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StreetAccount Summary - Asian Market Recap: Nikkei +0.55%, Kospi +1.36%, Sensex +0.58% as of 04:10 ET

Apr 06 ,2026

• Synopsis:

  • Asia equities ended mixed in thin trade Monday as much of the region remained closed for a holiday. Some strong gains at the open in Japan and South Korea but both boards well off their highs by the close with the Topix even a point lower. Singapore ended higher and India reversed early losses to trade higher but there were declines several Southeast Asia boards. US and European futures paring earlier losses, now higher. US dollar lower in late trade but DXY still near 100; AUD and NZD notable gainers in Asia, rupee gaining again following last week's RBI actions. Treasury yields higher across tenors, JGB 10Y yield at another multi-year high as tightening speculation mounts. Crude futures higher with Brent and WTI both near $110/bl. Precious metals mixed, base metals mixed. Cryptocurrencies higher.

  • Asia stocks gained on aggregate Monday with sentiment boosted by an Axios report that said Iran and the US, alongside several regional players, were discussing a 45-day ceasefire in the Gulf although the same article said the chances for even a partial deal were slim. Nevertheless, commodity and risk assets responded positively with Brent and WTI futures coming off late Thursday's highs, albeit with WTI still at a rare premium to Brent reflecting US-based WTI traders' skepticism late last Thursday over a quick end to the war. Sentiment boosted late on as reports emerged Pakistan had formally handed Tehran and Washington with a ceasefire plan Monday afternoon.

  • Few major catalysts Monday to change the overarching narrative as traders await developments in the Gulf. The BoJ warned of an economic hit to Japan from the middle east conflict because of surging oil costs and supply disruptions. South Korea's president proposed exempting owners of multiple homes from heavier capital gains tax if they sell before 9-May to ease house price pressure. India's services PMI growth slowed and input costs rose in March while Singapore's full PMI reading eased back from February's record high.

  • Pan Pacific International (7532.JP) is to merge with Olympic Group (8289.JP) with Pan Pacific to remain as the wholly owning parent company. Hanwha Aerospace (489790.KS) has submitted its final KRW1.5T bid for Poongsan's (103140.KS) ammunition business. LS Electric (010120.KS) through its power solution unit has won a KRW106B ($70M) order to supply transformers to US AI data centers.

• Digest:

  • New hopes for ceasefire take some of the edge off Trump's ultimatum:

    • Axios sources indicated US, Iran and regional mediators discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the war, albeit chances of reaching a deal within Trump's latest 48-hour deadline said to be slim. Article recalled Trump's original 10-day deadline to Iran was expected to expire Monday evening, though extended it to Tuesday 8 pm ET in a social media post. Trump told Axios on Sunday the US is in "deep discussions" with Iran and a deal can be reached before the Tuesday deadline. Still, reaffirmed his social media posts that he will 'blow everything up over there' if they don't make a deal. While Iran still hasn't accepted proposals made in recent days, mediators said to be discussing a two-phased deal, one for a ceasefire while they negotiate the second phase -- a permanent end to the war. First phase could be extended if more time was needed for talks. Full re-opening of Strait of Hormuz and some solution for Iran's highly enriched uranium could only be a result of a final deal. For the ceasefire, mediators working on confidence building measures in these areas while Iran still seeking guarantees that war will not resume.

  • Trump adds to threats of escalated aggression against Iran:

    • In a series of social media posts, US President Trump recalled the 10-day deadline for Iran to make a deal or open the Strait of Hormuz, noting time is running out and Iran has 48 hours before threatening "all hell," which was reportedly rejected by Tehran. Commenting on the rescue of the second of two US airmen shot down in Iran, Trump announced a news conference with the military at the Oval Office on Monday 1 pm EST. Another post simply stated "Tuesday, 8 pm Eastern Time," which was later understood to be an extended deadline from the original 10 days that was set to expire Monday evening. Also announced that Tuesday will be a "Power Plant Day" and "Bridge Day" in Iran, reiterating demands to open the Strait. Iran rejected the latest ultimatum, saying the strait would only reopen fully when damage from the war is compensated (Bloomberg). Tehran continued to strike energy targets in its Gulf neighbors, including Kuwait's oil headquarters. Fars news agency reported 15 ships have passed through the strait with Iran's permission in the past 24 hours, noting traffic is still down about 90% from before the start of the conflict. OPEC+ agreed Sunday to increase oil quotas by 206K barrels per day for May, though seen as symbolic given this is equivalent to less than 2% of supplies cut off from the strait (Reuters).

