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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.87%, Taiex +3.26%, Shanghai Composite +0.96% as of 04:10 ET

May 25 ,2026

  • Synopsis:

    • Asia equities ended mostly higher Monday. Japan's Nikkei 225 and Topix ended with strong gains with Taiwan's Taiex reaching another record high, underpinning another surge by tech stocks. Mainland China was higher as Shenzhen outperformed, India another notable gainer, Australia and Southeast Asia markets also up. Hong Kong and South Korea closed for a holiday. US futures higher although markets closed Monday, Europe opened with gains amid low volumes. US dollar lower with DXY index trading around 99.0; Asia currencies strengthening with the yuan at a three-year high after strong PBOC setting this morning; yen is flat. Treasuries mixed, JGB yields lower across the curve. Crude prices down substantially with Brent around $95/bl and WTI below $92/bl. Precious metals higher on the weaker dollar, industrial metals stronger.

    • Asia equities started the week on the front foot after another promise from President Trump of an imminent deal to end the Iran conflict was enough to trigger a risk rally with technology stocks again at the forefront. Crude prices also tumbled after Trump said a peace framework had largely been negotiated and despite Secretary of State Rubio later saying Washington would 'find another way' if talks failed while Trump also said the US would not be rushed into a deal. In other developments, China regulators late Friday launched a crackdown on illegal cross-border trading to stem capital outflows threatened brokers with penalties and told them to close of non-compliant accounts; US-listed brokers down sharply Friday although little read through of note in mainland China trading Monday.

    • India assets partially reversed weeks of trend Monday as equities rallied, government bond yields slid and the rupee strengthened on hopes for a resolution in Iran and supportive comments from RBI governor Malhotra over the rupee. China FDI inflow fell 10.3% y/y to CNY 288B between January and April but the high-tech sector saw 20% growth. Final Singapore Q1 GDP growth was 6.0% thanks to higher-than-expected electronics exports; the government also raised its FY export estimate and posted a record current account surplus in Q1, while April CPI was lower than expectations. Malaysia April PPI rose 5.6% y/y from 1.1% in March, its highest since Aug-22. Thailand trade deficit hit a record $10B due largely to a 45% surge in imports.

    • Mitsubishi Chemicals (4188.JP) is considering a spin off of its petrochemical business to take place within the next two years. Toyota Motor (7203.JP) is to cut overseas production of cars by around 83K because of problems in its supply chains caused by the middle east conflict. SoftBank (9984.JP) is planning to raise around ¥260B ($1.6B) through another sale of subordinated bonds aimed primarily at individual investors, just two months after a similar offer.

  • Digest:

    • Trump says framework for ending Iran war largely negotiated:

      • President Trump announced that at an agreement to end Iran conflict has largely been negotiated and subject to finalization by US and Iran, adding that negotiations proceeding in an orderly, constructive manner and that relationship with Iran becoming more professional and productive (Reuters, Bloomberg). Trump told his representatives not to rush into deal and senior administration official said it would take some time for Iran to sign off (though Supreme Leader Khamenei said to have endorsed broad outlines of agreement).

      • Axios revealed draft MoU includes 60-day ceasefire, which will see Strait of Hormuz reopened, US to lift blockade (conditioned on how quickly Iran clears mines) and offer partial relief from oil sanctions. Nuclear issue would be punted to next round of talks, and further sanctions relief will depend on extent of Iranian concessions on this issue. Agreement also includes end to war in Lebanon and US forces mobilized in recent months to leave region upon final deal.

      • Nuclear remains key sticking point. Iran said to have given general assurances it would give up HEU stockpiles per NY Times sources. Details on how it would do so were lacking and senior Iranian source told Reuters there was no agreement to hand over stockpiles. MoU noted Iran gave verbal commitments about scope of nuclear concessions but no details on whether this will involve enrichment moratorium. Iranian President Pezeshkian said country ready to assure world it is not seeking nuclear weapons or fomenting unrest in region.

