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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.61%), Hang Seng +0.62%, Shanghai Composite +0.22% as of 04:10 ET

Jul 10 ,2023

  • Synopsis:

    • Asian equities finished mixed Monday. Japan benchmarks lower for a fifth consecutive day, losses too in Seoul and Taipei despite better-than-expected numbers from TSMC. Australia also finished down. Hang Seng gapped higher by 2% on regulator news but lost much of this by the close, mainland China markets also were modestly higher. Southeast Asia mixed, India with modest gains. US futures point to a subdued opening, Europe paring early losses. US dollar higher; yen, yuan and AUD all weaker. Treasury yields higher across tenors although the 2Y steady at 4.9%. Crude contracts down, precious metals flat, industrial metals under pressure. Cryptocurrencies adding to last week's weakness.

    • Asia markets responded to Wall Street's poor Friday with a largely down day. The Hang Seng was higher on news post the close Friday of a potential end to Beijing's regulatory crackdown and Ant Group's subsequent share buyback scheme. However, sentiment remains poor as China May CPI inflation unexpectedly fell to its weakest since Feb-2021 and PPI deflation worsened by more than forecast. Combined, they raised the spectre of deflation settling in as China's economy continues to stagnate.

    • Global equities in retreat for much of last week with a potentially critical pivot point for this week on Wednesday with US CPI data. Sovereign bonds will also be closely watched for their next move; Treasury 2Y yields back to 2007 highs and above the point when SVB collapsed in March, hinting the bank's demise may have merely postponed recessionary pain after the Fed was forced to add back in liquidity to prop up banks, with an ever-steepening yield curve adding to concerns.

    • Nippon Yusen (9101.JP) is to divest its Cargo unit to ANA Holdings for around ¥13.3B in a script deal. Alibaba Group's (9988.HK) Ant Group announced a share buyback plan worth up to 7.6% of the company, price set at around a 75% discount to IPO price. Kaisa Group (1638.HK) faces a winding up order from a Singapore-based hedge fund over non-payment of yuan-denominated bonds. TSMC (2330.TT) reported better-than-expected sales on a surge in AI-related chips. Axiata (6888.MK) plans to sell stakes in several of its businesses and list its technology units to reduce debt acquired in overseas operations. Reliance Industries (500325.IN) is to list its financial services business adding to news last week its retail unit will launch a share buyback programme.

  • Digest:

    • China inflation softer than expected:

      • PPI fell 5.4% in June (weakest since December 2015), below expectations of a 5.0% drop, following 4.6% decline in the previous month. Sharp declines in upstream sectors continued to strengthen, driven by petroleum and coal accompanied by deeper contraction in downstream segments (food, consumer durables). Breadth little changed with 25 out of 40 categories logging declines (one fewer than last month). NBS noted drag from fossil fuel-related industries increased 0.71 ppt to headline PPI. CPI was unchanged on the year vs expectations for a steady 0.2% rise. Core CPI rose 0.4%, softening further from 0.6% in May. NBS said firmer food prices were offset by weaker non-food prices. Noted that underlying negative impetus was offset by positive year-ago base comparison. Recall latest PBOC Q2 policy report noted demand remains soft, justifying continuation of existing efforts to implement prudent policy with effective cross-cyclical adjustments. Early last month, Governor Yi said he expects CPI to pick up gradually in H2 and will finish December back above 1%. Recent Bloomberg consensus poll showed PBOC expected to lower 1-year MLF rate 5 bp and seven-day reverse repo rate 10 bp in Q4. Also virtual unanimous predictions for more fiscal support this year.

    • Yellen's trip to China yields no breakthroughs as expected but dialogue remains open:

      • Senior US Treasury official told reporters Yellen's trip to China did not result in specific policy breakthroughs as expected, but was "very successful" in terms of "re-establishing contact" and building relationships (Reuters). Chinese press described talks as "constructive" (Xinhua) while Ministry of Finance statement noted China agreed to maintain high-level dialogue (Reuters). However, China also urged US to lift bans on Xinjiang products and take practical action to address Chinese concerns about economic sanctions. Yellen said meetings were "direct" and "productive" after aiming to establish and deepen ties with China's new economic team, reduce risk of misunderstanding and pave way for cooperation in areas such as climate change and debt distress. Noted Chinese officials raised concerns about expected US executive order restricting outbound investment, but she assured them any such measure would be narrow in scope. Reiterated Washington was not seeking to decouple from China's economy" Also some attention on Yellen's meeting with PBOC Deputy Governor Pan Gongsheng, whom she referred to as the head of the central bank, appearing to confirm his expected promotion.

    • China ends tech crackdown with fines on Tencent, Ant Group:

      • Bloomberg, citing a PBOC announcement, reported financial regulators fined Ant Group CNY7.12B ($984M) and Tencent (TCHEHY) CNY2.99B, concluding more than two years of probes into the firm. Alibaba (BABA) and Tencent shares soared in New York on Friday. Article suggested that a meaningful relaxation of curbs on Ant would send a strong signal that policymakers are following through on recent pledges to support the industry. PBOC said most of the key problems in financial platform enterprises such as Ant Group and Tencent have been rectified. Tencent said it sees no adverse impact from the fine, and that it expects China will focus on "normalized regulation" going forward. Ant Group may take longer than anticipated to resume an IPO based on listing rules surrounding change in control. Ant on Saturday announced a share buyback plan of up to 7.6% of its equity interest at a price that values the firm at $78.54B, well below the $315B touted in the abandoned IPO in 2020 (Reuters).

