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StreetAccount Summary - Asian Market Recap: Nikkei (5.20%), Hang Seng (1.35%), Shanghai Composite (0.67%) as of 04:10 ET

Mar 09 ,2026

• Synopsis:

  • Asia equities ended lower across the region Monday but most closed away from their low points. Worst of the selling first thing in Japan, South Korea and Taiwan while sharp declines also seen in Hong Kong, India and Singapore. Mainland China benchmarks also down but were relative outperformers. Southeast Asia benchmarks also down. US futures down but off their low points, Europe opened with moderate losses. US dollar net higher but fell on G7 news; Asia currencies weaker everywhere with underperformance in the rupiah, peso and yen; yuan steady. Treasury yields higher across the board, JGB yields mixed, other sovereign yields higher. Brent crude peaked at $116/bl before falling back to around $107; WTI also up around 13% to $103. Precious metals down but off their lows, base metals mixed. Cryptocurrencies higher.

  • Asia stocks fell very sharply early Monday just as crude prices spiked up to 20% although most main benchmarks ended away from their lows after the Financial Times reported G7 nations are considering a release of crude from their respective strategic reserves. Several Asia nations also moved to cap domestic fuel prices to avoid a sharp increase in domestic inflation. This capped Brent and WTI forward contract prices that reached $116/bl in early trades a weekend in which Israel attacked Iranian oil depots, Gulf states said they would lower production, and shipping through the Strait of Hormuz ground to a halt. Political developments over the weekend hinted at no quick end to the conflict. Iran appointed Mojtaba Khamenei as supreme leader, a move President Trump already said would be unacceptable. Separately, the White House hinted that large-scale attacks in Iran were imminent, and Israel attacked Hezbollah positions in Lebanon as the conflict continued to spread.

  • In regional developments, several governments moved to cap a surge in domestic fuel prices while the Philippines joined India in saying it may have to look to alternative suppliers for crude away from the Gulf. China's February CPI jumped to 1.3%, above expectations and its biggest increase in three years thanks to LNY spending; PPI contracted again but slowed its decline for a third consecutive month. Japan wages rose while real earnings turned positive for the first time in more than a year.

  • Denso (6902.JP) confirmed it was considering 'various strategic options' including a purchase of Rohm (6963.JP) shares. Softbank (9984.JP) credit default swaps widened and shares fell sharply on concerns over the viability of its AI Stargate investment. Tencent (700.HK) intends to invest several hundred million dollars in Paramount Skydance's acquisition of Warner Bros Discovery, according to sources cited by Bloomberg.

• Digest:

  • Asia equities, bonds, forex sharply lower Monday, crude surges above $100 per barrel:

    • Asia financial markets ended sharply lower Monday although off their troughs as governments announced various market support measures and the FT reported G7 countries were considering a release from their respective strategic reserves. WTI and Brent crude prices up almost 25% to around $116/bl at one point before settling back; US dollar higher for third consecutive day. Equity benchmarks lower everywhere: Nikkei's 225 down 5.2%, Kospi -6.0% after triggering trading halt (Yonhap), Taiex -4.4%; Hang Seng sharply down but off its low. S&P500 and Nasdaq futures down around 1.4%. Sovereign bond yields notably higher: Australia 10Ys at two-year high, JGB yields higher, emerging Asia sovereigns sold off noticeably. Currencies under pressure: US dollar DXY index at 99.6 in early trade; yen notably weaker and in range in which finmin has previously warned on movement, won underperformed, baht, peso and other big oil-importing forex also notably weaker, rupee at new record low. Safe-haven gold and silver prices lower as investors adopt 'sell everything' strategy. Market selloff prompting authorities to consider supportive moves: Taipei may hold emergency stabilization meeting, Seoul may launch KRW100T market program.

  • Oil surges as middle east producers cut production, G7 mulls release of emergency reserves:

    • Brent crude forwards surged 18%, WTI up more than 20% in early Monday trading with both blends trading at $110/bl, first time crude prices traded above $100/bl since start of Covid pandemic. Sharp increase came after Israel attacked Iranian oil facilities, other middle east oil producers said they would curtail output, and as shipments through Strait of Hormuz ground to standstill. Prices off their highs after FT reported G7 group discussed jointly releasing emergency oil reserves to steady prices (FT). Traders cited in separate FT article said sector facing one of its 'greatest ever challenges' as Iranian attacks on tankers in strait ramp up, leads to Kuwait, Iraq, UAE and Saudi Arabia all cutting production. Reuters quoted JPMorgan economist who said near-term scenario for crude could be $120/bl, fall to $80/bl if/when conflict subsides but sustained conflict will keep oil at $120/bl, risk global recession. Asia nations moved to cap impact: Seoul introduced fuel price cap (Yonhap), Vietnam scrapped fuel import curbs (Bloomberg).

  • China consumer prices post fastest growth in more than three years:

    • China headline CPI rose 1.3% y/y in February, biggest jump since Jan-23, beating consensus 0.8% and accelerating sharply from 0.2% in January. Goods increased 1.1%, up from 0.3% rise in prior month and services saw 1.6% growth, compared with 0.1% rise in January. Core inflation rose to 1.8% from 0.8%. Prices rose 1.0% m/m, also beating estimates 0.5% rise and quickening from 0.2% in January. NBS said rise in CPI due to calendar effect of LNY holiday, which fell in February this year while it was in January in 2025, contributing to notable rises in services prices driven by robust consumer demand during nine-day holiday. Airfares, car rentals and travel agency fees saw biggest rises. Food prices returned to growth while pork and egg prices still fell. Drop in PPI eased for third straight month to 0.9% y/y, from 1.4% fall in January with consensus at 1.1% decline. PPI rose 0.4% m/m, in growth for fifth straight month. NBS pointed to synergy of domestic macro policies, leading to positive price movements in certain industries, including AI-related sectors and positive impact from anti-involution campaign that led to price improvements in solar and lithium battery manufacturing, among others.

