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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng +1.24%, Kospi +5.1%, Taiex 4.57% as of 04:10 ET

May 04 ,2026

  • Synopsis:

    • Asia equities traded higher almost everywhere Monday. South Korea and Taiwan again led the region up with both boards around 5% higher. Hong Kong also strong while India and Southeast Asia saw more muted gains. New Zealand was better while Australia closed slightly lower. US futures higher, Europe opened mixed amid fresh US tariff threats. US dollar flat, Australia dollar notably weaker ahead of RBA decision tomorrow. Crude prices spiking in afternoon trade, precious metals lower. Base metals mixed. Cryptocurrencies higher with bitcoin at three-month highs.

    • MSCI's Asia Pac ex Japan index rose sharply to a fresh record high Monday despite the closure of markets in Japan and China as chipmakers and other AI-related stocks surged on optimism the current chip cycle will last longer than previously expected, and strong earnings from US based tech groups last week. Among the notable gainers, TSMC (2330.TT) rose 6.6%, Nanya Tech (2408.TT), 10.0%, MediaTek (2454.TT) 10.0% following upbeat positive comments on its AI accelerator ASIC chips; SK Hynix (000660.KS) was 12.5% higher, and Samsung Electronics (005930.KS) 5.4% up although lagged over strike threats. Hong Kong technology names were also very strong although losses in oil & gas names and banks offset these somewhat.

    • As well as the technology surge, market sentiment improving with oil futures dipping early on following hints from President Trump that the US would start to escort ships through the Gulf although details were scant. Trump also expressed doubt over Tehran's latest peace deal offer that effectively delayed discussions over Iran's nuclear capabilities. However, oil prices tracked higher as the day progressed with Brent resting just below $110/bl after Tehran said it would consider any US interference in the Strait of Hormuz a breach of the ceasefire. Today, regional S&P Global PMIs showed Asia output rising strongly as clients built inventory but sentiment, supply chains and input costs all deteriorated notably signaling the surge may be short lived. A Bank of Korea senior official said it may be time to hike interest rates in the face of strong economic data and higher-than-expected inflation.

    • SK Hynix' (000660.KS) US listing could take place as early as July, according to media reports. A2 Milk (ATM.NZ) recalled three batches of its infant formula in the US after detecting a toxin; shares down sharply. National Australia Bank (NAB.AU) missed on H1 profits estimates and warned over the impact of the middle east conflict. Coles (COL.AU) said grocery price hikes are inevitable as fuel costs increase.

  • Digest:

    • Trump touts very positive talks with Iran, US to guide stranded vessels through Strait of Hormuz:

      • Signs of movement in US-Iran negotiations (Bloomberg, Reuters). Axios sources said Iran's revised 14-point plan proposes one-month deadline to negotiate on reopening Strait of Hormuz, end naval blockade and permanently end conflict on all fronts. After agreement, second round of talks will involve nuclear issue. Iranian media noted other demands include withdrawal of US forces from region, unwinding sanctions, compensation and new mechanism for Strait of Hormuz. Iranian Foreign Minister spokesperson said Tehran received US response, adding 14-point plan doesn't include nuclear issue and doesn't envisage US participation in any mine clearing operations.

      • Iran's proposal mostly rehash of its prior demands already rejected by US, though observers noted some softening in its stance on nuclear issue. Trump gave conflicting signals on response, telling Israeli media he didn't find it acceptable (Times of Israel) while later posting on Truth Social about very positive discussions that could lead to something positive. Trump has not ruled out restarting hostilities, saying it could be possibility if Iran misbehaves. Trump was also briefed on plans for new strikes on Thursday, though reportedly remains reluctant to resume war.

      • Separately, Trump announced US will guide stranded vessels through Strait of Hormuz beginning Monday in humanitarian operation dubbed 'Project Freedom.' CENTCOM clarified defensive mission aims to facilitate movement of merchant vessels, supported by guided-missile destroyers, land and sea aircraft and 15K service members. Media sources said Project Freedom won't involve US naval escort but rather coordinating movement of traffic with other countries. Trump warned interference will be dealt with forcefully, though ongoing Iranian threat and presence of mines reinforced skepticism shipowners willing to take risk in first place.

    • Senior Bank of Korea official says it may be time to consider a rate hike:

      • Bank of Korea senior deputy governor Ryoo Sang-dai said Sunday it may be time to consider interest rate hike as economic growth appears unlikely to decline much below bank's earlier projections but inflation likely to exceed previous forecast (Bloomberg). Country's industrial output, retail sales improved in March, data last week showed (Yonhap), while April PMI data showed surge in output with sharp spike in input costs (S&PGlobal). Robust economic data thanks in major part by semiconductor shipments that more than offset initial fears over negative impact of Iran conflict. Ryoo said 'possibility is open' of rate hike after 'surprising' 1.7% y/y Q1 GDP growth, noted economy held up better than expected despite external shocks. Export data Friday showed April shipments topped $80B for second consecutive month and posted more than $20B trade surplus (Yonhap). Ryoo noted growing view this chip cycle may last longer than previous ones, easing concerns over cycle peaking.

