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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (3.85%), Hang Seng (1.22%), Shanghai Composite (1.70%) as of 04:10 ET

Jun 08 ,2026

  • Synopsis:

    • Asia equities fell steeply across the region Monday as the tech rout continued. The MSCI Asia Pac ex-Japan index fell 3.4% with the sharpest declines in South Korea that fell more than 8.0%; Taiwan, which closed 3.5% lower; and the Nikkei 225, which fell almost 4%. China's Shenzhen was also notably lower while Shanghai's main board and the Hang Seng ended near their session lows. India is lower but a relative outperformer; Southeast Asia benchmarks all down with another big step down in Indonesia. Australia closed for a holiday. US futures slightly lower, Europe opened down. US dollar consolidated Friday's surge higher as the DXY stayed above 100; yen above 160 per dollar, won weakened again, rupiah at another record low. Treasury and Asia sovereign bond yields higher across the board. Crude higher with Brent near $98/bl again. Precious metals selling off further, base metals down. Cryptocurrencies under more pressure but bitcoin off Friday's low.

    • Asia technology stocks endured a second brutal day of selling on read across from the Nasdaq's steep decline on Friday with the Kospi opening as much as 9.0% lower to trigger a futures trading halt and several warnings from authorities over volatility. The index closed off its lows however there were still some steep declines in recent tech winners such as LG Electronics (066570.KS), Samsung Electronics (005930.KS), and SK Hynix (000660.KS); many Taiwan-based tech stocks also fell while chip-bellwether in Japan, Tokyo Electron (8035.JP) fell more than 7%.

    • Israel and Iran traded missile exchanges early Monday endangering an already shaky Middle East ceasefire agreement, just as it appears Washington and Tehran are no closer to finalizing a lasting peace agreement. The combination sent Brent crude prices to near $98/bl and WTI to above $94/bl, setting off another wave of selling in sovereign bonds which were already under pressure from a Friday move down in Treasury prices. Meanwhile the dollar maintained its sharp gain from Friday to put regional forex under renewed pressure. Few regional developments today to change the story arch; Japan's Q1 GDP growth print was revised lower as investment readings reversed to contraction. Indonesia said its forex reserves fell for a fifth consecutive month in May as Jakarta moved to steady the rupiah.

    • Hanwha Aerospace's (012450.KS) CEO was charged with offenses in connection with the explosion and fire that killed five people last week at its Daejeon plant. Naver (035420.KS) and SK Telecom (017670.KS) are to build gigawatt-sized AI centers using Nvidia chips; SK Hynix (000660.KS) also signed a deal with Nvidia to develop next generation AI memory chips. Air New Zealand (AIR.NZ) has cut more flights amid higher fuel costs and softer demand.

  • Digest:

    • South Korean market selloff continues:

      • Another volatile session in South Korea after Kospi traded down as much as 9%. Follows Friday's big selloff in US semis, where SOX lost 10% in worst day since Mar-2020. Momentum unwind occurred alongside backup in Treasury yields following strong US nonfarm payrolls data. Underwhelming AVGO results/guidance another commonly cited catalyst for latest plunge in semis.

      • Selloff triggered another Kospi futures trading halt and prompted KRX to hold emergency meeting Monday to respond to the volatility, mentioning plans to expand probes into illegal short selling (Yonhap). Volatility extending to other asset classes with Korean won down its lowest against dollar since Mar-2009 before stabilizing after authorities stepped up efforts to curb turbulence

      • Joint statement by financial authorities following emergency meeting noted excessive volatility or one-sided market concentration would not be tolerated (Yonhap). Authorities promised to investigate speculative activity behind won's weakness, increase scrutiny of offshore NDFs and probe illegal FX transactions by importers and exporters (Chosun, Yonhap). Additionally, officials will investigate transactions that distort price discovery, and one-sided trades executed at specific times and in volumes exceeding customer orders in attempt to manipulate prices.

