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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.80%, Hang Seng +0.60%, Shanghai Composite +0.15% as of 04:10 ET

Jun 13 ,2023

  • Synopsis:

    • Asia equities closed higher in Tuesday trade as sentiment remained positive ahead of US CPI and Fed rate decisions. Hong Kong higher in a volatile day's trading, mainland markets also higher. Taipei led the region as chip stocks rallied again, South Korea also saw gains. Australia higher after a weak start, India extending opening gains; Southeast Asia stronger ex Singapore. Japan closed at fresh 33-year highs. US futures indicate a higher opening, Europe opened with more gains. US dollar weaker, yuan weaker on PBOC move but mostly pared late on, won weakened again. Treasury yields mixed. Crude futures higher, precious and industrial metals higher.

    • Another rally in US stocks overnight albeit another one with a narrow range of stocks leading to continue a recent trend, and which saw technology stocks outperform almost everything else. With this, the Nasdaq led, giving support to another rally in tech stocks today in Asia, particularly in Taiwan and South Korea, as well as parts of Japan. Fed Fund Futures currently show an 81% chance Fed will keep rates steady tomorrow with US CPI data post Asia close likely to firm that one way or another. Consensus looking for core falling to 5.2%, headline at 2Y low of 4.2%.

    • Bloomberg reported Tuesday afternoon Beijing is considering a broad package of stimulus measures with a concentration on real estate and fresh efforts to prop up consumer demand. PBOC cut its 7D reverse repo rate by 10 bp, first time since Aug-22 it has cut the shorter-term rate, and comes ahead of Thursday's MLF operation; today's move seen as increasing chances of a LPR cut. Late on, lending data showed new loans falling short of expectations. Australia June consumer confidence gauge edged higher m/m but remained at depressed levels, business sentiment fell a little. Japan's MOF BSI survey showed Q2 business confidence improved despite expectations of steep declines in earnings.

    • Toyota Motor (7203.JP) says it aims to release an EV powered by an all solid-state battery by 2027, doubling a car's current range from a single charge. Softbank Group's (9984.JP) ARM unit is in talks with Intel and other strategic partners over participating in its IPO and becoming anchor investor; is preparing a new round of job layoffs at its Vision Fund. HSBC (5.HK) is to close its New Zealand wealth and personal banking business as part of its corporate overhaul, says Singapore to play a bigger role in Asia expansion. NIO (9866.HK) said it would lower prices on all its model but end free battery swapping services to new buyers as it responds to pressure over earnings and sales. Taiwan Mobile (3045.TT) is in early talks on possible investment in domestic crypto platform. Rio Tinto (RIO.AU) is to invest A$150M into replacing iron ore rail cars with ones built in the Pilbara region.

  • Digest:

    • China said to be mulling broad stimulus measures:

      • Bloomberg, citing people familiar with the matter, reported China is considering a broad package of stimulus measures amid growing pressure for more support. Proposals include at least a dozen measures designed to support areas such as real estate and domestic demand. Interest-rate reductions also among the policies under consideration. Article noted easing speculation intensified Tuesday after PBOC lower the seven-day reverse repo rate. A key part of the proposed stimulus package involves supporting the real estate market. Regulators said to be seeking to lower costs on outstanding residential mortgages and boost relending through policy banks to ensure homes are delivered. State Council may discuss the policies as soon as Friday but it's unclear when they will be announced or implemented. Story suggested much will hinge on the ultimate size and makeup of the stimulus measures. Recalled financial vulnerability has made policy makers wary of repeating large stimulus packages of the past. Signs of renewed weakness in the housing market also emerging despite a 16-point rescue plan unveiled in November.

    • PBOC cuts short-term policy rate to aid economic recovery:

      • PBOC Tuesday lowered 7D reverse repo rate 10 bps to 1.9% in move to aid economic recovery, just days ahead of its monthly medium-term lending facility (MLF) operation that may guide LPR lower. Bank injected CNY2B in today's move, pushed offshore and onshore yuan to weaken by 0.3% to around 7.17 per dollar each, fresh multi-month highs; 10Y yield on sovereign bonds fell a few basis points to 2.64%, Hang Seng stock index extended losses at the open beyond futures indications. Bloomberg said seven of 16 economists expect PBOC to reduce one-year MLF rate Thursday following weeks of speculation PBOC would lower either LPRs or RRR for banks. PBOC cut 7D reverse repo rate on five occasions just ahead of MLF rate decision. Repo cut today comes after PBOC Governor Yi Gang said last week bank would step up "counter-cyclical" adjustments and further lower financing costs for economy, and after state-owned and commercial banks trimmed deposit rates.

