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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.04%), Hang Seng (0.36%), Shanghai Composite (0.26%) as of 04:10 ET

Jul 26 ,2023

  • Synopsis:

    • Asian equities ended mixed Wednesday in cautious trading. Hong Kong and mainland China benchmarks gave up some of yesterday's gains but closed off their lows. Australia advanced as CPI fell by more than expected, Seoul fell sharply on profit taking and nervousness over Fed decision. Taipei also down. India extending opening gains, Southeast Asia mixed. Japan benchmarks flat. US futures mixed, Europe turning lower after the open. US dollar lower, AUD weaker on CPI, yuan weaker after two days of gains, yen strengthening late in the day. Treasury yield curve steepening, Australia yields lower. Crude oil lower, precious metals higher but industrials mainly lower.

    • Developed markets in limbo ahead of Fed decision tonight although DJIA did see its 12th consecutive positive day Tuesday for the first time in six years. Tokyo equities flat for a second day in Asia trading hours ahead both Fed and BOJ Friday despite several notable corporate earnings beats; Australia also had a benign opening before inflation data dampened expectations of another RBA rate hike and sent stocks to five-month highs. Hong Kong failed to follow through with yesterday's gains and fell around 1% at one point before recovering as analysts began to question when and how and when Beijing's policy shifts would take place.

    • Australian Q2 inflation came in below forecasts however details were mixed with food and fuel prices softer, but services inflation running at highest since 2001. China appointed Pan Gongsheng to be the next PBOC governor, and replaced Qin Gang with Wang Yi as foreign minister however latter appointment seen as unlikely to change foreign policy trajectory. Singapore factory output fell 4.9% y/y in June but was less than forecast. Thailand's exports fell less than expected. Cambodia's prime minister Hun Sen said he would step down to allow his son to take over just days after winning one-sided election.

    • Nissan Motor (7201.JP) almost doubled its Q1 profit on higher production and sales in North American and Japan, and a weaker yen. The Japan government is said to be considering selling its 34% stake in NTT (9432.JP) to pay for its military build-up. Ant Group (Alibaba 9988.HK) is planning to break off non-core operations in an attempt to smooth the path toward an IPO in Hong Kong. L'Occitane International (973.HK) chairman said to be considering taking the company private. Dongwon Industries (006040.KS) is considering the acquisition of HMM (011200.KS) as part of its logistics expansion. SK Hynix (000660.KS) quarterly sales beat estimates and company said surging interest in AI was driving beginnings of a recovery in the memory chip market.

  • Digest:

    • China GDP growth consensus forecasts revised down:

      • Bloomberg consensus GDP forecast moved lower to 5.2% in 2023 (from 5.5%) and 4.8% in 2024 (from 4.9%), reflecting lack of confidence in prospects for a meaningful improvement in business conditions despite Beijing's efforts on economic and repairing US bilateral relations. Policymakers signaled a more dovish stance on policy going forward but are still likely to hold off on massive stimulus. In a notably large poll, Bloomberg received as many as 73 responses covering a range of questions. Survey period began after last week's key economic data and ended before the Politburo statement was released Monday evening. Consensus looks for PBOC cutting the 1y MLF rate by 10 bp this quarter (vs prior 5 bp) while predictions for a 25 bp RRR cut remained unchanged. Inflation forecasts were downgraded in the wake of the stall in CPI, now expected to average 0.9% this year, down from 1.2% prior. Ten out of 14 respondents see deflationary pressures persisting for at least four months. PPI inflation was also revised down to a 2.7% fall this year vs prior average of 2.1%.

    • Australian inflation eases by more than forecast, services inflation highest since 2001:

      • Australian Q2 headline inflation eased to 0.8% q/q from 1.4% in Q1, below consensus 1.0%. On a y/y basis, inflation dropped to 6.0% from 7.0%, also below consensus 6.2%. Trimmed mean inflation fell to 0.9% q/q from 1.2% in Q1, below forecast 1.1%. On a y/y basis trimmed mean inflation declined to 5.9% from 6.6%, below consensus and RBA's projection in May of 6.0%. Headline result driven by fall in food inflation and sharper drop in fuel prices. However, other components signaled degree of stickiness with services inflation running at highest since 2001. Rental inflation hit highest since 2009. Inflation in furnishings, household equipment, childcare and other services categories all rose over the quarter. Insurance and financial services inflation hit highest since 2008. Separate monthly gauge showed June inflation fell to 5.4% from 5.6% in May, as lower fuel prices offset growth in housing.

    • China appoints new PBOC Governor, Foreign Minister:

      • NPC Standing Committee appointed Pan Gongsheng as PBOC Govenor, replacing Yi Gang (Xinhua). While this was not surprising given the move has been widely discussed and after the recent realignment of central bank party posts, more attention went to the reinstatement of Wang Yi as foreign minister, replacing Qin Gang who disappeared from public view in June. Implications remain unclear as the announcement did not offer an explanation. Bloomberg noted that while Qin's removal ends speculation over his official status after his disappearance, it does little to answer more fundamental questions over the reason for the absence of an official considered one of President Xi Jinping's handpicked ministers. Still, the switch is unlikely to change the course of China's foreign policy. Wang, who is head of the Communist Party's foreign affairs panel, had already been standing in for Qin at international events in recent weeks. Some thoughts this is an interim arrangement, but in the meantime, Wang represents one of the more hawkish figures on foreign policy, and his meeting with Secretary of State Blinken last month was tense.

