Asian Stocks Recovered from Losses Late Last Week Though Markets Wavered Amidst Geopolitical and Trade Risks[CSOP APAC Midweek Glance]

 East Asia 

$CSOP LOW CARBON US$(LCU.SI)$ LCU WTD return: +0.33%

• Overall, Asian stocks gained WTD, recovering from losses late last week though markets wavered amidst risks from trade disputes, potential new US tariffs as well as escalating Middle East geopolitical tensions.

• LCU WTD gains in USD were attributable to IT, communication services and consumer discretionary by sector, Japan, China and Taiwan by geography, and TSMC, Advantest Corp and Alibaba Group.

• TSMC (foundry) and Advantest (testers) gained alongside other Asian semiconductor stocks as Ai-related trade momentum builds.

$CSOP SEA TECH ETF US$(SQU.SI)$ WTD return: +0.75%

• SQU gained WTD in USD and that was led by Grab, Sea and Wipro.

• Grab gained following a UBS report that food delivery demand is still strong with 25%-35% YoY volume growth and MoM improvement in volumes in April and May, after seasonally weak March, despite a slight rise in competition. Grab’s TAM expansion initiatives are postulated to continue driving growth.

China 

SHD WTD return: +0.68%

SCY WTD return: -1.05%

• China’s robust retail sales at +6.4% YoY in May (consensus: +5.1% YoY) should offer some relief over the health of the consumption recovery. As such, China equities are expected to find some support.

• Separately, the China Financial News has also reported the central bank will maintains a reasonable level of liquidity.

• Meanwhile, China’s overnight repo rate has once again fallen below 1.40%, with declining funding costs driving continued strength in the short end of the Chinese government bond market.

US

• JPM’s mid-year outlook forecasts core PCE inflation to reach 3.4%, GDP to decelerate to 1.3%, and unemployment to climb to 4.5% in 2H25. The Fed’s first rate cut is expected in December, followed by three more in early 2026, with low risks of disruptive yield spikes.

Source: CSOP, Bloomberg, JPM, as of 2025/06/17.

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