      • Preceding Kospi run-up had been accompanied by concerns about overbought signals, crowded positioning and extreme concentration. Volatility triggered surge in demand for downside protection (Bloomberg). Fundamental backdrop still considered bullish with memory upcycle forecast to deliver strong earnings growth in coming years and Kospi trading at undemanding valuations. While foreign outflows have gotten attention, this dynamic has been partly attributed to mechanical selling due to portfolio adjustments. Retail support has been strong with heavy selling of overseas stocks in first week of June seen as portent of incoming flows (Yonhap).

    • Israel retaliates after Iran fires missile barrage in response to Beirut strike:

      • Middle East tensions went up another notch after Iran fired missile barrage at Israel for first time in the two-month ceasefire (Reuters, Axios, Bloomberg). Iran said its barrage was in retaliation for Israeli strike in southern Beirut on weekend targeting Hezbollah command center. Israel intercepted Iran's missiles and followed up with strikes against targets in western and central Iran. Israel's US ambassador said Israeli strikes targeted Iran missile launch sites and non-energy infrastructure facilities.

      • Developments stirred fears of tit-for-tat escalation after Israel intercepted more Iranian missiles Monday morning. Iran's parliamentary speaker Ghalibaf warned US blockade and Israeli actions against Hezbollah have turned American bases in region into legitimate targets. Developments come after after Trump had announced a ceasefire between Israel and Lebanon where Israel would refrain from striking Beirut. Iran had also threatened to abandon talks with US unless Israel halted its attacks in Beirut.

      • Before Israel retaliated against Iran President Trump told media outlets he was not in favor of escalation. US officials told Axios Trump spoke to PM Netanyahu and had urged him to refrain from retaliating to allow more time for negotiation. In Fox News interview, Trump conceded developments would complicate diplomatic efforts, and faulted Israel for striking Beirut. Said to FT Iran's strikes would not change his stance on talks. Told Meet the Press he preferred Israel conduct more surgical strikes against Hezbollah than full blown assault in Beirut.

    • Trump optimistic on talks as US and Iran trade more fire in Strait of Hormuz:

      • Latest developments add to existing complications to forging agreement between US and Iran, who traded more fire in Strait of Hormuz. CENTCOM shot down drones and struck radar sites at Goruk and Qeshm Islands after IRGC fired at oil tankers attempting to transit the waterway without its permission. Comes after Iran launched strikes at Gulf states including Kuwait and Bahrain last week in an ongoing tit-for-tat with US. Iran maintaining its claim of sovereignty over Strait of Hormuz with authority to collect transit fees while US demanding freedom of navigation.

      • Trump maintaining optimistic view on negotiations, saying they are close to producing an agreement that could come this week. Iran's uranium stockpiles have been a key sticking point. Trump again floated idea of cooperating with Iran to destroy them but also indicated he is prepared to send in US forces to retrieve the material if there is no deal (NBC News). Trump said Iran has conceded they will have not have nuclear weapons, but he wanted additional safeguards to ensure it could not acquire them.

      • Talks deadlocked over access frozen funds according to Supreme Leader Khamanei military adviser, who told CNN agreement hinges on Trump administration unblocking $24B in assets. Previous reports noted Iran wanting immediate access to $12B of this amount. Trump indicated openness to releasing funds at a later stage if Iran "behaves" and administration officials are wary of giving up leverage immediately. Press sources noted Treasury Department weighing using Iranian assets to compensate Gulf states for damage caused by Iranian strikes during war (CBS News). However, Iran said this would be illegal and threatened to respond.

    • BOJ watchers now almost unanimously look for June rate hike with a follow-up in Q4:

