APAC Market Wrap - October 13
China Stock Market: The market fluctuated and rebounded throughout the day, with the three major indices opening lower but closing higher. The STAR 50 Index opened down nearly 3% but flipped positive, surging over 1% in the afternoon.
At the close, the Shanghai Composite fell 0.19%, the Shenzhen Component dropped 0.93%, and the ChiNext Index declined 1.11%. By sector, rare earth permanent magnets, nonferrous metals, and semiconductors led gains, while auto parts and gaming saw the largest losses.
Hong Kong Stock Market: Impacted by escalating trade frictions, Hong Kong’s three major indices faced pressure. At the close, the Hang Seng Index fell 1.52% to 25,889.48 points, the Tech Index dropped 1.82% to 6,145.51 points, and the H-share Index declined 1.45% to 9,222.45 points.
Gold and semiconductor stocks performed strongly, while autos, pharmaceuticals, and internet tech stocks were under pressure.
Japan Stock Market: Closed for a holiday.
South Korea Stock Market: The KOSPI fell 0.72%.
By sector, non-metallic minerals, steel, broadcasting & entertainment, and electronics surged, while aerospace, bioengineering, other financials, and display panels declined.
Australia Stock Market: The S&P/ASX 200 dropped 0.84% to 8,882.80 points.
Diversified financials, industrial distribution, and metals & mining saw slight gains, while alcoholic beverages, aerospace, medical services, and semiconductors posted larger declines.
Singapore Stock Market: The Straits Times Index fell 0.84% to 4,389.84 points.
Medical equipment, industrial distribution, and oil & gas saw modest gains, while autos & parts, tourism & leisure, semiconductors, and insurance saw significant losses.
Malaysia Stock Market: The FTSE Malaysia KLCI fell 0.44% to 1,615.19 points.
Healthcare, consumer goods, and utilities rose, while transportation & logistics, financial services, and technology declined.
Key Events
IMF and World Bank Fall Meetings This Week
The 2025 IMF and World Bank Fall Meetings will take place from Monday to Saturday in Washington, D.C. Attendees will discuss poverty reduction, international development, financing, and related topics.
The IMF and World Bank will release several major reports and hold press conferences.
Jensen Huang Continues Selling Nvidia Shares in October, Cashing Out Over $110 Million
As “AI chip king” Nvidia’s stock hit record highs, CEO Jensen Huang continued selling shares in October.
On October 10 after market close, Nvidia’s SEC filing showed Huang sold 225,000 shares from October 8-10 through 20 transactions, cashing out over $42.8 million.
World’s Largest Startup and Investor Event Marks 10th Anniversary in Dubai
From October 12-15, Expand North Star, the world’s largest startup and investor networking event, will be held at Dubai Harbour.
Hosted by the Dubai World Trade Centre and organized by the Dubai Chamber of Digital Economy, it marks its 10th anniversary. Concurrently, the 45th GITEX GLOBAL, one of the world’s largest tech expos, runs from October 13-17.
Expand North Star is a key platform for startups to connect with capital and markets, serving as a vital “calling card” for Dubai’s ambition to become a global digital economy hub.
Silver Hits Record High, Outpacing Gold’s YTD Gains; Goldman Warns of Short-Term Risks
Driven by escalating global trade tensions and Fed rate cut expectations, gold and silver prices hit record highs on Monday. However, Goldman Sachs analysts urged caution on silver’s rally in a Sunday report.
On Monday, spot silver surged over 3% to $51.7 per ounce, a record high, though gains later eased to 2.36%.
Silver is up over 70% YTD, far outpacing gold’s 50% rise. Goldman noted that private investment could drive silver higher mid-term due to Fed rate cut expectations, similar to gold’s boost.
Institutional Views
Goldman Sachs: Copper Prices to Hold at $10,000-$11,000 per Ton in 2026/2027
In a Friday report, Goldman Sachs projected copper prices to remain in the $10,000-$11,000 per ton range for 2026/2027. They added that Indonesian nickel producers’ margins need to shrink further to curb supply growth and reverse market surplus, forecasting a 6% nickel price drop to $14,500 per ton by December 2026.
Goldman expects an aluminum surplus from mid-2026 due to increased Indonesian supply, with prices falling to $2,350 per ton by Q4 2026, not recovering to current levels until 2030.
CIBC: Gold Price Surge Driven by Long-Term Inflation Fears, to Hit $4,500 in 2026/2027
CIBC Capital Markets analyst Anita Soni forecasted gold prices to reach $4,500 per ounce in 2026 and 2027, dipping to $4,250 in 2028 and $4,000 in 2029. She expects a positive macroeconomic environment for gold.
State Street: Delayed Rate Hike Expectations Worsen Yen Weakness, Policy Window Still Open
State Street’s Tokyo branch manager Bart Wakabayashi said markets heavily sold the yen due to LDP leader Sanae Takaichi’s policies. If her PM appointment lacks consensus, markets will react. Takaichi isn’t a rate hike supporter, and delayed BOJ hike expectations have added yen pressure. However, policy adjustment room remains.
Markets expect the BOJ to stay put this month, but Wakabayashi says it’s not set in stone.
Cathay Haitong Securities: Asset Declines from External Shocks Are a Buying Opportunity for China
On October 12, Cathay Haitong Securities’ latest report noted that unlike April’s shock, current trade risk boundaries are clearer, and domestic financial stability is more certain, making external shocks a disturbance, not a trend-ender.
Investors should focus on China’s “transformation bull” trend: accelerating transformation, declining risk-free returns, and capital market reforms. Demand for quality assets with solid growth logic is surging, making asset dips from external conflicts a buying opportunity.