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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.97%, Hang Seng +0.24%, Shanghai Composite (0.33%) as of 04:10 ET

Apr 24 ,2026

  • Synopsis:

    • Asia equities ended mixed Friday with most major benchmarks trading within a narrow band. Taiwan's Taiex saw the best gains after the local regulator relaxed rules over single stock holdings in ETFs. Japan's Nikkei again outperformed the Topix, and the Hang Seng crawled its way back to the flatline after a weak start. Elsewhere, benchmarks fell. India down the most alongside Shenzhen while Southeast Asia was all lower; Australia flat but an underperformer for the week. US futures mixed, Europe lower at the open. US dollar consolidating overnight gains, little movement of note in Asia forex. Treasury and JGB yields mixed and little changed. Crude prices volatile with Brent dips still around $100/bl. Precious metals down again, base metals mixed.

    • Asia stocks stuck in limbo over US-Iran peace talks with few signs of material progress in the past 24 hours. On the one side, overnight reports of renewed attacks on Tehran were dismissed while the ceasefire between Israel and Lebanon appears to be holding; however, on the other hand peace talks originally scheduled for last weekend appear further from fruition than ever amid reports of splits within the Iran regime. Nevertheless, markets holding on to separate reports that indicate backchannel diplomacy continuing while a truce of sorts has settled on the Gulf, albeit one that sees the Strait of Hormuz at a standstill.

    • Northern Asia benchmarks continued their recent outperformance trend against the rest of the region with elevated oil prices weighing on most country benchmarks without a sizeable technology sector. Emerging evidence too of mainland China technology stocks outperforming counterparts in Hong Kong. Today, Taiwan's regulator relaxed rules governing ETFs and mutual funds from holding no more than 10% of a single stock, giving large-cap tech names a boost. Japan's core inflation rose by more than expected but fuel prices spiked sharply.

    • Canon (7751.JP) downgraded guidance and cited memory cost pressures. Nippon Sangyo Suishin Kiko said to be weighing a takeover of Makino Milling Machine (6135.JP) following the collapse of the MBK takeover. Daiichi Sankyo (4568.JP) delayed earnings as it reviews supply plans amid changing business conditions. Tencent (700.HK) unveiled a major upgrade to its AI Hy3 model, including improvements to complex reasoning and coding. XPeng (9868.HK) is said to be in talks with several overseas partners and is considering expanding production to outside China. SoftBank's (9984.JP) mobile unit is to mass produce batteries for its own AI data centers. Siam Cement (SCC.TB) said it will freeze a Vietnam-based petrochemical plant because of the Iran war.

  • Digest:

    • Iran and US engage in verbal tussle with diplomacy at stalemate:

      • US-Iran headlines remain volatile following speculation about resumption strikes on Iran (Israel denied it was attacking Iran after Tehran claimed air defences active against hostile targets, Times of Israel). Iran media also pushed back against reports IRGC forced Speaker Ghalibaf's resignation from negotiating team. Separately, Trump announced Israel and Lebanon will extend ceasefire by three weeks (originally set to expire 26-Apr) allowing for talks on long-term peace accord (Bloomberg). Recall Iran has demanded its negotiations with US cover Lebanon.

      • Discussions have featured recognition that defiant rhetoric from both sides and ongoing stalemate leaves open risk of sudden resumption of hostilities. Trump said ships ready and gave orders to fire on minelaying boats (Bloomberg).CNN sources said US developing plans to combat Iranian capabilities in Strait of Hormuz if war resumes, including targeting small attack boats and minelaying vessels. Another option would be to target regime hardliners impeding negotiations, including IRGC head Vahidi. Israel also said ready to restart attacks and waiting for US green light, warning Khamanei and infrastructure will be targeted (Times of Israel).

      • Recent diplomatic setback and heightened tensions on Strait of Hormuz contributing to risk-off tone on markets with crude at highest in almost two weeks. Two sides remain apart on demands with Iran wanting formal control over Hormuz, end to sanctions that unblocks frozen funds and US ending blockade. US maintaining red lines on Iranian uranium enrichment and HEU stockpiles. Bloomberg sources also highlighted how Trump's provocative rhetoric detrimental to negotiations with Iran seeing it as attempt to humiliate. Still overall sense markets looking past all the noise with ceasefire holding up and reports noting backchannel talks are continuing.

    • AI-related drivers win out over energy price concerns in Asia equity markets:

      • Asia equity markets outperformed other emerging markets and many developed indices this week as Taiwan's Taiex, South Korea's Kospi, and Japan's Nikkei 225 all touched record highs, and Singapore's STI and China CSI 300 also erased losses since start of the Iran conflict.

