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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.43%), Hang Seng +0.38%, Shanghai Composite +0.63% as of 04:10 ET

Mar 27 ,2026

  • Synopsis:

    • Asia equities ended mostly lower Friday although most were off their lows by the close. Japan's Topix, mainland China and Hong Kong's Hang Seng all finished slightly higher alongside Singapore's STI and Thailand SET. Australia's ASX and the Nikkei 225 closed a few points down. The Kospi and Taiex finished down but off their lows while there are some sharp declines in India. US futures higher, Europe slightly lower in opening trades. US dollar DXY index hovered around 100 all day; most Asia currencies unchanged. Treasury yields higher, JGB 10Y at fresh 27-year high, other regional sovereign yields also higher. Crude futures slightly lower but Brent still above $100/bl, gas prices also up again. Base metals steady, precious metals all higher.

    • Asia equities completed the week a little directionless amid skepticism over diplomatic efforts to end the Iran conflict while President Trump's extension of a deadline to fully reopen the Strait of Hormuz viewed by some analysts as imposing a delay in the strait's reopening. Nevertheless, positive US futures troughed early losses in most Asia equity markets, which rallied slowly over the day with a handful ending positive. For the week, many Asia benchmarks finished modestly lower and a handful even gained a few points while South Korea's Kospi underperformed notably amid Google's algorithm breakthrough.

    • In contrast, bond markets remained volatile with yields higher across the region w/w (ex-China) amid increased concerns over the impact higher-for-longer crude prices will have on domestic inflation. In regional developments Friday, Japan's finance minister Katayama again warned over 'bold action' in response to forex moves as the yen continues to hover around 160 per dollar. China's Jan-Feb industrial profits rebounded by more than expected while Reuters reported Beijing was considering easing bank shareholding limits to widen capital raising options for commercial banks. Late on, Beijing announced it was opening retaliatory probes into US supply chains and renewable products. Taiwan's consumer confidence dipped to a three-year low, Philippines export growth declined again while producer inflation hit a three-year high.

    • Rohm (6963.JP), Toshiba and Mitsubishi Electric (6503.JP) are considering merging their chip units. US officials said SMIC (6902.HK) has been supplying chipmaking technology to Iran. Reliance Industries (500325.IN) denied it has purchased oil originating in Iran. Sunway (5211.MK) has won approval from its shareholders for its $2.7B proposed takeover of IJM Corp (3336.MK).

  • Digest:

    • Trump extends pause on attacking Iranian energy plants, talks ongoing:

      • On Truth Social, President Trump said he is granting Iran's request to extend until 6-Apr his pause on striking energy plants to allow talks to continue (Reuters, Bloomberg). Still seems to be some confusion about state of negotiations with Trump repeating Iran desperate for deal while Tehran issued its own proposals and wants US to scale back demands in 15-point peace plan, including those on nuclear and missile programs. Pakistan confirmed indirect talks but prospect of direct negotiations murky amid divisions between two sides and uncertainty about Iranian representation. View also taking shape US delay and diplomatic pivot aimed more at allowing time to position forces for potential ground operation that Trump believes will force Tehran to buckle. (Times of Israel). Media sources noted Pentagon weighing deployment of 10K extra ground troops, adding to the thousands of marines and paratroopers on route. Axios reported earlier US weighing potential invasion/blockade of Kharg Island or seizing strategic islands near Strait of Hormuz. White House had vowed to intensify campaign if Iran baulked at peace talks. Underlines risk of conflict broadening with Iran also threatening Middle East energy, IT and desalination plants, and Red Sea shipping chokepoint. Gulf states also said to be weighing joining conflict.

    • No easy solutions for Strait of Hormuz:

      • Recent crude weakness on diplomatic headlines based on hope end to conflict will unblock shipping. However, Iran determined to maintain grip over the waterway (NY Times), making sovereignty a condition for peace deal and moving to charge tolls on ships - actions Arab states would consider unacceptable. President Trump revealed Iran's "present" to US was allowing passage of 10 Pakistani-flagged oil tankers through Hormuz, giving him confidence about negotiations (Reuters). However, reports that US is sending thousands of troops to region also giving rise to thoughts Trump willing to order ground operations that may include seizing Kharg Island or strategic islands near Strait of Hormuz. These options would likely invite more Iranian fire and may further disincentive ships from transiting, notwithstanding handful of vessels Iran has allowed to transit including those linked to Asian countries. Treasury Secretary Bessent said US insurance guarantees to aid shipping through Strait of Hormuz will begin soon (Bloomberg). However, there is skepticism shipowners willing to take risk. US has touted naval escorts, but operational risks are high and allies signaling no intent to participate until ceasefire reached. It could also take months after cessation of hostilities for shipping to return to pre-war levels.

    • BOJ publishes revised output gap, underlying inflation data:

      • Nikkei discussed the BOJ publication of key supplementary data relevant for policy decisions. Revised output gap series through 3Q25 has now been positive since 1Q22 notably contrasting with prior levels that had been negative for five straight quarters and yet to recover meaningfully after the Covid pandemic caused a collapse. Amendments now more consistent with an inflationary environment. Main cause for the revisions was the upgraded capital input gap which now more accurately reflects utilization rates for high value-added products. Labor input gap was already tracking positive and did not undergo significant revisions. Article noted Cabinet Office estimates have been positive for about a year, and the consistency of calculations conducive for policymaker consensus that Japan is experiencing excess demand. BOJ also published new CPI inflation measures that strip out 'institutional' effects such as changes to the consumption tax, provision of free education and energy relief measures (among others). Article highlighted the series that relate directly to currently observed core CPI (excl fresh food) and ex-fresh food & inflation measures. As expected, further adjustments have left both series above 2%, whereas official core inflation dipped below 2% in February for the first time in almost four years. Story suggested new data may help to justify further policy normalization though BOJ must now consider new uncertainties from the war in Iran and surge in oil prices.

