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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.25%), Hang Seng (0.51%), Shanghai Composite (1.48%) as of 04:10 ET

Jun 26 ,2023

  • Synopsis:

    • Asian equities closed mostly lower Monday. Mainland China markets down the most as they mark-to-market from last week's falls in Hong Kong, reaching five-month lows. Hang Seng down slightly. Losses for Taiwan as it too caught up. Australia and most of Southeast Asia also lower; South Korea edged higher. India flat. Japan closed lower. US futures turning lower, Europe opened down. US dollar slightly lower, yen strengthened; offshore yuan weakened again, onshore weaker post PBOC fixing this morning. Treasury yield curve flattening. WTI futures flat but Brent higher along with surge in European natural gas prices on Russia turmoil. Precious metals higher, industrial metals supported. Cryptocurrencies weaker following year-long highs Friday in bitcoin.

    • A weak handover from Wall Street Friday and events in Russia over the weekend gave Asia investors reason to hesitate first Monday. The US slipped on weaker-than-expected flash PMIs to close the first down week for the S&P500 since March. Meanwhile, the aborted mutiny by the Wagner Group and its leader Yevgeny Prigozhin in Russia on Saturday and Sunday had little direct effect on Asia assets but affected sentiment as consequences still largely unknown. Follow-up analysis focused almost exclusively on Putin's weakened power base as well as speculation on how Moscow will respond both internally and in Ukraine.

    • Data showed China tourism spend over last week's holiday fell short of pre-pandemic levels and was relatively weaker against the May Day break. Offshore yuan weakened to a fresh seven-month low, onshore also weakened significantly but Monday's stronger-than-expected fixing of the daily midpoint suggested PBOC was trying to signal support at these levels. Japan officials stepped up talk over yen intervention leading to a modest strengthening over the day. Singapore manufacturing shrank almost 11% in May y/y, much worse than expectations.

    • CanSino Biologics (6185.HK) said its TDCP combined vaccine for adolescents and adults had obtained clinical trial approval; shares sharply higher. China Central Real Estate (832.HK) said it didn't pay interest on a note due Friday, and Leading Holdings (6999.HK) announced it didn't pay the principal plus interest due on a dollar bond issued last year as part of a debt swap; both companies said they'd work with creditors to find solutions. Hyundai Engineering & Construction (007720.KS) has been awarded a KRW6.55T contract from Saudi Aramco (2222.AB) to construct a new petrochemical complex in Saudi Arabia. SK Innovation (096770.KS) late Friday launched a KRW1.18T ($901M) rights offering to secure funds for investment in green energy. Cordlife (P8A.SP) said it had received notice of talks between Cradle Investments and third party that could lead to offer for shares; stock sharply higher.

  • Digest:

    • China stocks drop, play catch-up after holidays:

      • Mainland China stocks declined Monday morning in catch-up trade from last week's holidays. Shanghai, Shenzhen and ChiNext all fell at one point by more than 1%, extending declines from last Wednesday. Onshore yuan slid to a seven-month low despite PBOC's fixing signal. Tourism spending during Dragon Boat Festival still fell short of 2019 levels and June passenger car sales also expected to drop 5.9% y/y (Bloomberg). Reuters noted S&P Global became first major credit agency to cut 2023 China GDP growth forecast to 5.2% from 5.5% after disappointing May data, joining several major investment banks having trimmed their estimates earlier. Noted markets will be keenly watching June PMI data due Friday to gauge recovery momentum though economists expect another month of contraction for manufacturing. Bloomberg also noted Beijing would refrain from adding massive stimulus as any easing will be "targeted and measured".

    • Tourism spending over Dragon Boat holiday in China falls short of pre-Covid levels:

      • Domestic tourism spending during last week's three-day Dragon Boat Festival rose 44.5% y/y to CNY37.31B ($5.2B), still just 94.9% of pre-Covid 2019 level. Tourism trips made during period rose 32.3% y/y to 106M, 12.8% above pre-pandemic 2019; overall travel rose 89.1%, still down 22.8% from 2019, according to transport ministry data. Revenue and trips made represent relative slowdown versus May Day holiday when domestic tourism trips rose 70.8% y/y, 19.1% above 2019 levels; and when revenues rose 128.0%, 0.7% higher than 2019, according to tourism ministry data (Reuters). Xinhua noted international trips more than doubled y/y to 1.32M per day, still at 64.6% of 2019 level. Bloomberg quoted economist saying data is more evidence of slowdown in post-Covid recovery for in-person services as pent-up demand fades, could slow further if economic double-dip risk realised.

