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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.87%, Hang Seng (1.82%), Shanghai Composite +0.87% as of 03:10 ET

Feb 24 ,2026

  • Synopsis:

    • Asia equities ended mixed Tuesday. Among the gainers, Japan's benchmarks closed higher despite a volatile and slightly negative open. Mainland China benchmarks were higher on their first day back after the LNY break while there were more strong gains for Taiwan and South Korea tech stocks. Hang Seng reversed much of yesterday's gains as tech stocks declined. India sharply down, Singapore also lower, Australia closed near unchanged. US futures higher, Europe opened with small losses. US dollar gaining, yen notably weaker, RBI likely to intervened to support rupee again. Treasury yields higher across tenors, JGB yields sliding again. Crude futures higher, precious metals mixed, copper higher on US tariff news. Cryptocurrencies under more pressure with bitcoin below level on day President Trump was re-elected.

    • Further diversification in Asia's technology stocks Tuesday as chip-related names in Taiwan and South Korea including SK Hynix (000660.KS), Samsung Electronics (005930.KS), Nanya Technology (2408.TT) and TSMC (2330.TT) jumped sharply, but software names including NEC (6701.JP), Fujitsu (6702.JP), Kingsoft (3888.HK), and TCS (532540.IN) all fell. SoftBank (9984.JP) sharply lower following reports on OpenAI reducing infrastructure spending commitments and disputes over Stargate data centers.

    • Geopolitical tensions also ratcheting higher with China imposing export controls on around 20 Japanese firms, just as reports suggested the US is aiming to bar imports of China-made energy storage systems. And in the background, reports the US has decided to strike Iran early next week pushing oil futures higher. Yen traded higher and JGB yields fell sharply on local media reports PM Takaichi voiced apprehension over more rate hikes during meeting with BOJ governor Ueda last week.

    • On positive side, mainland China markets higher in their first day of trading since the LNY holidays, ending broadly higher as Trump's tariff defeat seen as win for China's export base while travel data over the holiday leaned positive. In other developments, China kept its LPRs steady as widely expected as policy makers continue targeted approach. South Korea business sentiment turned positive as exports remain strong while consumer confidence jumped; separate data showed another jump in producer prices.

    • Mitsubishi Heavy Industries (7011.JP), Kawasaki Heavy Industries (7012.JP) and IHI Corporation (7013.JP) are among around 20 Japan-based defense-orientated companies China has added to its export control list limiting exports that have a dual-use purpose. Elliott Management has offered to buy Toyota Industries (6201.JP) shares already pledged to Toyota at market price, above group's offer. A Panama court formally terminated CK Hutchison's (0001.HK) key port contracts held by one of CK's subsidiaries. Hyundai Motor (005380.KS) President urged South Korea's legislature to quickly pass bills ratifying the $450B US investment package, warning tariff may increase if it does not. Bharti Airtel (532454.IN) is to invest INR200B ($2.2B) to expand its digital lending unit, Airtel Money after it received a non-banking financial company license earlier this month.

  • Digest:

    • China adds Japanese companies to dual-use export control and watch lists:

      • China Commerce Ministry ramped up dual-use export controls on a swathe of Japanese companies effective immediately. MOFCOM added 20 companies to its control list, banning China exports to military end users or companies allegedly contributing to Japan's military capabilities. Mitsubishi Shipbuilding was the main mention among several subsidiaries of Mitsubishi Heavy (7011.JP), as well as units of Kawasaki Heavy (7012.JP), IHI (7013.JP) and NEC (6701.JP). Another 20 companies were added to the watch list, such as Subaru (7270.JP), whose end uses of dual-use items cannot be verified. Other notable names include ENEOS (5020.JP), Mitsubishi Materials (5711.JP), Sumitomo Heavy (6302.JP). General export licenses will not be granted to companies on the watch list, subject to a tighter screening process, while the ministry left open applications for control list companies in special cases. Companies on the watch list can be removed if they fulfill necessary compliance while there was no exit ramp stipulated for the control list. Accompanying statement justified actions to curb Japan's remilitarization and nuclear ambitions while at the same time downplaying impacts given only a small number of entities are targeted, measures only apply to dual-use items and will not affect normal Sino-Japanese economic and trade exchanges. Recall the crackdown on dual-use exports began in early January as a response to Japan Prime Minister Takaichi's earlier remarks on Taiwan. Announcement effects were compounded by concerns these measures will lead to restrictions on Japan's access to rare earths.

    • January USD/JPY rate check was initiated by Bessent rather than Japan:

      • Nikkei cited multiple US government officials as saying the USD/JPY rate check in January was initiated by Treasury Secretary Bessent rather than anyone on the Japan side. Bessent was said to be concerned that global markets were misinterpreting signals from the JGB market amid a political vacuum ahead of the lower house elections (rate check came at the start of the election campaign). There was said to have been no such request from Japan's Finance Ministry and Bessent acted on the principle the US is prepared to utilize its economic influence to ensure the stability of allied countries. A senior official close to Bessent said the rate check was indeed a precursor to FX intervention and was considering follow-through if Japan requested it. Article noted that US authorities -- strong advocates of market mechanisms -- are traditionally cautious on intervention, and the fact Bessent was even considering coordinated action poses a strong deterrent against speculative market fluctuations. For now, potential implications have been largely neutralized by the subsequent market stability following the LDP's landslide election victory. US side has expressed support for BOJ Governor Ueda and indicated close communication with Japanese counterparts. No specific follow-up measures are said to be under consideration.

