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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.27%), Hang Seng (1.89%), Shanghai Composite (1.09%) as of 04:10 ET

Mar 26 ,2026

  • Synopsis:

    • Asia equities ended largely lower Thursday. The Kospi underperformed, dragged lower by its memory stocks on reports of an algorithm breakthrough by Google; sharp losses in Hong Kong as its tech stocks also finished notably lower. Japan, Taiwan, mainland China and Australia all ended with modest losses, Southeast Asia mostly lower although Singapore outperformed. US futures down, European markets lower at the open. US dollar unchanged, little movement of note among Asia currencies. Treasury yields higher across tenors, JGB yields also higher, South Korea sovereigns hovering at more than two-year high. Crude oil contracts higher. Precious metals lower, base metals mixed. Cryptocurrencies lower.

    • Asia markets juggled the potential for a diplomatic breakthrough in the Iran conflict with economic realities Thursday, with more regional capitals today taking measures to counter the negative impact of higher fuel prices. South Korea's government said it would repurchase $3.3B in sovereign debt, redeem outstanding debt using surplus tax revenues, and introduce an emergency budget while the BOK further warned over financial stability. Japan's PM Takaichi last night asked the IEA for another coordinated reserve release while the Philippines suspended its electricity spot market to prevent a price surge. The country's central bank also kept its base rate steady in an out-of-cycle meeting, adding it was monitoring inflation. Meanwhile, crude prices rose a little in Asia trade but Brent keeping below $100/bl in a sign of some stability while, in the political sphere, Tehran acknowledged receipt of the US peace proposal but denied direct negotiations were taking place.

    • In other developments, RBA Assistant Governor Kent said the bank's board was balancing tighter financial conditions against a rise in inflation expectations. Japan corporate services inflation nudged higher in February amid pressures in labour-heavy industries. South Korean business sentiment survey turned sharply negative in April amid the Middle East conflict. Singapore manufacturing output fell 0.1% y/y in February with only electronics posting a gain.

    • Sony Group (6758.JP) and Honda Motor (7267.JP) said they will discontinue the joint development of EVs and will review the future of its joint venture. LG Energy (373220.KS) launched a bond issuance to be sold in four tranches that could raise up to $1.6B to be used for general purposes, capex and repaying outstanding borrowings. SK Hynix (000660.KS) and Samsung Electronics (005930.KS) under pressure with Google's TurboQuant compression algorithm said to reduce AI memory demand. Nanya Technology (2408.TT) raised around $2.5B in a private placement to SanDisk and Kioxia (285A.JP) among others, to expand chip production; entered a multi-year DRAM supply deal with Sandisk.

  • Digest:

    • Iran rejects US peace plan, White House insists talks taking place:

      • Conflicting messaging about peace talks following 15-point plan that reportedly includes one-month ceasefire, ending Iran's nuclear ambitions, handing over enriched uranium stockpiles and reopening Strait of Hormuz. Iran defiant with military leadership dismissing claims about readiness to make deal (FT, Reuters, Bloomberg). Iran demands may prove unacceptable, including guarantee against future strikes, compensation and control over Hormuz. Contrasting positions fit with skepticism two sides can bridge differences as Trump's five-day deadline nears halfway point.Still no confirmation about details of meeting with CNN sources saying VP Vance may travel to Pakistan this weekend though it isn't certain who will represent Iran. Some thought Iran engaging in pre-negotiation posturing with Foreign Minister Araghchi acknowledging proposals being reviewed and US insisting talks taking place. Trump repeated Iran desperate for deal but wont say so publicly. Media sources also highlighted Trump's own willingness to end conflict. Stakes high with White House vowing to intensify strikes if Iran baulks. Iran threatening to broaden conflict to Red Sea chokepoint, Bab el-Mandeb strait. Bombing continues with NY Times sources saying Israel ramping up strikes over next 48 hours amid concern Trump may halt fighting.

    • Trump-Xi summit rescheduled for May 14-15:

      • White House Press Secretary Leavitt announced the Trump-Xi summit will be held in Beijing on May 14-15 (Bloomberg). Added Xi to visit Washington later this year. After postponing the original date for the end of this month to remain in Washington to focus on the war with Iran, no hints as to whether this was an indication that Trump plans to wind down the war by that date. Leavitt reaffirmed the four-to-six week projection and sidestepped a question about whether concluding the war was a precondition for rescheduling the summit. Article reprised the diplomatic backdrop in US-China relations as an example of how the war has upended Trump's economic and foreign policy agendas. US officials downplayed implications from delaying the summit, insisting it had nothing to do with trade ties or China's relationship with Iran. Yet Trump had previously warned of a postponement if China did not commit to helping secure the Strait of Hormuz. Preceding high-level Paris meeting was largely uneventful, and the main takeaway was that constructive dialogue paved the way for the summit to proceed. Key new development was the idea of a US-China Board of Trade type of mechanism that would oversee bilateral ties and manage concerns.

