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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.81%), Hang Seng +1.08%, Shanghai Composite (0.78%) as of 04:10 ET

Jul 12 ,2023

  • Synopsis:

    • Asian equities ended mixed Wednesday. More gains for Hong Kong stocks to continue this week's trend however mainland stocks were lower. Japan's Nikkei closed at one-month low. Elsewhere gains for South Korea, Taiwan and Australia, India flat, Southeast Asia higher although Bangkok underperformed. US futures a higher, Europe extending opening gains. US dollar down to two-month lows, yuan, yen strengthened, NZD also stronger but off its peak post RBNZ rate decision, baht lower on domestic political developments. Treasury yields higher at the short end, lower at the long. Crude oil flat, precious metals flat, industrial metals also better.

    • Asia markets following patterns from recent days as Japan fell and Asia-ex modestly higher but with enthusiasm subdued ahead of US inflation later this evening. Consensus expects headline CPI at 3.1% y/y, core 5.0%; headline and core 0.3% m/m. In Asia, RBNZ left OCR unchanged with few surprises from accompanying policy statement and minutes, which reiterated rates to remain restrictive for "foreseeable future". RBA Governor Lowe said it remains to be determined whether more rate hikes needed and bank will implement review recommendations from Feb-24, including fewer meetings and regular press conferences.

    • Japan May core machinery orders unexpectedly fell sharply, June wholesale inflation fell for a sixth month. China credit data stronger-than-expected though broader narrative continues to talk up prospects of stimulus in H2; NDRC gave blessing to ten internet and IT projects and praised large tech companies in latest sign its three-year probe into the sector had ended. Thailand's PM candidate Pita received blow when Election Commission referred his media-shares ownership case to the Constitutional Court.

    • Nvidia (NVDA) is in talks to become an anchor investor for Softbank's (9984.JP) ARM unit when it lists later this year in New York. Keep (3650.HK) rose around 2% in its first trading day post IPO. LG Electronics (066570.KS) said it wanted to reach KRW100T in sales by 2030 as it transfers to platform-based service business. LG Chem (373220.KS) is to issue $2B in foreign currency bonds exchangeable for LG Energy Solutions (373220.KS) shares. Thomson Medical Group (A50.SP) is to pay $381.4M for FV Hospital, marking the largest ever healthcare deal in Vietnam.

  • Digest:

    • China state planner praises leading tech giants, endorses projects:

      • China's state planning body, NDRC, has endorsed ten projects proposed by technology giants including Tencent (700.HK) and Alibaba (9988.HK), marking another end point to Beijing's almost three-year long probe into IT & internet companies. NDRC also laid out initial boundaries of country's "green-light projects" which details where private internet companies can invest and receive government backing. Analysts said move accelerates hopes of Beijing's role in boosting real economy development (SCMP). Accompanying statement from NDRC outlined how platform companies had become contributors to innovative technology areas Beijing wanted to prioritize including semiconductors and autonomous driving. Noted Tencent's investment into cloud computing, Meituan's (3690.HK) chip investments (Reuters). Analysts said change of attitude by NDRC gives important signal that three-year long investigation is over while simultaneously clarifying and loosening regulation, noted projects approved were 'choke points' in China economy.

    • RBNZ leaves OCR unchanged as expected:

      • RBNZ left official cash rate (OCR) unchanged at 5.50% as expected (Bloomberg). Few surprises from policy statement and minutes, which maintained a neutral guidance and offered no indication policymakers are eyeing further rate hikes. Monetary Policy Committee noted tight monetary conditions reducing inflation and spending as expected. Reiterated OCR will need to remain restrictive for foreseeable future and expressed confidence inflation will return to 1-3% target by H2 2024 timeframe. Inflation remains too high, but judged inflation risks as broadly balanced. While employment remains above maximum sustainable level, lead indicators suggest labour market conditions are easing. Financial conditions have continued to tighten and pockets of stress emerging in some parts of the economy. However, non-performing loans remain very low.

    • RBA Governor Lowe says to be determined whether more rate hikes needed:

      • In a speech, RBA Governor Lowe said it remains to be determined whether more rate hikes are needed, though this will depend on evolution of economy and inflation. Noted policy has already been tightened rapidly and significantly. RBA will have updated economic forecasts on hand for its August policy decision. Inflation risks have shifted somewhat to the upside since previous set of forecasts in May that projected inflation returning to upper end of 2-3% target in mid-2025. When assessing updated forecasts in August, RBA will consider strong growth in unit labor costs, big increase in rents, higher electricity prices, easing of supply chain disruptions, slowing demand growth, and lower commodity prices. Added that slower demand growth is expected to lead to some rise in unemployment, moderation in unit labor cost growth and reduced cost pressures that lead to greater price discounting.

