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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei closed, Hang Seng +1.68%, Shanghai Composite +0.71% as of 04:10 ET

Apr 29 ,2026

  • Synopsis:

    • Asian equities mostly higher Wednesday. Shenzhen and Hong Kong led Greater China market gains, led by materials, battery and property stocks. Semis weighed on Taiex as TSMC (2330.TT) and MediaTek (2454.TT) each down 1.5% tracking SOX selloff overnight. Japan closed for a holiday. South Korea extended rally. ASX lower for seventh straight session. Southeast Asia mixed. India rebounding. US futures slightly higher. Treasury yields up 1-2 bp along the curve after London open. Dollar strongest against Korean won, kiwi and Aussie. Crude sharply higher in Asian afternoon likely to due new warning from latest Trump social media post. Gold and silver edging lower. Bitcoin inching up.

    • Asian stocks largely held ground after weak handover from Wall Street as investors digested latest Iran developments as Trump told aides to prepare for extended naval blockade, elevated oil prices and sustainability of AI rally after OpenAI missed own targets for new users and revenue. Attention turned to Fed decision on Wednesday afternoon, widely expected to leave interest rates unchanged. Middle East conflict looms over the meeting, most likely the last one for Powell as Fed Chair, with upside inflation risks and downside risks to growth supporting wait-and-see stance. As well as flurry of Mag 7 earnings with AI demand trends and capex updates as key themes.

    • In regional developments, Australian headline inflation rose sharply amid spike in fuel though not as high as forecast. Underlying inflation was steady. Early takeaways noted headline miss not enough to derail likely RBA rate hike next week (futures pricing in 75% chance of May rate hike). Bank of Thailand held rates steady as expected in unanimous vote as country navigates heightened uncertainty. Banks noted country's economic expansion to moderate while inflation set to accelerate throughout 2026. Economist takeaways from the April BOJ meeting broadly fit with a hawkish hold.

    • Hua Hong Semiconductor (1347.HK) down nearly 5%, worst performer in Hang Seng Tech, after Reuters sources said US Commerce Department ordered multiple chip equipment companies to halt exports of tool shipments. China suspends issuing new autonomous vehicle licenses after robotaxis by Baidu (9888.HK) abruptly stopped last month. Shares down sharply. BYD (1211.HK) quarterly profit fell at fastest pace since 2020, hit by slow sales at home and intensifying competition. Meanwhile its short-term borrowings jumped.

  • Digest:

    • Street Takeaways: April BOJ meeting

      • Economist takeaways from the April BOJ meeting broadly fit with a hawkish hold. They highlighted the three dissenters and the narrative in the Outlook Report indicating MPC is currently more cautious toward inflation rather than growth.

      • Discussion of semantics in the guidance tweaks gave some impressions that BOJ concerns about economic growth have sufficiently receded to the point that it is no longer a primary consideration when making a rate hike decision. To be sure, BOJ GDP forecast downgrades were considered to be moderate in notable contrast to the significantly higher inflation trajectory. Middle East headwinds so far anticipated to be moderate and assumed to ease, with crude oil impacts still considered a conventional supply shock.

      • Policy rate forecast implications were limited as both June and July cohorts reaffirmed their calls. With June in particular currently under the microscope, economists did not see enough risks to warrant an adjustment, particularly in light of the overall hawkish tone in the Outlook Report. July forecasters saw uncertainty level working in their favor over June, noting prudence in taking an extra month to monitor developments.

      • Some indications that brokerage forecasts influenced by tentative assumptions from house views on the projected timeline for the reopening of Strait of Hormuz by around mid-year. Prediction markets had implied less than 50% chance in June as of last week, moving above 50% from July (CNBC). However, Governor Ueda noted that a rate hike was possible even if the strait remained closed (Nikkei). Absence of easing Middle East tensions stands to affect expectations for subsequent hikes beyond Jun/Jul.