    • BOK warns over financial stability risks; finmin to buyback sovereign debt to stabilize markets:

      • Bank of Korea said Thursday interest rates could face 'significant upward pressure' if Iran conflict persists amid rising inflationary pressures, structural vulnerabilities (Yonhap). Board member Lee Soohyung said in financial stability report 'financial institution resilience, external payment capacity had maintained stability thus far but warned over forex risks, financial market volatility as conflict could trigger asset price corrections, cross-border capital movements. Noted energy supply chain disruption could lead to higher prices, impact inflation and economic growth. Separately, finance ministry will conduct emergency buyback of KRW5T ($3.3B) in sovereign bonds to stabilize markets over two tranches starting Friday, and to redeem outstanding debt using surplus tax revenues (Bloomberg). Plans will be part of extra budget legislation presented to National Assembly next week with aim of protecting vulnerable sectors from impact of conflict. Other measures to include stabilization of domestic fuel prices, support for vulnerable households and small businesses (Yonhap).

    • Google's new compression algorithm hits Asian memory stocks:

      • Asian memory chipmakers under pressure Thursday with SK Hynix (000660.KS), Samsung Electronics (005930.KS) and Kioxia (285A.JP) among largest decliners in South Korea and Japan, losses ranging 3-5%. Weakness mostly attributed to GOOGL's unveiling of TurboQuant compression algorithm, which it claimed can reduce memory size in AI models without sacrificing performance. Google's claim invited some skepticism with analysts discounting it as meaningful threat to memory demand given structural supply constraints and potential Jevon's paradox that may see Google's breakthrough actually spurring memory demand. Some Asian memory names are outperforming with Nanya Technology (2408.TT) leading in Taiwan. Company entered multi-year deal with SNDK for supply of DRAM products. Kioxia also entered supply deal with Nanya. Nanya raised ~$2.5B in private placement from SNDK, and others including SK Hynix and Kioxia. Company earmarked proceeds for investment in advanced memory manufacturing plants and production equipment.

    • Crude oil futures intervention strategy met with skepticism in Japan:

      • Nikkei page 2 article discussed the notion that MOF might intervene in the crude oil futures market to alleviate yen depreciation pressure though was largely skeptical. Reuters reported Monday the government is considering the idea, to which Finance Minister Katayama later responded with widely held perceptions that speculative moves in crude oil futures are affecting the FX market, and vowed "thorough action at all times and on all fronts." Multiple Nikkei sources confirmed MOF requested feedback from several financial institutions with FX trading desks in a highly unusual move. Story noted oil futures intervention is technically legal as current law allows for the use of the FX special account to intervene in futures markets with the aim of stabilizing yen. Strategy has merit from the standpoint of liquidity with crude oil volumes only about 10~20% of FX, though market views are highly doubtful. Futures selling intervention would require unwinding positions (negating impact) or face the obligation of delivering crude oil. As almost all of Japan's crude oil comes from the Middle East, futures are based on US/Europe oil and procuring such supplies for delivery would be complicated. Unwinding positions run the risk of losses and doesn't inherently work to stabilize the market, while depletion of funds in the FX special account would leave less ammunition for direct currency defense. Futures intervention was floated earlier in the US, which did not result in follow-through. CME CEO Terry Duffy described the idea as a catastrophe of biblical proportions.

    • Notable Gainers:

      • +16.7% 9991.HK (Baozun): reports Q4 results; non-GAAP EPADS CNY2.75 vs year-ago CNY0.77

      • +6.3% 196170.KS (Alteogen): signs up-to-$579M (KRW867.5B) exclusive license agreement with Biogen International GMBH for ALT-B4

      • +4.5% 3888.HK (Kingsoft): reports Q4 results; net income attributable CNY975.0M, +112% vs year-ago CNY460.2M

    • Notable Decliners:

      • -24.1% 1516.HK (Sunac Services Holdings): reports FY results; operating profit CNY291.2M vs FactSet CNY385.3M

      • -18.2% 009830.KS (HANWHA SOLUTIONS): launches 72.0M-share renounceable rights offer to raise KRW2.398T

      • -14.0% 1024.HK (Kuaishou Technology): reports Q4 results; FY guidance below expectations

      • -5.7% 285A.JP (Kioxia Holdings): to subscribe to 70M Nanya Technology shares for NT$15.67B (¥77.4B)

      • -3.3% 7752.JP (Ricoh Co.): announces FY26-30 medium-term management strategy

      • -1.5% 6758.JP (Sony): terminates EV development and launch with Honda

  • Data:

    • Economic:

      • Japan February

        • Services PPI +2.7% y/y vs +2.6% in prior month

      • Singapore February

        • Manufacturing production y/y (0.1%) versus +13% in prior month

    • Markets:

      • Nikkei: (145.97) or (0.27%) to 53603.65

      • Hang Seng: (479.52) or (1.89%) to 24856.43

      • Shanghai Composite: (42.75) or (1.09%) to 3889.08

      • Shenzhen Composite: (37.67) or (1.46%) to 2546.59

      • ASX200: (8.60) or (0.10%) to 8525.70

      • KOSPI: (181.75) or (3.22%) to 5460.46

      • SENSEX: 0.00 or 0.00% to 75273.45

    • Currencies:

      • $-¥: +0.07 or +0.04% to 159.5360

      • $-KRW: +0.13 or +0.01% to 1505.6340

      • A$-$: (0.00) or (0.13%) to 0.6937

      • $-INR: +0.12 or +0.13% to 94.0209

      • $-CNY: +0.00 or +0.02% to 6.9031

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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