    • China holiday consumption data mixed:

      • Travel and spending data from China's nine-day LNY holiday is mixed with strong domestic travel numbers and weaker-than-expected box office sales, sending conflicting signals on consumption. Local media reported a cumulative total of 121M passengers traveled on China's railway network with daily average of 13.41M, marking 11.5% y/y rise from the holiday period in 2025. A record 18.7M passengers traveled on rail on 23-Feb, hitting record high for single-day passenger volume during so-called Spring Festival travel rush. China Railway Group's (390.HK) mainland-listed shares jumped 10% as trading reopened Tuesday. SCMP added Ministry of Commerce data showed average daily sales at major retail and catering firms grew 8.6% y/y over first four days of holiday as both foot traffic and sales revenue rose by more than 4% across 78 pedestrian shopping streets and commercial districts monitored by the ministry. Meanwhile, box office sales underwhelmed with total sales at CNY5.75B ($836M) while eight-day holiday in 2025 hit CNY9.51B. Sales for first six days were at CNY4.36B, compared with average of CNY6.1B during preceding five years. Film-related stocks, including Bona Film (001330.CH) and Beijing Enlight Media (300251.CH), plunged on Tuesday.

    • China LPRs steady as expected:

      • China LPRs were steady at 3.00% in 1y and 3.50% in 5y, matching expectations, as PBOC kept benchmark 7D reverse repo rate unchanged. Marks the ninth straight month of no change as China is due to hold its annual legislative session NPC in early March where easing signals and stimulus measures will be outlined. Chinese banks are grappling with historically low NIMs, making broad rate cuts more challenging without hurting profitability. Policymakers have prioritized more targeted approach, as they announced 0.25 ppt cut in interest rates on structural relending tools in January. Still PBOC said its latest quarterly policy report that China will continue to implement "moderately loose" monetary policy, prioritizing stable economic growth and reasonable price recovery. Signaled room for potential RRR or interest rate reductions this year to boost growth. Economists see China's top leadership tolerating moderation in headline growth in 2026 amid still-weak domestic demand and uncertain export environment while any large-scale stimulus is seen as unlikely.

    • StreetAccount Event Preview: Bank of Korea policy meeting, 26 February

      • Economists expect Bank of Korea's MPC to keep policy rate unchanged at 2.5% Thursday with focus on accompanying statement, press conference for signs of dovish or hawkish tilt. Several highlight risk of dovish surprise given markets price in two 25 bps hikes over next 12 months. Country seeing uneven economic performance: surge in tech exports, weak non-tech shipments; subdued consumer spending, ongoing construction contraction leading to worries over 'K-shaped' economic growth amid still-increasing Seoul house prices, elevated household debt levels, won volatility. MPC composition change in coming months, fresh confusion over US trade deal add uncertainty layers. Combination will likely see unchanged policy rate this week, possibly for remainder of year; dovish surprise most likely in outlook statement referencing consumer inflation expectations. Bank also set to increase FY26 GDP growth estimate to 2.0% or above from November's 1.8% on tech export surge.

    • Notable Gainers:

      • +18.6% 008930.KS (Hanmi Science Co.): holder Shin Dong-kook increases stake to 22.9% from 16.4%

      • +7.7% 006400.KS (Samsung SDI): on report of US planning to ban imports of Chinese-made energy storage systems

      • +3.3% 192820.KS (COSMAX): reports FY results; operating profit KRW195.78B vs FactSet KRW196.34B

      • +3.1% 2888.HK (Standard Chartered): reports Q4 results; underlying operating income $4.85B vs consensus $4.89B

      • +1.0% 9502.JP (Chubu Electric Power): reportedly in talks to buy $150-200M (¥23.14-30.85B) of new shares in India's Continuum Green Energy

    • Notable Decliners:

      • -9% 403870.KS (HPSP Co.): Crescendo reportedly sells additional 9.1% stake in HPSP via block trade at KRW41,600-42,800/share

      • -6.2% 6701.JP (NEC Corp): reportedly on factors including AI disruption fears on Claude COBOL news

      • -5.7% 7013.JP (IHI): China's MOFCOM adds 20 Japanese defense-related companies and entities to export control list

      • -5.4% 9984.JP (SoftBank Group): trading lower on OpenAI spending plan downgrade, reports of Stargate stagnation, rival Anthropic's COBOL capabilities

      • -4.1% U11.SP (United Overseas Bank Ltd. (Singapore)): reports Q4 earnings

      • -3.5% 7270.JP (Subaru): China's MOFCOM adds 20 Japanese companies including SUBARU, ENEOS, Mitsubishi Materials to dual-use materials end user watchlist

      • -2.1% 6752.JP (Panasonic): reportedly to move television sales operations for North America and Europe to Shenzhen Skyworth Display Technology this April

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 495.39 or +0.87% to 57321.09

      • Hang Seng: (491.59) or (1.82%) to 26590.32

      • Shanghai Composite: 35.34 or +0.87% to 4117.41

      • Shenzhen Composite: 32.99 or +1.23% to 2713.38

      • ASX200: (3.70) or (0.04%) to 9022.30

      • KOSPI: 123.55 or +2.11% to 5969.64

      • SENSEX: (1,141.44) or (1.37%) to 82153.22

    • Currencies:

      • $-¥: +1.45 or +0.94% to 156.1140

      • $-KRW: +1.79 or +0.12% to 1445.9900

      • A$-$: +0.00 or +0.12% to 0.7064

      • $-INR: (0.08) or (0.09%) to 90.9342

      • $-CNY: (0.02) or (0.30%) to 6.8878

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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