Sep 29 ,2026
Synopsis:
Asia markets ended largely lower Tuesday. Some sharp declines in Japan, South Korea and Taiwan as angst in the tech sector grows. Greater China was mixed as the Hang Seng fell but mainland markets remained positive. India trading lower again, Southeast Asia benchmarks all lower. Small gains for the ASX. US futures lower, Europe opened mixed. US dollar stronger, weakness in the AUD after the RBA hinted it would pause on rate hikes. Treasury yields mostly higher, JGB yields also mixed. Crude futures higher with Brent just below $100/bl. Precious metals mixed, base metals lower. Cryptocurrencies slipping.
Asia's tech stocks under pressure for a second day this week on read through from another tough session for Treasuries and the Nasdaq overnight. Also weighing were oil prices, which remained near $100/bl although November contracts were trading as high as $107/bl after President Trump denied he had offered Tehran relief from sanctions and to unfreeze assets in return for 'concrete' steps over Iran's nuclear program. Mainland China stocks were marginal outperformers after Beijing said it would move with 'greater urgency' to introduce 'new measures' to counter a deepening slowdown, without giving specifics. India stocks under more pressure from elevated oil prices, Japan benchmarks underperformed on ex-div day.
In regional developments, the RBA hiked its overnight cash rate 25 bps to 4.6% as expected by economists and blamed elevated oil prices caused by the Iran conflict for stoking inflation, but it also hinted it would now pause on its tightening cycle. Taiwan consumer sentiment rose to an 18-month high with an across-the-board improvement in sub-components. New Zealand said it now expects a smaller budget deficit than projected in its May budget.
CXMT (688825.CH) is planning to invest $3.6B into a new tech R&D project. RoboTechnik Intelligent Technology (3757.HK) stock fell sharply in their Hong Kong trading debut. China state-owned FAW Group (05V88W-E) said it is to acquire a stake in Guangzhou Auto Group (601238.CH). Shein (625.HK) reported a 67% decline in quarterly profit to support analysts concerns over margin erosion and slower growth; stock fell sharply Tuesday. Samsung Group companies including Samsung Electronics (005930.KS) have agreed to invest a combined $1B into KKR-owned Helix Digital Infrastructure. Tata Trusts has proposed two of its units be folded into the group's holding company, Tata Sons (+TATASONS.IN), to bypass mandatory listing regulations.
Digest:
Notable Gainers:
+12.9% 7552.JP (Happinet): guides H1 operating profit ¥13.50B vs prior guidance ¥7.80B
+10.0% 601238.CH (Guangzhou Automobile Group): to acquire 50% of FAW Toyota through A-share placement at CNY5.75/share; resumes trading
+10.0% 002074.CH (Gotion High-tech): Gotion, Volkswagen announce battery JVs in Europe
+4.7% 688469.CH (United Nova Technology): guides 9M revenue CNY7.77B vs year-ago CNY5.42B
+0.6% 6030.HK (CITIC Securities): chairman Zhang Youjun retires; GM Zou Yingguang appointed replacement
+0.0% 2330.TT (TSMC): reportedly plans to set up second US site in Dallas
Notable Decliners:
-10.7% 625.HK (SHEIN Global Holdings): reports Q2 results; adjusted net income $228M vs year-ago $683M
-4.2% 4519.JP (Chugai Pharmaceutical): development of GYM329 (emugrobart) for obesity discontinued; preparing to resume development of emugrobart for spinal muscular atrophy
-3.8% 6594.JP (Nidec): CTO Michio Kaida reportedly among candidates to replace CEO Mitsuya Kishida
-1.9% 7203.JP (Toyota Motor): reports August global production (5.9%) y/y to 700,860
-1.0% 4188.JP (Mitsubishi Chemical): SBS Holdings to acquire Mitsubishi Chemical unit Mitsubishi Chemical Logistics for ¥19.20B
Data:
Economic:
Australia August
Household spending 0.0% m/m vs consensus +0.4% and +1.1% in July
Household spending +6.8% y/y vs consensus +7.1% and +7.0% in July
Markets:
Nikkei: (396.35) or (0.60%) to 65481.27
Hang Seng: (118.94) or (0.48%) to 24523.57
Shanghai Composite: 6.83 or +0.18% to 3830.45
Shenzhen Composite: 9.90 or +0.41% to 2410.04
ASX200: 29.60 or +0.34% to 8709.30
KOSPI: (18.93) or (0.27%) to 6870.81
SENSEX: (408.28) or (0.56%) to 72363.44
Currencies:
$-¥: +0.05 or +0.03% to 157.4270
$-KRW: (1.83) or (0.13%) to 1357.2800
A$-$: (0.00) or (0.48%) to 0.6986
$-INR: +0.04 or +0.04% to 96.0163
$-CNY: (0.01) or (0.08%) to 6.7050
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