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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.04%, Hang Seng +0.97%, Shanghai Composite +0.55% as of 04:10 ET

Jul 11 ,2023

  • Synopsis:

    • Asian equities finished mostly higher Tuesday with many bourses snapping multi-day losing streaks. Hang Seng led the gainers with consumer and property stocks higher on expectations of imminent stimulus plans; mainland stocks also better. Strong gains in Seoul, Taipei and in Australia. India extending morning gains, Southeast Asia also stronger. Japan mixed with Nikkei a few points higher but the Topix lower again. US futures slightly higher, Europe opened with gains. US dollar lower again, yen and yuan notably stronger. Treasury yields mixed. Crude, precious metals and industrials higher.

    • Asia markets rallied Tuesday following a relatively strong overnight handover from Wall Street that ended higher on a steep fall in used-car prices, a data point that closely tracks wider CPI. Hawkish comments from Fed officials too but these were tempered by hints members were at last eying a terminal rate. The combination capped recent build in Treasury yields and gave the green light for equities to rally, albeit it modestly. But it was enough to encourage a rally in growth stocks in Asia Tuesday with the tech-rich northern/Australian boards notably higher.

    • Hang Seng also gained on growing talk of stimulus plans. Bloomberg noted Chinese credit market stress was building, pushing PBOC to extend lending support to real estate sector. Calls for deeper stimulus from Beijing growing as more economists warned on consumer deflation just as a prominent PBOC advisor suggested targeted stimulus to support consumers and real estate. Elsewhere, Australian consumer and business confidence improved. South Korean exports shrank further during first 10 days of July but imports also fell at a steep rate.

    • Sumco (3426.JP) is to receive a ¥75B ($530M) subsidy from the Japan government for its silicon wafer plants in the country to boost chip supply chains. Geely (175.HK) and Renault (RNO.FP) have agreed to establish a joint venture in the powertrain business. Hanwha Systems (272210.KS) is considering a bid for Austal (~ASB.AU~) but may run into opposition from private equity bidders. Korea Electric Power Industrial Development (130660.KS), Bosung Power Technology (006910.KS) and Kepco Engineering & Construction (052690.KS) among the South Korea nuclear power stocks higher after Seoul said it was considering building a new nuclear power plant. Wistron (3221.TT) has agreed to sell an iPhone factory in India to the Tata Group for around $600M with government subsidies and production pledges kept in place. Foxconn (Hon Hai, 2317.TT) said it has pulled out of a $19.5B joint venture with Vedanta (500295.IN) to produce semiconductors in India; Vedanta said it had lined up alternative partners.

  • Digest:

    • China to extend support for real estate sector:

      • Xinhua cited an announcement by the PBOC and National Administration of Financial Regulation on Monday, extending support for the real estate sector. The 16-step guideline rolled out last November will be retained through 2024-end. Government aims to guide financial institutions to continue deferring loan repayments for real estate enterprises while propping up financial support to ensure the delivery of housing projects. Bloomberg noted details -- some outstanding loans will be given a one-year repayment extension after such terms were originally applied to loans due late-May 2023. Project-based special loans provided by commercial banks to developers before the end of 2024 would not be classified as higher risk. Article noted takeaways that measures are a step in the right direction but are narrowly focused and more support may be in the pipeline.

    • More China stimulus discussions:

      • Multiple press discussions on potential China stimulus. Bloomberg citing AllianzGI Asia Pacific CIO Raymond Chan noted China needs structural reforms in property sector and listed companies for long-term boost, restoration of confidence in spending and investing. AllianzGI is underweight on China equities and is waiting for reforms and more supportive measures before raising stakes in Chinese property and consumer stocks. Reuters noted PBOC policy advisor Cai Fang argued China should shift focus of stimulus from investment to consumption and estimated residency permits reform could unleash spending by more than CNY2T($277B) from 180M migrant workers. Meanwhile Caixin reported UBS Wealth Management Greater China CIO Hu Yifan expected Beijing to continue with supportive policies but unlikely to launch massive stimulus in H2. Hu expected there might be more RRR and MLF cuts. Support for property sector mainly on downward adjustment of mortgage rates, relaxation of purchase restrictions, rather than rescue developers directly.

    • Australian business and consumer confidence nudge higher:

      • Australian Westpac-MI consumer sentiment index climbed to 81.3 in July from 79.2 in June. Index marginally above pandemic lows with consumers finding solace from soft May inflation data. However, Westpac noted RBA's hold decision in July had little impact on confidence with consumers still wary about potential for more rate hikes. Consumers also remain pessimistic about economic outlook. Separately, NAB business survey showed confidence index rose to zero in June from -3 in June. Conditions unchanged at +9 and remain above long-run average. Activity gauges showed solid growth in profits sub-index while employment unchanged and sales remained strong. However, lead indicators softened with forward orders turning negative and capacity utilization falling to its lowest since early 2022.

