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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.75%), Hang Seng (0.95%), Shanghai Composite (0.32%) as of 04:10 ET

Apr 23 ,2026

  • Synopsis:

    • Asia equities traded lower Thursday although most finished off their troughs. Japan, Hong Kong, India and Singapore the underperformers; Taiwan and Australia lower but relative outperformers. South Korea's Kospi an outlier and saw more gains. Southeast Asia lower. US futures under some pressure, Europe mixed in the first hour. US dollar building on overnight gains, Asia currencies back under pressure with rupiah at fresh record low. Treasury and JGB yields higher across tenors. Crude futures higher, Brent back above $103/bl, WTI at $95/bl. Precious metals lower, base metals also down. Cryptocurrencies coming off overnight highs.

    • Asia stocks on the back foot for the first time this week as the technology rally runs out of a little steam and Brent oil prices breached $100 per barrel again. Asia sovereign bond prices and currencies also back under pressure with oil-exposed rupiah, rupee and peso worst hit amid lack of progress in Iran peace talks. Tech earnings and upgrades still underpinning the Kospi, which reached another record again today but elsewhere, concerns over inflation gathering pace triggering more warnings from central banks. Today, the Philippines central bank joined Singapore's MAS in tightening policy to counter price rises by increasing its base interest rate 25 bps.

    • Elsewhere, South Korea Q1 GDP expanded 3.6% y/y, well ahead of consensus forecasts thanks to a surge in exports but April consumer sentiment fell to a more than one-year low. Singapore March inflation rose to 1.8% y/y, its highest in more than two years amid a sharp increase in transport costs. Japan's April flash PMI showed manufacturing expanded at its fastest pace in four years while Australia's reading showed industry steadying following months of declines; India's flash PMI improved from March's dip with strong expansion in services. RBI meeting minutes from earlier in April showed board members would consider a rate hike if higher oil prices fed through to the greater economy.

    • SoftBank (9984.JP) is said to be considering a $10B loan secured by shares in OpenAI as it takes on more debt to finance its AI expansion. Bloomberg reported Tencent (700.HK) and Alibaba (9988.HK) are in talks to join DeepSeek's maiden funding round. TSMC (2330.TT) said ASML's latest lithography machines were too expensive for it to deploy at around $350M a piece; said it will open a new chip packaging plant in Arizona by 2029. Japan's government has asked MBK Partners to cancel its purchase of Makino Milling Machine (6135.JP) on national security grounds, only the second time the measure has ever been used. SK Hynix (000660.KS) posted a record quarterly profit as the AI boom continues.

  • Digest:

    • Efforts to revive US-Iran talks continue as Strait of Hormuz tensions escalate:

      • Few signs of traction behind restarting negotiations with Iran insisting on US ending its blockade and White House waiting on fractured Iranian leadership to present unified proposal. NY Times noted Pakistani officials remain optimistic about efforts to bring two sides back to negotiations, potentially within next few days, after receiving positive signals from Iran. Unclear whether Iran dropped demand for US to lift naval blockade as pre-condition for talks. White House also denied reports ceasefire extension will only last 3-5 days with Trump not having setting firm deadline to receive Iran's proposal (Bloomberg).

      • With US-Iran talks on hold, focus has centered on Strait of Hormuz where tensions appear to have escalated after Iran seized and fired on commercial ships (Bloomberg, Reuters, NY Times). US naval blockade expanding reach with Reuters sources saying navy intercepted at least three Iranian-flagged oil tankers in Asian waters. GOP Senator Lindsay Graham said after talks with Trump he expects US blockade will soon become global. CENTCOM reported US has turned around 29 vessels since beginning of blockade.

      • Developments have reinforced concerns that resumption of shipping activity in Strait of Hormuz remains a long way off, exacerbating pressure on physical market and ultimately necessitating higher crude prices. Widely noted that it will take several months before Strait of Hormuz flows return to pre-war levels. Lot also depends on clearing waterway of mines, a task Pentagon estimates could take six months to complete according to Washington Post sources.

