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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.40%, Hang Seng (1.22%), Shanghai Composite +0.52% as of 04:10 ET

Apr 22 ,2026

  • Synopsis:

    • Asia equities ended mixed Wednesday. The Nikkei 225, Kospi and Taiex all finished higher alongside Shenzhen in China as technology-led benchmarks gained again. Elsewhere stocks under some pressure with sharp losses in Hong Kong and Australia while the Topix also fell. Southeast Asia was down, India trading lower. US futures higher, Europe opened flat. US dollar a little lower; AUD, NZD, won and yen all stronger. Treasuries mixed, JGB yields lower across tenors, CGB yields fell to an eight-month low. Crude prices marginally higher with Brent closing in on $100/bl again. Precious metals pared overnight losses, base metals gaining some ground. Cryptocurrencies higher with bitcoin at a near three-month high.

    • Asia equities drifted Wednesday amid uncertainty surrounding middle east peace talks and a tick higher in crude prices. Negative momentum capped by news President Trump had extended the current ceasefire, sending US futures higher and taking Asia equities away from their day's trough amid indications background diplomacy was ongoing. But markets left on tenterhooks over next direction with Asia tech rally momentum slowing a tad and Brent crude prices back near $100/bl.

    • Once again, few meaningful catalysts of note in the region to deflect attention away from the middle east. Japan's exports reached a record high amid a surge in shipments to China and despite a ratcheting higher in tensions between the two nations. South Korea producer prices rose at their fastest pace in four years due to the increase in crude prices. Taiwan March export orders hit a record $91B as the AI boom continued. Bank Indonesia kept its benchmark interest rate unchanged at 4.75%, as fully expected, saying it would focus on supporting the rupiah. Moody's cut India's FY26/27 growth estimate to 6.0% from 6.8% but also raised Thailand's outlook to stable from negative as domestic political volatility had eased and the impact of US tariffs had waned.

    • Advantest (6857.JP) is set to launch a strategic partnership with Applied Materials on chip development with a new research center in Silicon Valley. CATL (3750.HK) said it has developed a six-minute charge that will give EVs a 1.5k km range in a new battery breakthrough. SK Hynix (034730.KS) said it will invest around $13B in a new South Korea plant to meet AI memory demand. BHP (BHP.AU) says it has concluded talks with China's state iron ore buyer; said Q3 iron ore output rose. Cochlear (COH.AU) said it was cutting its FY outlook as consumer sentiment dipped in several key markets, reaching a historical low in the US. South32 (S32.AU) cuts manganese output forecasts from its Australia-based mines following a cyclone impact and the wet season.

  • Digest:

    • Trump extends Iran war ceasefire, Pakistan talks on hold amid divisions:

      • President Trump announced ceasefire extension upon request of Pakistan, citing divisions within Iran's government that are impeding efforts to present unified proposal (Bloomberg, Reuters). Comes after Pakistan talks on hold with White House postponing VP Vance's trip and Iranian state media saying no prospect of Iran returning to talks. Axios sources said Trump to give Iran's divided leadership 3-5 days to unify behind proposal, warning ceasefire not open-ended. Another Axios piece noted one reason for ceasefire extension is so Iran Supreme Leader Khamanei can provide his response (expected Wednesday) and give green light for negotiators.

      • Standoff raising doubts about prospects of peace deal after Iran said talks are conditional on US first lifting blockade. However, Trump said US blockade will remain in place during ceasefire until Iran's proposal is submitted. Iran also citing 'unreasonable US demands' as an obstacle with nuclear issue a sticking point (uranium enrichment and fate of HEU stockpiles), and two sides divided on Iranian claims over Strait of Hormuz. Trump's barrage of social media posts and contradictory messaging also said to be fueling Iranian mistrust.

      • Markets sanguine about state of negotiations with ceasefire holding up despite public threats. Trump's ceasefire extension not altogether surprising and seen keeping at bay (for now) likelihood of hostilities resuming. While gaps remain media sources say two sides making progress in bridging differences on core issues. Axios piece also noted US officials conclude Trump thinks US has achieved all it can militarily. Trump also leaning on US naval blockade to compel Iran, arguing country is suffering financially.

