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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.47%, Hang Seng (0.58%), Shanghai Composite (0.14%) as of 04:10 ET

Jun 14 ,2023

  • Synopsis:

    • Asia equities finished mixed Wednesday as Hong Kong turned lower but Japan extended its winning streak. Hang Seng saw an across-the-board selloff to snap a five-day winning run while mainland bourses were mixed. Declines in South Korea and most of Southeast Asia while Taiwan, Australia and India were higher. Japan closed higher, Nikkei's gains from its 52-week low now at more than 30%. US futures point to a soft opening, Europe opened slightly higher. Dollar also flat, most Asia currencies saw little movement of note ex yuan. Treasury yields down at the long end, up at the short. Crude blends higher again on IEA hike in demand forecasts, precious metals flat, industrial metals mixed.

    • Asia ex Japan markets traded in a tight range all day although the Hang Seng gave up early gains and fell sharply in its afternoon session. Speculation building PBOC will move to cut rate on MLF tomorrow and even possibly LPR next Tuesday following trim yesterday to shorter-term lending rates as well as the launch of various stimulus programmes. Economists greeted stimulus announcements with skepticism over capacity and willingness of policymakers to endorse large-scale support while effectiveness of potential MLF/LPR trim also questioned given small size of cut. Comes just as US Fed is set to pause on its rate hike cycle, with FFFs pricing just a 10% chance of a hike later today following softer-than-expected CPI data last night. Result was mild strengthening of yuan today following recent skid.

    • South Korea unemployment rate unexpectedly fell to a record low but sub-index data showed a weakening in industrial employment levels. New Zealand Q1 GDP tomorrow may show contraction for a second consecutive quarter to send economy into technical recession just as IMF said RBNZ should refrain from cutting rates for a 'prolonged period'. A Monetary Authority of Singapore survey of economists showed FY23 GDP growth forecasts cut to just 1.4% amid global economic slowdown. India's wholesale price inflation contracted almost 3.5% in May.

    • Toyota Motor (7302.JP) shareholders re-elected Akio Toyoda as chair rejecting activist investor push for more disclosure on the company's climate lobbying. A unit of SAIC Motor (600104.CH), Sajjan Jindal, is considering the purchase of 45-48% of MG Motor India. ANZ (ANZ.AU) says it is looking at opportunities to invest in the critical minerals sector to support decarbonization, recently backed a stand-alone lithium deal.

  • Digest:

    • More follow-through on China stimulus headlines:

      • Following Bloomberg's report indicating China is considering a broad package of stimulus measures, NDRC on Tuesday announced 22 measures aimed at reducing costs for businesses this year (Xinhua). Sectors dedicated to technological innovation or key industrial chains will enjoy tailor-made tax and fee cutting measures, with the current favorable tax policies being further optimized. Also includes VAT exemptions for small businesses with monthly sales of less that CNY100,00 ($14K). Reaffirmed commitment to lower lending rates and continue increasing loans to small firms. China to also retain zero tariffs on coal imports amid ongoing efforts to reduce transaction and logistics costs. By extension, General Administration of Customs announced 16 initiatives in an effort to boost confidence in foreign trade though content was less clear (Xinhua). Still, most of the optimism from the Bloomberg report revolved around real estate sector support. 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.

    • China activity data expected to show further slowdown:

      • Bloomberg preview highlighted expectations China's growth momentum slowed further in May, supporting calls for more stimulus. Ahead of the data release set for tomorrow, consensus forecasts look for industrial production to rise 3.5% y/y following 5.6% in the previous month. Recall official PMIs continued to soften in May. Retail sales likely expanded 13.7%, down from 18.4% in April, though still flattered by favorable base effects reflecting last year's Covid lockdowns. Industry data showed marked deceleration in passenger car sales in May. Fixed asset investment seen up 4.4% YTD, down from 4.7% through April. Article noted weak business confidence and plunging profits have weighed on private investment. Lower nonmanufacturing PMI was driven mostly by slower construction activity. Real estate investment expected to have dropped 6.7% YTD, weaker than the 6.2% decline through April.