    • SK Hynix earnings beat:

      • SK Hynix (000660.KS) Q1 metrics all beat StreetAccount consensus. Standout headline was 405% y/y growth in operating profit while sales nearly tripled. Main takeaway was that memory market remained strong through the period on the back of ongoing AI tailwinds via hyperscaler infrastructure investments. SK Hynix sees demand broadening with the emergence of agentic AI. Memory prices continued to soar in Q1 helping OP margin to a record 72%. Mirae Asset Securities estimated average DRAM selling price rose 60.8% q/q in Q1, NAND up 55.3% (Bloomberg). Company outlook projected tailwinds and favorable pricing to continue for the time being. Q2 guidance looks for DRAM q/q sales growth in the high single digits and NAND growth in the mid-teens. HBM/DRAM commentary was constructive; still in early stages and not many details though flagged mass production of DRAM variant optimized for NVIDIA (NVDA) Vera Rubin platform. Potential competition headwinds not a major issue currently. SK Hynix gained about a year's headstart over Samsung (005930.KS) in the development of HBM4. While Samsung reclaimed top market share in Q4 DRAM revenue, SK Hynix held 57% of the HBM market, according to Counterpoint Research (CNBC).

    • South Korea GDP logs strongest growth since post-Covid rebound:

      • South Korea GDP expanded 1.7% q/q in Q1, above consensus 1.0%. Follows 0.2% contraction in the previous quarter and marks the strongest growth since 3Q20 amid the outsized recovery from the Covid pandemic shock. All major components contributed positively. Private consumption remained modest though extended growth to a fourth straight quarter. Gross fixed capital formation more than recouped a sharp drop in Q4 mirroring strong recovery in facilities and construction. Exports bounced 5.1%, outpacing 3.0% growth in imports, implying a notably positive contribution from external demand. Sectors also broadly positive, highlighted by strength in manufacturing and construction. Global semiconductor demand widely cited as the primary growth driver, consistently the standout in monthly export data, though nominal figures also boosted by surging memory prices. Broader macro attention already focused on Middle East impacts which will emerge in the data from Q2, though outlook uncertainties from the Iran war have replaced last year's tariffs as the key risk factor this year. Recent Reuters consensus poll showed 2026 GDP growth expectations remained unchanged from pre-war projections at 2.0% while inflation was revised up to 2.4% from pre-war 1.9%.

    • Nikkei briefly tested 60K, mainly fueled by AI optimism:

      • Strong start to the Thursday session was stifled by profit takers as soon as Nikkei touched an unprecedented 60K eyed as a key resistance level. Case for position lightening backed up by overbought signals and ongoing Middle East uncertainties. Yet AI/tech optimism continues to stand out as the main bullish theme that have driven markets back to record levels, especially since the sharp recovery that began at the start of the month. While AI seen as the underlying tailwind, SoftBank (9984.JP) emerged as the standout, having posted successive rallies recently, bringing the narrative sharply back into a positive light (Nikkei). Recall questions raised earlier in the year about over-extended exposure to OpenAI. High index weightings have seen SoftBank, Tokyo Electron (8035.JP) and Advantest (6857.JP) contribute much of any gains in the benchmark -- only SoftBank posted gains today. As recent catalysts, SoftBank announced that Arm (ARM) CEO Rene Haas has taken an expanded role as head of SoftBank Group International, seen to signal ambitions to dominate AI infrastructure (Nikkei). SoftBank has benefited directly from strength in Arm's share price after announcing in-house development of AGI CPU. SoftBank shares were quoted Wednesday at 40% above its 25-day moving average, highest since October 2003, underscoring bullish sentiment even though this gauge is regularly quoted as an overbought indicator for the broader benchmark.