      • Notably, yen depreciation was no longer highlighted as a key factor at this stage, despite the overwhelmingly bearish FX narrative as BOJ is now more concerned with deteriorating terms of trade stemming from crude oil imports over initial attention on the combination of oil prices and weak yen exacerbating inflation pressures.

      • Also, government pressure stemming from Prime Minister Takaichi's dovish stance was largely absent in economist commentaries. Recent press discussions indicated government remains dovish and a postponed hike worked to avoid scrutiny that would have been triggered by a move this month.

    • Australian inflation in-line, RBA still expected to hike next week:

      • Australia Q1 headline inflation rose to in-line 1.4% q/q from 0.6% in Q4. Trimmed mean inflation rose to in-line 3.5% from 3.4%, though quarterly rate unexpectedly eased to 0.8% q/q. March headline inflation rose to 4.6% y/y from 3.7% in February, lower than consensus 4.8%. Trimmed mean inflation unchanged at 3.3%. Absence of an upside surprise led markets to trim May rate hike odds to 75% from 85% (Bloomberg).Australian bonds strengthened with policy-sensitive 3Y yield reversing lower.

      • Main contributor to March inflation rise was fuel (+32.8% y/y - largest increase since series inception), driving goods inflation to 5.5% from 3.5%. Services inflation eased to 3.6% from 3.9%, reflecting slight moderation in rent inflation and post-summer holiday pullback in domestic travel and accommodation. Early signs fuel surge exerting secondary pricing effects with new dwelling inflation rising to 4.5% from 3.7%, largely due to jump in homebuilding costs. Electricity inflation fell to 25.4% from 37%, though largely due to base year effects reflecting timing of rebate payments in 2025.

    • Japan earnings highlights & themes (Wednesday):

      • Latest earnings takeaways indicated yesterday's selloff in Advantest (6857.JP) and Hitachi (6501.JP) reflected a high bar as FY guidance was positive. Advantest underscored this point, running at unprecedented forward PER in the 69 range in the immediate leadup. Positive breadth in TSE Prime stocks seen as indicative of rotations in search of more attractive valuations (Nikkei).

      • Toyota (7203.JP) supplier network continued to indicate supply chain constraints. Naphtha shortages becoming critical and Denso (6902.JP) can't see beyond June (Nikkei). Toyota product cuts for models designated for Middle East reverberating across the network.

      • Middle East dynamics add to broader inflation theme.

        • Nine out of 10 electric power companies extended a series of price hikes from the May billing period in June (Nikkei).

        • Showa Sangyo (2004.JP) announced a 25% price hike for cooking oils. Prices of raw materials such as rapeseed have soared due to Middle East effects.

        • Yamazaki Baking (2212.JP) raising prices on 306 items, passing on an array of cost increases spanning, raw materials, logistics, payrolls and packaging.

        • Tokyo Metro (9023.JP) considering broad-based fare hikes from Mar-28, the first fare overhaul in its history since privatization.

      • Chubu Electric (9502.JP) withheld FY guidance citing uncertainties caused by Middle East. With most companies still dependent on thermal power plants, other utilities may follow suit (Nikkei). Chubu among the highest dependency ratio at 63%, 44% coming from LNG alone, second to TEPCO (9501.JP) at 46%. Other regional utilities operating with thermal ratios around 30-40%, diversified with nuclear power.

      • Securities brokerage results showed three out of four major names posted record net profits. Stock market strength and M&A activity cited as the main tailwinds (Nikkei).

    • Trump backs extended naval blockade, Iran expected to submit revised offer:

      • According to media sources, President Trump told aides to prepare for extended naval blockade to pressure Iran into capitulating on nuclear issue (Bloomberg). Trump assessed resumption of strikes or ending conflict carried more risk than prolonging the blockade. This would fit with Trump's view blockade is succeeding in choking Iran economically with oil well shut-ins looming. Earlier, Trump claimed Iran in "state of collapse" and wants US to open Strait of Hormuz as soon as possible (Bloomberg). CNN sources said Pakistani mediators expect to receive revised proposal from Iran in next few days, but it is unclear whether IRGC will allow negotiators to offer concessions on nuclear.