    • Thai Court to decide if PM candidate Pita should be disqualified as lawmaker in blow to democratic parties:

      • Reuters reported Thailand's Electoral Commission (EC) to refer PM candidate Pita Limjaroenrat's case over owning shares in media company to Constitutional Court, likely leading to suspension of Pita as parliamentarian until ruling made. Pita repeatedly pointed out inheritance of shares, media company not having broadcast since 2007. Technically, Pita can still stand in joint House-Senate session due Thursday to decide PM role however several lawmakers already on record saying they won't support him if he is suspended. If no candidate chosen Thursday, Pita's Move Forward Party could re-submit his name as candidate in next parliamentary session on 19-July (Bloomberg). In alternative scenario, coalition partner Pheu Thai could form government with more conservative parties however postponement of vote more likely, according to analysts. Thai constitution has no deadline for PM appointment, no limit on how many times single candidate's name can be nominated.

    • Recent yen strength attributed to renewed BOJ speculation:

      • Nikkei discussed the yen's advance to near 1-month highs against the dollar as recent data on wages and inflation renewed speculation about BOJ policy normalization at this month's MPM. Noted USD/JPY has moved four big figures over the past week, while 10y JGB yield reached 0.465% on Monday, the highest since April. Spotlight dynamic remains US-Japan interest rate differential, which reflects policy gap to date. Going forward however, BOJ tweaks stand to narrow the spread with the Fed approaching the end of their tightening cycle (and markets debating subsequent rate cuts). Article noted takeaways from latest Japan wage data that the stronger growth in May reflected shunto wage hikes. This fits with the BOJ's aim to see wage growth underpinning price stability. Some expectations yen appreciation has further to run even if 10y yield reaches the BOJ's 0.50% upper limit in a repeat of similar episodes in January and last June. However, Mitsubishi UFJ Morgan Stanley FX chief strategist suggested market needs more evidence supporting YCC tweaks to justify further yen appreciation beyond 140.

    • Notable Gainers:

      • +9.7% 3231.TT (Wistron): Tata Group reportedly may buy Wistron factory in India as soon as August

      • +4.8% 2423.HK (KE Holdings): COO Wangang Xu will no longer hold the position, effective from 12-Jul; company proposes to appoint Xu as the vice chairman

      • +2.4% 4552.JP (JCR Pharmaceuticals): receives approval to start global phase 1/2 clinical trial for JR-441

      • +1.8% 3650.HK (Keep, Inc.): opens +4.8% at HK$30.30/share on HKEx

      • +1.4% 066570.KS (LG Electronics): announces 2030 financial targets, strategic direction; plans to achieve KRW100T in sales by 2030

    • Notable Decliners:

      • -6.4% 1725.HK (Hong Kong Aerospace Technology Group): unit Aspace places 49% stake for $20.5M ($159.9M)

      • -5.8% 122870.KS (YG Entertainment): speculation Blackpink member Lisa may chose not to renew contract

      • -2.9% 373220.KS (LG Energy Solution): LG Chem to issue $2.00B worth of foreign currency bonds exchangeable for 3.7M LG Energy Solution shares

      • -1.8% 6526.JP (Socionext): Development Bank of Japan with 5.0M shares, Fujitsu with 5.0M shares and Panasonic with 2.5M shares will sell their shares at subscription price of ¥14,247.80/share to managers

  • Data:

    • Economic:

      • Japan

        • June CGPI +4.1% y/y vs consensus +4.4% and revised +5.2% in prior month

        • May core machinery orders (7.6%) m/m vs consensus +1.0% and +5.5% in prior month

      • South Korea June

        • Unemployment rate 2.6% vs consensus 2.6% and 2.5% in prior month

    • Markets:

      • Nikkei: (259.64) or (0.81%) to 31943.93

      • Hang Seng: 201.12 or +1.08% to 18860.95

      • Shanghai Composite: (25.23) or (0.78%) to 3196.13

      • Shenzhen Composite: (22.16) or (1.08%) to 2030.77

      • ASX200: 26.80 or +0.38% to 7135.70

      • KOSPI: 12.23 or +0.48% to 2574.72

      • SENSEX: 34.37 or +0.05% to 65652.21

    • Currencies:

      • $-¥: (0.75) or (0.53%) to 139.6140

      • $-KRW: (4.21) or (0.33%) to 1287.6100

      • A$-$: +0.00 or +0.03% to 0.6686

      • $-INR: (0.14) or (0.17%) to 82.2780

      • $-CNY: (0.02) or (0.31%) to 7.1879

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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