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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.14%), Hang Seng (0.09%), Shanghai Composite +0.62% as of 04:10 ET

Jun 30 ,2023

  • Synopsis:

    • Asian equities ended mostly higher Friday. Small gains for mainland China, Australia, South Korea; India's Sensex hit fresh record high. Modest losses for Japan's Nikkei and Taiwan. The Hang Seng ended flat. Indonesia closed for a holiday. US futures higher, Europe opening with solid gains. US dollar flat, yuan flat post higher-than-expected fixing first thing. Treasury yields higher across tenors except at the very short end. Crude blends higher, industrial metals mixed, precious metals lower.

    • Asia markets capping a strong month but weak quarter with a somewhat directionless day Friday as mixed regional economic data met a resilient overnight performance on Wall Street and more woes in the bond market. US data overnight was stronger than expected with jobless claims lower and Q1 GDP growth seeing a big upward revision. This sent Treasury yields to their highest level since the March collapse of Silicon Valley Bank but equities stayed resilient despite Fed Fund Futures now indicating an 87% probability of a 25 bps hike in July, and a 50%-plus chance of another 25 bps by year end.

    • China manufacturing PMI showed factory activity contracted in-line with forecasts. Details mixed with new orders logging a smaller decline while new export orders fell at their fastest pace since January. Growth in services activity also slowed. Tokyo core inflation rose again to be above BOJ target for the 13th consecutive month, headline inflation unexpectedly fell. BOJ Deputy Governor Himino noted early signs of demand-driven inflation. South Korean retail sales and industrial output unexpectedly rebounded amid rise in chip production, output in Thailand fell less than expected. Australian private sector growth slowed as expected.

    • Toshiba Group (6502.JP) shareholders re-elected board members that promoted the buy out plan from Japan Industrial Partners. Japan Post (6178.JP) has braced itself for a $550M loss on its Rakuten stake. Trip.com (9961.JP) is to pay employees almost $7K for each child they have to help stem China's chronic demographic problems. Korean Air Lines (0034990.KS) extended its takeover offer for Asiana Airlines (020850.KS) deadline to 30 Sep.

  • Digest:

    • China manufacturing PMI remains in contraction:

      • Official manufacturing PMI was 49.0 in June, matching expectations, following 48.8 in the previous month, extending contractions to a third straight month. Slight improvement came as output returned to a marginal expansion while new orders logged smaller declines, even as exports fell at the fastest pace since January. Input and output prices saw slower declines (attributed to commodity prices), while employment and finished goods inventory contractions picked up. Non-manufacturing PMI was 53.2 vs consensus 53.5 and follows 54.5 in May. While remaining in expansion throughout this year, current levels marked the third straight decline to the lowest reading YTD. While aggregate demand remained steady in slight contraction territory, notable weakening in employment comes amid renewed concerns about the labor market, particularly youth unemployment. Construction sector continue sharp slowdown to 55.7 vs recent peak of 65.6 in March. Services eased mildly to 52.8. Composite PMI fell to 52.3 from 52.9, also the softest level this year.

    • Japan Finance Minister Suzuki reinforces verbal FX intervention:

      • Kyodo reported Japan Finance Minister Suzuki said authorities are closely watching FX moves with an "extremely high" sense of urgency after the yen weakened to the psychologically important 145 line against the dollar. Added that Japan stands ready to respond appropriately to excessive volatility, calling the recent currency moves "rapid and one-sided." Compares with Thursday's remarks indicating a "sense of increased urgency" with a pledge to "respond as needed to excessive currency moves without ruling out any options." Core dynamic from a speculative perspective remains US-Japan policy gap, reinforced by comments Wednesday from Fed Chair Powell and BOJ Governor Ueda, both of whom reaffirmed their current policy stance. Nikkei noted strong US data overnight added to pressure, leaving markets on higher alert to the possibility of FX intervention. Added yen has also breached lowest level since 2008 vs euro and record-low vs Swiss franc since yen was floated in 1973.

    • BOJ deputy governor Himino sees early signs of demand-driven inflation:

      • In a Reuters interview, BOJ Deputy Governor Himino said recent price rises were stronger than previously projected and inflation expectations were moving up, a sign the economy is getting closer to achieving the bank's 2% inflation target. While stressing the need to keep ultra-loose monetary policy for now, Himino said the economy was beginning to see a mix of cost-push inflation and price gains driven by domestic demand. Still sees pass-through from higher import prices as a dominant factor, but suggested new drivers need to be scrutinized. Article noted remarks were the clearest sign to date that BOJ policymakers see wage and demand factors playing an increasing role in driving up Japan's inflation. Himino declined to comment on how soon the BOJ could phase out stimulus, but said he was closely watching CPI data and regional BOJ branch managers meeting on 10-Jul to see if price rises are broadening. Also no comment on whether BOJ could widen the yield band though said BOJ must be vigilant to market signals and the effects asset price moves could have on the economy.

