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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.85%), Hang Seng +0.25%, Shanghai Composite +0.49% as of 04:10 ET

Jun 08 ,2023

  • Synopsis:

    • Asian equities struggled for direction Thursday and ended mixed. Greater China opened lower but pared losses to close slightly up, Japan posted its second consecutive down day, Australia also closed small down. South Korea lower, Taiwan joined Japan and saw profit taking. India reversing opening gains, now slightly lower, Southeast Asia mostly down. US futures slightly lower; Europe opened a few points down, since reversed. US dollar flat, yuan weakened again to 7.15 per dollar at one point, yen strengthened again. Treasury yields higher across tenors. Crude flat, industrial metals slightly lower, precious metals seeing buyers.

    • Asia equities uncertain of the next direction following surprise rate hikes by RBA and Bank of Canada this week, oversold valuation calls on Chinese equities, and fresh warnings on a delayed recovery to regional trade. The bond market showing no such uncertainty and selling off sharply overnight, and again in Asia trading Thursday. Treasury, JGB, Australia and New Zealand yields surged, Fed Fund Futures still indicate no-change next week but a 25 bp hike seen as roughly a 30% probability, around 10 ppt above Tuesday's reading. US VIX index fell again Wednesday to below 14.0 with intra-day reading hitting a low not seen since the month before Covid arrived. Overnight US and Europe exchanges slightly lower in a similarly listless day.

    • China rate cut expectations increased on reports China's major banks were asked to cut deposit rates, a move seen as a potential prelude to an interest rate cut. Japan Q1 final GDP reading raised by more than expected, reflecting stronger inventory build. Australian trade surplus narrowed unexpectedly, reflecting sharp drop in iron ore shipments. Taiwan exports shrank again amid contraction in semiconductor shipments. South Korean finance minister flagged downgrade to government's FY GDP growth forecast while the BOK warned on easing monetary policy too early. RBI held rates steady at 6.5%, kept its "withdrawal of accommodation" stance.

    • Mitsui OSK Lines (9104.JP) signed an agreement with Kansai Electric Power (9503.JP) and Oshima Shipbuilding for LNG/Methanol vessels. Toshiba (6502.JP) board said they will recommend shareholders accept the takeover offer from TBJH. MediaTek (2454.TT) said it would defend itself in court against accusations from Realtek (2379.TT) over allegations it paid a company that sues over patents a 'litigation bounty'. Posco International's (047050.KS) Mobility Solutions unit is to supply Hyundai Motor (005380.KS) with 2.5M drive cores for next generation EVs.

  • Digest:

    • China financial regulators vow to further open up, strengthen supervision:

      • Top China financial regulators addressed Lujiazui Forum. Newly appointed NFRA head Li Yunze said Beijing will "unswervingly" open up financial sector and welcome quality foreign institutions to operate there. Li vowed to strengthen supervision, eliminate blind spots and prevent systemic risks. Added risks in financial sector "overall controllable" and recent global banking turmoil had little impact on China but offers a cautionary tale (Caixin, Reuters). CSRC Chairman Yi Huiman said regulator will support technological innovation more "precisely and effectively", promote product innovation to support equity, bond and PE financing. Added to crackdown on insider trading, market manipulation responding to recent market turmoil. PBOC Deputy Governor Pan Gongsheng said China has conditions to run a smooth forex market, citing economic fundamentals proving support for yuan together with US coming to end of hiking cycle. Pan also said China will stick to prudent monetary policy and will not resort to zero interest rate or QE (Securities Times).

    • RBI leaves base rate unchanged, keeps 'withdrawal of accommodation' message:

      • RBI's MPC voted unanimously to keep repo rate unchanged at 6.5% for second successive meeting and kept its "withdrawal of accommodation" message. Both rate and message within consensus expectations although had been some talk of change to 'neutral' message to shut door on rate increases. Bank raised FY23 GDP growth forecast to 7.2%, FY 24 GDP growth projected at 6.5%. Lowered FY24 inflation forecast to 5.1% from 5.2%, Governor Shaktikanta Das said near-term inflation risks have moderated, reiterated goal is to get headline inflation to 4.0% but reiterated warning of uncertainty on food inflation on El Niño impact. Said country made good progress to contain inflation, support growth and maintain financial sector stability. But warned headline inflation remained above target, need to ensure long-term inflation firmly anchored. Noted prevalence of surplus liquidity in banking system but long-term rates remained broadly stable.

    • China equity indices under more pressure while AMs turn positive:

      • Pressure back on Greater China equities Thursday morning with benchmarks paring gains in the afternoon to trade slightly higher by the close. Bloomberg noted tech-orientated ChiNext index at three-year low Wednesday, weighted by large market cap sectors: healthcare hurt by national bulk buying programme; renewables affected by price competition, export controls; and CATL (300750.CH) down 9.3% on negative broker reports. Hang Seng more positive; recovered 7.5% from 6M intra-day low last week, capitalized on possible property and critical industry state support; Tech and Enterprises indices also recovered from recent lows. Downward market moves from YTD highs led several asset managers to turn more positive on China equities: JP Morgan AM added more Chinese stocks on inexpensive valuations, bets government support will boost returns; Investco AM also turned overweight China (Bloomberg). Optimism in contrast to sell-side Morgan Stanley and Goldman Sachs that cut year-end forecasts for key China indices (Bloomberg).

