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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.92%), ASX 200 (1.63%), Kospi +0.43% as of 04:10 ET

Jun 22 ,2023

  • Synopsis:

    • Asian equities ended mostly lower Thursday in thin trade. Australia's ASX 200 and Nikkei 225 down the most of the major boards, Topix closed flat. South Korea higher but was an outlier, Southeast Asia benchmarks and India lower. Mainland China, Hong Kong, Taiwan closed for a holiday. US futures lower, European markets opened steeply down. US dollar nursed overnight losses, AUD pared intra day weakness, yen flat. Treasury yields higher across tenors, JGB 10Y yield at month-long low. Crude oil, industrial metals, precious metals all under pressure. Cryptocurrencies mixed with bitcoin just about holding $30K.

    • A weak handover from overseas markets overnight as the Stoxx 600 and S&P 500 closed down for the third consecutive day, and the Nasdaq nosedived. Chair Powell's testimony to Congress contained little for the doves, with the futures market now almost fully pricing in a year-end rate of 5.25%; this was enough for Nasdaq bears to take charge for the day while, in the bond markets, yield curves in the US and Europe steepened further. Australia's curve also inverted for the first time since 2008 in recent days.

    • Greater China markets closed today but the offshore yuan weakened again, albeit post a modest strengthening overnight. China state media played down yuan weakness and highlighted expectations of a rebound in H2. Meanwhile, Beijing is also reported to have started another nationwide assessment of local government debt. Central banks in Indonesia and Philippines kept rates on hold, both as expected. Thailand's stock exchange pledged to introduce new rules to cut the number of recent scandals that are hurting investor confidence.

    • Softbank (9984.JP) will start job cuts as soon as this week as it looks to trim its workforce in the US. Panasonic Holdings' (6752.JP) energy unit is considering supplying EV batteries to Mazda Motors (7261.JP). Midea (000333.CH) is to drop its takeover bid of Electrolux (ELUX.B.SS) after being unable to guarantee all demands including regulatory issues, pricing and jobs. Posco Holdings (005490.KS) has signed a deal to lead a consortium in building a green hydrogen plant in Oman; PTT E&P (PTTEP.TB) also included.

  • Digest:

    • State media calls for "rational view" on yuan volatility:

      • China's Economic Daily commented recent yuan depreciation, attributing to "result of market mechanism" and said it is highly probable yuan will appreciate against dollar in H2. Article noted US dollar index strengthened since April on hawkish Fed stance to keep rates "higher for longer" to fight inflation. Other major currencies softened against USD, especially yen. Acknowledged China's weaker-than-expected recovery contributed to yuan slump. Called for rational understanding of volatility and argued China's long-term economic prospects provide support for currency. Added short-term fluctuations normal as market plays more decisive role and warned it "irrational" to bet yuan movements. Caixin cited analysts noting key to watch next is whether China would launch more pro-growth stimulus measures to restore confidence. Noted Chinese banks had a deficit of CNY65B ($9.1B) from Jan-May in FX settlement and sales. Added overseas-listed Chinese companies would exchange yuan for dollars for dividend distribution in May-Jun, pressuring yuan in short-term.

    • Central banks in Indonesia and Philippines keep base rates unchanged:

      • Bank Indonesia (BI) kept its 7D reverse repo rate unchanged at 5.75% for fifth consecutive month following inflation prints for May that showed inflation back within central bank's 2-4% target range. Decision also comes as rupiah fell to below 15K per dollar level as trade surplus fell to 3Y low while forex reserves fell by almost $5B asBI intervened in recent weeks to prop up local currency. Bloomberg said BI expected to hold rates steady to year end, cuts possible in 2024, bank could instead loosen banks' RRR to encourage lending and growth. Philippines central bank (BSP)kept its overnight reverse repo rate at 6.25% for second successive meeting. Governor Medalla signaled pause earlier this month as headline inflation fallen sharply; still above BSP's target 2-4% but forecast to fall to within range by year end. Economists said bank under no pressure to hike given Fed pause in June and peso stable.

