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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.68%, Hang Seng +1.41%, Shanghai Composite (0.20%) as of 04:10 ET

Jul 27 ,2023

  • Synopsis:

    • Asia equities ended mostly higher Thursday. Hong Kong higher again with stocks led by EV plays on Volkswagen-XPeng news, mainland markets turned red in the afternoon session. Gains for Japan, South Korea and Taipei; Australia also seeing another strong day. India slipping a little, Southeast Asia underperformed. US futures turning higher, Europe opened with strong gains. US dollar flat but AUD stronger, yuan also stronger again, yen holding at 140 per dollar ahead of BOJ tomorrow. Treasury yields higher. Crude oil higher, precious metals well bid, industrial metals higher, agricultural futures also trading higher.

    • Hong Kong stepping higher again first thing on reports Volkswagen is set to make a substantial investment in XPeng, dragging other EV manufacturers higher on read across. However, gains not across the board this time with some hesitancy among growth sectors to rally again even though the technology index is on the edge of a technical bull market. Some regional follow through from last night's Fed hike but, as Wall Street remained muted with a more-or-less in line message to accompany the well-expected hike, Asia gains were limited. Fed Fund Futures showing a 20% chance of another hike in September although there are several important data points to get through before then.

    • China industrial production contracted further in June amid deflation pressures and weak demand. South Korean manufacturer sentiment hit year-to-date high amid fall in raw material costs, while its government announced tax reforms to stimulate growth and address its critical demographic problems. Thailand's factory output dropped by more than expected, Malaysia's PM Anwar laid out ambitious goals for the country over the next ten years. Ahead ECB tonight with markets broadly expecting a 25 bps increase while on Friday consensus has the BOJ on a holding pattern albeit with the potential for yen volatility around a possible widening of the YCC band.

    • Volkswagen (VOW.GR) is to invest $700M into Xpeng (9868.HK) and jointly develop EVs in China; shares surged as much as 30%, NIO (9866.HK) and Li Auto (2015.HK) higher on read through. Samsung Electronics (0005930.KS) guided for gradual recovery in memory demand in H2 after posting Q2 profit 86% lower y/y on weak memory chip demand, and 22% decline in quarterly sales. SK Telecom (017670.KS) is to begin a KRW300B share buyback programme to run through to end of January 2024.

  • Digest:

    • US willing to take targeted actions against China for national security:

      • According to Reuters, US Treasury Undersecretary Shambaugh told the Senate Foreign Relations Committee the Biden administration will not hesitate to take targeted actions against China to secure the national security interests of the US and its allies and to protect human rights, but added they must cooperate on global challenges. Counterbalanced with a remark that economic decoupling would be "disastrous" for both the US and China and nearly impossible to achieve. Reiterated that key issues include objections to Chinese "non-market" economic practices and excessive government support that put US companies at a disadvantage. Separately, Reuters also reported Commerce Secretary Raimondo said the administration is seeking to carefully target US controls on exports to China, but rules will cost firms some revenue. Rhetoric remains little changed as the US is considering updating a sweeping set of rules imposed in October to restrict Chinese access to chip technology as well as a new executive order restricting some outbound investment.

    • South Korea proposes tax cuts to support childbirths, reshoring, biotech sector:

      • South Korea's tax code revisions revealed Thursday focused on tax cuts for business and easing of financial burdens in households (Yonhap). Companies that re-shore operations back to South Korea will receive 100% income tax exemption for seven years plus 50% for following three; proposed to also add biotech and visual entertainment sectors to strategic industries to reduce reliability on traditional manufacturing. To counter country's dire demographic challenges, financial support for marriages, home buying and childcare proposed. In total, 31 changes announced however this will reduce tax revenue by KRW 471.9T ($371.5M) over next five years and could be watered down by parliament. Proposals will likely increase debate around falling tax revenues and need for additional budget to address shortfall following KRW36.4T decrease in revenue in Jan-May period. Separately Thursday, BOK reduced its lending facility from 100 bps to 50 bps to boost liquidity (Reuters)

    • Early Asia tech earnings takeaways positive on outlook:

      • Samsung Electronics (005930.KS) beat expectations on Q2 operating and net income with revenue in line. EBIT outperformed in consumer electronics, internet & mobile, display panels, while semiconductors lagged. Guidance looks for gradual recovery in memory demand in H2 as counterparts work through inventories. Follows earlier results from SK Hynix (000660.KS), which beat on revenue but posted a bigger than expected net loss. Analyst takeaways indicated general consensus the memory cycle has likely bottomed out and now expecting a period of inventory write-up in DRAM to follow. DRAM seen further benefitting from AI-driven demand. HBM sales may expand significantly this year. Some anticipation DRAM operating results could turn to black in Q3. NAND market will need more time to resolve inventories across supply chains with some suggestion segment unlikely to turn a profit before Q4 of FY24. LG Display (034220.KS) came in below FactSet consensus on Q2 net income (fifth straight loss) and slightly missed on revenue. But CFO Sung-hyun Kim guided a return to profitability in Q4. Noted market appears to be over the worst and expects stronger demand for panels after inventories have fallen in H1 (Reuters).

