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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.09%), Hang Seng +0.33%, Shanghai Composite +0.04% as of 04:10 ET

Jul 14 ,2023

  • Synopsis:

    • Asian equities ended mostly higher Friday. Hong Kong held on to a gain but mainland markets were more muted and ended close to the flatline. Gains for South Korea, which rose on a surge in POSCO stock, Taiwan and Australia with technology stocks outperforming. India's Sensex reached another record high. Southeast Asia with gains including SET despite political upheaval. japan stocks slightly lower. European markets seeing a mixed opening, US futures soft. Dollar consolidated overnight losses but DXY remains below 100, yuan stronger, yen weakened late on. Treasury yields higher across tenors. Crude oil a little lower, precious metals mixed, industrial metals edging lower.

    • Asia markets largely continuing this week's run to end higher although Japanese stocks were somewhat soft again. More stimulus talk from China supporting equities for a time, this time from a PBOC Deputy Governor Liu who said he saw cuts to RRR and MLF rates ahead but still no substantive measures announced. More overnight losses in the dollar, which saw its DXY index sink to below 100 for the first time in 15 months, giving Asia currencies a boost and with them an extra tailwind for stocks.

    • BOJ may raise its FY23 inflation forecast to above 2% at July meeting as inflation increased the case for an early tweak to its YCC policy. Deputy Governor bullock to replace Philip Lowe as RBA governor when his term ends in September; futures now pricing in reduced probability of RBA August rate hike. China growth slowdown under more scrutiny with IMF flagging downgrade to GDP forecasts. China GDP previews also note forecasts for sharp q/q growth slowdown in Q2.

    • Nissan Motor (7201.JP) and Renault (RNA.PA) agree Nissan will invest ¥100B into EV unit Ampere. BYD (1211.HK) has proposed a $1B investment into India to build EV cars and batteries in partnership with a local private company. Guangzhou Auto Group (2238.HK) and Mitsubishi Motor (7211.JP) are to halt production in their joint venture and conduct internal reorganization. Hana Financial (086790.KS) was chosen as the preferred bidder for KDB Life Insurance from Korea Development Bank. POSCO (005490.KS) presented long-term growth targets that included tripling operating profit, doubled operating profit margin, crude steel capacity of 52M tonnes; stock surged. Hotel Properties' (H15.SP) MD handed notice of arrest in connection of probe into transport minister graft.

  • Digest:

    • PBOC Deputy Governor Liu reaffirms pledge for more counter-cyclical adjustments:

      • Newswires cited comments from PBOC Deputy Governor Liu Guoqiang at press conference, reiterating the central bank has ample policy tools and will step up counter-cyclical adjustments. Liu downplayed the prospect of deflation in China, noting a possible further softening in July would be followed by a rebound in August. Comments on yuan risks were symmetric -- acknowledged yuan has depreciated "slightly" though hasn't observed a major skew in flows. Bloomberg previewed this event against the backdrop of ongoing questions about further room for monetary easing. Cited a recent commentary written this week by Governor Yi Gang stressing a prudent policy stance, noting strategy is tailored to domestic conditions, while yuan flexibility has helped PBOC to weather Fed rate hikes. But some economists have expressed concerns that added credit may flow only to less efficient sectors or towards debt repayments that would have little impact on real demand. Attention shifts to next week's MLF operation, where a narrow Bloomberg poll showed unanimous expectations the 1-year rate will remain steady at 2.65% following last month's cut.

    • RBA Deputy Governor Bullock to replace Philip Lowe as central bank governor:

      • Australian PM Albanese announced RBA Deputy Governor Bullock will replace Philip Lowe as governor when his term expires in September (Bloomberg). Lowe's position had been under considerable scrutiny amid criticism over RBA's previous guidance that rates would remain unchanged until 2024, which prompted many Australians to take out mortgages they are now struggling to manage. Bullock chosen over Treasury Secretary Kennedy and Finance Secretary Wilkinson, which was seen as a positive development from a continuity/stability dynamic. Lot of interest on where Bullock lies on dove-hawk spectrum following her speech in June where she noted a 4.5% unemployment rate (vs current 3.6%) would leave economy closer to full employment and more a sustainable balance point. However, her appointment was considered non-controversial with neutral implications for policy. Multiple economists have since made no change to their rate forecasts.