    • Asia ex-China on track to record highest FY fund inflow in eight years:

      • Bloomberg reported developing Asia ex-China bourses still on track to see largest annual foreign inflow since 2016 despite worries China's slowing growth will affect investor sentiment in region. Said overseas investors bought $25.4B in regional ex-China stocks YTD with India received most at $12.3B, cited economist saying country has highest potential for long-term absolute returns, case for India to outperform is easier than making case for outperformance in China. South Korea and Taiwan attracted more than $7.9B each amid still-high demand for semiconductor stocks with sector rallying in Q2 on hopes for AI-stimulated recovery. Thailand an outlier with $3.3B withdrawn amid political risk over May general election and coalition government formation. YTD inflow to region in contrast to three consecutive years of outflow with around $60B withdrawn in 2022 alone.

    • BOJ regional economic report leans positive:

      • The BOJ Sakura regional economic report for July showed six out of nine regions kept their economic assessment unchanged from April. The remaining three areas were upgraded. The report noted all regions reported some level of pickup in the economy, despite being affected by factor such as high commodity prices, while dropping the reference to waning impacts of supply-side constraints and COVID-19. Some regions saw a boost in public investment from large projects. Capital spending supported by demand for digitization technology amid intensifying labor shortages, as well as environmental investment including EVs, maintenance/upgrades to commerce, logistics and hospitality facilities. Many areas noted materialization of post-Covid pent-up demand in private consumption where five out of nine regions were upgraded. Inbound tourism widely reported to be growing steadily. Exports/manufacturing slowdown prompting adjustments in electronic parts, materials and capital goods output. Autos recovering moderately from semiconductor shortages though overall momentum seen mostly flat. Amid labor market tightness, many firms raising wages at a magnitude not seen in recent years. Some indications firms are starting to raise prices in anticipation of further pay raises.

    • Notable Gainers:

      • +8.4% ~1880.HK~ (China Tourism Group Duty Free): reports preliminary H1 revenue CNY35.86B vs year-ago CNY27.65B

      • +3.3% ~002352.CH~ (S.F. Holding Co.) guides H1 net income attributable CNY4.02-4.22B vs year-ago CNY2.51B

      • +3.2% 9988.HK (Alibaba Group): Ant Group fined CNY7.12B by CSRC for various past violations; Ant Group announces share buyback under which shareholders can repurchase up to 7.6% of the company's equity at valuation of $78.54B

      • +2.9% 010120.KS (LS Electric Co.): reportedly planning to construct factory in US

      • +0.5% 2269.HK (Wuxi Biologics (Cayman)): announces proposed spin-off and separate listing of WUXI XDC in Hong Kong

    • Notable Decliners:

      • -15.9% 1638.HK (Kaisa Group Holdings): notes winding-up petition filed by Broad Peak Investment Pte. Advisers

      • -6.1% ~352820.KS~ (HYBE Co.): participants of fan signing event in Japan reportedly accuse security of inappropriate body search

      • -4.0% 011790.KS (SKC Co.): to acquire 9.5M ISC shares (45.0% stake) for KRW522.49B

      • -3.4% 6506.JP (YASKAWA Electric): reports Q1 net income attributable ¥11.67B vs FactSet ¥13.24B

      • -0.4% 6888.MK (Axiata Group): to "start with monetization" by selling stakes in some businesses, perhaps including Edotco Group, which the company is still evaluating offers for and may choose to list rather than sell, and listing its technology units Boost and ADA within three years

      • -0.1% 035720.KS (Kakao): Kakao Entertainment reportedly planning to sell 30% stake in Starship Entertainment to raise up to KRW100B

  • Data:

    • Economic:

      • China June

        • CPI y/y 0% versus consensus +0.2% and +0.2% in prior month

        • PPI y/y (5.4%) versus consensus (5%) and (4.6%) in prior month

      • Japan May

        • Current account NSA +¥1.9T versus +¥1.9T in prior month

    • Markets:

      • Nikkei: (198.69) or (0.61%) to 32189.73

      • Hang Seng: 114.02 or +0.62% to 18479.72

      • Shanghai Composite: 7.09 or +0.22% to 3203.70

      • Shenzhen Composite: 6.43 or +0.32% to 2036.83

      • ASX200: (38.30) or (0.54%) to 7004.00

      • KOSPI: (6.01) or (0.24%) to 2520.70

      • SENSEX: 209.94 or +0.32% to 65490.39

    • Currencies:

      • $-¥: +0.29 or +0.20% to 142.3810

      • $-KRW: +5.38 or +0.41% to 1303.8900

      • A$-$: (0.00) or (0.36%) to 0.6649

      • $-INR: (0.04) or (0.05%) to 82.6150

      • $-CNY: +0.01 or +0.16% to 7.2324

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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