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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.38%, Hang Seng (0.20%), Shanghai Composite +0.16% as of 04:10 ET

Apr 27 ,2026

  • Synopsis:

    • Asian equities mostly higher Monday as investors largely looked past stalled US-Iran talks. Another tech-led rally with South Korea, Taiwan and Japan benchmarks sharply higher. Mainland China higher and Hang Seng ended lower while China chip stocks surged after new DeepSeek model launch. Australia and Singapore both lower. India rebounding after sharp pullback last week. US futures little changed. Bonds weaker with Treasury and JGB yields up along the curve. Dollar weaker against all other majors. Brent crude futures for June delivery edging above $108 a barrel. Gold and silver slightly lower. Bitcoin lower.

    • Benchmarks in South Korea, Taiwan and Japan all hit new record highs, following Wall Street and powered by chip stock outperformance while US-Iran negotiations in state of flux. Positive reactions to Axios report that Iran offered US new proposal that reopens Strait of Hormuz and ends US blockade while leaving nuclear issue for later talks. Trump to hold Situation Room meeting Monday to discuss Iran. Unclear whether Iran's proposal will lead to breakthrough with nuclear issue, Iranian insistence on controlling Strait of Hormuz and US blockade the key sticking points. More discussions emerge on market divergence playing out in Asia with enthusiasm for AI and chipmakers fueling rally in North Asia while India and Southeast Asia stocks struggling as countries hit by higher oil prices and straining trade balances. Separately, DeepSeek's new model release sent Chinese chip stocks sharply higher amid greater tech self-sufficiency push.

    • On regional developments, China industrial profits in March grew at quickest pace since Sep-2025, driven by equipment and high-tech manufacturing sectors amid AI and semiconductor boom. Oil surge and non-ferrous metal demand rise translated to strong earnings growth among raw materials producers. In busy week for central banks, Bank of Japan widely expected to keep interest rates unchanged on Tuesday given uncertainties from war in Iran with Governor Ueda's message to the market to be scrutinized.

    • Hitachi (6501.JP) plans to buy back as much as JPY500B ($3.1B), or 3.56% of its outstanding stock till 31-Mar 2027. Rohm (6963.JP) shares fell sharply after Denso (6902.JP) considering withdrawing takeover proposal. Nomura Holdings (8604.JP) Q1 net profit missed by wide margin with takeaways noting impairment charges and buyback absence. Keyence (6861.JP) net profit beat consensus with group to seek amendment allowing board to authorize buybacks in future. Chugai Pharmaceutical (4519.JP) sold off after guiding net profit below consensus. A Taiwan court sentenced a former TSMC (2330.TT) and Tokyo Electron (8035.JP) employee to 10 years in prison, along with few others, for unlawfully obtaining trade secrets and fined local unit of Tokyo Electron for NT$150M ($5M). Hengli Petrochemical (600346.CH) shared dived after US Treasury Department imposed sanctions on the company for allegedly buying Iranian crude and oil products. The company denied the accusation on Sunday, saying it never had any dealings with Iran.

  • Digest:

    • US-Iran negotiations stall:

      • US-Iran negotiations in state of flux after President Trump cancelled planned visit by Witkoff and Kushner to Pakistan to meet with Iranian delegation (link, Reuters, Bloomberg). After cancellation Trump said Iran improved its offer but still not good enough, adding little point arranging in-person meeting and that Iran can call instead (Axios). Iranian Foreign Minister Araghchi held talks with Pakistani officials on weekend that ended with no significant progress. Araghchi set to depart for Moscow on Monday following visit to Oman to discuss war. Publicly, US and Iran remain very apart on conditions for ending war. Iran insisting on controlling Strait of Hormuz, reporting trying to persuade Oman to agree on joint control with toll collection (CNBC, Washington Post).

      • According to Iranian media, Tehran's other list of demands include US ending naval blockade before resumption of talks, guarantee against future military action, compensation and no discussion on nuclear issue. Axios sources said Iran's offer to US through Pakistani mediators included reopening Strait of Hormuz and end to US blockade while postponing talks on nuclear issue. Unclear whether this will be acceptable to US with Trump keeping blockade in place and demanding any deal include end to Iran's nuclear ambitions. Trump expected to hold situation room meeting Monday.

