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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.21%, Hang Seng +4.02%, Shanghai Composite +0.79% as of 04:10 ET

Jun 02 ,2023

  • Synopsis:

    • Asian equities ended higher Friday as sentiment improved following the passage of debt-ceiling legislation in the US. Region led higher by the Hang Seng, up more than 4%, mainland benchmarks also higher with the rally leading to weekly gains. The rest of Asia also strong, Japan higher, Australia, South Korea and Taiwan also up. Southeast Asia higher while India extending opening gains. Singapore and Jakarta closed for a holiday. US futures point to a higher open, Europe opened with strong gains. US dollar flat, strength in AUD, NZD, yuan. Treasury yields higher across most tenors. Crude higher with WTI back above $70/bl. Industrial metals higher, precious metals flat.

    • Strong positive reaction in Asia to the passage of debt ceiling legislation by the Senate on Friday morning, Asia time, with the bill now headed to President Biden for signature. A smooth passage had been expected but the accelerated timeline and wide margin of the votes helped boost sentiment, with Hong Kong stocks benefitting the most. Japan's Nikkei recaptured 31.5K and ended at fresh 33-year highs, capping another strong week despite evidence domestic investors aren't so keen on the local market rally.

    • Hawkish reaction to Australian Fair Work Commission's decision to raise minimum wage by 5.75%. Markets now pricing in 60% chance of a June rate increase versus 33% in the aftermath of Wednesday's CPI print. South Korean inflation slowed for a fourth straight month to lowest since Oct-2021, reinforcing views BOK tightening cycle has finished. More concerns for China as a report suggested half of Chinese cities are facing debt servicing problems this year.

    • Bank of China (601988.CH) said its chairman has traveled to Papua New Guinea as it seeks an operating licence in the nation. Country Garden (2007.HK) appointed CFO and VP Wu Bijun to be company's next president. Galaxy Entertainment (27.HK) and MGM Resorts International (MGM) are said to have laid the groundwork to establish casinos in Thailand.

  • Digest:

    • China equities rebound after falling into bear market:

      • China equities rebounding Friday after entering bear market territory earlier this week. Oversold conditions an easy excuse for the rally with Hang Seng China Enterprises index up 5%. Fed policymaker inclinations towards a June rate pause also helping sentiment. Bearish drivers have been widely discussed, namely dampened reopening momentum and lack of meaningful policy response, elevated US-Sino tensions, ongoing property market malaise, tech earnings headwinds from increased competition, and capital outflow pressures from weakening yuan. Foreigners sold $1.71B of mainland shares via Stock Connect in May, a sharp increase on $659M of outflows in April according to Refinitiv data (Reuters). Strategists remain constructive on Chinese equities, though have tempered their bullish calls in recent days. Goldman remains overweight but cut its target for MSCI China index from 80 to 70, citing a patchy recovery and expectations of continued yuan weakness (Bloomberg).

    • South Korea inflation slows for fourth consecutive month:

      • South Korea consumer prices rose 3.3% y/y in May versus April's 3.7%, slowing for fourth straight month. Lowest CPI print since Oct-21, boosts chances BOK has ended its tightening cycle despite Governor Rhee saying in May bank on alert for future tightening. On m/m basis, prices rose 0.3% following a 0.2% increase in April m/m. Core inflation rose 3.9% y/y versus Aprils' 4.0% (Yonhap). Separately, South Korea finance minister Choo Kyung-ho said country's exports showing some signs of recovery on back of rising demand from China, increasing out bound shipments of semiconductors. Said exports to China, South Korea's biggest export market, rose 11.5% m/m in May to $10.62B, while export volumes of semiconductors also rose m/m(Yonhap). Bank of Korea said economy grew 0.9% y/y in Q1 versus initial 0.8% estimate; grew 0.3% q/q. Said sustained recovery in private spending and construction investment (Yonhap).

    • Australian minimum wage to rise by 5.75%, economists revise up RBA peak rate forecasts:

      • Australian Fair Work Commission announced minimum wage hike of 5.75% for 2023/24 (Bloomberg). Increase was at the higher end of expectations and prompted multiple economists to upgrade RBA rate forecasts. Markets now pricing in 60% chance of a June rate hike compared to 33% in immediate aftermath of Wednesday's hotter-than-expected April CPI print. A few economists now predicting a peak rate of 4.6%, implying three more rate increases (Bloomberg).Takeaways from minimum wage decision noted scale of increase is likely to heighten RBA's concerns about rising labour costs in a low productivity growth environment. Comes after CPI data stoked concerns about services inflation stickiness while a faster-than-expected rebound in house prices may influence RBA's assessment of outlook for economic activity and inflation.

