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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.10%, Hang Seng +0.61%, Shanghai Composite +0.23% as of 04:10 ET

Aug 04 ,2023

  • Synopsis:

    • Asian equities mostly higher. Hang Seng rebounded, snapping a three-day losing streak. Mainland China stocks edged up on higher trading volumes. ASX and Nikkei both higher. Taiex and Kospi closed slightly lower. S&P 500 and Nasdaq futures higher after AMZN Q2 beat. Europe opened higher. Treasury yields were steady, but longer-dated bonds on pace for worst week of 2023 as 10Y yields rose to highest level since November on Thursday. Dollar weaker against AUD, slightly stronger against yen. Crude higher, while industrial metals and precious metals lower.

    • Relatively quiet session during Asian trading hours. Greater China stocks helped by further signs of regulators showing support for the private sector. PBOC reiterated pledge to step up funding support for private sector after new governor Pan Gonsheng met with real estate executives. Marks latest attempt by authorities to shore up property market following directives this week for major cities to stabilize their property markets, and for banks to lower mortgage rates and downpayment ratios. PBOC and NDRC officials held press conference Friday morning though largely reiterated prior policy stance.

    • Japan earnings season in full swing with aggregate net profit growth highest in six years and margins tracking for record. In Australia, RBA made little change to economic forecasts, which assume cash rate peaking at 4.25% (vs current 4.10%). Predicts inflation will return to within target late 2025, while near-term GDP growth outlook lowered due to cost of living exerting a bigger drag on consumption. Economists now eyeing only one more rate increase by year-end. South Korean superconductor stock rally fizzled after Exchange intensified warnings. Philippines inflation slowed for a sixth straight month in July to lowest since Mar-22, while BSP said bank ready to tighten policy as necessary. Political gridlock in Thailand continues as the scheduled parliamentary vote this Friday for PM postponed.

    • All Nippon Airways (9202.JP) and budget affiliate Peach saw a 30% increase in domestic flights booking for a holiday in mid-August as travel within Japan set to overtake pre-Covid levels. ACCC rejected ANZ (ANZ.AU) bid to acquire Suncorp Group (SUN.AU)'s banking arm. PBOC governor Pan Gongsheng met with representatives from private enterprises, including developers Longfor (960.HK), CIFI (884.HK), and Midea Real Estate (3990.HK) and vowed funding help. CK Asset Holdings (1113.HK) is selling latest residential project in Hong Kong at the lowest price in seven years to attract customers. Superconductor stock frenzy fizzled in South Korea after local exchange escalated warnings, sharp falls for Mobiis (250060.KS), Ducksung (004830.KS), Sunam (294630.KS) and Shinsung Delta Tech (065350.KS).

  • Digest:

    • China regulators reiterate recent pro-growth policy initiatives:

      • China's state economic planner NDRC, together with PBOC, MoF and State Administration of Taxation held a joint briefing on macroeconomic policy coordination, latest effort from regulators to boost market confidence. NDRC senior official said economic recovery expected to be stable in H2, highlighting increases in power generation in July and improvements in recent official manufacturing PMI. Added NDRC pushing for implementation of various pro-growth policies unveiled recently, including auto consumption and urban village redevelopment. PBOC head of monetary policy Zou Lan noted bank would strengthen counter-cyclical adjustments and maintain "reasonably ample liquidity in banking system". Also said would guide commercial lenders to adjust interest rates on existing home mortgage loans. Separately Bloomberg reported new PBOC head Pan Gongsheng met with representatives from eight private enterprises, including three developers, to hear about their difficulties and financing needs. Came after regulators fueled optimism to rejuvenate capital markets by consulting securities firms on possible initiatives (Bloomberg).

    • RBA sees bigger hit to consumption, inflation returning to target in late 2025:

      • No significant changes to RBA's economic forecasts in August Statement on Monetary Policy (Bloomberg). Inflation not expected to return inside 2-3% target band until late 2025, wage growth peak revised up slightly and near-term GDP growth outlook downgraded as cost of living and higher rates exerts bigger drag on consumption growth. Projections assume cash rate of 4.25% (vs current 4.10%). Sees risks around inflation as 'broadly balanced' and notes recent data consistent with its CPI forecasts. However, also acknowledged sticky services inflation amid rising labour costs and rental growth. Stressed importance of inflation expectations remaining stable or it will require further tightening. Reiterated some further tightening may be required, though this will depend on data and evolving assessment of risks. Comments consistent with sell-side views that November may be the month of a final rate hike, depending largely on outcome of Q3 CPI.

    • Japan earnings growth strong, net margins on track for record high:

      • Nikkei's running aggregate for Apr-Jun earnings as of 3-Aug showed net profit growth of 25% y/y with about 40% of Prime Market constituents having reported. This marks the second straight quarter of gains with magnitude highest in six years excluding the pandemic-related volatility in 2021. Strength evenly balanced with manufacturers up 26% and nonmanufacturers up 24%. Net profit margins on track for a record, currently running at 8.6%. Compares with 4.8% a year earlier and ahead of the prior record of 7.6% in 2021. Article added that levels are catching up with S&P 500 aggregate of 9.9%. Broadly cited combination of tailwinds including price increases and output recovery amid Covid reopening, and weaker yen. Strength led by automakers after Toyota (7203.JP) reported record net income of JPY1.3T, while Nissan (7201.JP) logged two-fold increase. Among nonmanufacturers, Oriental Land (4661.JP) posted record earnings on back of strength in spending per customer. Airline carriers JAL (9201.JP) and ANA (9202.JP) also saw domestic travel recover ~90% of pre-pandemic levels. Looking ahead, China's economic slowdown seen as the main headwind.