      • Latest Nikkei QUICK BOJ Watcher poll found 26 out of 28 respondents now anticipate a June BOJ rate hike. If BOJ delivers, most foresee a follow-up hike in either October or December. Cited one comment noting Governor Ueda's remark about discussing the pros and cons for a rate hike was a clear signal, and with inflation expectations pushed up by crude oil prices, BOJ is becoming more alert to inflation risks being compounded by their decision to push back a hike in April. After the three dissenters in the April MPM and subsequent speeches by Masu, Koeda in support of rate hikes, Citi concurred that BOJ would conclude that rate hike delays are posing increasingly negative implications. In contrast, Credit Agricole -- one of the two forecasters looking for no change in June -- argued the greater concern is that hiking now would lead to an economic downturn. Further ahead, the split between October (10) and December (11) calls reflect division over the prospects for an accelerated pace of normalization. December camp sees latest developments only compelling BOJ to resume a semi-annual pace, while October camp sees rising inflation expectations and yen weakness as catalysts for shorter intervals between moves. Furthermore, terminal rate projections are skewing more to the upside. Bulk of respondents (13) picked 1.50%, 6 at 1.75% and 5 at 2.00% -- latter two groups increased compared to April.

    • Japan Q1 GDP downgrade was less than expected:

      • Second preliminary estimates showed Q1 GDP expanded 1.8% q/q annualized compared to consensus 1.5% and first print 2.1%. Marginal revision was such that non-annualized growth was unchanged at 0.5%. Main drag was capex, revised to a 0.7% decline from 0.3% growth -- mostly in line with expectations of a ~0.9% contraction guided by the soft MOF Corporate Survey data. This translated to a drag of two-tenths from the headline which was largely offset by marginal upward revisions to private consumption and residential investment (though neither showed any contribution change correct to one decimal place). Similarly, contribution rounding masked fractional upward revisions to public demand and external demand. Employee compensation was also upgraded slightly to +0.3% from +0.2%. Private inventory contribution (consistent X-factor) was unchanged. In all, revisions did not stand to affect the macro narrative outside of capex. Latest downturn in fixed investment for the first time in two quarters continues spluttering momentum and feeds into concerns that Middle East conflict is causing delays in investments from general uncertainty and supply chain disruptions. However, this is seen as temporary so long as the profit cycle remains in recovery, owing much to AI-related demand. Capex optimism now underpinned mainly by labor-saving needs with some overlap with AI, digitization, factory automation as well as growth in green technology.

    • Notable Gainers:

      • +4.3% 000425.CH (XCMG Construction Machinery): establishes agricultural machinery JV with ZF Friedrichshafen AG

      • +0.3% 017670.KS (SK Telecom): plans to build gigawatt-scale AI Cloud in Korea using the NVIDIA DSX platform

      • +1.1% 9697.JP (Capcom): to release BIOHAZARD RE:Veronica in 2027

    • Notable Decliners:

      • -5.1% 6501.JP (Hitachi): plans to team up with Intel to optimize chip production with AI

      • -4.1% 012450.KS (HANWHA AEROSPACE): CEO booked on charges under the Severe Punishment Act following the explosion accident

      • +1.2% 6446.TT (PharmaEssentia): reports May revenue NT$2.46B, +108.5% y/y

  • Data:

    • Economic:

      • Japan

        • Q1 revised GDP +1.8% q/q annualized vs preliminary +2.1% and revised +0.7% in prior quarter

          • GDP +0.5% q/q vs preliminary +0.5% and +0.2% in prior quarter

        • April current account balance ¥3,907.8B vs consensus ¥3,119.0B and ¥4,681.5B in prior month

        • May bank lending +5.7% y/y vs +5.4% in prior month

    • Markets:

      • Nikkei: (2,563.52) or (3.85%) to 64024.60

      • Hang Seng: (304.89) or (1.22%) to 24657.06

      • Shanghai Composite: (68.40) or (1.70%) to 3959.34

      • Shenzhen Composite: (86.71) or (3.14%) to 2677.21

      • ASX200: Closed

      • KOSPI: (676.18) or (8.29%) to 7484.41

      • SENSEX: (482.59) or (0.65%) to 73760.76

    • Currencies:

      • $-¥: (0.14) or (0.08%) to 160.1760

      • $-KRW: (28.25) or (1.81%) to 1531.3170

      • A$-$: +0.00 or +0.07% to 0.7054

      • $-INR: +0.30 or +0.31% to 95.6310

      • $-CNY: +0.00 or +0.02% to 6.7778

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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