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StreetAccount Summary - Asian Market Recap: Nikkei (1.06%), Hang Seng (1.28%), Shanghai Composite +0.11% as of 04:10 ET

Apr 30 ,2026

• Synopsis:

  • Asia equities mostly lower Thursday. Kospi pulled back from record high and posted best month since 1998. Japan, Taiwan and Australia all ended lower. Hong Kong declines picked up while mainland China flat as traders prepare for five-day holiday in first week of May. India trading lower. US futures flat after big tech earnings. Europe dropping. Treasuries steadied after pickup in yields following hawkish hold by Fed. 10Y JGB yield hit 29-year high. Dollar weaker against majors. Gold and silver stronger. Crude oil sharply higher. Bitcoin inching up.

  • Market attention on surging crude prices as front-month Brent contract hit intraday high of above $126 a barrel, highest since Mar-22 amid lack of traction on US-Iran negotiations. Came after Axios report that President Trump will be briefed on plans for restarting Iran war in bid to break negotiation deadlock and bring Tehran to negotiations on its nuclear program. Came after President Trump publicly rejected Tehran's recent offer and reportedly told aides to prepare for extended naval blockade. Stalemate leaves Strait of Hormuz crude flows throttled, fueling more talk about market complacency surrounding physical crude oil market disruption. Oil rally corresponded with another spike in bond yields as inflation concerns persist, contributing to hawkish repricing of rate paths。

  • On regional developments, China official manufacturing PMI firmer-than-expected amid pickup in output and return to growth in new export orders, outpacing slowdown in new orders. Raw material costs maintained prior month's growth, outweighing increase in output prices. RatingDog manufacturing PMI also notably stronger than forecast while hit highest since 2021. Official non-manufacturing contraction worse than expected amid sharper decline in new orders. Construction declines worsened. HKMA held base rate steady following Fed decision. Japan industrial production unexpectedly contracted amid Middle East uncertainties; survey projections remain upbeat. Retail sales growth influenced by fuel. South Korea industrial production weighed down by drop in chip output. ADB cut Asia Pacific economic growth forecast to 4.7% (vs earlier 5.1%) in 2026 and 4.8% (vs earlier 5.1%) in 2027 due to war in Middle East and revised inflation forecast to 5.2% in 2026 from earlier 3.6%.

  • Samsung Electronics (005930.KS) semiconductor earnings top expectations, outlook sustained by strong memory demand. FT sources said SoftBank (9984.JP) planning US listing of new AI robotics company with target valuation of $100B. Fujitsu (6702.JP) worst performer in Nikkei 225 with earnings takeaways noting guidance miss and weak domestic IT services orders. Japan Display (6740.JP) considering providing technology to US-based advanced display manufacturing fabs.

• Digest:

  • Trump to be briefed on plans for restarting Iran war in bid to break negotiation deadlock:

    • Latest US-Iran headlines highlighting lack of diplomatic traction and possible return to conflict. Sources told Axios CENTCOM Commander Brad Cooper expected to brief President Trump on new plans for a resumption of hostilities, signaling Trump is seriously considering renewing military action. CENTCOM has prepared plan for "short and powerful" strikes on Iran in bid to break deadlock in negotiations. Other plans involve potentially using ground forces to take over parts of the Strait of Hormuz to facilitate commercial shipping, or using special forces to seize Iran's highly enriched uranium.

    • Comes after Trump rejected Tehran's offer to reopen Strait of Hormuz in return for ending blockade and delaying nuclear talks. Reaffirmed to Axios he views blockade as primary source of leverage, underlining belief blockade is succeeding in choking Iran economically with oil well shut-ins looming. Trump did say talks ongoing and claimed Iran has come a long way, but questioned willingness to go further and repeated any agreement must include commitment to abandon nuclear weapons. Yet no signs Iran's hardliners willing to empower negotiators to discuss nuclear issue.

    • Stalemate further clouding likelihood of near-term resumption of crude flows through Strait of Hormuz while potential disruption to Iranian oil production due to blockade threatens to add to global supply pressures. Resumption of hostilities could put Gulf energy assets and critical oil pipelines in Iranian crosshairs, while Tehran has also threatened to disrupt shipping through Bab al-Mandeb strait. Crude extending rally amid the developments and risk of physical shortages worsening.

