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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.00%), Hang Seng (0.64%), Shanghai Composite (0.54%) as of 04:10 ET

Jun 19 ,2023

  • Synopsis:

    • Asian equities ended lower almost everywhere Monday. A modest rally in the afternoon on news US Secretary of State Blinken is to meet President Xi took the edge off the losses but Hang Seng still ended lower along with mainland bourses. Tech-orientated Kospi and Taiwan were down, Southeast Asia and India weaker. Japan closed lower on profit taking, Australia the only major bourse to show a gain. US futures flat although closed Monday, Europe lower in early trades. US dollar a little higher, AUD off 4M high, yuan weakening notably. Treasury yields higher across tenors. Crude blends sharply down along with industrial metals, precious metals mixed.

    • A weak day on Monday for Asia as an absence of Chinese stimulus detail over the weekend and a broker downgrade to China FY GDP combined to weigh on sentiment. Technology stocks under pressure elsewhere as Japan's tech took a breather, and South Korea stocks had added pressure of a central bank warning over inflation. No one big data point this week so central bank comments and global flash PMIs will be focus while, in Asia, China newsflow expected to slow post LPR fixings Tuesday as markets take a holiday.

    • China growth expectations continue to soften following the disappointing May activity data. Goldman Sachs downgraded its FY 2023 GDP growth forecast to 5.4% from 6.0%. PBOC still expected to implement additional 25 bp RRR reduction in Q3 2023 but some economists see limited scope for meaningful fiscal stimulus. US Secretary of State Blinken held talks with his counterpart Qin Gang and China's top diplomat Wang Yi yesterday and today, slated to meet President Xi later; talks thus far described as 'candid' and 'constructive' but with little tangible breakthroughs.

    • Cathay Pacific (293.HK) said it will recruit more cabin crew from mainland China and widen the use of mandarin on its flights. The Italy government has banned Sinochem International (600500.CH) from participating in decisions over Pirelli's (PIRC.IT) CEO, M&A, business sales or spin-offs, stopped short of ordering Sinochem to sell stake. Google (Alphabet, GOOGL) has placed a major order for 5nm AI-related chips with MediaTek (2454.TT). South Korea government tells Nongshim (004370.KS) and other ramen makers to lower their prices. LG Chem (051910.KS) is planning to sell KRW2T of LG Energy Solution (373220.KS) shares.

  • Digest:

    • US Secretary of State Blinken to meet Xi Monday after "candid" talks Sunday:

      • US Secretary of State is to meet President Xi later Monday after spending second day of his Beijing trip meeting with top Beijing officials that included top diplomat Wang Yi Monday. Sunday's talks described as "substantive, candid and constructive", sides agreed to keep conversation going with eventual meeting in Washington suggested (Reuters). Sunday's meeting lasted 5.5 hours followed by lengthy dinner. Foreign Minister Qin Gang made it clear to Blinken Taiwan most important issue for Beijing, Blinken emphasized open communication channels to reduce risk of "misperception and miscalculation" (Xinhua, FT). Tangible results were few although both sides agreed to increase number of flights between two countries, increase business and student exchanges. Blinken visit first by US Secretary of State in five years, was postponed from February post US shooting down of Chinese spy balloon but expectations for constructive outcome downplayed by officials prior to weekend.

    • Goldman trims China GDP forecast, citing limited options to boost stimulus:

      • Goldman Sachs lowered estimates for 2023 China's GDP growth to 5.4% from 6% previously, citing limited options for authorities to boost stimulus (Bloomberg). Came after other brokers including JPMorgan, UBS and Standard Chartered all lowered their growth forecasts after disappointing May data (Bloomberg). Goldman analysts noted property and infrastructure stimulus will likely be "targeted and moderate" as using property and infrastructure to steer a rebound deemed inconsistent with "high-quality growth" that leadership has been calling for. Last Friday's State Council meeting chaired by Premier Li Qiang noted it was imperative to introduce more forceful measures to expand demand but overall lacked details and provided little clarity(SCMP). Goldman didn't expect Beijing to issue special sovereign bonds but might accelerate issuance of LGSBs. More property easing measures, supportive policies on high-end manufacturing and EVs were highlighted too. State-owned EconomicInformationDaily cited analyst view that macroeconomic policies will refrain from "flooding economy with massive stimulus measures".