      • Two sides remain locked in standoff over Strait of Hormuz with CENTCOM continuing to redirect vessels transiting Iranian ports (38 in total since blockade began) and boarding Iran-linked tankers in other waters. Iran has seized and fired up on commercial ships in the waterway while threatening reprisals against US if blockade is not lifted. Trump of view US has the stronger negotiating position and is increasingly leaning on blockade to pressure Iran into negotiations following recent reports he is reluctant to restart hostilities.

    • DeepSeek new model launch sends China chip stocks higher:

      • DeepSeek V4 launch fuels rally in Chinese semiconductor stocks in both mainland and Hong Kong, pushing STAR 50 Index up 3.8% higher on Monday to highest since late January, while SMIC (981.HK) and Hua Hong Semiconductor (1347.HK) are two top gainers in Hang Seng Tech. Bloomberg citing CCTV-affiliated social media post noted DeepSeek's delayed release of V4 last Friday, which was previously expected around LNY in February, points to strategic shift toward greater integration with China's domestic chip ecosystem as company spent months reworking software stack to optimize performance on Huawei's Ascend chips, moving beyond basic compatibility toward hardware-specific tuning. Recall Reuters earlier reported DeepSeek had not shared new model with US chipmakers while granting early access to local companies including Huawei. Fits with Beijing's push for greater tech self-reliance across AI supply chain, despite still lagging behind the most cutting-edge US models (Bloomberg).

      • DeepSeek also offering 75% discount to developers for V4-Pro and reducing fees for input cache hits across its family of AI platforms to a 10th of their original pricing (link), which Bloomberg said move intensifying competition across Chinese AI players and may reignite a price war. MiniMax (100.HK) shares fell 4.2% on Monday and Zhipu (2513.HK) down 2.9%.

      • Add to new US-China tensions as Reuters reported State Department has ordered global warning about alleged AI thefts by Chinese AI companies over distillation of American models. China said the accusations are "baseless".

    • StreetAccount Event Preview: March BOJ meeting

      • Ahead of the BOJ MPM decisions Tuesday, news flow unusually lacking in the preceding day. Press previews and consensus surveys published last week established that expectations for an April rate hike were largely priced out of the market after having tracked in the 70% range before the Iran war began. Yet, economist consensus still showed notable residual forecasts remaining in April -- 27% in the Reuters poll and 20% in Bloomberg -- despite a clear shift in momentum towards June. Macro fundamentals culminating into inflation risks continue to augur for an underlying hawkish policy stance, compounded by higher oil prices. While press flagged the possibility BOJ will revise up its FY26 inflation forecast, near-term uncertainty related to Middle East developments are seen encouraging central banks generally into a wait-and-see mode while they assess the likely duration of economic impacts and whether they pose a sufficient economic threat to warrant a meaningful adjustment in policy stance. Recall this position was endorsed by IMF in its latest World Economic Outlook. Latest data signals have been inconclusive. March BOJ Tankan showed resilient business confidence though survey period was too early to capture much of the Middle East fallout. Subsequent sentiment indicators have been substantially weaker. Inflation data have shown fairly clear, if not dramatic, impacts from higher materials prices (mainly petroleum) and supply chain disruptions. BOJ Sakura report contained notable concerns about Middle East risks even as constructive wage-price dynamic remained intact. Outlook for corporate profits so far remains upbeat. While incoming peak earnings season will shed more light, commentaries have noted FY guidance has been deliberately set conservative, skewing risks to the upside as the year progresses.

    • Tightening crude supply fanning demand destruction concerns:

      • Iran's inability to move its crude past blockade giving rise to thoughts it is heading towards oil well shut-ins as storage capacity is reached. There is debate how long Iran can sustain current situation with White House claiming it is days away while energy analysts estimate weeks before Iran has to shut down production. Iran now relying on supertankers for storage though this is seen as unsustainable stopgap measure (Bloomberg). With Iran exporting approximately 2M barrels daily through Hormuz, forced well shut-ins seen exacerbating global supply tightness.

      • Prolonged disruption to Hormuz flows fanning more talk about market complacency and forced demand loss triggered by physical shortages (Bloomberg). Major airlines cutting flights amid surge in jet fuel while transportation sector at risk from diesel scarcity. Goldman Sachs delayed its forecast normalization of Hormuz exports to end-June from end-May previously, warning extreme inventory draws (that are helping to cap prices) are unsustainable and persistence of supply shock may herald sharper demand losses (Reuters).

