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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.74%), Hang Seng (0.90%), Shanghai Composite +0.06% as of 04:10 ET

Apr 13 ,2026

  • Synopsis:

    • Asia markets fell Monday but many finished off their troughs. Most major benchmarks gapped lower before stabilizing first thing amid higher crude prices and fresh risk-off sentiment. Steepest declines seen in Hong Kong, South Korea and India; Philippines also notably lower. Japan's two main boards and Australia's ASX were down. Mainland China boards saw some modest gains, Taiwan's Taiex was flat. US futures point lower, Europe stocks slightly down in opening trades, although Budapest's benchmark is trading higher following its weekend general election. US dollar higher but has also stabilized. AUD and NZD higher, won stronger on intervention warnings. Treasury and JGB yields higher across tenors. WTI and Brent futures both around 7.5% higher with both trading above $100/bl again. Precious metals lower but off their troughs, base metals mixed.

    • Asia equities traded lower Monday on news weekend peace talks between the US and Iran had broken down following 21 hours of negotiations. The US said it would embargo the Strait of Hormuz from Monday although there were question marks over how it would do so while a trickle of ships continued to pass through the strait via the Iranian side. Nevertheless, the failure of the talks sent crude prices back above $100/bl, bond prices to sink and the US dollar to appreciate during Asia trading hours while US futures indicate a soft opening later. Analysts said a silver lining from the talks was that they lasted so long, indicating both sides had found some common ground, while Tehran said 'diplomacy never ends' hinting that talks could continue.

    • Equity losses offset by gains in several sectors and stocks, noticeably Australia's Woodside Energy (WDS.AU) and Santos (STO.AU) on the spike in gas prices, China's CNOOC (883.HK) on the oil prices surge, and South Korea's defense companies such as Hanwha Aerospace (012450.KS) and LIG Nex1 (079550.KS). In other developments, debate over the BOJ's rate decision next week intensified with commentators pointing out the BOJ tends to keep rates unchanged during crisis and a Governor Ueda speech reflecting a notable fresh caution on raising rates. Economists expect the Monetary Authority of Singapore to tighten policy tomorrow amid an uptick in the island's inflation. In the only meaningful data release today, South Korea exports jumped more than 36% y/y in the first ten days of April thanks to another surge in semiconductor shipments.

    • Softbank (9984.JP) is to launch its own business unit to develop homegrown AI talent alongside Honda Motor (7267.HK) and NEC (6701.JP). TOTO (5332.JP) is said to have suspended orders for several prefabricated bathroom products because of a shortage of organic solvents. CapitaLand (9CI.SP) has raised $320M for an Asia-Pacific real estate credit fund. Cathay Pacific (293.HK) said it will start to cut flights from the beginning of May and into June as jet fuel prices surge. TCL Electronics (1070.HK) is considering the sale of its share in an India-based television manufacturing business for around HK$1.57B ($200M).

  • Digest:

    • Trump announces US naval blockade of Strait of Hormuz after negotiations fail:

      • In a Truth Social post, President Trump said navy will begin blockade of Strait of Hormuz. US CENTCOM said blockade will begin 13-Apr 10:00 ET and apply to vessels of all nations entering or departing Iranian ports (Bloomberg, Reuters, Axios). Ships transiting to and from non-Iranian ports will be permitted. Trump added navy will seek and interdict ships in international waters that have paid tolls to Iran and US military will, at an appropriate moment, finish off Iran. Warned US would blow up Iranian forces that fire on US troops or commercial shipping while media sources said Trump considering limited strikes against Iran.

      • Announcement invited debate about each side's pain threshold with blockade of Iranian-permitted oil tankers ostensibly aimed at throttling regime's crude export revenue but at a cost of fueling upward pressure in global energy prices. Blockade announcement drove big gains in energy prices with crude up as much as 9% and European gas futures spiking 18%. Amid prospect of prolonged blockade, Trump conceded likelihood of higher oil prices lasting until midterm elections.

      • Trump's announcement came after negotiations in Islamabad ended in no agreement. Iranian insistence on retaining its nuclear ambitions and stockpiles of enriched uranium proved to be major sticking points. Two sides also at odds over Iranian demand for control over Strait of Hormuz. However, diplomatic door left ajar with Trump saying there were agreements on most other points and asserting that Iran will come back to negotiating table. Iranian officials also signaled openness to more talks provided US softened its demand. Media sources said second round of talks could be held within days.

    • US naval blockade of Strait of Hormuz may have implications for China:

      • Trump's naval blockade announcement has put China in crosshairs given country is the main buyer of Iranian crude. Shipping data showed China-flagged Very Large Crude Carriers (VLCC) transited Hormuz on Saturday, among three supertankers that passed through the Strait for first time since last week's ceasefire agreement (Reuters). US blockade of ships entering and exiting Iranian ports may have implications not just for China, but other Asian countries that have received shipping exemptions from Iran over recent weeks.

      • US increasingly attentive to China's Iran ties after Trump threatened 50% tariff on countries supplying weapons to Tehran (Trump warned China would be hit with 50% tariff if caught supplying Iran).Comes as CNN intelligence sources revealed China preparing to deliver Iran weapons defense systems, including shoulder-fired anti-aircraft missile launchers, within next few weeks. USTR Greer anticipates positive Trump-Xi summit next month, but warned US-China relationship will become complicated if Beijing acts with Iran against American interests (Reuters).