    • Yuan set to strengthen for second straight week:

      • Yuan is set to strengthen for second straight week, rebounding from recent weakness as Chinese policymakers vow to stabilize currency and US monetary tightening campaign nears an end. Brokers including UBS, BNP Paribas expect yuan will rally above 7 per dollar by end-23 (Bloomberg). Noted yuan was at 7.28 level by end-Jun, sinking more than 5% in Q2 against dollar. Analysts noted negativity has been priced in and yuan expected to be more resilient in H2 with economic recovery getting support from both monetary and fiscal policies. Added US-China interest rates differentials will remain, but impact will be contained if PBOC refrains from large rate cuts and growing expectations of Fed policy pivot. China bond outflows also moderated. PBOC deputy governor Liu Guoqiang said China's cross-border capital flows are "basically balanced" and Beijing will prevent sharp fluctuations in yuan. Also added yuan exchange rate will maintain two-way movement and reasonable equilibrium. (ShanghaiSecuritiesNews)

    • Singapore's economy narrowly misses recession in Q2:

      • Singapore's Q2 GDP grew 0.3% q/q in initial estimate, narrowly avoiding technical recession following 0.4% Q1's contraction, versus consensus expectations of 0.2% contraction. On y/y basis, economy grew 0.7% from 0.4% in Q1. MTI data showed manufacturing sector shrank 7.5% y/y, decelerating from Q1's 5.3% decline; output from most manufacturing clusters fell however contraction slowed to 1.3% in Q2 from Q1's 4.5% decline. Output declines also seen in finance and insurance sectors. Offsetting this, construction grew 6.6% y/y, services grew 3% to expand on Q1's 1.8% growth. Also notable, growth in IT and digital solutions (BusinessTimes, Reuters). Upside surprise to GDP figure came after steep slide in industrial output, non-oil domestic exports in June on slowing global economy, backslide in China's economic recovery. MTI set to potential revise 0.5-2.5% FY growth forecast in August post finalized Q2 data.

    • Thailand's Pita not giving up in bid for premiership despite losing first bicameral vote:

      • Thailand's Move Forward Party leader and prime minster candidate Pita Limjaroenrat said he will not give up his quest to become PM after suffering defeat in bicameral vote to elect country's PM (BangkokPost). Vote filled with abstentions, no shows as conservative senators appointed by military junta closed ranks against him (Reuters). Pita fell 51 votes short of 375 majority needed from 749 parliamentary members: opposition included 199 abstentions, 182 direct votes against him, 44 no-shows; 13 senators voted for him. Pita said many members not voting as they wished, "lots of pressure on them, many had several incentives", added will return next week for second attempt. Opposition lawmakers said MFP's plan to change lèse majesté laws would prove Pita's undoing despite MFP and coalition partner Pheu Thai overwhelmingly winning 15-May general election (StraitsTimes). Second and third votes scheduled for 19- and 20-Jul.

    • Notable Gainers:

      • +19.6% 2142.HK (HBM Holdings): guides H1 net income $2.0-4.0M vs year-ago ($73.1M); notes BeiGene to acquire exclusive option for a global clinical and commercial license to ADC program from Duality Biologics

      • +3.6% 005490.KS (POSCO): presents 2030 long-term growth targets; targets combined sales of KRW100T

      • +3.1% 590.HK (Luk Fook Holdings (International)): reports Q1 retail same store sales growth +62% y/y

      • +3.0% 086790.KS (Hana Financial): chosen as preferred bidder for KDB Life Insurance

      • +1.1% 6594.JP (Nidec): to launch ¥2600/share tender offer for Takisawa Machines Tool Co

      • +1.0% 2330.TT (Taiwan Semiconductor): Foxconn, TSMC, TMH reportedly may set up JV for semiconductor fab units in India

  • Notable Decliners:

    • -5.1% 3382.JP (Seven & i): reports Q1 net income attributable ¥42.18B vs FactSet ¥61.08B

    • -2.1% 7201.JP (Nissan Motor): Nissan, Renault reportedly finalize terms for alliance; Nissan to invest ¥100B (€646.8M) in Ampere

    • -2.1% 9983.JP (FAST RETAILING CO.): reports Q3 net income attributable ¥85.1B, (6.4%) y/y

    • -1.5% 2238.HK (Guangzhou Automobile Group): JV GAC Mitsubishi reportedly to halt production, conduct internal reorganization

  • Data:

    • Economic:

      • Japan May

        • Final industrial production (2.2%) m/m vs preliminary (1.6%) and +0.7% in prior month

        • Operating ratio (6.3%) m/m vs +3.0% in prior month

        • Production capacity 0.0% y/y vs (0.2%) in prior month

      • Singapore Q2

        • GDP +0.3% q/q vs consensus +0.3% and (0.4%) in prior quarter

        • GDP +0.7% y/y vs consensus +0.5% and +0.4% in prior quarter

    • Markets:

      • Nikkei: (28.07) or (0.09%) to 32391.26

      • Hang Seng: 63.16 or +0.33% to 19413.78

      • Shanghai Composite: 1.22 or +0.04% to 3237.70

      • Shenzhen Composite: (0.90) or (0.04%) to 2058.10

      • ASX200: 56.20 or +0.78% to 7303.10

      • KOSPI: 37.07 or +1.43% to 2628.30

      • SENSEX: 206.51 or +0.31% to 65765.40

    • Currencies:

      • $-¥: +0.15 or +0.11% to 138.2050

      • $-KRW: (3.13) or (0.25%) to 1264.0200

      • A$-$: (0.00) or (0.17%) to 0.6877

      • $-INR: +0.06 or +0.07% to 82.0860

      • $-CNY: (0.01) or (0.20%) to 7.1371

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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