  • Trump's visit to China unlikely to yield breakthroughs:

    • Reuters cited multiple sources as saying the Trump-Xi summit this month is unlikely to lead to even a limited reset of business and investment ties. Scope of talks perceived to be narrowing after some hopes Trump could build on previously floated deals for Chinese purchases of US soybeans and Boeing aircraft. US delegation of CEOs still hasn't been confirmed. Beijing seeking security guarantees before committing to Chinese investment in the US. Instead, takeaways may be limited to a reaffirmation of stability in bilateral ties. A few sources indicated Chinese frustration with the Trump administration's last-minute planning for an event that normally takes months of painstaking preparations. Tone was consistent with recent reports from SCMP. Dealmaking bogged down by the Trump tariff issue and conflicting coordination efforts -- some US officials have made tentative outreach to US business leaders, while USTR said to be reluctant to keep the focus on "managed trade." Press have widely noted Beijing has yet to formally acknowledge the summit is taking place, though officials have been communicating on the matter and Foreign Minister Wang Yi made some over-arching remarks on Sino-US relations that were described as a rare expression of optimism signaling Beijing still wants to go ahead (SCMP).

  • Some progress in Japan, South Korea investments in US but not much clarity on new tariffs:

    • Following latest talks between US Commerce Secretary Lutnick and Japan/South Korea counterparts, Nikkei reported Japanese government has approached Japan Display (JDI) about operating a new cutting-edge factory in the US worth about $13B that would be part of Japan's $550B investment & loan commitment in the US. US policymakers have voiced concerns about relying on China-made LCDs for military purposes. JDI previously announced in February last year that it sought to build a factory in the US for automotive, medical and defense products. LCD plant adds to list of potential projects in the second round of investments after previous reports of a Westinghouse nuclear plant and Falcon copper refining facility. Final list may be narrowed based on President Trump's discretion, profitability assessments and other factors (implying projects have yet to be screened). METI Minister Akazawa urged US not to impose higher tariffs than those agreed last year (Kyodo), indicating he did not gain assurances from Lutnick the 'non-stacking' provision would be maintained. In contrast, South Korea was more upbeat as industry minister Kim Jung-kwan said he received assurances that US won't increase tariffs if the National Assembly passes a special bill on Seoul's $350B investment pledge, widely expected to go through on Thursday with support from opposition parties (Yonhap).

  • Notable Gainers:

    • +7.1% 6963.JP (ROHM Co.): DENSO confirms it is considering various strategic options, including acquisition of Rohm shares

    • +5.0% 601857.CH (PetroChina): China energy companies trading higher on Iran developments

    • +2.4% 272210.KS (Hanwha Systems): to sell 13.9M shares in Hanwha Ocean for KRW122,100/share

    • +1.9% 601225.CH (Shaanxi Coal Industry): Chinese coal companies trading higher on Iran developments; reports February coal production 14.2Mt vs year-ago 14.4Mt

    • +1.3% 1610.HK (COFCO Joycome Foods): reports Jan-Feb hog production 970K heads; fresh pork sales 59.0Kt

  • Notable Decliners:

    • -9.1% 3035.TT (Faraday Technology): reports February revenue NT$736.9M, (74.0%) y/y

    • -8.6% 003490.KS (KOREAN AIR LINES Co.): Asia airlines trading lower on Iran developments

    • -4.2% 763.HK (ZTE): reports FY CAS net income attributable CNY5.62B vs StreetAccount CNY7.59B, revenue CNY133.9M vs StreetAccount CNY138.55B

    • -2.3% 960.HK (Longfor Group Holdings): guides FY adjusted net income (CNY1.50-2.00B) vs year-ago CNY697M and FactSet (CNY860.8M)

• Data:

  • Economic:

    • China

      • February CPI +1.3% y/y vs consensus +0.8% and +0.2% in prior month

        • PPI (0.9%) y/y vs consensus (1.1%) and (1.4%) in prior month

    • Japan

      • January average nominal wages +3.0% y/y vs consensus +2.4% and +2.4% in prior month

        • Real wages +1.4% y/y vs consensus +0.9% and (0.1%) in prior month

      • February bank lending +4.5% y/y vs revised +4.4% in prior month

      • January current account balance ¥941.6B vs consensus ¥930.0B and ¥728.8B in prior month

  • Markets:

    • Nikkei: (2,892.12) or (5.20%) to 52728.72

    • Hang Seng: (348.83) or (1.35%) to 25408.46

    • Shanghai Composite: (27.59) or (0.67%) to 4096.60

    • Shenzhen Composite: (17.77) or (0.66%) to 2680.54

    • ASX200: (252.00) or (2.85%) to 8599.00

    • KOSPI: (333.00) or (5.96%) to 5251.87

    • SENSEX: (1,882.53) or (2.39%) to 77036.37

  • Currencies:

    • $-¥: +0.60 or +0.38% to 158.3930

    • $-KRW: +6.90 or +0.47% to 1491.4700

    • A$-$: (0.00) or (0.33%) to 0.7008

    • $-INR: +0.35 or +0.38% to 92.2763

    • $-CNY: +0.02 or +0.25% to 6.9142