  • China manufacturing PMI maintains slight growth trajectory, nonmanufacturing slips:

    • Official manufacturing PMI was 50.3 in April, slightly above consensus 50.1, and follows 50.4 in the previous month. First back-to-back readings in expansion territory since Feb-Mar 2025. Growth sectors included transportation, electrical equipment, PCs, electronics and communication. Fossil fuels/processing and chemicals were drags. Aggregate production and new orders expanded for the second straight month, though latter pared back from March strength. Exports notably emerged into growth territory for the first time in more than a year. Notable developments remain isolated to elevated inflation metrics, with input prices logging the second month in the low 60s and output prices relatively softer in the 55 range, though markedly higher than preceding months. Price indices for petroleum, coal, chemicals tracking in the 70s. Outlook component improved to a four-month high. In contrast, nonmanufacturing PMI fell to 49.4, below consensus 49.8, from 50.1 in the prior month. Construction contraction deepened, compounded by a relapse in services back to contraction after March saw the first growth in five months. Input prices similarly elevated though to a much lesser extent. Composite PMI moderated to 50.1 from 50.5. Separate RatingDog manufacturing PMI rose was 52.2, above consensus 51.0 and prior month's 50.8. Marks firth straight expansion and the strongest improvement since Dec 2020.

  • Samsung Q1 earnings beat:

    • Samsung (005930.KS) Q1 metrics came in slightly ahead of guidance on operating profit and revenue, while substantially beating StreetAccount consensus on net income. DS segment was the main focus. Memory component OP well above expectations as sales nearly tripled on the year. Takeaways highlighted that memory OP accounted for 94% of headline earnings (Reuters). Company cited high-valued added AI demand despite limited supply and higher prices. Q1 captured first mass production and sales of HBM4 and SOCAMM2 for Nvidia (NVDA) Rubin platform. Q2 guidance looks for continued strength in memory division amid AI infrastructure growth. Also scheduled to deliver first HBM4E samples. Also foresees strong server memory demand in H2 on the back of hyperscalers to facilitate adoption of AI and LLM, while also accelerated by agentic AI demand growth. Prospects over the next several quarters seen remaining strong on the back of ongoing surge in South Korea chip exports as well as memory prices (Bloomberg). Some uncertainty stemming from labor union frictions, though analysts divided on whether prolonged strikes would materially impact chip output or simply create short-term volatility. Comments in the earnings call indicated expectations the memory supply gap will worsen into 2027, noting customers already placing orders for next year amid capacity constraints (Nikkei).

  • Japan industrial production unexpectedly falls, retail sales beat:

    • Industrial production fell 0.5% m/m in March, notably contrasting with expectations of a 1.1% rise, following a 2.0% drop in the previous month for the second straight decline. Main drivers were chemicals, general purpose machinery and petroleum & coal. Tech devices were one the bright spots, autos were marginally lower. Still, Q1 aggregate finished up 2.4%, strongest since 3Q22, owing to a fast start to the quarter. Q1 production outpaced shipments, leaving inventories notably lower. Softer headline also defied positive guidance. Middle East effects unclear so far, though METI survey projections remained upbeat, pointing to gains of 2.1% in April and 2.2% in May. This would keep Q2 momentum on a mostly steady pace vs Q1. Adjusted April projection unchanged at 2.1%. With supply chain constraints so far reportedly concentrated in petrochemicals such as naphtha, near term chemicals sector guidance among the minority in the negative, while petroleum products notably bullish, particularly in April. Autos see growth over the next two months. Tech device outlook stronger, though IT equipment softer. Retail sales rose 1.3% m/m in March, above consensus 0.6%, following a 2.0% decline in the prior month. Q1 finished up 1.7% q/q, accelerating from 0.5% in Q4. However, fuel was the standout in March, up 8.2% m/m, consistent with higher gasoline prices. Consumer durables also contributed positively via autos and appliances. Other category including drugs & cosmetics (typically associated with inbound tourism spending) topped 1% growth for the first time since August. Food & beverages and apparel edged higher.

  • South Korea activity data mostly positive:

    • Industrial production rose 0.3% m/m in March vs FactSet consensus -0.1%. Consolidates outsized revised +5.3% in the previous month. Q1 rebounded a solid 3.0% q/q after a 3.3% drop in the prior quarter. In year-on-year terms, shipments bounced in Q1 as domestic demand stabilized from a sharp drop in Q4, though exports accelerated notably. Inventories continued to trend lower. Yet, other domestic demand proxies were mostly positive. Service sactivity finished Q1 on a firmer footing sequentially, maintaining a moderate quarterly growth trajectory. Retail sales posted similar results. Equipment investment was consistently positive throughout the quarter, leaving Q1 up sharply on the back of a surge in February. The lone blemish was a drop in construction as payback for strength in the previous month. All sector activity edged up 0.3% m/m in March, with Q1 up a solid 1.7% q/q largely driven by strength in February. Constructive developments generally consistent with PMI details, though headline PMI logged the fastest improvement in 19 months. Some indications that domestic demand was a bigger swing factor against sustained improvement in external demand. Middle East impacts manifested in higher input prices, consistent with March data in other economies, while supply chain effects were still only marginal.

