday. Kospi surged to another record high supported by a sharp spike in SEC. Japan's main boards finished higher again, Australia led to a fresh record by mining and bank stocks. Southeast Asia benchmarks all higher. India the sole major country board to show red. Taiwan and Greater China still closed for LNY holidays. US futures higher, Europe opened lower. US dollar slipping a little late on, yen and yuan slightly weaker. Treasury yields higher across tenors, JGB yields mixed. Crude blends advancing, precious metals higher. Base metals under pressure.

    • Asia markets higher again Thursday with several touching or reapproaching record highs. Technology stocks back in focus with South Korea's Samsung Electronics (005930.KS) leading on reports it was considering a price hike for AI memory chips while the broad sector was supported by reports of OpenAI's funding round that may top $100B. Seoul's Kosdaq composite up 5%, triggering buyside circuit breaker; Tokyo Electron (8035.JP) and Stargate partner SoftBank (9984.JP) notable gainers in Japan.

    • Asia currencies under some pressure especially early on after a sharp appreciation in the dollar overnight on hawkish-leaning Fed minutes and a report Fed chair Powell could remain in his post to the end of the year. The yen also weakened sharply as the dollar strengthened and as the New York Fed confirmed it had performed a rate-check. Long-dated JGB yields fell even as demand in a 20Y auction came in below average but within the 'safe zone', according to analysts. The IMF criticized China's economic model, saying Beijing needs to adopt a more consumer orientated economic model away from an export-driven one. The Philippine central bank lowered its base interest rate 25 bps to support growth while Bank Indonesia held steady, both as widely expected. Australia's unemployment rate remained at a seven-month low 4.1% to reinforce the case for a March RBA rate hike. Japan machinery orders exceeded expectations by some distance, growing 19.1% m/m on a surge in mining investment. Malaysia inflation remained static at an almost year-long high.

    • SoftBank (9984.JP) is to form a consortium to participate in a gas-fired power plant in the US as part of the US trade deal. Samsung Electronics (005930.KS) shares surged to a record high following a local media report the firm is negotiating for an up to 30% increase in its latest AI memory chip. Tata Group and Tata Consultancy Services (532540.IN) are to partner with OpenAI on AI technologies including a 100 megawatt data center that could be expanded to around 1 gigawatt. Rio Tinto (~RIO.AU~) posted flat y/y profit growth as restructuring costs, US tariffs and drags on iron ore from China offset improvement in copper and aluminium.

  • Digest:

    • Asia tech rally:

      • Japan and South Korean tech majors among leading gainers in Asian trade Thursday. Advance among US chipmaking stocks and stabilization in US software names set the tone early with SOX and IGV both ending up 1%. A few company-specific developments also made headlines Thursday with Bloomberg sources noting OpenAI funding round set to net more than $100B, which could push its valuation above $850B. One source noted SoftBank (9984.JP) among firms that will provide first portion of funding round. South Korean benchmark resumed trade following LNY holiday with Kospi rallying to record high. Samsung Electronics (005930.KS) among Kospi's main drivers after Chosun Daily cited industry sources who said company negotiating HBM4 price hike 20-30% higher than predecessor HBM3E model. Article noted proposed HBM4 price of $700 is up on mid-$500 range SK Hynix (000660.KS) set for its HBM4 chip in August, underlining demand momentum. Positive sentiment extended to small-cap Korean stocks with Kosdaq futures triggering 'sidecar' trading halt following 6% surge. Korean media noted institutional flows factor underpinning Thursday's gains.

    • More follow-through on Japan's US investments under tariff deal:

      • Reports following US President Trump's announcement of the first tranche of Japan investments in the US under the $550B commitment canvassed the companies that could be involved. Nikkei cited METI minister Akazawa saying Japanese companies interested in the three projects include: Asahi Diamond Industrial (6140.JP) and Noritake (5331.JP) for synthetic industrial diamonds; Mitsui OSK Lines (9104.JP), Nippon Steel (5401.JP), JFE Steel (5411.JP) and MODEC (6269.JP) for the crude oil export facility; Toshiba, Hitachi (6501.JP), Mitsubishi Electric (6503.JP) and SoftBank Group (9984.JP) for the gas-fired power plant. Almost all names posted sharp gains Wednesday. While some logged negative payback Thursday, Nikkei tracked a broader set of associated names, several of which rose sharply, also boosted by broader Takaichi trades after the PM's reappointment in yesterday's parliament session. Akazawa hinted at the possibility of announcing additional projects when Prime Minister Takaichi visits the US in March. Nikkei sources indicated SoftBank will form a consortium to implement the $33B gas power plant project in Ohio that will have a capacity of 9.2GW to supply power to AI data centers. Panasonic (6752.JP), Murata Manufacturing (6981.JP), TDK (6762.JP) as well as electronic component and power transmission equipment makers are set to participate in the initiative. Financial institutions from both countries, including Mizuho Bank (8411.JP) and Goldman Sachs (GS), will be involved. Another Nikkei discussion noted these projects target states that will be hotly contested in the November midterms.