    • Japan's next wage report may renew BOJ policy normalization speculation:

      • Nikkei discussed the potential for renewed speculation of BOJ policy normalization as inflation pressures continue to build and the upcoming Monthly Labour Survey due 6-Jun set to reflect this year's shunto results that should translate to marked acceleration in wage growth. Debate will concentrate on the BOJ's view that inflation will show clear deceleration towards mid-FY23. Article noted that with core CPI well above the BOJ's 2% target as of April, upside risks loom amid broadening price hikes from food products to services, while electric utility rates are set to rise again from June. BOJ reactions to shunto outcomes (broadly indicating strongest wage growth in 30 years) were positive, though implied one year's talks were insufficient to determine that conditions were in place to stably achieve the inflation target. Base case scenario is that BOJ will look to next year's negotiations to confirm higher wage growth is not a one-off event. Story did not specify any thresholds in the wage data that might materially change perceptions. Latest Bloomberg consensus survey reaffirmed majority of economists anticipate a policy change by July, though noted contrast with market expectations of no major changes as implied by one-month implied vol in 10y OIS.

    • Japan equity inflows reinforce renewed foreign interest:

      • Nikkei discussed ongoing foreign investor interest in Japan equities as latest TSE data showed foreigners were net buyers for a ninth straight week, marking the longest stretch in six years. Buying led by investment trusts and pension funds. Story also featured anecdotes indicating some investors are returning to funds specializing in Japan after prior flows were largely a mechanical function of index weightings. Some thoughts that global investors are closely following efforts to revamp corporate governance rules in the stock market. Foreign interest also extending beyond blue chips. A broad range of small and midsize companies, from 100 yen store operator Seria (2782.JP) to general contractor Kumagai Gumi (1861.JP) and machinery parts maker Misumi (9962.JP), are also attracting attention. Article cautioned longevity of this trend is uncertain with inflows led notably by futures, which contrasts with the Abenomics-fueled rally in 2012 when cash positions were greater than futures.

    • Notable Gainers:

      • +8.6% 2007.HK (Country Garden Holdings): CFO and vice president Wu Bijun reportedly to be promoted to president

      • +7.6% 361610.KS (Sk Ie Technology Co.): signs battery supply contract of undisclosed terms

      • +5.0% 4523.JP (Eisai): US's Centers for Medicare & Medicaid Services announces plan to ensure availability of new Alzheimer's drugs

      • +2.9% 6503.JP (Mitsubishi Electric): ICONICS, Inc. to wholly acquire ICONICS UK, Ltd; terms undisclosed

      • +1.2% 000270.KS (Kia): reports May global sales 268,593 units vs year-ago 234,729 units

      • +1.0% 005380.KS (Hyundai Motor): reports May global sales 349,194 units vs year-ago 323,833 units

      • +0.8% 3382.JP (Seven & i): speculation Ampol to enter race for 7-Eleven

      • +0.0% 030200.KS (KT): Bookclub Millie files preliminary application for 1.5M-share IPO on KOSDAQ through Mirae Asset Securities

    • Notable Decliners:

      • -2.7% 352820.KS (HYBE Co.): FSS to crack down on insider trading amid HYBE staff's violation of market act; share disposal by HYBE America CEO

      • -0.9% 9626.HK (Bilibili): reports Q1 revenue CNY5.07B vs FactSet CNY5.15B, mobile games revenue CNY1.13B vs FactSet CNY1.15B

  • Data:

    • Economic:

      • Australia

        • April housing finance (2.9%) m/m vs revised +5.3% in March

      • South Korea

        • May CPI +3.3% y/y vs consensus +3.4% and +3.7% in prior month

        • Q1 revised GDP +0.3% q/q vs preliminary +0.3% and revised (0.3%) in prior quarter

          • GDP +0.9% y/y vs preliminary +0.8% and revised +1.4% in prior quarter

    • Markets:

      • Nikkei: 376.21 or +1.21% to 31524.22

      • Hang Seng: 733.03 or +4.02% to 18949.94

      • Shanghai Composite: 25.43 or +0.79% to 3230.07

      • Shenzhen Composite: 23.39 or +1.16% to 2035.62

      • ASX200: 34.30 or +0.48% to 7145.10

      • KOSPI: 32.19 or +1.25% to 2601.36

      • SENSEX: 253.57 or +0.41% to 62682.11

    • Currencies:

      • $-¥: +0.19 or +0.14% to 139.0150

      • $-KRW: (9.01) or (0.69%) to 1304.1300

      • A$-$: +0.00 or +0.61% to 0.6613

      • $-INR: +0.03 or +0.04% to 82.3300

      • $-CNY: (0.02) or (0.29%) to 7.0737

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.
Please refer to "Terms Of Use".

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