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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +4.61%, Hang Seng (1.43%), Shanghai Composite +0.23% as of 04:10 ET

Jun 25 ,2026

  • Synopsis:

    • Asia equities ended mostly higher Thursday. Strong gains in tech-leaning boards in Japan, South Korea and Taiwan, which mostly recovered all of Wednesday's losses but yet are still lower week-to-date. Gains for India, Southeast Asia and mainland China. The Hang Seng fell again, led by its internet & IT stocks. Small losses for Australia. Nasdaq futures sharply higher on Micron and Qualcomm outlooks, Europe's main benchmarks opened with gains. US dollar slipped from recent highs but Asia currencies either flat or weaker. Treasury yields higher across tenors, JGB yields down. Crude futures lower with WTI below $70/bl, Brent below $73/bl and both near where they were before Gulf hostilities began. Precious metals lower, base metals found a base. Cryptocurrencies are higher.

    • Another strong day for Asia's technology stocks Thursday, largely on read across from very strong outlooks from Micron (MU) and Qualcomm (QCOM) which went a long way to quelling market fears over the chip cycle turning. SK Hynix (000660.KS) and its parent SK Inc (034730.KS) received additional support from details of Hynix' US listing that were posted last night, with analysts saying it could lead to a significant narrowing of the valuation gap between it and Micron. Separately, reports today Kioxia (285A.JP) said it was considering following suit and listing in the US next year.

    • In other developments, Australia employment data showed a larger-than-expected rebound in jobs and a tick lower in the unemployment rate; household spending also rebounded by more than expected. BOJ board member Tamura maintained his hawkish bias, urging more immediate lifting of policy rate closer to neutral. Thailand's exports rose 10.6% to ease from April's surge while import growth stayed elevated.

    • Makino Milling Machine (6135.JP) admitted it has received a fresh non-binding offer of acquisition from Nippon Sangyi Suishin Kiko (0FG1V0-E) following a media report. Alibaba (9988.HK) has been accused of 'illicitly' accessing Claude AI models by Anthropic via fake accounts, according to a Bloomberg report. SK Hynix (000660.KS) shares sharply higher after it released plans to raise $29B through a US listing that could narrow its valuation gap with Micron.

  • Digest:

    • Micron, Qualcomm and SK Hynix updates reignite Asia AI rally:

      • Asian semis, memory and chip equipment manufacturers among leading gainers in Thursday trade. Among the prime catalysts for memory stocks was MU's blowout revenue guidance, sending stock up 16% afterhours. CEO Mehrotra said 'no line of sight' on when market will balance with supply tightness persisting beyond 2027 before gradual improvement in 2028. Other highlight was announcement of 16 long-term agreements (LTAs) worth $22B over 3-5 years, with extent of committed volume underlining better demand visibility relative to past boom-bust cycles.

      • Favorable market reaction to SK Hynix (000660.KS) after it filed for $29B US ADR listing beginning on 10-Jul with plans to expand capacity and purchase chipmaking equipment such as EUV machines. Move seen broadening foreign access and institutional ownership, narrowing valuation gap with peers like Micron. Kioxia (285A.JP) to follow suit with plans to offer US ADRs in Apr-Jun 2027. Samsung Electronics (005930.KS) also built on rally that followed Wednesday's buyback announcement.

      • QCOM shareholder meeting another focus with group upgrading projected annual revenue from non-handset businesses to $40B by 2029 vs $22B previously. Also forecast $15B in annual revenue from data center business by 2029 with $5B expected in fiscal 2027, including $1B from new business. META among customers for new, high bandwidth compute' (HBC) chips that achieves better energy efficiency compared to HBM. Company also eyeing push into China, flagging development of custom chip compliant with export controls. Stock up 13% afterhours.

    • Kioxia AGM flags stock split, ADS listing:

      • Kioxia (285A.JP) back in the headlines again, soaring Thursday from the outset, initially linked to spillover from Micron (MU) strength after hours in areaction to earnings. Attention then moved to reports from the AGM, accentuated by its rapid ascension to the largest Japanese stock by market cap just one-and-a-half years since listing (Nikkei).

