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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.12%, Hang Seng (1.24%), Shanghai Composite (0.22%) as of 04:10 ET

Jun 29 ,2023

  • Synopsis:

    • Asian equities mostly lower Thursday. Hang Seng underperformed, mainland China equities lower, Nikkei pared earlier gains. Australia and Taiwan closed flat while Korea lower. Several southeast Asia countries and India closed for a holiday. S&P 500 and Nasdaq futures higher. Europe opened flat. Treasury yields higher across tenors. Aussie curve bear flattening following retail sales data. USD steady against major currencies, expect AUD and yen. Crude, base and precious metals all lower.

    • No major catalyst in Asian markets today. Takeaways from ECB Forum on Central Banking remain hawkish with Fed Chair Powell signaling raising rates at next two meetings after June's pause. While BOJ Governor Ueda maintained easing bias but flagged potential policy shift if there is confidence inflation is tracking to 2% target in 2024. PBOC set yuan fixing higher than expected for third day this week, but offshore yuan still weakened.

    • On the economic front, Japan retail sales rebounded by more than expected, putting Q2 on a positive trajectory. Hawkish early takeaways from surprise jump in Australian retail sales, which showed robust spending on discretionary categories. New Zealand business confidence rose to highest since late-2021 after RBNZ moved to sidelines. Vietnam Q2 GDP growth accelerated.

    • NTT (9432.JP) jumps to most traded stock after 25-for-1 split. Toyota (7203.JP)'s global output soared 35% y/y in May while sales rose 11%. Swire Pacific (19.HK) to sell US beverages business to its controlling shareholder for $3.9B. Tencent (700.HK) and NetEase (9999.HK) announced restrictions on minor gaming during upcoming summer holiday. Chinese media said it was some employees, not Chairman and founder Richard Liu, who sold 800k JD.com (9618.HK) ADRs via an employee stock ownership platform.

  • Digest:

    • Yuan pessimism lingers despite PBOC's third stronger-than-expected fixing this week:

      • PBOC set yuan fixing at 7.2208 per dollar, 311 pips stronger than Bloomberg estimate, a stronger-than-expected reference rate for third time this week. Move failed to prevent yuan from extending a seven-month low, with offshore unit hovering around 7.26. Overseas funds had a net outflow of CNY7.6B A-shares via Stock Connect Thursday. Currency under increasing pressure amid faltering economic recovery and modest stimulus. Bloomberg noted authorities may choose to deploy more measures if stronger fixes fail to halt yuan's slide. China could enhance fixing's influence by urging banks to trade yuan at levels closer to reference at market open. Large state-owned banks could continue to sell dollars, which were spotted selling dollars for yuan at around 7.25 level. PBOC could also lower RRR for foreign currency deposits and impose punitive fees on speculations in derivatives market. Other measures include broadening channels for foreign investors to buy onshore assets and loosening rules for onshore companies to get funding overseas.

    • BOJ Ueda sees "good reason" to adjust policy if inflation re-accelerates into 2024:

      • Takeaways from BOJ Governor Ueda's comments at the ECB Sintra forum leaned hawkish after indicating there would be "good reason for a policy change" if board members were "reasonably sure" that inflation would accelerate into 2024 after a period of moderation (Reuters, Bloomberg). However, noted there is currently lower confidence in the prospects for reacceleration. While headline inflation was above 3%, BOJ was keeping monetary policy easy because underlying inflation remained below the 2% target. Cited wage growth as an important factor in gauging the outlook for inflation, adding that growth must be well above 2% consistently for inflation to sustainably hit the inflation target. Reiterated there is "still some distance to go" before that is achieved. On FX, explained yen is influenced by many factors other than (the BOJ's) monetary policy, including the policies of other central banks though noted they would "monitor the situation very closely."