  • BOJ Sakura report raises concerns about uncertainties caused by Middle East:

    • In the BOJ Sakura report for April, all nine regions left their headline economic assessment unchanged. However, summary noted several regions reported Middle East impacts have already surfaced, posing a constraint on capacity utilization as a result of higher input costs and raw materials supply limitations. Concerns were raised about the outlook for corporate earnings and consumer sentiment amid elevated uncertainties posed by inflation implications from higher energy prices. Respondents urged for appropriate attention on further developments out of concern about potential economic headwinds. Meanwhile, core domestic dynamics appear to remain intact. Most small firms taking leads from strong shunto results among large firms in awarding pay raises largely on par with 2025. Yet, some voiced difficulties with keeping up wage hikes among those lagging behind in cost passthrough. Middle East developments could also prompt employers to become more cautious on wages. Overall summary of cost passthrough noted majority continuing to see progress. Upstream sectors in particular seeing opportunity from recent yen weakness and higher oil prices. Separately, latest output gap estimates for Q4 remained positive for the 16th straight quarter after the revised figures were published in late-March. Recent overhaul of data alongside updated natural rate analysis prompted some hawkish takeaways amid views BOJ was laying the groundwork for the next rate hike.

  • Trump follows through on pharma tariffs, simplifies metal product levies:

    • White House announced Section 232 tariffs of 100% on patented pharma products and ingredients, effective in 120 days for large firms, though capped at 15% for countries that have struck trade deals including EU, Japan, Korea and Switzerland. UK imports to be at a lower rate defined by their pharma agreement. Bloomberg noted action fulfills earlier threats of 100% tariffs unless companies move production to the US. However, end result contains significant carve-outs -- large firms avoided punitive moves by striking deals with the administration in response to Trump's list of demands sent out last summer. Impacts will hence mainly affect smaller firms. Generic medicines also will not be hit by the new tariffs but the measure Trump signed orders the Commerce Department to re-evaluate those products within one year. Separate statement announced streamlining of tariffs on steel, aluminum and copper with pure metal products subject to a flat 50% rate (unchanged) and 25% on derivatives. A 10% rate applied to products made abroad but entirely with US metals. Goods with total steel, aluminum or copper content below 15% will be effectively exempt. According to Bloomberg, senior administration official cast the changes as necessary to simplify a complicated policy and provide more fairness to businesses grappling with Trump's tariff regime.

  • StreetAccount Event Preview: RBI policy meeting, 8 April

    • RBI likely to keep base repo rate on hold Wednesday with focus firmly on accompanying statement, press conference for comments on economic disruption from Iran conflict. Currency traders on watch for further rupee support signals following last week's measures to cap speculative and arbitrage forex trading that led to roughly 2% rupee appreciation (Reuters). Economists expect RBI to hint at continued rupee support but several analysts still see INR at 100 per dollar if conflict drags on (EconomicTimes). Bank may also give indications on debt market liquidity injections to keep IGB yields capped following sharp two-day rally last week. Meanwhile, equity analysts growing concerned over high crude prices on broader economy: Bernstein analysts warned conflict not just a macro event, Jefferies said banks could face INR50B losses from last week's currency measures. Market data also showed record INR327B withdrawn from financial services companies during first two weeks of conflict (Bloomberg).

  • Notable Gainers:

    • +12.9% 103140.KS (Poongsan): Hanwha Aerospace submits final bid for Poongsan's ammunition business

    • +4.3% 7532.JP (Pan Pacific International Holdings): to merge with Olympic Group

    • +3.9% 010120.KS (LS Electric): receives KRW100B order to supply transformers to AI data centers in US

    • +0.0% VC2.SP (Olam Group): Wipro to acquire Mindsprint from Olam for $375M

  • Notable Decliners:

    • -6.7% 8795.JP (T&D Holdings): formulates long-term vision 2030; plan did not signal large-scale buybacks

    • -4.6% 000250.KS (SAM CHUN DANG PHARM): CEO cancels KRW250.02B share sale disclosed on 24-Mar

• Data:

  • Economic:

    • Singapore

      • Q1 GDP NSA Y/Y (Preliminary) unknown versus consensus +5% and +6.9% in prior quarter

      • February Retail Sales Nominal y/y +8.3% versus (0.5%) in prior month

    • India March

      • Final Services PMI 57.5 vs flash 57.2 and 58.1 in prior month

        • Composite PMI 57.0 vs flash 56.5 and 58.9 in prior month

  • Markets:

    • Nikkei: 290.19 or +0.55% to 53413.68

    • Hang Seng: Closed

    • Shanghai Composite: Closed

    • Shenzhen Composite: Closed

    • ASX200: Closed

    • KOSPI: 73.03 or +1.36% to 5450.33

    • SENSEX: 490.14 or +0.67% to 73809.69

  • Currencies:

    • $-¥: (0.17) or (0.11%) to 159.4180

    • $-KRW: (10.50) or (0.70%) to 1499.7400

    • A$-$: +0.00 or +0.39% to 0.6926

    • $-INR: (0.04) or (0.04%) to 92.9598

    • $-CNY: (0.00) or (0.06%) to 6.8817