      • CEO Hiroo Oota was asked about the memory market outlook, responding that long-term contracts with hyperscalers are growing and sees demand remaining strong amid further evolution in agentic and physical AI.

      • Key remarks alluded to a stock split to lower the entry price and broaden the investor base, indicating an announcement will be made soon. CFO Yoshihiko Kawamura spoke of plans to introduce a 'progressive dividend' (steady increase) system as part of their shareholder payout policy, set to commence as early as FY26. Added plans to list ADS around April or May next year.

      • Article noted major stakeholder presence diminishing with Bain's stake falling from over 50% at the end of Mar-25 to around 20% a year later. Similarly, Toshiba's stake declined from 30.5% to 17.59%. No read-throughs on this element. Oota was only quoted as saying he wanted to discuss their future relationship.

    • BOJ's Tamura prefers to raise rates closer to neutral immediately, eventually to 2%:

      • In a speech, BOJ board member Tamura (one of the dissenters against on-hold decisions in past meetings) maintained a hawkish bias and views remained largely consistent with the prior speech in February. After having looked forward to the 2026 shunto results as the final piece of the puzzle to confirm the price stability target has been achieved, noted magnitude and breadth were sufficient.

      • Also observed measures of inflation expectations are broadly mounting. Analysis showed the gap between DIs for output and input price expectations running at the highest since the height of the bubble era, presented as evidence of latent cost passthrough. Made the case the lag between import price growth and producer prices stand to narrow (from about six months in 2022) given behavioral changes and economic conditions.

      • On policy, reaffirmed his view that underlying inflation has already reached 2%. Noted the price outlook was significantly revised up in response to the Middle East situation, and regardless future developments, upside risks are expected to remain. Also sees policy rate still below neutral.

      • Specifically urged to lift the policy rate closer to neutral as early as now to head off the materialization of upside inflation risk that would force rapid rate hikes into restrictive territory. On the neutral rate, reiterated the estimated range starts from 1% (where the rate currently stands) though evidence since the prior hike to 0.75% broadly indicated financial conditions were accommodative and hence, policy rate was still far below neutral. Reprised an earlier theory the neutral rate is most likely around 2%, though with the usual caveats that it can only be evaluated in real time. Advocated for rate hikes of 25 bp rate at intervals of a few months toward the neutral rate of 2%. BOJ should be prepared to accelerate the pace without hesitation if upside inflation risks materialize.

    • Australian employment and household spending rebounds:

      • Australian employment rebounded by 40.3K in May from April's downwardly revised 40.7K contraction (from 18.6K), better than consensus for a 32.5K gain. ABS attributed growth to smaller backlog of people waiting to begin work in May. Composition somewhat weaker than headline with 5.2K full-time jobs added and part-time employment rising 35.2K. Unemployment rate fell to an in-line 4.4% from prior month's 4.5%, which was highest since late 2021. Participation unchanged at 66.7%. Monthly hours worked declined though non-seasonally adjusted hours rose as less people took leave during Easter.

      • Australian household spending rose 1.3% m/m in May, stronger than consensus for a 0.5% increase and rebounding from April's 1.1% contraction. Took yearly rate of growth to 5.5% from April's 4.9%, also better than 4.3% consensus. May's increase mostly reversal of April's decline, masked by travel-related refunds returning to normal after flight cancellations due to Middle East conflict saw them elevated in month prior. Excluding travel-related refunds, household spending growth was 0.6%. Spending at hotels, cafes and restaurants and clothing and footwear also contributed to growth in discretionary consumption, offsetting small decline in non-discretionary spending and signaling degree of economic resilience.

    • Japan PM Takaichi lays out details of growth strategy, raises questions over fiscal burden:

      • Kyodo summarized the government's growth strategy unveiled Wednesday evening targeting JPY370T ($2.3T) in combined public-private investment by FY40 with a clear emphasis on semiconductors. Plan covers 17 sectors critical to economic security including AI, quantum technology, energy, medicine and entertainment.