    • Japan steps up verbal FX intervention:

      • Vice finance minister for international affairs Kanda told reporters Monday that yen depreciation vs dollar is "rapid and one-sided" while warning that "no options are ruled out" when asked about the possibility of FX intervention (Kyodo). Separately, Kyodo suggested that while the latest phase is not as rapid as last year when authorities last intervened, the prospects for US-Japan interest rate differentials remaining in place for an extended period is a cause of concern. Noted some thoughts weaker yen could prompt BOJ policy tweak if inflation becomes more entrenched. Cited prominent surveys, including BOJ Tankan, showing corporate projections for a USD/JPY rate around 130 (vs current 143.52) in FY23. Nikkei discussed added pressure from yen depreciation on elevated inflation. Cited a Cabinet Office estimate that 10% decline in yen pushes up inflation by 0.15 ppt, posing a risk to the BOJ's view that inflation will moderate -- a view coming under increasing doubts among economists. Recent consensus poll showed narrow majority of economists expect verbal and/or actual FX intervention on the break of 145, while a smaller group sees 150 as the trigger (Reuters).

    • PBOC looks to support onshore yuan after last week's offshore weakening:

      • PBOC set daily yuan reference rate at stronger-than-expected level Monday, albeit significantly weaker than previous setting last Wednesday. Onshore CNY reference rate set at 7.2056 per dollar, 261 pips weaker than 21-Jun's 7.1795 setting, but against consensus forecast 7.2095. Weaker setting versus most recent fix reflected directional weakening of offshore yuan (CNH) last week; CNH slipped to weakest level since Nov-22 Friday on lack of news on substantive stimulus, disappointment LPR cut not bigger. Expectations growing PBOC will have to loosen monetary policy stance further to support ailing economic recovery, highlighted again today by soft tourism data over holiday. However, today's stronger-than-expected CNY setting could be signal from PBOC it wants to stabilize currency, prevent excessive moves above 7.20 per dollar, according to analysts, but also does not signal harder line by PBOC to defend certain level or aim to alter trend (Bloomberg).

    • BOJ Summary of Opinions showed discussions of higher floor on inflation outlook:

      • Summary of Opinions for the June MPM revealed meaningful discussions on inflation. First comment was dovish, indicating more uncertainty over whether inflation would reaccelerate after the expected deceleration toward mid-FY23. However, another observed intensified pass-through of cost increases while household incomes have improved and inbound tourism recovering -- concluding that inflation pressure is likely to remain strong for the time being. One member acknowledged the possibility of upside risk to the main scenario of core inflation falling below 2% in H2 of FY23. Another suggested core inflation was highly likely to slow but will not fall below 2%. Other remarks stressed that uncertainties have heightened with both upside and downside risks. Views on monetary policy remained dovish, reaffirming the need for ongoing support until the inflation target is achieved stably. Remarks on market functioning were broadly positive and conditions do not warrant changes to YCC. Yet, one made the distinction between easing and YCC, noting cost of preserving the framework is high, calling for early discussions to plan a smooth exit strategy.

    • Notable Gainers:

      • +11.6% 6185.HK (CanSino Biologics): announces Tdcp vaccines for adolescents and adults obtains clinical trial approval

      • +6.3% BS6.SP (Yangzijiang Shipbuilding (Holdings)): reportedly gets order for 12 dual-fuel 24K-teu container ships from CMA CGM

      • +6.3% 000720.KS (HYUNDAI ENGINEERING & CONSTRUCTION CO.): awarded KRW6.554T contract from ARAMCO

      • +1.8% 1801.HK (Innovent Biologics): enters into clinical trial collaboration and supply agreements with RemeGen for TYVYT

    • Notable Decliners:

      • -6.1% 096770.KS (SK Innovation): plans 8.2M-share rights issue at KRW143,800/share

      • -0.1% 4507.JP (Shionogi & Co.): to acquire Qpex Biopharma, Inc for $100M plus earnout of up to $40M

  • Data:

    • Economic:

      • Japan May

        • Services PPI +1.6% y/y vs consensus +1.8% and +1.6% in prior month

    • Markets:

      • Nikkei: (82.73) or (0.25%) to 32698.81

      • Hang Seng: (95.84) or (0.51%) to 18794.13

      • Shanghai Composite: (47.28) or (1.48%) to 3150.62

      • Shenzhen Composite: (36.98) or (1.81%) to 2002.93

      • ASX200: (20.50) or (0.29%) to 7078.70

      • KOSPI: 12.10 or +0.47% to 2582.20

      • SENSEX: (41.15) or (0.07%) to 62938.22

    • Currencies:

      • $-¥: (0.57) or (0.40%) to 143.1220

      • $-KRW: (2.13) or (0.16%) to 1306.5300

      • A$-$: (0.00) or (0.04%) to 0.6672

      • $-INR: +0.09 or +0.11% to 82.0450

      • $-CNY: +0.05 or +0.76% to 7.2344

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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