    • Malaysia unveils plan to change trajectory of its economy:

      • Malaysia PM Anwar Ibrahim unveiled plan Thursday that targets reset country's growth trajectory with aim of increasing incomes and female participation in workforce. It also wants to lower budget deficit to reduce stresses on government finances, lower fiscal gap to 3% of GDP, boost GDP growth to 6% (NewStraitsTimes). Government wants to attract corporates that create high-income jobs by grant of tax breaks, to boost manufacturing, implement reforms on stock market to make investment more attractive. Also wants to lift Malaysia to top 30 global economies within decade, improve human development index ranking to top 25 from current 62 rank (Bloomberg). Immediate stimulus also announced via low-income e-cash credits, digitalization grants and MYR100M for infrastructure development. Rollout of plan comes weeks before important state elections that Anwar must perform well in to keep support of his coalition at national level.

    • Volkswagen invests $700M in China's Xpeng for nearly 5% stake:

      • Xpeng (9868.HK) shares surged as much as 30% on Thursday morning in Hong Kong. Its ADRs rallied 27% overnight and peers NIO (9866.HK) and Li Auto (2015.HK) also gaining. Came after reports that Volkswagen (VOW.GR) plans to invest $700M in the Chinese EV maker and jointly develop EVs in China (Bloomberg). Deal will give VW a 4.99% stake as well as an observer board seat. VW and Xpeng plan at least two new models, with first due to launch in 2026. Separately VW's Audi brand will further cooperation with SAIC (600104.CH) to bolser its EV lineup. VW is facing growing competition in China as BYD (1211.HK) overtakes it to become China's top-selling automaker in 2023 (Bloomberg). Meanwhile Chinese EV makers have been benefiting from government's push to expand purchases and higher adoptions in rural areas. Noted recent Politburo meeting statement reiterated vows to boost auto consumption.

    • Notable Gainers:

      • +33.9% 9868.HK (XPeng, Inc.): VW brand agree strategic cooperation with XPENG; Volkswagen Group to ultimately hold around 4.99% stake in Xpeng

      • +3.7% 028050.KS (Samsung Engineering Co.): reports Q2 operating income KRW344.47B vs FactSet KRW202.09B

      • +3.1% 017670.KS (SK Telecom): launches KRW300B share buyback, to run from today through 26-Jan-2024

      • +1.8% 018260.KS (SAMSUNG SDS CO.): reports Q2 operating profit KRW206.36B vs FactSet KRW196.20B

    • Notable Decliners:

      • -10.7% 4751.JP (CyberAgent): reports 9M operating income ¥18.97B vs year-ago ¥55.90B; guides FY operating income ¥25.00B vs prior guidance ¥40.00B and FactSet ¥43.36B

      • -6.9% 373220.KS (LG Energy Solution): reports Q2 operating profit KRW460.6B vs preliminary KRW611.6B and StreetAccount KRW667.09B, revenue KRW8.774T in line with preliminary; updates FY revenue guidance; now expects growth of over mid-30% y/y

      • -5.8% 006400.KS (Samsung SDI): reports Q2 operating profit KRW450.19B vs StreetAccount KRW464.07B

      • -5.0% VC2.SP (Olam Group): expects H1 PATMI to be materially lower vs year-ago SG$472.5M

      • -4.5% 6988.JP (Nitto Denko): operating income ¥22.41B vs StreetAccount ¥23.01B, revenue ¥208.46B vs StreetAccount ¥206.97B

  • Data:

    • Economic:

      • China June

        • Industrial profits YTD (16.8%) y/y vs (18.8%) in prior month

        • Industrial profits (8.3%) y/y vs (12.6%) in prior month

      • Australia Q2

        • Export Price Index q/q (8.5%) versus consensus (7%) and +1.6% in prior quarter

        • Import Price Index q/q (0.8%) versus (4.2%) in prior quarter

    • Markets:

      • Nikkei: 222.82 or +0.68% to 32891.16

      • Hang Seng: 273.97 or +1.41% to 19639.11

      • Shanghai Composite: (6.36) or (0.20%) to 3216.67

      • Shenzhen Composite: (9.74) or (0.48%) to 2027.74

      • ASX200: 53.90 or +0.73% to 7455.90

      • KOSPI: 11.45 or +0.44% to 2603.81

      • SENSEX: (349.25) or (0.52%) to 66357.95

    • Currencies:

      • $-¥: (0.33) or (0.24%) to 139.9130

      • $-KRW: +1.78 or +0.14% to 1275.9500

      • A$-$: +0.01 or +0.75% to 0.6814

      • $-INR: (0.13) or (0.15%) to 81.9310

      • $-CNY: (0.01) or (0.20%) to 7.1362

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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