      • More details to follow when the strategy is finalized and will include 62 designated products and technologies across the 17 sectors. Tech commitments form the key focus, so far stipulating JPY68T out of the total devoted to semiconductors, some JPY10.5T to physical AI and JPY8.2T to self-driving technology. By FY35, JPY32.7T projected to be invested in data centers and storage batteries. Elsewhere, ~JPY30T allocated to content sector (games, music, films), JPY20.8T for biopharmaceuticals, regenerative medicine, JPY3T for nuclear fusion technology.

      • On macro implications, plan looks at two scenarios of varying efficacy compared to the status quo. The best case looks for real GDP growth in the upper 1% range and nominal growth of mid-3% in contrast to status quo estimates of low-0% and 2% respectively. Nominal private capex could grow to as much as JPY230T by 2040, well above the current target of JPY200T and the status quo estimate of JPY170T. Nominal GDP in absolute terms stand to expand towards JPY1,100T vs status quo JPY900T.

      • Fiscal policy projections were largely optimistic. Primary balance to GDP ratio seen negative in the early stages before turning positive from FY28, whereas status quo would lead the ratio progressively deteriorating towards -2%. Projections suggest corresponding deficit ratios would expand more mildly than under the status quo. Main press takeaway was the lack of specifics clarifying the contribution split between the government and private sector, which masks risks for fiscal policy (Nikkei).

    • Notable Gainers:

      • +13.1% 000660.KS (SK Hynix): to issue KRW45.453T Nasdaq ADRs through 17.8M new shares, expected to list on 10-Jul; Micron sympathy

      • +12.3% 285A.JP (Kioxia Holdings): Japanese government officially announces plan to invest ¥370T on AI and semiconductors by FY40; Micron sympathy

      • +9.8% 6135.JP (Makino Milling Machine Co.): Nippon Sangyo Suishin Kiko reportedly makes revised proposal at ¥16,000/share; company considering offer

      • +4.4% 7173.JP (Tokyo Kiraboshi Financial Group): Ariake Capital discloses 5.2% stake

      • +2.0% 323410.KS (KakaoBank): to acquire Mastern Capital for KRW24.10B

      • +1.8% 9626.HK (Bilibili): launches up-to-$300M buyback

    • Notable Decliners:

      • -10.9% 9961.HK (Trip.com Group): reports Q1 non-GAAP EPADS CNY5.73 vs StreetAccount CNY6.07

      • -4.4% 9988.HK (Alibaba Group): Anthropic reportedly alleges Alibaba is 'illicitly' accessing its Claude AI model via fake accounts in letter to US Senators and the White House

  • Data:

    • Economic:

      • Australia May

        • Employment +40.3K m/m vs consensus +32.5K and revised (40.7K) in April

          • Unemployment rate 4.4% vs consensus 4.4% and 4.5% in April

          • Participation rate 66.7% vs consensus 66.7% and 66.7% in April

        • Household spending +1.3% m/m vs consensus +0.5% and (1.1%) in April

          • Household spending +5.5% y/y vs consensus +4.3% and +4.9% in April

    • Markets:

      • Nikkei: 3,191.38 or +4.61% to 72366.34

      • Hang Seng: (335.27) or (1.43%) to 23076.91

      • Shanghai Composite: 9.47 or +0.23% to 4120.28

      • Shenzhen Composite: 20.50 or +0.72% to 2876.11

      • ASX200: (59.70) or (0.68%) to 8748.70

      • KOSPI: 459.28 or +5.42% to 8930.30

      • SENSEX: 550.07 or +0.71% to 77541.29

    • Currencies:

      • $-¥: +0.02 or +0.01% to 161.8150

      • $-KRW: (3.09) or (0.20%) to 1539.2600

      • A$-$: 0.00 or 0.00% to 0.6901

      • $-INR: +0.13 or +0.13% to 94.3656

      • $-CNY: (0.01) or (0.08%) to 6.7966

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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