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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.38%, Hang Seng +1.72%, Shanghai Composite +0.70% as of 04:10 ET

Apr 16 ,2026

  • Synopsis:

    • Asia equities ended mostly higher Thursday. More gains for Asia's technology-led boards in Japan, South Korea and Taiwan, with TSMC posting better-than-expected Q1 results after the close. Hong Kong was also strong and led by internet and tech names while mainland China saw Shenzhen gain the most. Australia ended lower, several Southeast Asia benchmarks also negative. India paring early gains and now lower. US futures higher, Europe up in the first hour of trade. US dollar unchanged, AUD stronger but little movement elsewhere. Treasuries and JGBs mixed. Crude oil futures higher with Brent at $95/bl, WTI below $92/bl. Precious metals well bid, iron ore leading base metals higher. Cryptocurrencies extending recent gains.

    • Global equities risk-on mood continued Thursday with the MSCI ACWI index reaching a fresh record high during Asia trading and the MSCI Asia Pac ex Japan index just a shade below its record. Markets buoyed again by fresh hints Iran and the US were seeking a second meeting in Pakistan to discuss permanent peace arrangements, and more market analysts saying equity markets were now looking beyond the war. Still, Brent crude trading just below $100/bl as the blockade of the Strait of Hormuz continues and many oil-exposed equity benchmarks in Asia still significantly below where they were at the onset of the conflict.

    • In regional developments, China's Q1 GDP growth was better than expected as exports and manufacturing output proved resilient. Monthly March activity data was mixed: industrial output beat consensus but was below Jan-Feb's print, industrial capacity utilization fell to a two-year low, retail sales disappointed again, while real estate investment weighed on FAI. Unemployment unexpectedly ticked higher. New Home prices accelerated their decline in March although Shanghai and Hangzhou prices inched higher again. Australia March employment growth slowed while the unemployment rate remained unchanged, supporting RBA's view of a tight labor market forecast. The Bank of Thailand cut its full-year outlook, saying there were 'no limits' to the worst-case scenarios if the Iran conflict continued.

    • SoftBank (9984.JP) sold $3.6B of junk bonds priced in euros as it sees to finance AI investments. Trend Micro (4704.JP). CATL (3750.HK) has asked the Pentagon to remove it from list of companies linked to the China military, said it would create a mining subsidiary to secure supplies, posted Q1 earnings beat; stock sharply higher. S&P Global downgraded ASX's (ASX.AU) credit rating following Australia regulator report. Activist investor Elliott said it had taken a 'significant' share in Daikin Industries (6367.JP); shares up sharply. TSMC (2330.TT) reported higher-than-expected earnings, revenue and margins in Q1 as AI-related demand showed no signs of abating. Viva Energy (VEA.AU) reported a major fire at one of Australia's last remaining refinery set to knock out fuel output; stock on a trading halt.

  • Digest:

    • China Q1 GDP beats, activity data mixed:

      • China GDP expanded 5.0% y/y in Q1, above consensus 4.8% and follows 4.5% in the previous quarter. Sequential growth was virtually steady at 1.3% q/q vs consensus 1.4% and prior 1.2%. Early takes positive with results attesting to economic resilience against the backdrop of the Middle East conflict. As an in-line result would have been sufficient to start the economy on course to meet the lowered 2026 official growth target of 4.5-5.0%, outcome provides a headstart and thereby further lowering the urgency for additional stimulus.

      • However, activity data were mixed: Industrial production rose 5.7% y/y in March, ahead of consensus 5.3%, though softer than prior month's 6.3%. Underpinned by surprising strength in exports, results further reinforce supply-demand imbalances.

      • Major product groups were mostly positive, led by sharp growth in robots and integrated circuits. In contrast, passenger cars and solar cells dropped by double digits, while PCs and smartphones also declined. Crude oil processing fell mildly for now. Capacity utilization was 73.6% in Q1, down from 74.1% a year earlier amid this year's extended LNY holiday.

      • Retail sales rose 1.7%, below consensus 2.4% and also softening from 2.8% in the prior month. While most categories logged growth, led by communication equipment, declines in autos, home appliances and leisure goods were notable given they were specific areas of policy support -- while auto subsidies are phasing out, government has renewed funding quotas for the consumer goods trade-in scheme, and cultural/sporting events were heavily promoted during LNY as an opportunity to lift spending.

