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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.16%, Hang Seng +0.95%, Shanghai Composite +0.39% as of 03:10 ET

Feb 27 ,2026

  • Synopsis:

    • Asia equities ended mixed Friday. Nikkei gained ground but Topix outperformed. Mainland China mixed but the Hang Seng rallied from a poor start. Australia and Singapore ended higher; some losses for the Kospi to cap a stellar month. India lower again. US futures lower for now, Europe flat at the open. US dollar slightly lower, yen flat, yuan weaker post PBOC move to slow appreciation. Treasury yields mostly lower, JGB yields lower. Crude prices higher, surge in silver and platinum prices, gold steady; base metals down. Cryptocurrencies mostly higher.

    • Asia equities ended a largely positive week with mixed returns Friday as several boards pared early losses but Seoul saw some signs of profit taking that sent the MSCI Asia Pac-ex Japan down a little from its record high Thursday. For the week, there were outsized gains in South Korea and Taiwan while Greater China, Japan, Australia and Thailand all gained; Singapore fell slightly and India's two main boards also declined. For February, the Hang Seng fell around 3%, notably underperforming the Kospi that rose 21% and the Taiex, which gained 11%; Thailand's SET also outperformed as did Japan's two main boards.

    • In Friday developments, the PBOC said it would scrap the forex reserve ratio at financial institutions, effectively putting a brake on the yuan's appreciation. Reports suggested Beijing will place less emphasis on economic developments at its upcoming 'twin meetings' and more on social development and consumption targets. Tokyo core inflation fell to below 2% for the first time since Oct-24 as energy subsidies offset an unexpected rise in headline inflation. Japan January industrial output rose but missed expectations while retail sales beat estimates. Singapore said its fertility rate had reached a record low, joining Japan and South Korea in reporting weakening population data this week.

    • Sony Corp (6758.JP) increased its share buyback program by around 90M shares to around ¥250B. Nintendo (7974.JP) is to unwind strategic shareholdings via $1.9B worth of share sales by Kyoto Bank, among others. Hanwha Aerospace (012450.KS) and Korea Aerospace Industries (047810.KS) rallied after Seoul and UAE signed $35B (KRW 53T) defense cooperation pact. Hyundai Motor (005380.KS) is to invest in a $6.3B AI data center and robot factory in South Korea; shares surged.

  • Digest:

    • PBOC to scrap forex reserve ratio to slow yuan appreciation:

      • China's central bank said it will lower financial institutions' risk reserve ratio for some forward contracts to 0% from 20% from 2-Mar, removing Sep-22 decision to raise ratio to stem yuan's losses, capital outflows (Reuters). Bank said aim is to enhance market development, support companies' forex hedging requirements; will encourage financial institutions to strengthen hedging services, maintain yuan at stable levels. Analysts said PBOC's aim is likely to slow down appreciation pace as buying dollars acts as brake on yuan's appreciation without direct PBOC intervention; will also facilitate two-way market bets on yuan that prevents accelerated speculative runs. It will likely lower costs for China-based importers while shelving emergency measure introduced at time when currency was depreciating quickly amid elevated capital outflow. Yuan moved to near three-year high Thursday, onshore and offshore yuan both weaker in early Friday trades (SCMP).

    • Tokyo core inflation pushed down by energy subsidies:

      • Tokyo core CPI rose 1.8% y/y in February, close to consensus 1.7%. Follows 2.0% in the previous month, marking the softest since Oct-22. In contrast, ex-fresh food & energy inflation edged up to 2.5% from 2.4%, above consensus 2.5%. Moderation in core inflation was driven by government cost-of-living relief measures with another round of electricity & gas subsidies taking effect, while gasoline prices remained sharply lower on the year due to the abolishment of the special surcharge. Subsidy effects equated to a 0.26 ppt drag with much of the impact mitigated by positive base effects from prior rounds. Marginal developments elsewhere. Non-fresh food eased marginally. Rice price gains continued to slow markedly as the surge that began in 2024 pose increasingly unfavorable base effects. Yet dining continued to show notable increases despite the year-ago base creeping higher, sushi restaurants cited as the main driver as evidence of permeation effects stemming from rice that BOJ members have mentioned is an area of focus. Upswings in household durables and overseas tour packages contributed slightly positively. With reported inflation data distorted by policy effects, BOJ has maintained focus on underlying trend inflation which several board members have said is closing in on the 2% inflation target. Takata in yesterday's speech indicated confidence is such that achievement of the mandate is essentially a foregone conclusion at this point and policy should be conducted accordingly. BOJ consensus still expects the target to be met some time from H2 of FY26.

    • China's tech majors underperform South Korean counterparts:

      • China tech stocks tracking for biggest monthly decline since Jan-2024 with Hang Seng Tech index down 10%. Major constituents have lost favor with Alibaba (9988.HK) and Baidu (9888.HK) down 15% and 19% respectively Baidu's earnings underlined concerns about weakness in core ad revenue segment while growth in AI business underwhelmed. Similarly, Alibaba failed to capitalize on Qwen 3.5 release as investor attention shifts to emerging AI players like Knowledge Atlas (2513.HK) and MiniMax (100.HK) with their model updates generating more hype and positive sell-side commentary. Two stocks up 144% and 51% respectively this month. Meanwhile, likes of Tencent (700.HK) and Meituan (3690.HK) weighed down by ongoing competitive pressures. In contrast, Kospi up 21% mtd (50% ytd) andbroke through 6K for first time this week, only a month after overcoming 5K. Samsung Electronics (005930.KS) and SK Hynix (000660.KS) key drivers, up another 36% and 18% respectively. Memory supercycle a structural revenue tailwind amid reports last week Samsung negotiating sharply higher price for next gen HBM4 chip. Broader investor sentiment also aided by corporate reform traction after parliament recently approved legislation forcing companies to cancel Treasury shares.