    • Japan Tokyo CPI softer than expected, jobless rate steady:

      • Tokyo core CPI rose 3.2% y/y in June, below consensus 3.4% and follows revised 3.1% in the previous month. Ex-fresh food & energy inflation edged lower to 3.8% from 3.9% -- easing from the highest reading since January 1982. Energy contributions increased by nearly a tenth as smaller decline in electricity was partially mitigated by a downturn in gas. Government energy relief measures estimated at a 0.92 ppt drag on headline CPI. Elsewhere, uptrend in non-fresh food outweighed by slower growth in accommodation (still mildly suppressed by government travel subsidies), household and leisure-related durables. Unemployment rate was steady at 2.6% in May as expected. Decline in total employment offset by lower labor force. Job offers to applicants ratio was 1.31 in May vs consensus and prior month's 1.32 as offers declined sequentially for the third straight month while applicants edged higher.

    • Japan industrial production disappoints:

      • Industrial production fell 1.6% m/m in May, weaker than expected 1.0% decline, following 0.7% rise in the previous month. Weakness was led by autos, electric and IT equipment. Semiconductor making equipment was among the gainers. Shipments logged smaller declines, leaving inventories higher. Core capital goods shipments extended gains from April and tracking well above the Q1 average. Going forward, METI survey projections look for a 5.6% rebound in June and 0.6% decrease in July, implying a Q2 bounce (exiting manufacturing recession) with positive carry-over effects into Q3. Direction generally consistent with consensus forecast for BOJ June Tankan (due Monday) looking for headline business conditions for large manufacturers to log the first improvement in seven quarters. However, recall that latest manufacturing PMI for June returned to a marginal contraction for the first time since April, reflecting softer demand and output.

    • Notable Gainers:

      • +9.8% 000961.CH (Jiangsu Zhongnan Construction Group): To resolve CNY4.95B default on interest-bearing debts

      • +9.7% 6669.TT (Wiwynn): Upgraded to buy from hold at HSBC, Aletheia Capital

      • +7.7% 8233.JP (Takashimaya Co.): Reports Q1 net income attributable ¥8.54B, +60% vs year-ago ¥5.35B

      • +4.7% 035900.KS (JYP Entertainment): Teases the launch of A2K reality show

    • Notable Decliners:

      • -83.8% 1691.HK (JS Global Lifestyle): 6.1M-share block at HK$1.43/share during pre-market trading period (first day of dealing on ex-entitlement basis for proposed Shark Ninja spin-off)

      • -6.5% 3034.TT (Novatek Microelectronics): Downgraded to neutral from overweight at JPMorgan

  • Data:

    • Economic:

      • China June

        • Official manufacturing PM 49.0 vs consensus 49.0 and 48.8 in prior month

          • Non-manufacturing PMI 53.2 vs consensus 53.5 and 54.5 in prior month

            • Composite PMI 52.3 vs 52.9 in prior month

      • Japan

        • June Tokyo core CPI +3.2% y/y vs consensus +3.4% and revised +3.1% in prior month

          • CPI excl. fresh food & energy +3.8% y/y vs +3.9% in prior month

        • Overall CPI +3.1% y/y vs consensus +3.4% and +3.2% in prior month

        • May unemployment rate 2.6% vs consensus 2.6% vs consensus and 2.6% in prior month

          • Job offers to applicants ratio 1.31 vs consensus 1.32 and 1.32 in prior month

        • May industrial production (1.6%) m/m vs consensus (1.0%) and +0.7% in prior month

          • METI survey projections +5.6% in June, (0.6%) in July

      • South Korea

        • May industrial production +3.2% m/m vs consensus (0.9%) and revised (0.6%) in prior month

          • Industrial production (7.3%) y/y vs consensus (8.6%) and revised (9.0%) in prior month

      • Australia May

        • Private sector credit +0.4% m/m vs consensus +0.4% and +0.6% April

    • Markets:

      • Nikkei: (45.10) or (0.14%) to 33189.04

      • Hang Seng: (17.93) or (0.09%) to 18916.43

      • Shanghai Composite: 19.68 or +0.62% to 3202.06

      • Shenzhen Composite: 21.91 or +1.08% to 2049.23

      • ASX200: 8.40 or +0.12% to 7203.30

      • KOSPI: 14.26 or +0.56% to 2564.28

      • SENSEX: 675.64 or +1.06% to 64591.06

    • Currencies:

      • $-¥: +0.01 or +0.01% to 144.7870

      • $-KRW: (4.47) or (0.34%) to 1318.9300

      • A$-$: +0.00 or +0.07% to 0.6623

      • $-INR: (0.04) or (0.04%) to 82.0380

      • $-CNY: +0.01 or +0.10% to 7.2598

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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