    • AI trade propels South Korea and Taiwan benchmarks to record high:

      • Tech rally the big story Monday with South Korea and Taiwan surging to record highs amid big gains in benchmark heavyweights, SK Hynix (000660.KS), Samsung Electronics (005930.KS), TSMC (2330.TT). Move follows Friday's tech-led advance in US, which capped an earnings-heavy week where discussions of strong AI compute demand and upward capex trajectories drove the bullish AI narrative. Across Asia, earnings themes have featured capacity expansion plans in response to unrelenting demand, and a chronic memory shortage driving expectations of strong ASP-driven earnings growth.

      • Strength of the move inviting concerns about sustainability with Korea's volatility index, VKospi, near highest since early-April, up 20% from last month's lows. Yonhap also cited exchange data showing market's net short balance recently rose above KRW20T for first time. Performance remains very lopsided with Korea's memory giants and TSMC continuing to drive bulk of market gains. On Monday TSMC contributed ~70% of Taiex's rally while SK Hynix and Samsung drove almost 80% of Kospi's surge. Technicals moving further into overbought territory with Kospi and Taiex's 14-day RSI above 70 to highest since late February. Both indexes also flirting with psychological levels, 7K for Kospi and 40K for Taiex.

    • Markets remain on yen intervention watch:

      • Speaking on Sunday, Japan Finance Minister Katayama declined to comment on speculation authorities intervened in FX markets last week to support yen, noting only that speculative moves have been continuing for some time (Bloomberg). Initial analysis of BOJ accounts suggests authorities spent as much as JPY5.48T ($35B) Thursday defending yen (Reuters). Japan spent similar amount ($36.8B) last time it intervened in Jul-2024.

      • Markets remain on intervention watch amid speculation authorities may step in again after Katayama and Japan's FX chief Mimura hinted at further action during Golden Week holiday that runs through Wednesday (Bloomberg). Japan engaged in repeated interventions in 2024, when it spent total ~$100B in separate instances to support yen after an initial breach of 160-handle. Thursday's actions underlined importance of 160-handle as potential intervention trigger. Goldman Sachs said likelihood and scale of further action will also hinge on pace of depreciation and market volatility (Bloomberg).

      • Most recent bout of yen weakness occurred in week where contrasting takeaways from BOJ and Fed meetings spotlighted attention on US-Japan rate differentials. Recent dollar support has also been attributed to tensions in Middle East with crude oil spiking amid lack of diplomatic traction. Mimura warned authorities maintaining readiness to intervene in crude futures market, reflecting view speculative activity in oil futures is impacting FX market (Nikkei).

    • Asia factory output expands sharply in April on inventory build but costs also soar, PMIs show:

      • S&PGlobal PMIs for April showed production, new orders mostly improved m/m with several indexes reaching record or multi-year highs, but input costs also rose while sentiment and supply chain disruptions worsened. South Korea's overall PMI index reached 52.6, highest since Feb-22, but input costs and output charges both scaled record highs. Survey said clients placed additional orders to build inventory as protection against further price rises, supply delays. Taiwan's 55.3 PMI reading showed similar subcomponent pattern with input cost at highest since May-21, supply chains showing strain but production, sales up sharply on inventory build. Japan posted four-year high 55.1 but also showed input cost and supply-chain pressure amid higher production. ASEAN region mixed: Malaysia saw output and new orders expand sharply while charge inflation hit record high; declines seen in oil-import exposed Indonesia, Philippines while Vietnam's index dipped to 50.5 as new orders fell.

    • Notable Gainers:

      • +14.5% 383220.KS (F&F Co.): reports Q1 results; operating profit, revenue beat FactSet estimates

      • +10.0% 051900.KS (LG H&H): reports Q1 results; operating profit beats StreetAccount estimates

      • +10.0% 2454.TT (MediaTek): reports Q1 results with earnings ahead of FactSet estimates

      • +6.8% 1810.HK (Xiaomi): reports April vehicle deliveries of more than 30K units; StreetAccount notes the year-ago number was more than 28K units

      • +6.6% 2330.TT (TSMC): reportedly resumes site preparation project for next-generation angstrom-class chip production

    • Notable Decliners:

      • -9.5% 839.HK (China Education Group Holdings): reports H1 results; adjusted (3%) y/y

      • -9.1% 012750.KS (S-1 Corp. (Korea)): reports Q1 results; operating profit, revenue miss FactSet estimates

  • Data:

    • Economic:

      • Australia

        • March building approvals (10.5%) m/m vs consensus (10.0%) and revised +31.0% in February

        • April ANZ-Indeed job advertisements (0.8%) m/m vs (3.1%) in March

    • Markets:

      • Nikkei: Closed

      • Hang Seng: 319.35 or +1.24% to 26095.88

      • Shanghai Composite: Closed

      • Shenzhen Composite: Closed

      • ASX200: (32.70) or (0.37%) to 8697.10

      • KOSPI: 338.12 or +5.12% to 6936.99

      • SENSEX: 234.65 or +0.31% to 77148.15

    • Currencies:

      • $-¥: (0.14) or (0.09%) to 156.9260

      • $-KRW: (1.68) or (0.11%) to 1469.4400

      • A$-$: (0.00) or (0.26%) to 0.7187

      • $-INR: +0.15 or +0.16% to 95.0429

      • $-CNY: +0.00 or +0.01% to 6.8293

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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