      • Fixed asset investment expanded 1.7% YTD, softer than consensus 1.9%, unexpectedly edging lower from 1.8% in Jan-Feb. Infrastructure slowed to 8.9% from 11.4%, while manufacturing strengthened to 4.1% from 3.1%. Real estate remained weak, though declines little changed at 11.1% from 11.2%. Underlying slide in property sales narrowed for the first time in at least a year, albeit following accelerated weakness. Real estate firms saw steady deterioration in available financing.

      • Urban unemployment rate unexpectedly rose to 5.4% from 5.3% vs consensus 5.2%.

    • Strong AI demand underpins TSMC profit beat:

      • TSMC (2330.TT) Q1 net profit growth of 58% y/y topped expectations for \50% increase, coming after company recently booked revenue growth of 35% y/y to $35.9B. HPC (61% of total revenue) the main contributor with segment revenue up 20%.

      • Now expects 2026 revenue growth of "above 30%" from "close to 30%", underpinned by "extremely robust" AI demand. Anticipates Q2 revenue growth $39-$40.2B (vs FactSet $38.1B).

      • Anticipates 2026 capex to be at upper end of $52-56B guided range, reflecting strong demand from HPC and AI applications. Three-year capex outlook to significantly exceed preceding three years. Strengthening investment to boost N3 capacity with new manufacturing plant in Taiwan, additional fabs in Arizona. Expects capacity to remain tight, build out proceeding as quickly as possible with 2-3 timeframe to build a fab.

      • GM of 66.2% above upper end of guidance range, reflecting cost improvements, higher utilization rates and favorable FX movements. Guided Q2 GM range of 65.5%-67.5% (vs FactSet 64.6%).

      • Smartphone segment revenue declined 11% with memory cost pressures having impact, though high end smartphone and PC markets performing better.

      • Middle East fighting will prompt more cautious planning, though doesn't expect near-term energy impacts with multiple sources of supply of inputs like helium.

    • Talk of US-Iran ceasefire extension as backchannel negotiations continue:

      • Latest reports noted US and Iran agreed in-principle to extend ceasefire beyond next week's deadline to allow more time for diplomacy, though White House later said it had not formally requested any extension (AP, Reuters, Bloomberg). Second round of talks expected soon, likely in Pakistan. In round of media interviews this week Trump has voiced optimism about chances of agreement and suggested talks could occur as soon as this week, though nothing official has been announced yet.

      • Treasury Secretary Bessent warned US would impose secondary sanctions on buyers of Iranian crude, having told two Chinese banks they would be targeted if found they had facilitated transactions (Reuters). US also downplayed risk of tensions with Bessent expressing belief China would pause purchases of Iranian oil and Trump claiming in Truth Social post that China agreed not to supply Iran with weapons (Reuters). Bessent added US would not be renewing waivers on sanctioned Russian and Iranian crude.

      • Pakistan Field Marshal Asim Munir in Tehran to try and narrow gaps on core issues of nuclear and Strait of Hormuz. US officials also continuing backchannel talks (Axios). Reuters source said Iran offered to allow ships unobstructed passage through Strait of Hormuz on Omani side of the waterway as part of peace agreement. US continuing to enforce Strait of Hormuz blockade with CENTCOM saying no ships exiting Iranian ports have sailed out. Blockade aimed at squeezing Iran with analysts estimating country has around two weeks before it will have to shut-in oil wells (FT).

    • Japan Finance Minister Katayama's FX warnings carried more weight than usual:

      • Finance Minister Katayama in Washington issued more of the same warnings against FX volatility, including that authorities were prepared to take bold action (Bloomberg). However, what really mattered was that such rhetoric came after a meeting with US Treasury Bessent, which she apparently first revealed on her X account (Reuters) though also told reporters of a "thorough discussion on currencies" and "agreed to maintain even closer communication than before." Bloomberg suggested Katayama's latest warning takes on extra weight following the talks with Bessent, as it implies that the latter voiced no opposition to the idea of possible action. Meanwhile, while adding they did not discuss BOJ policy, she later highlighted an observation that central bankers are cautious about raising interest rates when uncertainty continues to surround the crisis in the Middle East -- a possible hint that she would like the BOJ to keep policy on hold at the next policy meeting later this month. Follows a Tuesday press conference in Tokyo where Katayama said she and Prime Minister Takaichi warned METI Minister Akazawa to avoid commenting on BOJ policy after his discussion on a weekend NHK TV program where he appeared to endorse rate hikes as a way to support yen and curb inflation risks (Reuters).