    • China industrial profits accelerate in first two months of 2026:

      • Industrial profits jumped 15.2% y/y in Jan-Feb, beating Bloomberg estimates of 10.6% gain and following a modest 0.6% gain in 2025. Also quickened from 5.3% increase in December. NBS attributed acceleration in industrial profits to more proactive macro policies with rapid growth in equipment manufacturing and high-tech manufacturing, pointing to continuous recovery in performance of industrial enterprises. Still data achieved before war in Iran broke out that sent crude oil and other raw material prices soaring, which would likely squeeze profits in subsequent months. NBS warned of elevated external risks and pledged to expand domestic demand, optimize supply. For first two months, revenue growth was 5.3%, compared with 1.1% for 2025; gross profit grew 6.9% while it was flat last year. Notably electronics manufacturing was one of top sectors for first two months with increase of over 200% from last year. Non-ferrous metals production also outperformed as prices of metals including copper and aluminum had rallied earlier this year. Looking ahead, China's PPI will likely turn positive in March due to surging oil prices, following more than three years of contraction.

    • Volatile stretch on bond markets continues:

      • Bonds under sustained selling pressure with Middle East developments continuing to largely dictate outsized fluctuation in yields. Latest upward retracement followed Iranian pushback against peace plan with oil strength reinforcing expectations of higher inflation. This reversed preceding bond rally that coincided with big oil selloff amid hopes for diplomatic outcome. Hawkish rate repricing continues with markets pricing in more than 30% chance of Fed rate hike by year-end. Some traders positioning for emergency rate hike based on SOFR options activity (Bloomberg). On Thursday Fed Vice Chair Jefferson (Yahoo Finance), Governor Cook (Bloomberg) and Governor Barr (Bloomberg) joined other officials signaling inflation a top priority. Similar pattern playing out elsewhere after major central banks talked up inflation concerns over past week. Flatter yield curves also playing into negative supply shock/stagflation narrative (Bloomberg). Meanwhile, string of weak Treasury auctions this week have heightened bond market angst and fueled rise in volatility with MOVE index reaching highest since Liberation Day tariff fallout in Apr-2025. Volatility driving concerns about market functioning with depth in short dated bond futures falling as much as 80% according to asset managers (FT).

    • Notable Gainers:

      • +13.1% 008770.KS (HOTEL SHILLA Co.): CEO Lee Boo-jin plans to purchase 470K shares

      • +7.1% 8334.JP (Gunma Bank): Daishi Hokuetsu Financial to merge with Gunma Bank at 1:1.125 share exchange ratio

      • +6.8% 6865.HK (Flat Glass Group): reports FY results; net income beat FactSet estimates

      • +6.7% 1318.HK (Mao Geping Cosmetics): reports FY results; net income in line with FactSet estimates

      • +1.2% 1177.HK (Sino Biopharmaceutical): reports FY results; headline results miss StreetAccount estimates

    • Notable Decliners:

      • -8.5% 7148.JP (Financial Partners Group): lowers FY guidance

      • -4.1% 6963.JP (ROHM Co.): Mitsubishi Electric, Rohm and Toshiba reportedly to hold talks on merging their power semiconductor businesses

      • -3.8% 600690.CH (Haier Smart Home): reports FY results; revenue below StreetAccount estimates

      • -3.1% 009830.KS (HANWHA SOLUTIONS): FSS reportedly to conduct intensive review of company's KRW2.4T rights offering plan

      • -1.2% 2328.HK (PICC Property & Casualty): reports FY results; net income below StreetAccount estimates

      • -0.9% 3690.HK (Meituan): reports Q4 results; adjusted net income (CNY15.08B) vs StreetAccount (CNY14.23B)

      • -0.4% 003230.KS (SAMYANG FOODS): discloses value-up plan; to maintain consolidated dividend payout ratio at 9-11%

  • Data:

    • Economic:

      • China Jan-Feb

        • industrial profits +15.2% y/y vs +0.6% in Jan-Dec 2025

    • Markets:

      • Nikkei: (230.58) or (0.43%) to 53373.07

      • Hang Seng: 95.45 or +0.38% to 24951.88

      • Shanghai Composite: 24.64 or +0.63% to 3913.72

      • Shenzhen Composite: 32.95 or +1.29% to 2579.55

      • ASX200: (9.40) or (0.11%) to 8516.30

      • KOSPI: (21.59) or (0.40%) to 5438.87

      • SENSEX: (1,207.31) or (1.60%) to 74066.14

    • Currencies:

      • $-¥: (0.15) or (0.09%) to 159.6570

      • $-KRW: (1.00) or (0.07%) to 1507.1100

      • A$-$: (0.00) or (0.02%) to 0.6886

      • $-INR: +0.53 or +0.56% to 94.7379

      • $-CNY: (0.00) or (0.01%) to 6.9111

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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