    • China ultra-long bonds fall as markets digest Politburo pledges:

      • China government bonds under pressure in the wake of Monday's Politburo meeting with 30Y futures recording biggest single-day drop since contract launch 21-Apr (Shanghai Securities News). China 10Y yield rose above closely watched 2.6% level, highest in a month, as investors fled safe havens. Comes after ultra-long bonds saw heated demand in recent weeks that pushed down yields on 15Y and 20Y government to lowest since 2002, and 30Y tenor towards levels unseen since 2005 (Bloomberg). Fixed income strategists noted recent bond rally likely due to expectations authorities may tolerate modest growth, along with low inflation and further RRR cuts. Politburo's pledges of support for housing market and consumption seen driving only short-term reversal in bond market.

    • Bank of Thailand warns over volatility in domestic capital markets amid political uncertainty:

      • BoT has warned Thailand's politicians over volatility in country's capital markets, saying corporate bonds issuers face higher risks of defaults amid increased volatility from domestic political uncertainty. Added more companies experiencing negative credit rating reviews while corporate governance issues in listed companies has prompted investors to become cautious (BangkokPost). Said overall corporate bond market remains resilient, risks to financial stability limited for now but bank closely monitoring financial markets, credit risks at corporate bond issuers. Said regulators should prepare for "unprecedented risk events" and revealed it had conducted stress test that involved severe deposit outflows. Bank also monitoring household debt, small businesses affected by export slump. Warning comes day after parliament canceled scheduled vote to elect new PM as pro-democracy parties struggle to find support to form government acceptable to conservatives (Bloomberg).

    • Notable Gainers:

      • +13.2% 361610.KS (Sk Ie Technology Co.): signs KRW585.80B mid- to long-term LiBS supply contract with SK On

      • +8.8% 973.HK (L'Occitane International): chairman Reinold Geiger reportedly considers taking company private

      • +6.6% 9922.HK (Jiumaojiu International Holdings): guides H1 net income attributable CNY220.0M vs year-ago CNY57.7M

      • +6.0% 011200.KS (HMM): Dongwon Industries reportedly to bid for HMM, considering the acquisition for logistics business expansion

      • +4.1% 105560.KS (KB Financial): reports Q2 operating profit KRW2.053T vs consensus KRW1.813T; to launch KRW300.00B on-market buyback from 1-Aug through 31-Jul-24

      • +1.7% 4578.JP (Otsuka Holdings): guides H1 revenue ¥947.50B vs prior guidance ¥867.00B, operating income ¥130.50B vs prior guidance ¥91.50B

    • Notable Decliners:

      • -1.4% 7309.JP (Shimano): reports H1 revenue ¥263.25B, (13%) vs year-ago ¥303.69B, EBIT ¥53.91B, (33%) vs year-ago ¥80.91B; Lowers FY guidance

      • -1.3% 9432.JP (Nippon Telegraph & Telephone): Japanese government reportedly considering selling its 34% stake in Nippon Telegraph & Telephone for defense buildup

      • -0.4% 000660.KS (SK Hynix): reports Q2 operating income (KRW2.882T) vs StreetAccount (KRW2.867T); maintains capex guidance, decides to cutback NAND production further

  • Data:

    • Economic:

      • Australia

        • Q2 headline CPI +0.8% q/q vs consensus +1.0% and +1.4% in Q1

          • Headline CPI +6.0% y/y vs consensus +6.2% and +7.0% in Q1

          • Trimmed mean CPI +0.9% q/q vs consensus +1.1% and +1.2% in Q1

            • Trimmed mean CPI +5.9% y/y vs consensus +6.0% and +6.6% in Q1

        • June CPI +5.4% vs +5.6% in May

      • Japan June

        • Services PPI +1.2% y/y vs consensus +1.5% and +1.6% in prior month

    • Markets:

      • Nikkei: (14.17) or (0.04%) to 32668.34

      • Hang Seng: (69.26) or (0.36%) to 19365.14

      • Shanghai Composite: (8.49) or (0.26%) to 3223.03

      • Shenzhen Composite: (10.68) or (0.52%) to 2037.47

      • ASX200: 62.30 or +0.85% to 7402.00

      • KOSPI: (44.10) or (1.67%) to 2592.36

      • SENSEX: 458.56 or +0.69% to 66814.27

    • Currencies:

      • $-¥: (0.39) or (0.28%) to 140.5180

      • $-KRW: (5.12) or (0.40%) to 1271.4700

      • A$-$: (0.00) or (0.26%) to 0.6766

      • $-INR: +0.07 or +0.09% to 82.0200

      • $-CNY: +0.01 or +0.14% to 7.1466

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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