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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.56%, Hang Seng (1.98%), Shanghai Composite (1.31%) as of 04:10 ET

Jun 21 ,2023

  • Synopsis:

    • Asian equities ended mixed again Wednesday to continue the week's pattern. Hang Seng sold off sharply with mainland markets also down steeply this time. Japan extended gains after weak open. Losses in South Korea and Australia, Taiwan a few points higher. India's Sensex touched record highs intraday, Southeast Asia mixed. US futures mixed, Europe paring opening losses ex UK. US dollar continuing to edge higher, yuan weakened past 7.2 per dollar, yen also weakened again, AUD lower. Treasury yields higher across tenors. Crude blends slightly higher; copper higher, iron ore lower. Precious metals mixed. Cryptocurrencies building on overnight gains.

    • Weakness building in Chinese equities again following a month of gains with Hang Seng down more than 4% this week on disappointment over size of yesterday's rate cuts and lack of follow through on stimulus plans (Greater China markets closed Thursday). Today's announcement on fresh support for EVs gave some support for auto stocks but sentiment still weak. Japan's equities defying global gravity this week and finished higher again as BOJ minutes showed member Adachi reiterating it was too early to adjust policy despite inflation outlook uncertainty; June's Tankan manufacturer sentiment also improved, providing additional support. Overall market sentiment this week still on edge ahead of Powell testimony today and tomorrow with futures still seeing only one more Fed hike versus two on the dot plot, and the yield curve inverting even further this week.

    • South Korean exports rebounded in first 20 days of June but semiconductor shipments and exports to China shrank again; PPI eased further following last month's decline. Thailand's political stalemate over a new government inched ahead with all 500 MPs now endorsed and a timetable in place for the appointment of a new PM. US-China relations back under scrutiny post Blinken's visit with Beijing expressing "strong dissatisfaction" with President Biden calling President Xi "a dictator".

    • Softbank (9984.JP) CEO said company is ready to go back on the offense again to resume investments in AI following almost three years of asset sales. Sony Corp (6758.JP) said its intention to merge its India entertainment unit with Zee Entertainment (505537.IN) remains on track despite India's security regulator's allegations against Zee's promotors. The Abu Dhabi Sovereign Fund has acquired a 7% stake in NIO (9866.HK, NIO) for around $8.72 per share. Rio Tinto (RIO.AU) said it had opened an iron ore rail line in Western Australia following a derailment over the weekend. Australia tribunal ruling declines to authorise TPG's (TPG.AU) regional network sharing arrangement with Telstra (Singtel, Z74.SP).

  • Digest:

    • China policymakers face growing domestic calls for economic support:

      • Bloomberg noted several prominent state media and top government advisors are applying pressure on Beijing to respond to China's ailing economic recovery with extra stimulus. Said three state-run securities newspaper ran front-page articles Wednesday saying PBOC likely to ease monetary policy further. Also noted prominent economic consultant to top officials also called for interest rate cuts, other support measures. Fourth most senior official in China's CCP, Wang Huning, held meeting with business leaders, non-Communist Party political officials to urge research on consumption recovery (Xinhua). China Securities Journal, Shanghai Securities News, Securities Times cited multiple economists who forecast monetary policy stimulus in H2. One said PBOC may follow up this and last week's rate cuts with RRR cut and other interest rate cuts, other economists suggested launch of re-lending programmes to support certain sectors such as high-tech manufacturing.

    • Yuan weakens to key 7.2 level on lack of more stimulus:

      • Offshore yuan fell as much as 0.3%, past closely watched 7.2 per dollar level Wednesday morning, weakest level since Nov-22, while onshore yuan dropped 0.2%. Yuan has tumbled more than 4% over past three months, second worst performer in Asia following the yen (Bloomberg). PBOC set midpoint at 7.1795 per dollar, 199 pips weaker than previous session, weakest level since 29-Nov, stoking bets Beijing allowed yuan depreciation amid a flagging economy. Noted markets were disappointed by yesterday's modest 5Y LPR cut as traders had anticipated stronger measures. Next focus will be Politburo meeting in July. Goldman and Mizuho flagged 7.20 as a potential soft floor while OCBC noted 7.2150 as resistance for offshore unit. Weakness also weighed by capital outflows and possible further rate hikes by Fed. ChinaSecuritiesJournal cited analysts noting Beijing expected to see further rate and RRR cuts in H2.