    • Japan retail sales rebound, foreigners turn net sellers of Japan stocks:

      • Retail sales rose 1.3% m/m in May, above consensus 0.8%, following 1.1% decline in the previous month. Details mostly firmer, led by machinery & equipment, fuel, and food & beverage. Autos declined for the second straight month, while apparel also lower. Aggregate rebound takes Q2 trajectory back on a mild positive trajectory following a solid Q1. Offers some encouragement after April figures for household spending, retail sales, and wages all disappointed. Latest JCER consensus poll showed Q2 GDP forecasts downgraded to 1.18% q/q annualized from 1.64% in May, after Q1 revisions resulted in a stronger-than-expected 2.7%. Quarterly trajectory seen tracking stably in the low 1% range through FY24. Core CPI projections were revised up with Q2 seen rising 3.24% y/y vs 2.93% in May. While trend is still seen moderating, sub-2% readings pushed back to 2Q24 from prior 4Q23. Annual estimates also raised to 2.59% in FY23 (from 2.31%) and 1.62% in FY24 (vs 1.47%). Separately, MOF portfolio flows data showed foreign investors were net sellers (JPY543.8B) for the first time in 13 weeks, largely consistent with last week's market decline.

    • Australian retail sales unexpectedly rebounded after RBA resumed rate hikes in May:

      • Australian retail sales rose 0.7% m/m in May, significantly higher than consensus for a 0.1% increase and April's flat result. Retail turnover driven in large part by spending on discretionary goods and consumers dining out at restaurants. Household goods retailing rebounded 0.6% following three consecutive falls, and other retailing (online stores, pharmaceutical, cosmetic retailers) surged 2.2%. Cafes and restaurants spending climbed 1.4%, highest on record. Clothing and footwear, and department store retailing experiencing falls of 0.6% and 0.5% respectively. Overall result appeared to contrast with negative momentum in household consumption, suggesting degree of consumer resilience amid Australia's tight labor market. Some economists maintained their expectation of a July rate hike following the larger-than-expected drop in May inflation, pointing to ongoing signs of sticky services inflation.

    • New Zealand business confidence rises to highest since Nov-2021:

      • New Zealand ANZ business confidence index rose from (31.0) in May to (18.0) in June, highest since Nov-2021. Services sector saw the biggest improvement while construction was mixed with residential building sector still very subdued. Firms' activity outlook turned positive for first time in 14 months, corresponding with profit expectations rising to highest since Dec-2021. Inflation pressures eased with cost and wage expectations declining. Firms expect to raise wages by considerably less in next 12 months compared to last 12 months. Inflation expectations continued downward trend, though remain elevated. ANZ assessed survey as indicative of cautious optimism emerging after RBNZ moved to the sidelines, data shows housing market is finding a bottom and firms report easier time finding labour.

    • Notable Gainers:

      • +6.6% 3105.JP (Nisshinbo Holdings): Upgraded to buy from neutral at Mizuho

      • +4.4% 19.HK (Swire Pacific): Sells Coca-Cola business in western US to controlling shareholder for $3.9B (HK$30.4B) cash

      • +0.6% 047810.KS (KOREA AEROSPACE INDUSTRIES): KF-21 prototype #6 first flight successful; National Pension Service increases its holdings to 10.15% from 9.10%

    • Notable Decliners:

      • -16.3% 558.HK (L.K. Technology Holdings): Reports FY net income attributable HK$532.2M vs FactSet HK$589.5M

      • -11% 069620.KS (Daewoong Pharmaceutical Co.): Prosecutors reportedly to re-investigate the alleged Botox technology leak

  • Data:

    • Economic:

      • Japan

        • May retail sales +1.3% m/m vs consensus +0.8% and revised (1.1%) in prior month

          • Retail sales +5.7% y/y vs consensus +5.2% and revised +5.1% in prior month

      • Australia

        • May retail sales +0.7% m/m vs consensus +0.1% and 0.0% in April

      • New Zealand

        • June ANZ Business Confidence (18.0) vs May (31.1)

    • Markets:

      • Nikkei: 40.15 or +0.12% to 33234.14

      • Hang Seng: (237.69) or (1.24%) to 18934.36

      • Shanghai Composite: (6.99) or (0.22%) to 3182.38

      • Shenzhen Composite: 6.29 or +0.31% to 2027.32

      • ASX200: (1.60) or (0.02%) to 7194.90

      • KOSPI: (14.17) or (0.55%) to 2550.02

      • SENSEX: 0.00 or 0.00% to 63915.42

    • Currencies:

      • $-¥: (0.13) or (0.09%) to 144.3200

      • $-KRW: +6.32 or +0.48% to 1315.7100

      • A$-$: +0.00 or +0.33% to 0.6625

      • $-INR: +0.02 or +0.03% to 82.0430

      • $-CNY: (0.01) or (0.10%) to 7.2370

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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