    • India to release GDP data under new methodology:

      • Bloomberg survey shows median estimate of 34 economists points to a growth of 7.6% y/y for Q3 FY26, or Oct-Dec quarter, in first data release under new framework for GDP calculation. Data, due after market close on Friday, will see base year shift to 2022-23 from 2011-12. India will also publish advance estimates for FY26, which economists estimated it would expand 7.6%, compared with government's 7.4% projection last month under previous series. Top statistical official said new method will adopt more granular price deflation, which will use about 500-600 items from new CPI and old WPI series, compared with around 180 earlier, to deflate output and improve data accuracy (Reuters, BusinessStandard). Change part of broader overhaul in India's statistics, following new retail inflation series earlier this month. Revisions to wholesale inflation and industrial output will come next. Economists also look to see new methodology for indications of when India might overtake Japan as fourth largest economy as new series could notably raise India's GDP.

    • Japan industrial production disappoints, retail sales bounce:

      • Industrial production rose 2.2% m/m in January, notably below consensus 5.5%, following a 0.1% decline in the previous month. Expectations were informed by last month's METI survey projections that pointed to an outsized 9.3% increase. Guidance has turned negative pointing to declines of 0.5% in February and 2.6% in March, leaving a flat Q1 trajectory after last month's report was pointing to 10.6% q/q growth. Adjusted February projection of -1.9% would tip Q1 into negative territory. Still, autos (including passenger cars) were the top contributor in January while IT equipment and electronic components & devices were also positive. Aggregate shipments were stronger than output, though inventories still edged higher. Core capital goods shipments increased mildly, though still began Q1 on a solid footing owing to carry-over effects. Retail sales rose a sharp 4.1% m/m in January, well ahead of consensus 1.5%, rebounding from a 2.0% drop in the prior month. Components were led by outsized growth in autos and strong bounce in apparel while food & beverages were also relatively strong. Nothing specific yet to affirm signal value. Recall attention largely looking forward to the 2026 shunto wage hike results, where another solid year is set to combine with easing inflation, raising hopes for sustained growth in real incomes.

    • Notable Gainers:

      • +7.2% 6758.JP (Sony): further upscales buyback program size to up to 90M shares for up to ¥250B

      • +7.1% 16.HK (Sun Hung Kai Properties): reports H1 results; adjusted net income HK$12.21B, +17% vs year-ago HK$10.46B

      • +6.6% 4061.JP (Denka Co.): formulates management plan Mission 2030 phase 2, targeting ROE at 8%

      • +4.6% 1691.HK (JS Global Lifestyle): guides FY adjusted net income no less than $29M vs year-ago $7.1M

      • +4.0% 9688.HK (ZAI Lab): reports Q4 earnings; EPS ($0.05) vs FactSet ($0.36)

      • +3.0% 7974.JP (Nintendo): reportedly to arrange for sale of ¥300B of its shares by holders such as MUFG Bank and Bank of Kyoto

      • +2.2% 6594.JP (Nidec): Shigenobu Nagamori resigns as chairman emeritus

      • +0.2% 9888.HK (Baidu): reports Q4 results; non-GAAP EPADS CNY10.62 vs StreetAccount CNY9.31, adjusted EBITDA CNY4.73B vs FactSet CNY4.82B

    • Notable Decliners:

      • -18.8% 6608.HK (Bairong): guides FY net income CNY66.5-79.8M vs FactSet CNY281.5M

      • -8.1% 688082.CH (ACM Research (Shanghai)): reports FY net income attributable CNY1.40B vs FactSet CNY1.63B

      • -7.6% 015760.KS (Korea Electric Power): reports Q4 earnings; operating profit KRW1.983T vs FactSet KRW3.382T

  • Data:

    • Economic:

      • Japan

        • February Tokyo core CPI +1.8% y/y vs consensus +1.7% and +2.0% in prior month

          • CPI excl. fresh food & energy +2.5% y/y vs consensus +2.3% and +2.4% in prior month

          • Overall CPI +1.6% y/y vs consensus +1.4% and +1.5% in prior month

        • January industrial production +2.2% m/m vs consensus +5.5% and (0.1%) in prior month

          • METI survey projections (0.5%) in February, (2.6%) in March

        • January retail sales +1.8% y/y vs consensus +0.1% and (0.9%) in prior month

          • Retail sales +4.1% m/m vs consensus +1.5% and (2.0%) in prior month

      • Australia January

        • Private sector credit +0.5% m/m vs consensus +0.7% and +0.8% in December

    • Markets:

      • Nikkei: 96.88 or +0.16% to 58850.27

      • Hang Seng: 249.52 or +0.95% to 26630.54

      • Shanghai Composite: 16.25 or +0.39% to 4162.88

      • Shenzhen Composite: 8.36 or +0.30% to 2763.59

      • ASX200: 23.30 or +0.25% to 9198.60

      • KOSPI: (63.14) or (1.00%) to 6244.13

      • SENSEX: (625.62) or (0.76%) to 81622.99

    • Currencies:

      • $-¥: (0.14) or (0.09%) to 155.9950

      • $-KRW: +4.46 or +0.31% to 1437.8400

      • A$-$: +0.00 or +0.21% to 0.7125

      • $-INR: +0.03 or +0.03% to 90.9387

      • $-CNY: +0.01 or +0.19% to 6.8541

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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