    • Japan PM Kishida said to call snap election if opposition pursues no-confidence motion:

      • FNN, without citing sources, reported Prime Minister Kishida is prepared to dissolve the lower house if opposition parties submit a no-confidence motion, which has been mooted to block passage of a bill to expand defense spending. Follows a press conference Tuesday evening where Kishida continued to refrain from clarifying his election strategy, remarking that he will decide when to dissolve the lower house after assessing "various circumstances" amid growing speculation that he will call a snap election by the end of the current Diet session running through 21-Jun (Kyodo). Article noted Kishida is seen leaning toward calling an election sooner rather than later to capitalize on his rising approval ratings. Focus of the briefing was to provide details about new measures to tackle Japan's rapidly declining birthrate. Government has pledged to boost annual spending on childcare by around JPY3.5T ($25B) over the years through FY27 but has yet to decide how to fund it. Kishida said his government will not seek additional burdens on the public for the child policy, promising to "thoroughly cut expenditures" in other areas.

    • New Zealand may have already entered recession as IMF says RBNZ should not cut rates for some time:

      • Bloomberg economist survey showed New Zealand GDP growth may have contracted for second consecutive quarter in Q1 placing economy into technical recession. Economists forecast Q1 GDP fell 0.1% from Q4's 0.6% contraction; compares against RBNZ estimate of 0.3% y/y growth. Economists said although there is uncertainty over quarterly growth number, underlying trend is economy cooling off as higher interest rates bite. Q1 GDP data due Thursday. Glum forecast comes as IMF said RBNZ should not cut rates for "prolonged period" and should leave door open for future hikes to tame inflation (Bloomberg). Said if inflation's deacceleration stalls above central bank's target, further monetary tightening would be necessary. IMF added expects FY GDP growth to slow to 1.0% this year and next, inflation gradually to decline to 1-3% by 2025, risks to outlook rest on monetary policy, financial conditions, external environment (Reuters).

    • Notable Gainers:

      • +9.5% 2618.TT (EVA Airways): Signs MOU with Japan's JTB

      • +6.8% 1357.HK (Meitu Inc): launches AI image extending function

      • +3.4% 6326.JP (Kubota): issues May retail sales report

      • +1.1% 3320.HK (China Resources Pharmaceutical Group): CFO Weng Jingwen resigns due to personal career development, effective today

      • +0.8% 600104.CH (SAIC Motor): Sajjan Jindal reportedly intends to buy 45-48% of MG Motor India

    • Notable Decliners:

      • -6.7% 1310.HK (HKBN Ltd.): terminates discussions with I Squared Asia Advisors on possible takeover offer

      • -4.7% 3038.JP (Kobe Bussan Co.): reports Q2 profit attributable ¥9.11B vs year-ago ¥11.04B

      • -4.1% 4523.JP (Eisai): European Alzheimer's experts reportedly unconvinced by new Eisai, Biogen drug

      • -2.6% 137310.KS (SD Biosensor): plans 20M-share placement at KRW15,520/share

  • Data:

    • Economic:

      • South Korea May

        • Unemployment rate 2.5% vs consensus 2.7% and 2.6% in prior month

      • New Zealand Q1

        • Current account (NZ$5.2B) versus (NZ$10.07B) in prior quarter

    • Markets:

      • Nikkei: 483.77 or +1.47% to 33502.42

      • Hang Seng: (113.00) or (0.58%) to 19408.42

      • Shanghai Composite: (4.68) or (0.14%) to 3228.99

      • Shenzhen Composite: 5.00 or +0.25% to 2038.80

      • ASX200: 22.80 or +0.32% to 7161.70

      • KOSPI: (18.87) or (0.72%) to 2619.08

      • SENSEX: 106.84 or +0.17% to 63250.00

    • Currencies:

      • $-¥: (0.28) or (0.20%) to 139.9240

      • $-KRW: +9.18 or +0.72% to 1277.1400

      • A$-$: +0.00 or +0.22% to 0.6784

      • $-INR: (0.17) or (0.20%) to 82.1240

      • $-CNY: (0.01) or (0.10%) to 7.1604

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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