      • US widening efforts to tighten financial pressure on Iran. Treasury Department warned of sanctions on financial institutions associated with China's independent oil refineries over their role in importing Iranian oil. Comes after US sanctioned China's Hengli Petrochemical Refinery over its purchases of Iranian crude. Separately, Treasury targeted 35 entities and individuals that oversee Iran's shadow banking network as part of 'Economic Fury'. Also warned of significant sanctions related to entities paying tolls to Iran for passage through Strait of Hormuz (Reuters).

      • Possible reprieve for Asian countries grappling with tight fuel supplies after FT sources said China set to resume exports of jet fuel, gasoline and diesel from May with major oil companies having applied for export permits. Sources said China believes its own needs for fuel now stable and intends to supply fuel to Asian countries whose stocks are running very low. While Strait of Hormuz flows remain mostly throttled, Japan-linked very large crude carrier (VLCC) carrying 2M barrels of crude appeared to successfully transit through the waterway, marking first such exit since war began (Bloomberg).

    • Notable Gainers:

      • +10.8% 991.HK (Datang International Power Generation): reports Q1 results; enters JV for Inner Mongolia transmission project

      • +9% 004000.KS (LOTTE Fine Chemical): reports Q1 results; operating profit and revenue beat FactSet estimates

      • +7.5% 6680.HK (JL MAG Rare-Earth): confirms prelim. Q1 results as reported on 22-Apr

      • +6.1% 2318.HK (Ping An Insurance (Group) Co. of China): reports Q1 results; NBV Life and health insurance, +20.8% y/y

      • +4.4% 1211.HK (BYD Co.): reports Q1 results; revenue and EBIT beat FactSet estimates

      • +1.4% 883.HK (CNOOC): reports Q1 results; EBIT +5% y/y

      • +1.4% 285.HK (BYD Electronic (International)): reports Q1 results; gross profit (14%) y/y

    • Notable Decliners:

      • -6.4% 6239.TT (Powertech Technology): reports Q1 results; EPS misses FactSet estimates

      • -5.8% 288.HK (WH Group): reports Q1 results

      • -4.6% 1347.HK (Hua Hong Semiconductor): US Commerce Department orders chip equipment makers to halt some tools shipments to Hua Hong

      • -4.2% 3968.HK (China Merchants Bank): reports Q1 results; NIM 1.83% vs year-ago 1.91%

      • -3.3% 002074.CH (Gotion High-tech): reports FY and Q1 results; FY net income below guidance and FactSet estimates

      • -3.3% 090430.KS (Amorepacific): reports Q1 results; overseas operating profit (18.5%) y/y

  • Data:

    • Economic:

      • Australia

        • Q1 headline CPI +1.4% q/q vs consensus 1.4% and +0.6% in Q4

          • Trimmed mean CPI +0.8% q/q vs consensus +0.9% and +0.9% in Q4

            • Trimmed mean +3.5% y/y vs consensus +3.5% and +3.4% in Q4

        • March CPI +4.6% y/y vs consensus +4.8% and +3.7% in February

          • Trimmed mean CPI +3.3% y/y vs consensus +3.3% and +3.3% in February

    • Markets:

      • Nikkei: 0.00 or 0.00% to 59917.46

      • Hang Seng: 432.06 or +1.68% to 26111.84

      • Shanghai Composite: 28.88 or +0.71% to 4107.51

      • Shenzhen Composite: 45.27 or +1.66% to 2772.50

      • ASX200: (23.70) or (0.27%) to 8687.00

      • KOSPI: 49.88 or +0.75% to 6690.90

      • SENSEX: 1,020.96 or +1.33% to 77907.87

    • Currencies:

      • $-¥: +0.09 or +0.06% to 159.7060

      • $-KRW: +5.05 or +0.34% to 1477.8000

      • A$-$: (0.00) or (0.32%) to 0.7158

      • $-INR: +0.22 or +0.24% to 94.7743

      • $-CNY: (0.01) or (0.09%) to 6.8313

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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