      • Still potential for talks to derail after Iranian media accused US of obstructing parts of deal, including release of frozen assets. Gulf states have been pushing two sides to reach compromise though reported agreement drew sharp criticism from US conservatives, including several Republicans. Israel said to have voiced concern about prematurely easing pressure on Iran. Secretary of State Rubio also tempered expectations while in India, saying deal still work in progress.

    • Ueda-Takaichi meeting further underlines behind-the-curve risks:

      • BOJ Governor Ueda spoke to reporters late Friday after a meeting with Prime Minister Takaichi, saying they agreed to communicate closely on monetary policy though did not discuss a possible June rate hike (Reuters). Nikkei editorial discussed this in the context of growing market concerns about behind the curve risks and marks a shift in the narrative that rate hikes are now warranted to help stabilize markets rather than as a source of volatility. Also suggested the timing of the meeting raises attention on Takaichi's stance ahead of the June MPM as well as government reactions if the BOJ hikes.

      • Summarized recent unsettling developments in fixed income markets. BEIs have broken well through the 2% threshold as an indication of market doubts about BOJ's ability to maintain long-term price stability. Recalling latest BOJ neutral rate estimates in the 1.1-2.5% range, article essentially explained that current momentum in rates markets is starting to price in a scenario in which policy will have to move into restrictive territory as a consequence of falling behind the curve.

      • Highlighted 2y1y forwards now tracking in the low 2% range with negative implications for current yields which are largely bearing out with 10y reaching a 29-year high 2.8%. JGB weakness in turn posing a drag on yen, while rapid yield rises pose a threat to equities, which could culminate in a triple selloff in the major asset classes.

      • While the main driver last week was seen as fiscal policy concerns, story noted there is an underlying assumption of appropriate monetary policy to keep markets stable and this is being tested. BOJ board members are clearly shifting hawkish; there were three dissenters against keeping rates unchanged in April, and subsequent individual speeches have seen two other members making the case for hikes which now makes this camp a majority.

      • Takaichi's stance will attract attention given her well-established dovish views. US policymakers will also look on given Treasury Secretary Bessent's recent endorsement of monetary policy under Ueda was viewed as a hint to Takaichi to accept rate hikes. Article noted BOJ independence means rate hikes can go ahead even if Takaichi opposes. However, if the administration criticizes BOJ policy moves after the fact, that would be conducive for market skepticism that BOJ can sustain policy normalization.

    • China semiconductor stocks jump as Huawei claims chipmaking breakthrough:

      • Chinese semiconductor stocks continue to rally on Monday to build on strong momentum recently. STAR 50 Index rose 5.9% session to hit new all-time high, powered by surges in chip-related stocks, including 18.8% gain in SMIC's (981.HK) mainland shares and 9.4% rise in Cambricon Technologies (688256.CH). Sentiment was boosted by latest developments by Huawei, which said it has found new pathway to design chips to shorten gap with industry leader TSMC (2330.TT), potentially achieving breakthrough in making advanced semiconductors amid US restrictions on China's access to top-tier chipmaking equipment (Nikkei, Bloomberg, Reuters). Huawei semiconductor chief He Tingbo said company will start making 1.4 nm chips by 2031 with its own "LogicFolding" technology, which is expected to close to global frontier for advanced chipmaking with TSMC and Intel (INTC) planning to start around 2028 and 2029 respectively. Huawei called the new principle, which has helped develop 381 types of chips over past six years, as Tau Scaling Law to break through limits of Moore's Law. Added Huawei's Kirin system-on-chip chipset for phones, due later this year, delivers 55% increase in transistor density and 41% power efficiency compared with traditional designs.

    • China ramps up crackdown on cross-border stock trading:

      • More press discussions on China's crackdown on illegal cross-border stock trading that aims to curb capital outflows. Came as CSRC announced (link) late last Friday that it would penalize Futu Holdings (FUTU), Up Fintech's (TIGR) Tiger Brokers and Longbridge Securities for operating on mainland without license (Bloomberg, Reuters, FT) that sent ADRs of FUTU and TIGR down 27.5% and 25.3% respectively on Friday. Futu was subject to CNY1.85B ($271M) fines while Up Fintech faced CNY411M in fines and confiscated income. Bloomberg noted latest campaign as Beijing's "most aggressive" attempt yet to restrain Chinese citizens from trading overseas stocks, a years-old practice that is technically illegal as Beijing exercises tight capital controls.