    • Japan MOF BSI sentiment improves:

      • Headline MOF BSI for large manufacturers was minus 0.4 in Q2, better than minus 10.5 in the previous quarter. Strength led by sharp positive swings among food makers and chemicals. Large nonmanufacturers rose to 4.1 from 0.6, driven by services and logistics. Index for domestic business conditions rebounded back into positive territory after a negative reading in Q1. However, FY current profit projections were revised down to a 4.4% decline from 1.2% while sales were virtually steady at 2.7% growth. Capital spending growth seen remaining moderately positive at 1.8% (vs 2.3% in Q1), led by autos, electric machinery, logistics, finance. Respondents broadly cited maintenance and upgrades as the focus of investment, followed by digitization and capacity expansion. On funding sources, financing mostly sought from private financial institutions, followed by internal reserves and leasing. Recall that internal reserves had been an abundant structural reservoir reflecting retention of retained profits. But this has changed meaningfully from this year's push to increase shareholder returns, prompting a wave of share buybacks and dividend hikes.

    • Beijing and Seoul tensions rise:

      • FT discussed souring Beijing-Seoul relations as two sides swapped ambassador summons in recent days, and President Yoon Suk Yeol blamed Taiwan tensions on China's attempts to use force. China's envoy in South Korea warned Seoul against making "wrong judgment" on US-China relations however experts noted Beijing likely to adopt subtler means to exert pressure. Said Naver (035420.KS) suffered unexplained service disruptions in China recently, signaling Korean tech and entertainment sectors could be targeted. Also noted South Korea's exports to China dropped 27.3% y/y in first five months of 2023 and decline continued for 12th straight month in May (KBS). Export reliance on China also dipped below 20% in Q1 (KoreaTimes). Further adding to tensions, former Samsung Electronics (005930.KS) executive indicted for stealing corporate secrets to build a copycat chip plant in China (Yonhap) as country caught in the middle of US-China chip war.

    • Japanese companies turning attention to stock splits:

      • Nikkei reported Japanese companies are increasingly moving to split high-value stocks in an effort to lure more retail investors as they grapple with the Tokyo Stock Exchange's call for lowering the minimum amount required for investment. Story recalled that TSE in October requested that listed companies lower the minimum investment amount to a desirable range between JPY50,000 ($360) and JPY500,000 ($3,592). As of late September, 202 listed companies had minimum investment amounts of JPY500,000 or more. Analysis of stock split disclosures through the end of May found 29 had already split their shares and that another 12 are planning to do so. But Japan's aggregates remain well above Western markets. Median price for all companies listed on TSE's Prime market was JPY182,450 as of 5-Jun -- about 60 times that of major US stocks and 120 times that of European stocks. Notable examples include Fast Retailing (9983.JP), which had the highest minimum investment threshold among TSE-listed firms, conducted a 3-for-1 split in March. NTT's (9432.JP) 25-for-1 set for 1-Jul will lower the threshold into the JPY16,000 range from ~JPY400,000 currently.

    • Notable Gainers:

      • +5.3% 9984.JP (SoftBank Group): Arm reportedly in talks with Intel and other potential strategic investors

      • +5.1% 7203.JP (Toyota Motor): lays out EV growth plans; confident about 1.5M EV sales goal for 2026

      • +2.0% 128940.KS (Hanmi Pharmaceutical Co.): Merck to present data for efinopegdutide (MK-6024) in patients with nonalcoholic fatty liver disease (NAFLD) at EASL 2023

      • +0.6% 3382.JP (Seven & i): reports May 7-Eleven Japan same-store net sales +5.4% y/y

      • +0.6% 4689.JP (Z Holdings): LINE Financial, Nomura confirm agreement to restructure LINE Securities

    • Notable Decliners:

      • -1.2% 505537.IN (Zee Entertainment Enterprises): SEBI issues interim ex-parte order against Zee Entertainment Enterprises CEO Punit Goenka, chairman-emeritus Subhash Chandra for mis-use of funds

  • Data:

    • Economic:

      • Japan

        • Q2 MOF BSI large manufacturing index (0.4) vs (10.5) in prior quarter

          • Large non-manufacturing index 4.1 vs 0.6 in prior quarter

          • Large all-industry index 2.7 vs (3.0) in prior quarter

      • Australia

        • June Westpac-MI consumer sentiment 79.2 vs 79.0 in prior month

        • May NAB business conditions +8 vs +14 in prior month

          • Business confidence (4) vs 0 in prior month

    • Markets:

      • Nikkei: 584.65 or +1.80% to 33018.65

      • Hang Seng: 117.11 or +0.60% to 19521.42

      • Shanghai Composite: 4.84 or +0.15% to 3233.67

      • Shenzhen Composite: 12.61 or +0.62% to 2033.79

      • ASX200: 16.40 or +0.23% to 7138.90

      • KOSPI: 8.60 or +0.33% to 2637.95

      • SENSEX: 367.29 or +0.59% to 63092.00

    • Currencies:

      • $-¥: (0.10) or (0.07%) to 139.5630

      • $-KRW: (12.72) or (0.99%) to 1272.2900

      • A$-$: +0.00 or +0.34% to 0.6776

      • $-INR: (0.01) or (0.02%) to 82.3620

      • $-CNY: +0.00 or +0.06% to 7.1501

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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