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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.98%), Hang Seng +0.57%, Shanghai Composite +0.04% as of 04:10 ET

Jul 04 ,2023

  • Synopsis:

    • Asian equities finished mixed Tuesday in a quiet session. Small gains for Greater China and Hong Kong, Australia stocks higher after RBA's "hawkish hold" rate decision. Gains too for Taiwan, India and Thailand. Japan reversed most of yesterday's gains, South Korea and Singapore lower. US futures a few points lower, Europe opened slightly higher. US dollar a little stronger, AUD volatile post RBA, yen flat despite intervention talk, yuan stronger after state-owned banks cut dollar deposit rates. Crude oil higher, industrial metals mixed, precious metals unchanged.

    • RBA left cash rate unchanged versus split expectations of a 25 bps hike and a hold. Statement maintained tightening bias as RBA reiterated some further tightening may be required, added inflation remains too high but acknowledged pain on household finances, substantial slowing in consumption. South Korean inflation slowed for a fifth month, further eroding prospect of BOK resuming rate hikes next week. China imposed curbs on two critical minerals while its big banks said to offering loans to LGFVs on easy terms amid local government financing strains. Japan's top currency diplomat said his office and the US were in daily contact over forex issues, yen slightly stronger on the news. Thailand's potential coalition settled a disagreement over the parliament's speaker position, PM vote likely to take place next week.

    • Toyota Motor (7203.JP) says its breakthrough on sold-state batteries will halve cost and size. Alibaba Pictures (1060.HK) is considering absorbing Youku and Tudou into the company as part of the Alibaba Group's (9988.HK) restructuring. BYD (1211.HK) launched another SUV to sell for more than CNY300K ($41K) as it makes another push into the premium sector. Huabao International (336.HK) chair, CEO and controlling shareholder released from residential surveillance; shares surged. Kakaopay (377300.KS) said to be under investigation by police over receiving unlawful subsidies. Samsung Biologics (207940.KS) said it had agreed a deal worth KRW 1.2T ($921.4m) to manufacture products on behalf of Pfizer (PFE).

  • Digest:

    • RBA on hold but maintains tightening bias:

      • RBA left cash rate unchanged at 4.10% at Tuesday's policy meeting. Views were evenly divided between a 25 bp rate hike to 4.35% or a hold decision. Statement repeated some further tightening may be required to ensure inflation returns to target in a reasonable timeframe. Decision to hold was to provide more time to assess lagged effect of rate hikes, state of economy and economic outlook, and associated risks. In leaving rates unchanged, RBA noted fall in headline inflation, substantial slowing in household spending, squeeze on household finances from rising rates and cost of living, and global economic uncertainties. However, RBA maintained its tightening bias with inflation still too high and economy facing risk of wage-price spiral. Decision leaves RBA room to hike again in August, dependent in large part on important data over coming weeks, including June employment (20-Jul), Q2 CPI (26-Jul) and June retail sales (28-Jul).

    • China state banks lower dollar deposit rates for second time inside weeks:

      • China's five state-owned banks lowered dollar deposit rates for second time in matter of weeks Tuesday as Beijing stepped up efforts to support yuan. Dollar deposit interest rates capped at 2.8% from 4.3% at four banks: ICBC (601398.CH), Bank of China (601988.CH), Agricultural Bank of China (601288.CH), China Construction Bank (601939.CH), and Bank of Communications (601328.CH). Move lowers interest rate advantage of dollar in onshore markets following PBOC cuts to domestic rates, will discourage dollar stockpiling, encourage exports to settle in forex receipts in yuan. Policymakers said to be worried prolonged yuan weakness may discourage foreign investment, accelerate fund outflow (Reuters). Rates cut also in line with PBOC last week setting higher-than-expected mid-point reference rate and seen selling dollars to prop up yuan as it seeks to slow sharp slide. Onshore and offshore yuan strengthened around 0.5% over the day Tuesday.

    • China restricts exports of chipmaking metals:

      • Bloomberg cited a China Ministry of Commerce announcement Monday of new restrictions on exports of gallium and germanium -- two metals crucial to parts of the semiconductor, telecommunications and EV industries. Rules effective from 1-Aug are meant to protect China's national security. Exporters will need to apply for licenses from the commerce ministry if they want to start or continue to ship them out of the country, and will be required to report details of the overseas buyers and their applications. Article noted China is the dominant global producer of both metals -- while they aren't particularly rare, China prices have been cheap and they can be relatively high-cost to extract. With restricted supply, higher prices could draw out production from elsewhere. Other countries that produce gallium include Japan, South Korea, Russia and Ukraine. Germanium is also produced in Canada, Belgium, the US and Russia.