      • Performance is in stark contrast to benchmarks in nations exposed to high energy import costs: Indonesia's JSX, Philippines PSE and New Zealand's NZX 50, all still down around 6-9% since the conflict began. Polarized returns reflect the dominance of technology stocks in northern benchmarks. BNP strategists said it is only sector to outperform national benchmark returns in the same period, highlighting narrowness of recent rally.

      • BNP said this reflects ongoing semiconductor earnings momentum, positive revisions to estimates. Cited Bloomberg consensus data showing South Korea tech forward earnings have risen rise 50% since February versus 4% for non-tech sector while tech sector now accounts for 26% total market cap in Asia's largest five markets versus 18% a year ago, more if supply chains are included. Ongoing strength of AI-driven tech supercycle "proving more material to earnings than higher oil prices", BNP analysts concluded.

    • Mainland-listed tech stocks outperform Hong Kong peers:

      • Bloomberg discussed how mainland-listed Chinese tech stocks are outperforming their Hong Kong peers amid investors' preference for AI hardware and earnings visibility. ChiNext Index, hitting new high since Jun-15, has surged 90% in past year, while Hang Seng Tech Index has dropped 2.6% over same period. Rally in ChiNext benefited from index concentration in hardware makers, including optical-device makers Zhongji Innolight (300308.CH) and Eoptolink Technology (300502.CH), gaining more than 900% and 700% respectively over past year. Meanwhile tech breakthroughs in areas like lithium batteries with heavyweight CATL (300750.CH) make earnings growth easier to forecast, which make them better choices for investors who have little patience for broader consumption recovery in China. CSRC also lending regulatory support with announcement of introducing ChiNext-linked futures, a move that also drew new fund flows.

      • Hang Seng Tech, on the other hand, lagged due to broader diversification into e-commerce, EVs, food delivery and advertising as competitive price wars weighed on margin pressure, despite some big techs including Tencent (700.HK) and Alibaba (9988.HK) also making progress in AI. In addition, wave of new listings that provide more "pure play AI" themes, including MiniMax (100.HK) and Zhipu (2513.HK), led investors to shift from broad index exposure to more selective on individual companies, reducing need to rely on Hang Seng Tech as proxies for AI exposure (SCMP).

    • Early signs of Middle East impact on Japan inflation data:

      • Nationwide core CPI rose 1.8% y/y in March, slightly above consensus 1.7%, following 1.6% in the previous month. Ex-fresh food & energy inflation edged lower as expected to 2.4% from 2.5%.

      • Energy the main focus amid the Middle East conflict. Net drags eased, adding 0.26 ppt to the headline, mostly reflecting a rapid deceleration in gasoline declines. In sequential terms, gasoline prices rose a sharp 11.2% m/m to mark the biggest jump since May-08.

      • Cost of living relief policies (abolition of the gasoline surcharge and electricity & gas subsidies) continue to push down inflation by 0.47 ppt net of base effects, though this is basically a constant while measures last. Electricity & gas subsidies due to roll off after the March billing period in April, though idea of another round to cover peak summer energy demand has been floated. Unclear whether the reinstated gasoline subsidy to cap retail prices at JPY170/L from Mar 19 is accounted for.

      • Gasoline volatility now also outweighing progressive slowdown in non-fresh food prices. Rice price gains have ebbed to single digits for the first time since May-24, with base effects becoming increasingly unfavorable up to May/Jun and accelerated by moderate sequential declines for the fourth straight month.

      • Separately, services PPI rose 3.1% y/y in March vs consensus 3.0%. Follows 2.7% in the prior month, highest since September. While usually a second-tier indicator as a supplement to CGPI/CPI in gauging wage-cost passthrough, this report attracted some attention as ocean freight transportation surged 29.6% m/m due to the effective closure of Strait of Hormuz, translating to 42.1% y/y (vs 9.7% in the prior month), increasing its y/y contribution by 0.26 ppt.

      • Elsewhere, domestic air passenger transport prices also picked up somewhat though attributed more to positive demand from inbound tourism rather than cost-push. Structural capacity pressures continued to push up hotel pricing.

      • Recall BOJ rate hike expectations for next week have been priced out of the market as Middle East uncertainties warrant a wait-and-see stance. With momentum having already shifted, today's data wasn't seen as compelling enough yet to warrant an immediate rethink (Nikkei). However, delay is seen as short for now with debate having shifted to June amid mounting upside inflation risks and a sustained virtuous wage-price cycle.