    • More signs point to BOJ to staying on hold next week:

      • Front page Nikkei preview of the Apr 27-28 MPM corroborated yesterday's Reuters report, indicating the BOJ is likely to keep policy unchanged. Given the difficulty in looking beyond current uncertainties posed by the Middle East situation and impacts on the Japanese economy, deliberation on a rate hike will be pushed back to June.

      • Recalling there was one dissenter in March (Takata) who proposed a rate hike, article noted the possibility of some portion of the nine-member MPC calling for a hike next week. But the urgency to take rates up to 1.0% so far lacking among the majority of members with some still sanguine towards the risk of a major acceleration in inflation at this stage.

      • Also affirming earlier reports, FY26 core inflation forecast looking set to be revised up from the current 1.9%. While current developments seen to be a source of upward pressure on underlying trend inflation, duration remains uncertain.

      • An unnamed BOJ official was cited as saying that, although many see current economic conditions and wage hike momentum as solid, it would be appropriate to stay on hold in light of the downside risks to the outlook.

      • Similarly, some in the government do not anticipate Middle East developments to have an immediate effect on inflation, though are concerned that rate hikes will slow economic growth momentum given the short amount of time since the last move.

      • Still, some thoughts in the BOJ they should wait until the last minute before making a decision given the fluidity of the Middle East situation, where a US-Iran peace deal or rapid yen depreciation were mentioned as factors that might warrant a rate rise.

      • Bloomberg consensus poll showed some 80% (n=51) look for no change in April as rate hike camp shrank from 37% in the March survey. Majority 57% now projecting a move in June. Underlying sentiment remains hawkish as about three-quarters see risks to underlying inflation skewed to the upside. Half expect BOJ will be forced to speed up the pace of hikes. Year-end policy rate projection climbed to 1.25% from 1%.

    • Japan trade remains solid, Q1 looking positive for GDP:

      • Customs exports rose 11.7% y/y in March, narrowly beating consensus 11.0%. Follows revised 4.0% in the previous month, marking the seventh straight increase. Main drivers were semiconductors & electronics components, nonferrous metals and metallurgical fuel. Regional breakdown showed a rebound in shipments to US (first in four months) and China after elevated volatility large due to LNY effects. EU and broader Asia have remained consistently positive. Imports grew 10.9%, also above consensus 7.0%, following revised 10.3% in the prior month. Top contributors were communications equipment, nonferrous metals and semis with fossil fuels notably absent. Crude oil rose 2.4% y/y by volume though fell 7.3% by value. Petroleum products dropped a much sharper 23.2% by value, mostly reflecting similar declines in gasoline. LNG higher though LPG lower. Aggregate shipments from US, EU and Asia all up by double digits. Nominal trade was notably supported by the price factor, with yen depreciation becoming more pronounced -- 4.7% y/y in March vs 0.7% in February. Yet, export volumes also rebounded while imports have remained positive for most of the past year. BOJ real trade indices showed exports fell 0.5% m/m while imports dropped a sharper 5.5%. This follows notable volatility in prior months, though still left exports up 3.0% q/q in Q1 vs 1.0% growth in imports, pointing to a positive contribution to GDP growth from external demand.

    • Bank Indonesia keeps base rates unchanged to support rupiah:

      • Bank Indonesia kept its benchmark interest rate on hold at 4.75% Wednesday as fully expected by economists after Governor Perry Warjiyo said earlier in April window for policy easing was closing as conflict in middle east had made stability the bank's top priority. Warjiyo said government, central bank policies need to strengthen to support growth, pledged to intensify offshore, onshore forex intervention to support rupiah. Since start of Iran conflict, high oil prices had added to preexisting concerns over fiscal policies, which in turn had led to foreign outflow, placed much pressure on rupiah. Bank said external environment challenging with capital sent to safe havens, rise in Treasury yields pressuring currencies such as rupiah. Warjiyo said Q1 economic growth appeared to have accelerated amid Eid celebrations, maintained bank's FY26 forecast for 4.9-5.7% growth. Said country seen net capital inflows at start of Q2 mainly into government debt instruments (Bloomberg).