      • In addition, CSRC, along with seven other government agencies, issued separate circular (link) pledging to root out illegal stockbroking business and order non-compliant accounts to be liquidated within two years (SCMP), which analysts call it "the biggest surprise" and see wider ramifications that go beyond the targeted brokers as Chinese citizens have piled large sums of money in Chinese companies listed offshore now at risk of heavy selling pressure in next two years.

      • Analysis noted strong performance in Hong Kong has attracted growing mainland investors to open overseas account, increasing outflows and likely providing authorities with stronger incentive to put a stop to the practice. Coincided with China's tax authorities' intensifying push to identify citizens to pay taxes on offshore income.

    • Singapore warns over economic growth despite raising export forecasts:

      • Singapore's Ministry of trade and industry said outlook for economic growth this year weaker than before due to energy cost surge, renewed US tariffs, risk of sudden pullback in AI-related spending, which could weigh heavily on global growth. Ministry said downside risks to country's economy 'significantly' higher although kept its FY26 GDP y/y growth forecast of 2.0-4.0%, and said sustained AI-related spending should be key growth driver in electronics and precision engineering. Final Q1 GDP growth was 6.0% versus preliminary 4.6% estimate given last month thanks to better than forecast exports in electronics cluster.

      • In other data released Monday, Enterprise Singapore said April CPI steadied at 1.8% y/y, slightly below consensus on 2.0% but with an outsized spike in transport costs due to fuel price surge. Core inflation was +1.4% y/y, also below expectations.

      • Agency also upgraded forecast for non-oil domestic export (NODX) growth to 3-5% from 2-4% previously due to surge in electronics shipments. Q1 export growth was 9.6% y/y from 12.7% in Q425, agency said, global economy had proven more resilient than expected due to robust AI-related demand, smaller-than-expected drag from tariffs (BusinessTimes). Said electronics shipments to jump 42% y/y, precision engineering 49% this year, noted business sentiment had also improved.

    • Notable Gainers:

      • +11.1% 3778.JP (SAKURA Internet): May increase capital spending to keep up with AI demand in Japan - Bloomberg

      • +6.0% 4188.JP (Mitsubishi Chemical): Considers spin-off of petrochemicals business

      • +2.6% 4272.JP (Nippon Kayaku Co.): Enters agreement to take over Japan marketing authorization for AstraZeneca's Zoladex 3.6mg/10.8mg depot

      • +1.8% 1417.JP (MIRAIT Holdings): MIRAIT Holdings holder Oasis proposes appointment of independent outside director candidate

      • +1.3% 7203.JP (Toyota Motor): To cut overseas production by 83K units by November due to disruption in logistics in the Middle East - Nikkei

    • Notable Decliners:

      • -5.4% 8046.TT (Nan Ya Printed Circuit Board): Major shareholder sells shares

      • -4.7% 2408.TT (Nanya Technology): Micron to quadruple DDR4 supply in latest expansion

  • Data:

    • Economic:

      • Singapore

        • Q1 GDP y/y (Final) +6% versus consensus +4.6% and +4.6% in prior quarter

        • April CPI y/y +1.8% versus +1.8% in prior month

    • Markets:

      • Nikkei: 1,819.12 or +2.87% to 65158.19

      • Hang Seng: Closed

      • Shanghai Composite: 39.67 or +0.96% to 4152.57

      • Shenzhen Composite: 26.77 or +0.94% to 2889.55

      • ASX200: 35.00 or +0.40% to 8692.00

      • KOSPI: Closed

      • SENSEX: 912.87 or +1.21% to 76328.22

    • Currencies:

      • $-¥: (0.25) or (0.16%) to 158.9460

      • $-KRW: (7.38) or (0.49%) to 1513.4270

      • A$-$: +0.00 or +0.42% to 0.7158

      • $-INR: (0.29) or (0.31%) to 95.3367

      • $-CNY: (0.01) or (0.15%) to 6.7844

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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