    • Japan PM Kishida popularity sinks in polls:

      • Approval rating for Japan PM Kishida fell to 40.8% in new Kyodo poll Sunday from 47.0% in May poll, with disapproval rating at 41.6% from 35.9%. Popularity fallen on concerns over national ID card scheme, son's behavior whom he was forced to sack as his executive secretary. Plans to arrest declining birthrate also met with skepticism. Speculation mounting Kishida would call snap election to capitalize on popularity post G7 meeting however he ruled this out last week, at least for duration of Diet session that ends within days. Support for PM's Liberal Democratic Party still ahead on 35.5%, nearest rival on around 13% with quarter of voters undecided. Second poll by Mainichi showed Kishida cabinet support at 33% from 45% in May, Asahi showed 42% from 46%. GE still expected to be called by year end ahead of defence spending plans that may include tax increases (Bloomberg).

    • Hong Kong stock exchange to allow stock trades in yuan from today:

      • Trading in 24 Hang Seng-listed stocks in yuan begins Monday in program Hong Kong stock exchange hopes will revive trading volumes in city, currently at four-year low. HKD-RMB dual counter model said to support renminbi development as share trading will be fully interchangeable between trading counters but development will be closely watched after similar 2012 model fell flat on inactive cross-border transactions, poorly developed market-mechanisms. Market cap of 24 stocks in scheme roughly 33% of Hang Seng total, or $1.9T, includes Tencent (700.HK), China Mobile (941.HK). Bloomberg commented 2023 version shows promise as it minimizes exchange-rate risk, solidifies yuan's growing status as international currency. Could attract more investors, boost turnover in Hong Kong market although is limited to offshore funds during initial phase, will expand to mainland investors at later stage (Hong Kong Exchange).

    • Focus remains on monetary policy this week:

      • Asia economic calendar lightens considerably this week with Greater China markets offline for Dragon Boat Festival. Following recent attention on China rates, main regional focus will be on LPR fixings due 20-Jun. Last week's 10 bp MLF rate cut points to corresponding reduction in LPRs, though there is some room for debate about split between 1y and 5y rates. Other central bank events include RBA speeches and June meeting minutes Tuesday, coming after hotter-than-expected Australian May jobs data led economists to upgrade terminal rate forecasts. BOE expected to hike by 25 at Thursday's meeting. Fed Chair Powell will also deliver his semiannual testimony to Congress this week. Main data releases include Japan flash manufacturing PMI and nationwide core CPI Friday. Comes after leading Tokyo figures showed core CPI easing back to its April pace last month.

    • Notable Gainers:

      • +4.5% 2454.TT (MediaTek): reportedly wins order from Google AI

      • +1.6% 6594.JP (Nidec): Nidec Motor Corp, Embraer establish 51-49 JV Nidec Aerospace related to aviation electric drive systems

    • Notable Decliners:

      • -6.1% 004370.KS (Nongshim Co.): South Korean Deputy Prime Minister and Minister of Economy and Finance recommends companies lower prices of ramen

      • -4.6% 373220.KS (LG Energy Solution): LG Chem reportedly planning to sell KRW2T worth of LG Energy Solution shares

      • -2.2% 9618.HK (JD.com): concludes 618 Grand Promotion

      • -1.4% 068270.KS (Celltrion): reportedly planning to sell Asia-Pacific sales rights for Takeda's primary care assets in three years

      • -0.5% 8053.JP (Sumitomo): JBM Auto reportedly in advanced talks to take control of SML Isuzu

      • -0.3% 086280.KS (Hyundai GLOVIS Co.): acquires Altiall; terms undisclosed

      • -0.1% 2.HK (CLP Holdings): Macquarie Group reportedly seeking to acquire stake in EnergyAustralia

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: (335.66) or (1.00%) to 33370.42

      • Hang Seng: (127.48) or (0.64%) to 19912.89

      • Shanghai Composite: (17.53) or (0.54%) to 3255.81

      • Shenzhen Composite: (1.86) or (0.09%) to 2081.49

      • ASX200: 43.70 or +0.60% to 7294.90

      • KOSPI: (16.29) or (0.62%) to 2609.50

      • SENSEX: (324.86) or (0.51%) to 63059.72

    • Currencies:

      • $-¥: +0.01 or +0.01% to 141.8500

      • $-KRW: +4.26 or +0.33% to 1281.3700

      • A$-$: (0.00) or (0.11%) to 0.6863

      • $-INR: +0.01 or +0.01% to 81.9210

      • $-CNY: +0.03 or +0.45% to 7.1582

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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