      • Asian countries among the most at-risk from shortages with refinery output having dropped to 70% of capacity from 82-84% in January (FT). Industry experts warn Asian refining throughput seen falling sharply in April and May (Reuters). Asia crude imports tracking for lowest annual total since 2016 according to Kpler, forcing refineries to reduce runs and process lighter grade fuels, impacting output of jet fuel and diesel. Asian jet fuel exports down to five-year low according to Vortexa.

    • China industrial profits continue to grow in March:

      • Industrial profits rose 15.5% y/y in Jan-Mar, following 15.2% jump in first two months of the year. March profits grew 15.8% y/y, sharpest growth since September, as rebounding producer prices offset rising raw material costs from war in Iran (Bloomberg, CNBC). NBS chief statistician Yu Weining said accelerated overall profit growth largely driven by equipment and high-tech manufacturing sectors, which saw profits soar 21.0% and 47.4% in Q1, respectively. AI and semiconductor boom led to outsized profit growth across several subsectors as profits for optical fiber makers surged 336.8%, while optoelectronics and display devices gained 43.0% and 36.3%, respectively. Earnings for raw material producers jumped 77.9% in Q1 as oil refineries swung to profit and non-ferrous metal companies benefited from developments in aerospace, new energy and information technology. Recall China's PPI turned positive after more than three years, driven by higher oil prices while Beijing's anti-involution effort also contributed to easing of deflationary pressure. Meanwhile ahead of today's release, Bloomberg Economics noted elevated oil prices likely to continue to support factory-gate prices but may also act as drag on factory output, leading slowdown in industrial profits in coming months unless domestic demand picks up.

    • Notable Gainers:

      • +16% 6954.JP (FANUC Corp.): reports Q4 results; launches up-to-¥50.00B buyback

      • +15.8% 6861.JP (KEYENCE): reports FY results; headline figures beat FactSet estimates

      • +11% 298040.KS (Hyosung Heavy Industries): reports Q1 results; revenue ahead of FactSet estimates

      • +10% 2408.TT (Nanya Technology): reportedly to enter Nvidia's Vera Rubin supply chain through LPDDR

      • +7.1% 6273.JP (SMC Corp): Palliser Capital publishes value enhancement plan for SMC; urges ¥600B share buyback in next two years

    • Notable Decliners:

      • -15.8% 4519.JP (Chugai Pharmaceutical): reports Q4 results; core operating profit below FactSet estimates

      • -13.4% 4307.JP (Nomura Research Institute): reports Q4 results; operating income misses FactSet estimates

      • -10.4% 1310.HK (HKBN Ltd.): reports H1 results

      • -9.2% 6963.JP (ROHM Co.): Denso considering withdrawing acquisition proposal

      • -6.2% 8604.JP (Nomura Holdings): reports Q4 results; headline figures miss FactSet estimates

      • -5.3% 316140.KS (Woori Financial Group): reports Q1 results; net operating revenue below StreetAccount estimates

  • Data:

    • Economic:

      • China Jan-Mar 2026 industrial profits +15.5% y/y vs +15.2% in Jan-Feb

        • March industrial profits +15.8% y/y vs +15.2% in Jan-Feb

    • Markets:

      • Nikkei: 821.18 or +1.38% to 60537.36

      • Hang Seng: (52.42) or (0.20%) to 25925.65

      • Shanghai Composite: 6.44 or +0.16% to 4086.34

      • Shenzhen Composite: 13.63 or +0.50% to 2756.68

      • ASX200: (20.10) or (0.23%) to 8766.40

      • KOSPI: 139.40 or +2.15% to 6615.03

      • SENSEX: 687.93 or +0.90% to 77352.14

    • Currencies:

      • $-¥: (0.21) or (0.13%) to 159.1550

      • $-KRW: (7.18) or (0.49%) to 1469.4900

      • A$-$: +0.00 or +0.42% to 0.7181

      • $-INR: +0.13 or +0.14% to 94.2081

      • $-CNY: (0.01) or (0.19%) to 6.8235

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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