    • China begins assessment of hidden local government debt:

      • Bloomberg sources indicated China has begun a fresh round of nationwide inspections to assess the size of local government debt, coming as a sign that authorities are preparing to take concrete steps to tackle a key financial risk. Article noted lack of clarity on the survey period or what will follow, but an accurate accounting of the size of the liabilities would be key to formulating policies to address the problem. Central issue is the usage of local government financing vehicles (LGFV) to supplement funding shortages from official budgets and remain off-balance sheet. Central government officially denies responsibility for these debts, but private sector has operated under longstanding assumption LGSVs are implicitly backed by the government. Struggles with profitability and debt repayments have raised concerns about financial risk. Story cited IMF estimates in February that LGFV hidden debt was CNY66T at 2022-end, up from CNY40T in 2019.

    • BOJ's Noguchi says guidance tweak still indicates strong commitment to easing:

      • In a speech, board member Noguchi largely reviewed past economic and financial developments. Noted that guidance tweak in April still indicates strong commitment to persistently continue easing until the stable achievement of the inflation target. Discussed the evolution of the YCC framework and subsequent amendments aimed at improving market functioning, though expressed caution against widening the yield band because a resultant rise in yields undermines the effects of easing and poses the risk of delaying economic recovery. Future YCC changes need to consider macro/market trade-offs. Stil, Noguchi observed that the shape of the yield curve has smoothed out overall (echoing comments from Adachi and Governor Ueda). On the long-term policy review, highlighted the importance of analysis taking an international perspective -- not just the Japan experience -- though should explore Japan's low inflation with expectations unanchored by inflation targets as they are in other advanced economies.

    • Thailand stock exchange to tighten listing rules in effort to cull scandals:

      • Stock Exchange of Thailand (SET) Wednesday approved 'sweeping revamp' of listing regulations in bid to cut number of incidents that have hurt investor sentiment. Accounting scandal at Stark Corp (STARK.TB), several debt defaults including at Stark, and unusual stock price movements, especially noted in Delta Electronics (DELTA.TB) in past two weeks, rocked overseas investor confidence, already at ebb following political impasse over creation of new government (Bloomberg). Measures proposed include increasing ratio of free float, setting higher threshold for profitability and shareholder equity. SET said new rules would apply to Market for Alternative Investment board too. Volatility in Delta stock, SET's most valuable company, prompted exchange to place curbs on stock trading but still at risk of de-listing if it continues. Finance Minister blamed loopholes in regulations for lapses, called on Thai SEC to take steps to protect investor confidence.

    • Notable Gainers:

      • +18.4% 120110.KS (Kolon Industries): Reportedly to enter battery business

      • +9.7% 2492.JP (Infomart): To launch maximum 5M-share buyback for up to ¥1B from 22-Jun to 22-Sep

    • Notable Decliners:

      • -6.4% MZH.SP (Nanofilm Technologies International): Downgraded to reduce from hold at CGS-CIMB

  • Data:

    • Economic:

      • New Zealand May trade balance (NZ$46M) vs consensus NZ$350M and revised (NZ$236M) in April

        • Exports +2.8% y/y vs +10,0% in April

        • Imports +4.4% y/y vs +12.0% in April

    • Markets:

      • Nikkei: (310.26) or (0.92%) to 33264.88

      • Hang Seng: Closed

      • Shanghai Composite: Closed

      • Shenzhen Composite: Closed

      • ASX200: (119.40) or (1.63%) to 7195.50

      • KOSPI: 11.07 or +0.43% to 2593.70

      • SENSEX: (97.30) or (0.15%) to 63425.85

    • Currencies:

      • $-¥: +0.08 or +0.05% to 141.8910

      • $-KRW: +4.17 or +0.32% to 1292.8900

      • A$-$: (0.00) or (0.05%) to 0.6793

      • $-INR: (0.02) or (0.03%) to 81.9190

      • $-CNY: (0.00) or (0.01%) to 7.1785

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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