  • Notable Gainers:

    • +7% 2338.HK (Weichai Power): reports Q1 results; net income +14% y/y

    • +6.4% 6740.JP (Japan Display): confirms considering operating state-of-the-art display factory and providing technical support

    • +6% 1801.HK (Innovent Biologics): provides Q1 update; product revenue over CNY3.8B, +50%+ y/y

    • +5.5% 3436.JP (SUMCO): SEMI reports that global silicon wafer shipments +13% y/y in Q1

    • +4.2% 352820.KS (HYBE Co.): reports Q1 results; revenue beats StreetAccount estimates

    • +2.5% 6503.JP (Mitsubishi Electric): reports Q4 results; revenue and operating profit beat StreetAccount estimates

  • Notable Decliners:

    • -13.9% 6702.JP (Fujitsu): reports Q4 results; revenue and operating profit miss StreetAccount estimates

    • -10.1% 4661.JP (Oriental Land): reports Q4 results; FY operating profit guidance misses on cost pressure

    • -8.8% 006360.KS (GS Engineering & Construction): reports Q1 results; revenue and operating profit miss FactSet estimates

    • -8% 9022.JP (Central Japan Railway): reports FY results; headline guidance below FactSet estimates

    • -5.3% 3800.HK (GCL Technology Holdings): to issue $148M 6.95% convertible bonds due 2027, with conversion price of HK$1.21/share

    • -4.1% 035420.KS (NAVER): reports Q1 operating profit below StreetAccount estimates

    • -2.4% 005930.KS (Samsung Electronics): reports full Q1 results; shares fall despite better-than-expected results

    • -0.9% 9984.JP (SoftBank Group): reportedly planning to set up AI and robotics firm Roze and list it in US

• Data:

  • Economic:

    • China April

      • Official manufacturing PMI 50.3 vs consensus 50.1 and 50.4 in prior month

        • Non-manufacturing PMI 49.4 vs consensus 49.8 and 50.1 in prior month

        • Composite PMI 50.1 vs 50.5 in prior month

      • RatingDog Manufacturing PMI 52.2 vs consensus 51.0 and 50.8 in prior month

    • Japan March

      • Retail sales 1.7% y/y vs consensus +1.0% and revised (0.1%) in prior month

        • Retail sales +1.3% m/m vs consensus +0.6% and (2.0%) in prior month

      • Industrial production (0.5%) m/m vs consensus +1.1% and (2.0%) in prior month

        • METI survey projections +2.1% in March, +2.2% in April

    • Australia

      • March private sector credit +0.7% m/m vs consensus +0.6% and +0.6% in February

      • Q1 export price index +0.5% q/q vs +3.2% in Q4

        • Import price index +0.1% q/q vs ++0.9% in Q4

    • New Zealand

      • April ANZ Business Confidence (10.6) vs +32.5 in March

    • South Korea

      • March industrial production +0.3 m/m vs FactSet consensus (0.1%) and revised +5.3% in prior month

        • Industrial production +3.6% y/y vs FactSet consensus +2.6% and revised (2.3%) in prior month

  • Markets:

    • Nikkei: (632.54) or (1.06%) to 59284.92

    • Hang Seng: (335.31) or (1.28%) to 25776.53

    • Shanghai Composite: 4.65 or +0.11% to 4112.16

    • Shenzhen Composite: 3.73 or +0.13% to 2776.23

    • ASX200: (21.20) or (0.24%) to 8665.80

    • KOSPI: (92.03) or (1.38%) to 6598.87

    • SENSEX: (609.72) or (0.79%) to 76886.64

  • Currencies:

    • $-¥: (0.41) or (0.25%) to 160.0350

    • $-KRW: (10.16) or (0.68%) to 1478.3900

    • A$-$: +0.00 or +0.30% to 0.7136

    • $-INR: +0.26 or +0.28% to 95.1534

    • $-CNY: (0.01) or (0.08%) to 6.8328