    • Australian jobs data in-line, labor market tightness reinforces May rate hike bets:

      • Australian headline employment rose 17.9K in March, roughly in-line with consensus 20.K and marking step down from February's 48.9K increase (revised to 49.7K). Unemployment rate unchanged as expected at 4.3%. Participation rate fell to 66.8% from 66.9%. Composition was stronger than headline result with 52.5K full-time positions added against 34.6K part-time jobs lost. Monthly hours worked climbed 0.5% to new high.

      • Figures unlikely to alter RBA's assessment of a tight labor market with unemployment rate tracking its forecasts from February. Markets currently pricing in better-than-even odds of a May rate hike after central bank officials signaled inflation risks are the main consideration. Deputy Governor Hauser on Monday said board doesn't have high confidence cash rate is yet at a level that will return inflation to target, warning that if rates need to go higher they will (Bloomberg). Impact of Iran conflict also beginning to show up in soft data with Australian consumer and business confidence falling sharply. Australia Q1 CPI (29-Apr) looms as next major data point that may determine whether RBA moves again in May.

    • Notable Gainers:

      • +9.9% 4704.JP (Trend Micro): enters into strategic partnership with Anthropic for AI security

      • +9.1% 6367.JP (DAIKIN INDUSTRIES): Elliott Investment reportedly holds 3% stake, seeks to improve capital efficiency; Elliott issues statement on investment

      • +6.1% 011210.KS (Hyundai WIA): reportedly to sell its defense business division to Hyundai Rotem

      • +5.6% 9988.HK (Alibaba Group): unveils new AI model for generating video used in game development

      • +5.3% 300750.CH (Contemporary Amperex Technology): reports Q1 results; headline figures ahead of FactSet estimates; reportedly actively seeking removal from Pentagon list of companies tied to China's military

      • +3.6% 035420.KS (NAVER): NAVER Financial, Dunamu target IPO within five years after merger

      • +2.0% 4568.JP (Daiichi Sankyo): confirms sale of DAIICHI SANKYO HEALTHCARE to Suntory HD for ¥246.50B

      • +1.7% 000660.KS (SK Hynix): SK Hynix's ADR listing reportedly planned for June or July

    • Notable Decliners:

      • -13.3% 300433.CH (Lens Technology): reports Q1 earnings; headline figures miss FactSet estimates

      • -9.0% 000250.KS (SAM CHUN DANG PHARM): KRX reportedly refers company's disclosure rule violation case to KOSDAQ Market Disclosure Committee for review

      • -6.2% 4676.JP (Fuji Media Holdings): former Murakami Fund affiliate S-Grant cuts stake to 4.62% from 5.76%

  • Data:

    • Economic:

      • China

        • Q1 GDP +5.0% y/y vs consensus +4.8% and +4.5% in prior quarter

          • GDP +1.3% q/q vs consensus +1.4% and +1.2% in prior quarter

        • March industrial production +5.7% y/y vs consensus +5.3% and +6.3% in Jan-Feb

          • Retail sales +1.7% y/y vs consensus +2.4% and +2.8% in Jan-Feb

          • Fixed asset investment (YTD) +1.7% y/y vs consensus +1.9% and +1.8% in Jan-Feb

            • Unemployment rate 5.4% vs consensus 5.2% and 5.3% in Jan-Feb

      • Australia March

        • Employment +17.9K m/m vs consensus +20.0K and +48.9K in February

          • Unemployment rate 4.3% vs consensus 4.3% and 4.3% in February

          • Participation rate 66.8% vs consensus 66.9% and 66.9% in February

    • Markets:

      • Nikkei: 1,384.10 or +2.38% to 59518.34

      • Hang Seng: 446.94 or +1.72% to 26394.26

      • Shanghai Composite: 28.34 or +0.70% to 4055.55

      • Shenzhen Composite: 48.27 or +1.80% to 2733.57

      • ASX200: (23.70) or (0.26%) to 8955.00

      • KOSPI: 134.66 or +2.21% to 6226.05

      • SENSEX: (420.38) or (0.54%) to 77690.86

    • Currencies:

      • $-¥: (0.06) or (0.04%) to 158.9150

      • $-KRW: (2.02) or (0.14%) to 1473.1400

      • A$-$: +0.00 or +0.12% to 0.7179

      • $-INR: (0.02) or (0.03%) to 93.3510

      • $-CNY: (0.00) or (0.01%) to 6.8175

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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