    • Emerging talk of second wave of yen depreciation from around mid-year:

      • Nikkei discussed emerging views in the FX market of a second wave of yen depreciation from around the middle of this year, reflecting lingering Middle East effects that will keep energy prices elevated. This is an extension of predictions for which direction yen will break out from its current rangebound state. Dollar strength in times of military conflict has been the primary theme, though impacts on yen have been diluted by speculative traders trading on a short time horizon, prepared to cover short positions quickly as they are cautious of FX intervention risks. Notably, the rationale for this 'second wave' is based on real money flows as a normalization in oil imports from the Middle East at elevated prices are anticipated to lead to large trade deficits. Crude oil prices expected to take at least a few months to half a year to normalize, exacerbated by supply chain issues. QUICK FX monthly survey found most are projecting a large trade deficit this year with the bulk of estimates in the JPY5~10T (JPY10T = $63B) or JPY10~15T ranges. Projections run as high as the JPY20T level, last seen in 2022 when Russia's invasion of Ukraine triggered a surge in raw materials prices and a pickup in yen weakness. In perspective, today's trade data show FY25 finished with a deficit of just JPY1.71T. Story recalled USD/JPY started 2022 in the 115 range and breached 150 towards the autumn. Common denominator of geopolitical conflict is making this precedent compelling. Furthermore, story suggested that FX intervention would be more difficult if real money is driving yen declines, auguring for a lasting phase as long as the pace remains relatively contained.

    • Notable Gainers:

      • +10.6% 4684.JP (OBIC Co.): reports FY results; to launch up-to-¥50.00B buyback

      • +7.7% 1208.HK (MMG Ltd): reports Q1 production metrics

      • +2.3% 522.HK (ASMPT): reports Q1 results; revenue and operating profit ahead of FactSet estimates

    • Notable Decliners:

      • -10.9% 532281.IN (HCL Technologies): reports Q4 results; consolidated EPS misses FactSet estimates

      • -10.3% 551.HK (Yue Yuen Industrial (Holdings)): guides Q1 net income attributable to decrease 50-55% y/y

      • -5.2% 2501.JP (Sapporo Holdings): to sell unit Stone Brewing's intellectual property rights in Stone brand, to restructure US manufacturing operations; gain on transfer of ¥3.6B, impairment losses of ¥12.6B to be posted for Q2

      • -5.2% 3750.HK (Contemporary Amperex Technology): shareholder Sinopec reportedly sold 8.5M H-shares for about $770M

      • -1.7% 002714.CH (Muyuan Foods): reports Q1 results; revenue (17%) y/y

      • -1.6% 762.HK (China Unicom (Hong Kong)): reports Q1 results; net income attributable (18%) y/y

      • -1.3% 2875.JP (Toyo Suisan Kaisha): Nihon Global Growth Partners urges Toyo Suisan Kaisha to conduct ¥72B buyback to achieve 15% ROE early

  • Data:

    • Economic:

      • Japan March

        • Trade balance ¥667.0B vs consensus ¥1,058.2B and revised ¥44.3Bin prior month

          • Exports +11.7% y/y vs consensus +11.0% and revised +4.0% in prior month

          • Imports +10.9% y/y vs consensus +7.0% and revised +10.3% in prior month

    • Markets:

      • Nikkei: 236.69 or +0.40% to 59585.86

      • Hang Seng: (324.24) or (1.22%) to 26163.24

      • Shanghai Composite: 21.18 or +0.52% to 4106.26

      • Shenzhen Composite: 27.64 or +1.00% to 2789.00

      • ASX200: (105.80) or (1.18%) to 8843.60

      • KOSPI: 29.46 or +0.46% to 6417.93

      • SENSEX: (720.46) or (0.91%) to 78552.87

    • Currencies:

      • $-¥: (0.14) or (0.09%) to 159.2410

      • $-KRW: (5.91) or (0.40%) to 1475.5600

      • A$-$: +0.00 or +0.26% to 0.7169

      • $-INR: +0.22 or +0.23% to 93.8393

      • $-CNY: (0.00) or (0.02%) to 6.8201

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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