    • Nintendo tailwinds were already priced in:

      • Nintendo (7974.JP) earnings were well above expectations, with revenue and net profit surging at least 50% y/y (latter a record-high for Q1). Tears of the Kingdom drove software sales, already the ninth-best selling title in Switch history (Bloomberg). The Super Mario Bros. Movie also helped nearly triple licensing royalties, with global box office receipts of $1.35B since opening. But shares sold off Friday, which was attributed to these factors having been already priced in (Reuters). Attention turns to the outlook as FY OP and sales guidance were left unchanged. Bloomberg noted Nintendo has not announced any marquee games for the rest of the fiscal year through March, relying on established titles for the critical year-end shopping season. Despite recent speculation of a Switch console upgrade, the company has also declined to discuss the matter. Recall that Nintendo President Furukawa warned last quarter at achieving 15M Switch sales this fiscal year would be "difficult" as it aims to see multiple consoles per home while refraining from hinting at an upgraded model.

    • White House urged to limit US investment in Chinese stocks and bonds:

      • FT cited a letter written by House China Committee chair Mike Gallagher urging President Biden to widen forthcoming limits on investments in China to cover equities and bonds. Stressed the President's executive order must cover US participation in China public markets, not just direct investments, as the former accounts for the majority of US capital flows, and any exemption would fail to address the bulk of the national security threat. Gallagher claimed a "sizable" portion of the estimated $1.3B in US investment in China finances human rights abuses and groups with connections to the People's Liberation Army. Article noted the executive order is expected from Biden next week, following efforts to restrict Chinese access to US tech and also designed to restrict US capital to groups connected with Chinese military. Gallagher told FT the order should give investors predictability by not creating burdensome case-by-case screening process while calling on allies to follow suit with their own parallel restrictions. Separately, Dealstreet Asia reported California State Teachers Retirement System has been paring back China exposure, falling out of its top 10 country weightings. Ontario Teachers Pension Plan reportedly closed down its China equity investment team based in Hong Kong earlier this year.

    • Notable Gainers:

      • +12.1% 4689.JP (Z Holdings): reports Q1 adjusted EBITDA ¥99.99B vs StreetAccount ¥88.36B, Media Business revenue ¥158.87B vs StreetAccount ¥155.23B

      • +6.1% 9064.JP (Yamato Holdings Co.): reports Q1 operating income ¥1.60B vs FactSet (¥1.08B); guides FY net income attributable ¥58.00B vs prior guidance ¥50.00B and FactSet ¥47.58B

      • +5.9% 4452.JP (Kao): reports H1 revenue ¥738.53B vs year-ago ¥733.90B; provides mid-term plan K27 on FY27 targets

      • +1.5% 960.HK (Longfor Group Holdings): PBOC to increase bond financing support for private sector, meet reasonable financing needs of private property firms

      • +0.9% 042660.KS (Hanwha Ocean): HD Hyundai, Hanwha Ocean reportedly might partner on KRW60T order from Canadian Navy

      • +0.2% 035420.KS (NAVER): reports Q2 revenue KRW2.408T vs StreetAccount KRW2.439T; planning to sell additional KRW400B worth of non-core assets this year

    • Notable Decliners:

      • -7.6% 2395.TT (Advantech): guides 3Q revenue $480-500M vs FactSet $542.9M

      • -4.6% 1.HK (CK Hutchison Holdings): reports H1 net income attributable HK$11.21B, (41%) vs year-ago HK$19.09B

      • -2.9% 7974.JP (Nintendo): reports Q1 revenue ¥461.34B vs FactSet ¥412.43B, switch hardware sales 3.9M units vs year-ago 3.4M units, but leaves FY guidance unchanged

      • -1% O39.SP (Oversea-Chinese Banking Corp.): reports Q2 NPAT SG$1.71B vs StreetAccount SG$1.75B

      • -0.6% 2202.HK (China Vanke): reports July contract sales CNY22.05B; StreetAccount notes year-ago CNY33.69B

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 33.47 or +0.10% to 32192.75

      • Hang Seng: 118.59 or +0.61% to 19539.46

      • Shanghai Composite: 7.62 or +0.23% to 3288.08

      • Shenzhen Composite: 9.95 or +0.48% to 2071.59

      • ASX200: 13.60 or +0.19% to 7325.30

      • KOSPI: (2.59) or (0.10%) to 2602.80

      • SENSEX: 331.61 or +0.51% to 65572.29

    • Currencies:

      • $-¥: +0.14 or +0.10% to 142.6710

      • $-KRW: +8.43 or +0.65% to 1308.0300

      • A$-$: +0.00 or +0.04% to 0.6563

      • $-INR: (0.02) or (0.02%) to 82.7920

      • $-CNY: +0.01 or +0.17% to 7.1783

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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