    • China unveils tax break package for new energy vehicles to spur demand:

      • China unveiled a CNY520B ($72.3B) tax break package to boost sales of EVs and other green cars up to 2027. Announcement widely expected as a follow-through from State Council meeting on 2-Jun calling for extension and optimization of tax break on EV purchases as government pledges to promote the industry (Securities Times). Reuters cited industry expert noting measures beat market expectations and costly extension suggests there are unlikely additional stimulus measures. Bloomberg noted MofCOM recently launched campaign to promote EVs in rural areas. Added growth of China's EV and plug-in deliveries from Jan through May moderated y/y despite automakers cutting prices. Incentives also put EVs on front burner of a broad-based push to stimulate economic growth. Meanwhile CNBC reported NIO (9866.HK) received $738.5M in new capital from Abu Dhabi-backed CYVN Holdings, giving fund 7% stake and a board seat.

    • Masayoshi Son says SoftBank ready to go back on offense:

      • Citing SoftBank's (9984.JP) annual shareholder meeting, FT reported Masayoshi Son said the company will go on the "counteroffensive" to resume investments in AI following nearly three years of asset sales and now has sufficient cash to invest again. Noted the company still has invested in some 500 companies and expressed confidence in some of those turning out to be successful. While he did not elaborate specifically on what Vision Fund investments had the most potential but spoke in depth about the potential of AI. Son said he intends to keep running SoftBank and has found no successor (Bloomberg). Main bright spot remains the Arm IPO as the firm is seeking to raise as much as $10B and brokerages are revising up their SoftBank stock price targets. CFO Yoshimitsu Goto said the IPO process is "going smoothly" (CNBC).

    • BOJ's Adachi concedes inflation faster than expected, but too early to normalize policy:

      • In a speech, BOJ board member Adachi said inflation running faster than he had expected. In detail discussion, divided inflation broadly into 'sticky' and 'flexible' groups. Described sticky inflation as a broad function of long-term inflation trends and expectations with employee compensation as a key conduit, and this component appears to be on the rise. Flexible inflation reflects cyclical and market forces, relating to raw materials and PPI. While the main outlook scenario assumes the latter will ease, Adachi noted the risk that 'flexible' prices may not decline if demand is seen to be price inelastic. Also outlined downside risks, mostly driven by exogenous factors. Overall, noted that uncertainty remains extremely high, particularly in terms of the BOJ main scenario that projects a slowdown in inflation towards mid-FY23 before picking back up towards the inflation target. Acknowledged that while developments have been positive, it is still too early to adjust policy. On YCC, observed yield curve has smoothed overall since the yield band was widened in December, and continues to support YCC as an easing tool.

    • Notable Gainers:

      • +10.3% 000656.CH (Jinke Property Group Co.): to acquire 20% stake in Chongqing Great Tech

      • +3.8% 9866.HK (NIO Inc): enters 84.7M share subscription agreement with CYVN Holdings at $8.72/share

      • +3.7% 9984.JP (SoftBank Group): CEO Masayoshi Son says company has the cash to invest again

      • +2.2% 2015.HK (Li Auto): China extends NEV purchase tax exception

      • +0.8% 8.HK (PCCW Ltd): Vivendi indirect subsidiary Canal+ to invest up to $300M for a stake in PCCW Ltd subsidiary Viu

    • Notable Decliners:

      • -21.1% 079160.KS (CJ CGV Co.): 74.7M-share secondary priced at KRW7,630/share

      • -15.9% 302.HK (CMGE Technology Group): reportedly confirms Bilibili plans to sell 61.0M CMGE shares

      • -8.2% 241560.KS (Doosan Bobcat): Doosan Enerbility's block deal sale of 5.0M Doosan Bobcat shares to be at KRW55,200/share

      • -2.3% 1952.HK (Everest Medicines): Calliditas Therapeutics presented NeflgArd phase 3 study data at ERA-EDTA conference

      • -1.9% 6758.JP (Sony): reportedly remains firm on merger with Zee Entertainment Enterprises

  • Data:

    • Economic:

      • Japan June

        • Reuters Tankan manufacturers' sentiment index +8 vs +6 in prior month

          • Service sector index +24 vs +25 in prior month

    • Markets:

      • Nikkei: 186.23 or +0.56% to 33575.14

      • Hang Seng: (388.73) or (1.98%) to 19218.35

      • Shanghai Composite: (42.46) or (1.31%) to 3197.90

      • Shenzhen Composite: (40.53) or (1.95%) to 2039.91

      • ASX200: (42.90) or (0.58%) to 7314.90

      • KOSPI: (22.28) or (0.86%) to 2582.63

      • SENSEX: 174.43 or +0.28% to 63502.13

    • Currencies:

      • $-¥: +0.68 or +0.48% to 142.1180

      • $-KRW: +3.64 or +0.28% to 1292.3600

      • A$-$: (0.00) or (0.27%) to 0.6767

      • $-INR: +0.01 or +0.01% to 82.0010

      • $-CNY: +0.01 or +0.13% to 7.1914

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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