    • China's biggest banks offer 25-year loans to LGFVs:

      • Bloomberg citing people with knowledge reported some of China's biggest banks, including ICBC (1398.HK) and CCB (939.HK) have offered LGFVs loans with maturities as long as 25 years and temporary interest relief to prevent a credit crunch. Qualified LGFVs with high creditworthiness have received these ultra-long maturity loans, compared with prevailing 10Y tenor for most corporate lending. Move came when concerns grow over financial fragility of China's local governments, which made policymakers cautious of resorting to mega-stimulus packages in previous downturns. Noted local government finances have been strained on slumping land sales and Covid-related expenditures. Move likely to create dilemma for banks which loans to LGFVs can fulfil their lending targets while risk of creating more non-performing ones. Noted banks' margins have already been squeezed as Beijing asked them to lower deposit rates at least twice in less a year.

    • Yen volatility keeps market on edge:

      • Amid ongoing market focus on the possibility of yen intervention, FX chief Kanda told reporters that authorities are "exchanging views with and communicating with authorities in other countries including the US not only on currencies, financial markets but various other issues" (Reuters). USD/JPY dropped sharply to 144.01 overnight before a subsequent retracement after tracking mostly in the mid to upper 144 range over the prior two sessions and momentarily breached 145 on Friday. While this had been described as a 'psychologically key level' and possible line in the sand, more recent reports indicated such expectations have retreated to 150. Press discussions noted reasons against intervention include the milder pace of yen depreciation this year compared with last September, as well as current equity strength. Nikkei renewed post-bubble highs on Monday's close. Main takeaway from the BOJ Tankan survey was apparently optimism surrounding capital spending, adding to signs that companies are deploying their internal reserves (Nikkei).

    • Notable Gainers:

      • +24.1% 336.HK (Huabao International Holdings): chair, CEO and controlling shareholder Chu Lam Yiu released from residential surveillance

      • +17.9% 2696.HK (Shanghai Henlius Biotech): Shanghai Henlius Biotech guides H1 net income CNY200M vs year-ago (CNY252.1M); terminates plans to list on STAR Market

      • +5.8% 1060.HK (Alibaba Pictures Group): Alibaba Group reportedly explores options for Youku, Tudou; may inject them into Alibaba Pictures

      • +3.6% 4755.JP (Rakuten Group): possibility of MBO reported by Sentaku

      • +2.0% 3099.JP (Isetan Mitsukoshi Holdings): reports preliminary June domestic department store sales +11.2% y/y

      • +0.7% 011790.KS (SKC Co.): targets revenue of KRW7.9T in 2025, KRW11.4T in 2027

      • +0.5% 000270.KS (Kia): reports June global sales 278,256 units vs year-ago 259,480 units

    • Notable Decliners:

      • -14.8% 4568.JP (Daiichi Sankyo): Dato-DXd meets PFS dual primary endpoint for NSCLC in TROPION-Lung01 trial; trial to continue to assess OS

      • -4.8% 377300.KS (kakaopay): Seoul police reportedly investigates if kakaopay received unlawful subsidies

  • Data:

    • Economic:

      • South Korea June

        • CPI +2.7% y/y vs consensus +2.8% and +3.3% in prior month

    • Markets:

      • Nikkei: (330.81) or (0.98%) to 33422.52

      • Hang Seng: 109.09 or +0.57% to 19415.68

      • Shanghai Composite: 1.37 or +0.04% to 3245.35

      • Shenzhen Composite: 8.69 or +0.42% to 2068.82

      • ASX200: 32.90 or +0.45% to 7279.00

      • KOSPI: (9.16) or (0.35%) to 2593.31

      • SENSEX: 427.44 or +0.66% to 65632.49

    • Currencies:

      • $-¥: (0.20) or (0.14%) to 144.4820

      • $-KRW: (5.25) or (0.40%) to 1299.4100

      • A$-$: +0.00 or +0.16% to 0.6682

      • $-INR: (0.03) or (0.04%) to 81.9630

      • $-CNY: (0.03) or (0.41%) to 7.2111

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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