    • Philippines central bank raises base interest rate 25 bps to curb inflation:

      • Philippines central bank raised target reverse repo rate 25 bps to 4.5% Thursday versus split consensus expectations of no change, 25 bps hike. Bangko Sentral ng Pilipinas (BSP) said inflation outlook deteriorated since last meeting amid middle east conflict with higher global oil, fertilizer prices starting to feed through to domestic fuel, food prices. Core inflation also started to rise, indicating broadening of underlying price pressures. Added headline inflation projected to breach 4.0% tolerance this year and next. Said took decision to contain buildup of second round effects; measured increase in policy rate will still accommodate economic recovery over medium term. Hinted at further hikes saying will take 'all necessary monetary actions' to ensure inflation returns to 3.0% target. BSP joins Singapore's MAS in tightening policy in past two weeks to contain inflation as well as set of hawkish commentary pivots by other Asia central banks.

    • Notable Gainers:

      • +23.6% 2371.JP (Kakaku.com): EQT AB reportedly considering acquisition of Kakaku.com

      • +4.0% 600809.CH (Shanxi Xinghuacun Fen Wine Factory): reports FY; headline figures ahead of FactSet estimates

      • +3.9% 8060.JP (Canon Marketing Japan): reports Q1 results; revenue and operating profit ahead of FactSet estimates; confirms FY guidance

      • +1.7% 600276.CH (Jiangsu Hengrui Pharmaceuticals): reports Q1 results

      • +0.2% 000660.KS (SK Hynix): reports Q1 results; revenue and operating profit beat StreetAccount estimates

    • Notable Decliners:

      • -8.8% 6135.JP (Makino Milling Machine Co.): MBK partners confirms receipts of government's recommendation to cancel Makino Milling Machine acquisition for national security concerns

      • -7.3% 8729.JP (Sony Financial Group): Sony Life reportedly reviewing dozens of cases of financial misconduct against customers

      • -3.8% 6146.JP (DISCO Corp.): reports Q4 earnings; Q1 headline guidance miss FactSet estimates

      • -3.2% 601899.CH (Zijin Mining Group): Ghana Minerals Commission reportedly requires Newmont, AngloGold and Zijin to shift ops to local contractors by Dec '26

      • -2.6% 4188.JP (Mitsubishi Chemical): revises investment plan in UK for SoarnoL; expects to record impairment loss of around ¥30B

      • -1.7% 005380.KS (Hyundai Motor): reports Q1 results; operating profit miss FactSet estimates

  • Data:

    • Economic:

      • Japan April

        • Flash manufacturing PMI 54.9 vs 51.6 in prior month

          • Services PMI 51.2 vs 53.4 in prior month

          • Composite PMI 52.4 vs 53.0 in prior month

      • South Korea Q1

        • GDP +1.7% q/q vs consensus +1.0% and (0.2%) in prior quarter

          • GDP +3.6% y/y vs consensus +2.7% and +1.6% in prior quarter

      • Singapore March

        • CPI NSA Y/Y +1.8% versus consensus +1.7% and +1.2% in prior month

    • Markets:

      • Nikkei: (445.63) or (0.75%) to 59140.23

      • Hang Seng: (248.04) or (0.95%) to 25915.20

      • Shanghai Composite: (13.01) or (0.32%) to 4093.25

      • Shenzhen Composite: (29.38) or (1.05%) to 2759.62

      • ASX200: (50.20) or (0.57%) to 8793.40

      • KOSPI: 57.88 or +0.90% to 6475.81

      • SENSEX: (513.91) or (0.65%) to 78002.58

    • Currencies:

      • $-¥: +0.12 or +0.08% to 159.6080

      • $-KRW: +2.45 or +0.17% to 1481.1700

      • A$-$: (0.00) or (0.06%) to 0.7156

      • $-INR: +0.27 or +0.29% to 94.0694

      • $-CNY: +0.00 or +0.06% to 6.8318

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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