    • China state media call for "patience" for property support measures to make an impact:

      • China state media Economic Daily noted support measures for property sector will need "some time" to make an impact. Acknowledged recovery stalled in April and May after a Q1 rebound. Urged more "patience" and "confidence" in the stabilization and recovery of property market. Emphasized sparing no effort to ensure delivery of presold housing projects on time. Reuters noted commentary came as investors in property stocks torn between hopes of more supportive measures and disappointment but nothing substantive unveiled yet. Bloomberg reported last week Beijing mulling new set of measures to support property sector, including reducing down-payments in some cities' non-core neighborhoods, lowering agent commissions on transactions, further relaxing restrictions for residential purchases. State Council-backed China Economic Times called for residential purchase restrictions in China's top tier cities to be "adjusted and optimized", responding to falling transactions in April and May.

    • BOK warns on easing monetary policy too early; finmin lowers growth projections:

      • Bank of Korea warned Thursday an early shift in monetary policy stance would place more pressure on won. Said highly uncertain inflation, financial imbalances, credit risks in property market are issues that will be considered in changes to policy (Reuters). Said degree of restrictiveness has lessened significantly this year but domestic issues such as trade deficit fueled volatility. Added still uncertainty over speed of inflation's fall while core prices still sticky, and property market overvalued. Country's finance minister Choo Kyung-ho said FY economic growth likely to be lower than ministry's previous projection of 1.6%. Said government will 'slightly lower' FY growth forecast in biannual policy plans in late June/early July. Added government not considering supplementary budget, not planning on one for a while. Said South Korea inflation still high but could fall to 2.0% in June, controlling it would remain top priority (Reuters).

    • Notable Gainers:

      • +22.0% 6055.HK (China Tobacco International (HK)): guides H1 net income attributable to increase not less than 100% y/y

      • +16.0% 047050.KS (POSCO INTERNATIONAL): POSCO Mobility Solution to supply Hyundai Motor with 2.5M units of driving motor core

      • +7.4% 4523.JP (Eisai): FDA releases briefing documents ahead of Friday Adcom for Leqembi sBLA

      • +4.9% 9961.HK (Trip.com Group): reports Q1 non-GAAP EPADS CNY3.07 vs StreetAccount CNY1.82, net revenue CNY9.20B vs StreetAccount CNY8.04B

      • +2.1% 9104.JP (Mitsui O.S.K. Lines): signs agreement with Kansai Electric Power and Oshima Shipbuilding regarding LNG/Methanol Vessels; terms undisclosed

      • +1.0% 7181.JP (JAPAN POST INSURANCE Co.): forms strategic partnership with KKR and Global Atlantic; additionally to make material investment in reinsurance co-investment vehicle sponsored by Global Atlantic

      • +0.5% 6502.JP (Toshiba): board unanimously recommends holders tender shares to offer from TBJH

    • Notable Decliners:

      • -4.7% 6409.TT (Voltronic Power Technology): reports May revenue NT$1.94B, (7%) y/y

  • Data:

    • Economic:

      • Japan

        • Q1 revised GDP +2.7% q/q annualized vs consensus +1.9% and preliminary +1.6%

          • GDP +0.7% q/q vs consensus +0.5% and preliminary +0.4%

        • April current account balance ¥1,895.1B vs consensus ¥1,650.0B and ¥2,278.1B in prior month

        • May bank lending +3.4% y/y vs +3.2% in prior month

      • Australia April

        • Trade balance A$11.16B vs consensus A$13.65B and A$15.27B in March

          • Exports (5.0%) m/m vs +3.8% in March

          • Imports (1.6%) m/m vs +2.5% in March

    • Markets:

      • Nikkei: (272.47) or (0.85%) to 31641.27

      • Hang Seng: 47.18 or +0.25% to 19299.18

      • Shanghai Composite: 15.83 or +0.49% to 3213.59

      • Shenzhen Composite: (2.95) or (0.15%) to 1992.33

      • ASX200: (18.30) or (0.26%) to 7099.70

      • KOSPI: (4.75) or (0.18%) to 2610.85

      • SENSEX: (113.73) or (0.18%) to 63029.23

    • Currencies:

      • $-¥: (0.37) or (0.26%) to 139.7320

      • $-KRW: (7.70) or (0.59%) to 1301.0900

      • A$-$: +0.00 or +0.43% to 0.6684

      • $-INR: (0.08) or (0.10%) to 82.5330

      • $-CNY: (0.00) or (0.03%) to 7.1275

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.
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