    • IMF sees China growth slowing this year with risks tilted to the downside:

      • IMF Article IV on China praised the achievement of 5% growth in 2025, supported by exports and policy stimulus, while noting private domestic demand remained lackluster. Exports were buoyed by low inflation relative to trading partners leading to weaker REER. Outlook reaffirmed GDP growth expected to slow to 4.5% reflecting prolonged effects of tariffs and trade policy uncertainty. Deflationary pressures expected to persist with inflation projected to only edge higher reflecting economic slack. Structural factors also pushing down medium-term growth. Cautioned that risks to the outlook remain tilted to the downside, pointing to the property sector as the primary domestic risk, while renewed trade tensions seen as the main external threat. Directors prescribed more expansionary macroeconomic policies with a focus on fiscal stimulus to address economic imbalances and reflate the economy. Elaborated in a separate article, recommending a bolstering of social welfare, easing the hukou system can significantly lower savings rates, and a more progressive tax system on labor and strengthening taxes on capital would support lower-income groups and encourage more consumption. Projected such measures could boost consumption-to-GDP ratio by about 4 ppt over five years. Debt sustainability will mean significant fiscal consolidation over the long term but should only start once the economy has reflated durably.

    • RBNZ Assistant Governor Silk says next rate move likely to be up:

      • In separate remarks to Reuters and Bloomberg, RBNZ Assistant Governor Silk said next rate move likely to be up and dismissed notion that central bank was trying to push back against market pricing. She repeated board's stance that policy will remain accommodative for some time while noting a rate hike would still leave OCR at bottom end of neutral rate band. RBNZ's hold decision on Wednesday drew dovish takeaways after updated OCR track implied only 50% chance of rate hike by year-end, contrasting with market pricing for 1-2 rate hikes in 2026. Following meeting, markets pared odds of rate hike by October to ~66% from 90% beforehand. Economists concurred tone of the statement leaned dovish with RBNZ mindful of not prematurely tightening policy and choking off nascent economy recovery. Subsequent remarks from Silk and Governor Breman sought to massage market expectations with Breman not ruling out rate hike by end-2026 if economy evolves as expected. Silk stressed that policy decisions will be guided by activity and inflation data, noting there are risks on both sides - possibility consumption turns out weaker or inflation proves stickier.

    • Australian unemployment rate unchanged, reinforcing RBA view of tight labor market:

      • Australian economy added 17.2K jobs in January, slightly less than 20.0K forecast and moderating from December's outsized 68.5K gain. Composition was stronger than headline figure with full-time employment rising 50.5K, offsetting 32.7K reduction in part-time jobs. Unemployment rate unexpectedly held at 4.1% against consensus 4.2%. Participation rate unchanged at 66.7%. Growth in monthly hours worked rose to 0.7% from 0.4% in December with ABS noting fewer people reported working less hours than typical Januarys. Indicators of labor market loosened with underemployment and underutilization rates rising over the month. RBA envisages labor market remaining broadly stable in near-term before unemployment rate begins to rise as economy slows due to impact of policy tightening. However, January's unemployment rate of 4.1% leaves it below central bank's average 2026 forecast of 4.3%. Data elicited hawkish market reaction with Australian yield curve bear flattening.

    • Notable Gainers:

      • +2.6% 9984.JP (SoftBank Group): To form consortium for $33B gas-fired power plant in US as part of Japan-US tariff talks - Nikkei

      • +1.0% 3407.JP (Asahi Kasei): Asahi Kasei Pharma and Alchemedicine advance a novel therapeutic candidate into Phase I study for the treatment of refractory diseases

      • +0.5% 028260.KS (Samsung C&T): Formulates three-year shareholder return policy for FY26-28; minimum DPS KRW2,500/share

    • Notable Decliners:

      • -0.3% 8630.JP (Sompo): Sompo announces regulatory approvals for Aspen acquisition

  • Data:

    • Economic:

      • Japan December

        • Core machinery orders m/m +19.08% versus consensus +3.4% and (11%) in prior month

      • Australia January

        • Employment +17.8K m/m vs consensus +20.0K and revised +68.5K in December

          • Unemployment rate 4.1% vs consensus 4.2% and 4.1% in December

          • Participation rate 66.7% vs consensus 66.7% and 66.7% in December

    • Markets:

      • Nikkei: 323.99 or +0.57% to 57467.83

      • Hang Seng: Closed

      • Shanghai Composite: Closed

      • Shenzhen Composite: Closed

      • ASX200: 79.20 or +0.88% to 9086.20

      • KOSPI: 170.24 or +3.09% to 5677.25

      • SENSEX: (669.95) or (0.80%) to 83064.30

    • Currencies:

      • $-¥: +0.11 or +0.07% to 154.9440

      • $-KRW: (7.43) or (0.51%) to 1445.6500

      • A$-$: +0.00 or +0.47% to 0.7075

      • $-INR: +0.24 or +0.26% to 91.0439

      • $-CNY: (0.00) or (0.01%) to 6.9075

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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