    • Japan M&A drawing attention over thwarted Makino deal:

      • Makino Milling Machine (6135.JP) in the headlines recently after a government review of a takeover proposal by MBK Partners raised national security concerns and requested MBK give up on the deal. Nikkei reported Tokyo-based PE firm Nippon Sangyo Suishin Kiko (NSSK) planning their own takeover offer. Makino was the target of an unsolicited takeover by Nidec (6594.JP) in April last year. NSSK was one of the companies that made a white knight offer, though Makino elected to go with MBK's tender offer made in June for JPY11,751 ($73 at current FX rates) per share. NSSK expected to raise the price with similar structure in terms of making Makino a wholly owned subsidiary.

      • MBK currently reviewing the government recommendation and has 10 days to respond, setting the deadline at 1-May. Unclear what recourse MBK could pursue, facing a formal suspension order if they reject the recommendation.

      • Nikkei noted the only other tim Tokyo blocked a deal was in 2008 when UK-based Children's Investment Fund was seeking to increase stakes in electricity infrastructure company J-Power.

      • In almost all cases, potentially problematic deals do not make it this far -- in FY24, 363 out of 2,903 total cross-border M&A proposals were withdrawn. In this case, both MBK and Makino apparently want to proceed with a deal. Makino yesterday declared their agreement "remains in full force." MBK has disclosed that government talks lasted for around 10 months and officials repeated conveyed concerns.

      • MBK and other investment firms have expressed bewilderment at Japan's decision. One multinational group indicated it will be more sensitive with industry selection. Another urged Tokyo to elaborate on the Makino recommendation for clarity on broader implications. Yet, EY Strategy and Consulting suggested this is an isolated case and will have limited impact on appetite for Japan investments.

    • Notable Gainers:

      • +30.0% 098460.KS (Koh Young Technology): reports Q1 results; headline figures beat FactSet estimates

      • +12.6% 4062.JP (IBIDEN): in sympathy to Intel's Q1 results

      • +11.5% 6135.JP (Makino Milling Machine Co.): Nippon Sangyo Suishin Kiko (NSSK) reportedly to make takeover proposal

      • +5.6% 2267.JP (Yakult Honsha): letters made public by Dalton's Rising Sun lead to speculation that Rising Sun may seek ownership change if its proposals aren't implemented

      • +5.1% 6701.JP (NEC Corp): to collaborate with Anthropic on industry-specific AI solutions for Japan

      • +4.0% 7309.JP (Shimano): reports Q1 results; revenue ahead of FactSet estimates

    • Notable Decliners:

      • -11.7% 300502.CH (Eoptolink Technology): reports FY and Q1 results; FY headline figures miss FactSet estimates

      • -10.4% 4568.JP (Daiichi Sankyo): reschedules announcement of FY earnings to 11-May vs previously scheduled 27-Apr; reviewing supply plans amid changing business conditions

      • -7.9% 7751.JP (Canon): reports Q1 results with operating income below StreetAccount estimates; revises FY guidance

      • -4.8% 6723.JP (Renesas Electronics): reports Q1 results; revenue miss StreetAccount estimates

      • -3.9% 1833.HK (Ping An Healthcare & Technology): reports Q1 results; adjusted net income +46% y/y

      • -2.0% 728.HK (China Telecom): reports Q1 results; revenue down (2%) y/y

  • Data:

    • Economic:

      • Japan March

        • Nationwide core CPI +1.8% y/y vs consensus +1.7% and +1.6% in prior month

          • CPI excl. fresh food & energy +2.4% y/y vs consensus +2.4% and +2.5% in prior month

          • Overall CPI +1.5% y/y vs consensus +1.4% and +1.3% in prior month

        • Services PPI +3.1% y/y vs consensus +3.0% and +2.7% in prior month

    • Markets:

      • Nikkei: 575.95 or +0.97% to 59716.18

      • Hang Seng: 62.87 or +0.24% to 25978.07

      • Shanghai Composite: (13.35) or (0.33%) to 4079.90

      • Shenzhen Composite: (16.57) or (0.60%) to 2743.05

      • ASX200: (6.90) or (0.08%) to 8786.50

      • KOSPI: (0.18) or (0.00%) to 6475.63

      • SENSEX: (1,100.81) or (1.42%) to 76563.19

    • Currencies:

      • $-¥: +0.01 or +0.01% to 159.7330

      • $-KRW: (0.29) or (0.02%) to 1482.4300

      • A$-$: (0.00) or (0.04%) to 0.7125

      • $-INR: +0.18 or +0.19% to 94.2870

      • $-CNY: +0.01 or +0.12% to 6.8345

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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