    • Taiwan expects the most IPO applications in a decade:

      • Taiwan Stock Exchange (TWSE) head Sherman Lin forecasts 40 IPO applications this year, most since 2013, as EV, cloud computing and biotech firms seek listings. Said requests for IPOs on innovation board could double following just eight applications last year and exchange hoped to attract companies from beyond technology (Bloomberg). Noted TSMC (2330.TT) has a 28% weighting in Taiex, leads index subject to price movements in single stock. Lin said bourse has reformed industry classification to widen company diversification, improving information access to attract overseas investors. Stocks seen net YTD inflows of $8.2B, has helped Taiex to be best performing Asia-ex Japan benchmarks this year. Added economic fundamentals crucial, uncertainties to dissipate post Jan-24 presidential election. Lin's optimism in contrast to China's IPO applications which fell by third in H1-23 to 330, partly on economic slowdown, stricter rules and penalties on sponsors from regulators (Reuters).

    • Thailand's PM candidate Pita's fate may lie with Election Commission:

      • Thailand's Election Commission (EC) could effectively scupper Move Forward leader Pita Limjaroenrat's bid for country's prime minister role if it forwards case over Pita's ownership of media shares to Constitutional Court. Former EC official said decision could sway military-appointed senators against voting for Pita in Thursday's joint House-Senate PM vote; Pita needs support of opposition MPs, senators to secure vote (BangkokPost). Commissioner said if EC forwards Pita's case to Court Pita would be suspended as MP; maybe allowed in as PM candidate but could lead to voting abstentions due to possible ineligibility allegations. Pita inherited shares in iTV media company which has not broadcast since 2007; law specifies candidates for public office must not own shares in 'mass media' companies. Bloomberg commented Pita's election will end political uncertainty, spur series of market-friendly reforms and relief rally for SET and baht.

    • Notable Gainers:

      • +13% 272210.KS (Hanwha Systems Co.): receives KRW399.2B order for Ulsan-class Batch III; Hanwha reportedly running the ruler over Austal, lining up against number of other potential bidders including Cerberus Capital and JF Lehman

      • +5.0% 002230.CH (Iflytek): guides H1 net income attributable CNY55.0-80.0M vs year-ago CNY278.1M

      • +4.8% 3436.JP (SUMCO): Japan's METI reportedly to subsidize SUMCO's silicon wafer factories

      • +4.2% 000656.CH (Jinke Property Group Co.): Chinese real estate sector trading higher on tailwinds from extension of financial support; CBIRC & PBC joint release

      • +3.7% 011790.KS (SKC Co.): reportedly to sell SK enpulse's fine ceramic business to Hahn & Company for KRW400B

      • +2.0% 2881.TT (Fubon Financial Holding): reports June PBT NT$19.06B

      • +0.9% 5019.JP (Idemitsu Kosan): reportedly to invest ¥1T in batteries and next-gen fuels

    • Notable Decliners:

      • -5.0% 1119.HK (iDreamSky Technology Holdings): launches capital raising including an up to 164.2M-share institutional placement at HK$3.10/share

      • -3.7% 5406.JP (Kobe Steel): reportedly failed to declare ¥1.6B to tax office

      • -1.5% 500295.IN (Vedanta): Foxconn reportedly to not move forward on chip JV with Vedanta

  • Data:

    • Economic:

      • Australia

        • July Westpac-MI consumer sentiment 81.3 vs 79.2 in June

        • June NAB business conditions +9 vs +9 in May

          • Business confidence 0 vs (3) in May

    • Markets:

      • Nikkei: 13.84 or +0.04% to 32203.57

      • Hang Seng: 180.11 or +0.97% to 18659.83

      • Shanghai Composite: 17.67 or +0.55% to 3221.37

      • Shenzhen Composite: 16.10 or +0.79% to 2052.93

      • ASX200: 104.90 or +1.50% to 7108.90

      • KOSPI: 41.79 or +1.66% to 2562.49

      • SENSEX: 425.27 or +0.65% to 65769.44

    • Currencies:

      • $-¥: (0.82) or (0.58%) to 140.5070

      • $-KRW: (7.32) or (0.56%) to 1291.8500

      • A$-$: +0.00 or +0.08% to 0.6677

      • $-INR: (0.22) or (0.26%) to 82.3650

      • $-CNY: (0.03) or (0.40%) to 7.2027

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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