APAC Market Wrap - Jan 15
China Stock Market: At close, the Shanghai Composite fell 0.33%, while the Shenzhen Component rose 0.41%.
Semiconductor stocks strengthened in the afternoon, travel & hotel stocks were active, and non-ferrous metals gained. On the downside, AI applications and commercial aerospace sectors led losses.
Hong Kong Stock Market: Hong Kong’s three major indices closed mixed. At close, the Hang Seng Index fell 0.28% to 26,923.62 points, the Hang Seng Tech Index dropped 1.35% to 5,828.35 points, and the H-share Index declined 0.52% to 9,266.86 points.
The market showed clear structural rotation: optical communications, batteries, and real estate stocks performed strongly, while AI healthcare, internet healthcare, and commercial aerospace names corrected. Risk-off flows increased.
Japan Stock Market: The Nikkei Index rose 3.10% to 54,110.50 points.
Transport equipment, banks, and steel gained, while information/communications, precision instruments, and land transport declined.
Korea Stock Market:The KOSPI rose 1.58% to 4,797.55 points. Non-ferrous metals, trading companies, and autos gained, while bidirectional media, roads, electronics, and shipping fell.
Australia Stock Market:The S&P/ASX 200 rose 0.47% to 8,861.70 points. Diversified media, industrial products, and medical equipment gained, while non-alcoholic beverages, credit, and medical services declined.
Singapore Stock Market:The Straits Times Index (STI) rose 0.43% to 4,833.34 points.
Agriculture, diversified financial services, and industrial products gained, while forestry products, restaurants, and personalized services fell.
Malaysia Stock Market:The FTSE Malaysia KLSE Index rose 0.25% to 1,715.16 points.
Transport & logistics, tech, and financial services gained, while plantations, construction, and communications/media declined.
Key Events
Explosive Memory Chip Demand! SK Hynix Accelerates: New Plant to Start Production 3 Months Early
A senior executive at Korean memory giant SK Hynix said the company plans to bring a new factory online three months ahead of schedule and will start operations at another new facility in February, amid surging memory chip demand pressuring global supply.
SK Hynix’s move comes as shortages not only drive up prices for consumer electronics like smartphones and PCs but also slow AI data center construction.
SK Hynix U.S. CEO Sungsoo Ryu said in an interview: “We must support the memory consumption of AI infrastructure.”
Ryu added that the first factory at the company’s new Yongin site in Korea is now slated for February 2027 production, three months earlier than planned.
AI at Stake! Trump Administration Officially Imposes 25% Tariffs on “Certain Semiconductors”
Reports say the White House announced on January 14 (Wednesday) that, effective January 15, a 25% ad valorem tariff will be imposed on certain imported semiconductors, semiconductor manufacturing equipment, and derivatives.
The White House statement noted that semiconductors critical to AI are vital components in many data centers, and importing them in current quantities and conditions poses a national security threat, while contributing little to building the U.S. technology supply chain.
Iran on Highest Alert; Multiple European Countries Urge Citizens to Leave
On January 14 local time, Iranian Islamic Revolutionary Guard Corps Aerospace Force Commander Majid Mousavi said Iran is currently at its highest state of readiness, with missile stockpiles increased since 2025.
In an interview the same day, Mousavi said facilities damaged in the intense June 2025 conflict with Israel have been fully repaired, and output across multiple areas now exceeds June 2025 levels.
Institutional Views
Lloyds Bank: Fed Could Become Scapegoat for U.S. Labor Market Weakness
Lloyds Bank FX strategist Nicholas Kennedy said Trump is fully aware of the political calculus behind legal action against the Fed. He pointed out that recent nonfarm data shows that despite Trump’s apparent economic wins, the reality for many Americans is far less rosy, with job losses in multiple sectors and rising unemployment.
Kennedy noted that unemployment has increased by 700,000 since Trump took office. In this context, the Fed has become “a very convenient scapegoat.”
Goldman Sachs: Tighter Indonesian Nickel Quotas Could Lift Prices to $18,000
Goldman Sachs said that if Indonesia tightens nickel ore quotas to 260 million tons in 2026, average nickel prices could approach $18,000 per ton, compared with $14,800 in the base-case scenario.
Tianfeng Securities: External Constraints Persist, Hong Kong Stocks Maintain Structural Opportunities
Tianfeng Securities’ research note said that, overall, Hong Kong stocks have short-term rebound potential supported by valuation repair and improved sentiment. However, with overseas rates still high and rate cut expectations limited, upside room and sustainability remain constrained by multiple factors.
The medium-term outlook stays cautiously optimistic. Allocation advice: prioritize value over growth, focusing on tech and consumer sectors that have shown relative strength recently and still trade at attractive valuations.
GF Securities: Fed’s Near-Term Rate Cut Need Remains Low
GF Securities’ research note pointed out that while December CPI data showed some volatility due to the prior government shutdown, core readings remained benign. Ahead of the release, markets had already anticipated technical distortions from the shutdown and year-end effects causing swings in items like apparel, entertainment goods, and hotel accommodation—generally viewed as base effect normalization rather than trend changes.
Under the backdrop of “inflation not derailing + employment not stalling,” the firm sees near-term rate cut necessity remaining low.