      • Some thought Trump's blockade announcement aimed in part at prodding China to exert more pressure on Iran to reach comprehensive agreement with US. Last week Trump appeared to acknowledge China's role in convincing Iran to agree to ceasefire agreement. Signs China beginning to feel economic impact of war after factory-gate prices rose for first time since Sep-2022 amid surge in oil. Reuters sources said China's teapots now buying Iranian oil at premium to Brent for first time since 2022 after US granted temporary sanctions waiver to countries purchasing crude from Iran.

    • Ueda says BOJ to review likelihood of realizing economic forecasts in light of Midde East:

      • In a speech read out by Deputy Governor Himino, Governor Ueda began his summary of economic developments by reiterating the official assessment the economy is recovering gradually with parts of softness. Latest shunto results bolstered wage growth and wage passthrough has guided underlying trend inflation towards 2%. To this point, developments are broadly evolving in line with the scenario described in the Outlook Report. However, highlighted Middle East developments and the subsequent surge in oil prices alongside instability in global financial marks warrant close attention going forward. Japan faces a deterioration in terms of trade via higher oil prices, while protracted conflict poses the risk of suppressing industrial activity through restricting supply chains. Noted inflation implications from energy prices thought to be temporarily positive, though effects on underlying inflation are mixed given potential feedthroughs from softer growth momentum or higher inflation expectations. Yet, also cautioned that inflation mechanisms may have strengthened over the past several years. Recalled in last month's policy meeting that board members retained their policy normalization stance and degree of adjustments will be a function of improvements in the economy. But also added they will closely monitor Middle East impacts while also reviewing the likelihood and risks surrounding their economic forecasts.

    • BOJ April rate hike becoming a closer call:

      • Reuters discussed increasing uncertainties heading into the April BOJ meeting that are making the likelihood of a rate hike a closer call than markets had been pricing in. Follows recent reports noting that OIS implied odds were tracking in the 50% range recently and heading toward 60% by the end of last week. Sources indicated board members are divided between those focusing on mounting inflation risks and others who prefer to wait and see how the conflict unfolds. Complicating matters is yen weakness -- METI minister Akazawa in an NHK TV program Sunday was open to an economists' suggestion that BOJ policy could be used to curb inflation by supporting yen (albeit this didn't gain traction in the Japan press with attention dominated by oil supplies). Views of the sources themselves underscored the uncertainty towards the Middle East situation and thereby leaned dovish. Article raised another element in that BOJ may find it hard to drop clear hints on the next rate decision after having perceived to be progressively laying the groundwork for a hike through consistent rhetoric and supportive data. Deputy Governor Himino told parliament on Friday that monetary policy will be conducted with an eye on the scale and length of the economic shock caused by the Middle East war (Reuters). While he did not believe Japan was in stagflation, acknowledged prolonged conflict would be problematic.

    • Chinese assets getting more of haven demand due to war in Middle East:

      • Bloomberg data showed 90D correlation between CSI 300 Index and Bloomberg China Treasury Total Return Index has turned positive from 18-Mar, first time in two years that stocks and bonds in China have moved in tandem, indicating how Chinese assets have benefited as defensive plays during conflicts in Middle East. Moreover yuan also hit three-year high against dollar last week (Bloomberg). Amid global market rout triggered by the war, Chinese assets have outperformed global peers as onshore stocks have fallen less than Asian peers and 10Y yield edged up only 3bp through Friday, compared with rise of at least 40bp each in US, French and German yields, largely due to Beijing's energy resilience, policy support and relatively less exposure to the conflict. Other tailwinds for Chinese stocks include easing deflationary pressure that translating into reflation trade narrative and repositioning of global funds after years of underweight. Excess liquidity fueling bond market gains. Meanwhile article cautioned positive correlation between stocks and bonds may not last long as investors likely turn attention back to domestic issues if tensions in Middle East stabilize or dissipate, with local economy still grappling with weak consumption and persistent housing market slump.

    • Notable Gainers:

      • +3.9% 8464.TT (Nien Made Enterprise Co.): March revenue; positive 2026 revenue outlook

      • +2.0% 079550.KS (LIG Nex1): South Korean defense stock trading higher following US president Trump's announcement of US naval blockade of Strait of Hormuz after failed negotiations

      • +1.7% 7532.JP (Pan Pacific International Holdings): reports March domestic retail same-stores sales +4.2% y/y

      • +1.4% 7453.JP (Ryohin Keikaku): reports H1 results; raises FY guidance

    • Notable Decliners:

      • -7.2% 5332.JP (TOTO Ltd): reportedly suspends orders for prefabricated bath units due to shortage of organic solvents

      • -3.6% 4443.JP (Sansan): reports Q3 results

      • -1.8% 2318.HK (Ping An Insurance (Group) Co. of China): Reportedly seeking to reduce software-focused PE exposure by selling stakes worth ~$1B (~HK$7.83B) in some funds

      • -1.7% 1928.JP (Sekisui House): reports March total orders (3%) y/y

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: (421.34) or (0.74%) to 56502.77

      • Hang Seng: (232.69) or (0.90%) to 25660.85

      • Shanghai Composite: 2.33 or +0.06% to 3988.56

      • Shenzhen Composite: 14.24 or +0.54% to 2666.54

      • ASX200: (34.60) or (0.39%) to 8926.00

      • KOSPI: (50.25) or (0.86%) to 5808.62

      • SENSEX: (772.58) or (1.00%) to 76777.67

    • Currencies:

      • $-¥: +0.34 or +0.21% to 159.6140

      • $-KRW: +2.90 or +0.20% to 1487.6550

      • A$-$: (0.00) or (0.12%) to 0.7056

      • $-INR: +0.22 or +0.24% to 93.3253

      • $-CNY: +0.01 or +0.07% to 6.8331

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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