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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.38%, Hang Seng (1.81%), Shanghai Composite (0.25%) as of 04:10 ET

Aug 08 ,2023

  • Synopsis:

    • Asian equities mixed Tuesday with more underperformance notable in Hong Kong. Hang Seng dragged lower by its property stocks with mainland real estate names also underperforming. Losses also in Seoul and Taipei, Australia traded flat while India is a few points lower. Southeast Asia mixed, Thailand underperforming. Japan closed higher on read through from a positive day yesterday in developed markets. US futures lower, Europe paring early losses. US dollar higher, yen fell through 143 per dollar on weak wages data, yuan weakened on poor trade data. Treasury yields mixed, JGB yields lower across tenors. Crude lower, precious metals down, other commodities mixed.

    • MSCI Asia Pacific ex Japan with a negative tilt over the day and was over 1% lower as Hong Kong ended local trading. The latter reacted negatively to news Country Garden had missed on two dollar bond coupon payments, as well as weaker-than-expected trade data. Both items re-confirmed fears China's economy continues to struggle in regaining momentum following the end of Covid restrictions last year, with focus now turning to inflation data Wednesday as the country teeters on the brink of deflation.

    • Sentiment among Japan investors stronger after Japan wage growth eased, and real wages contacted at a steeper pace, supporting BOJ's view that sustained 2% inflation is some distance away, and allowing the yen to weaken further. Household spending also contracted again with potentially negative implications for Q2 GDP growth. Australian consumers become more pessimistic this month but business conditions remain resilient. Elsewhere, Thailand's democratic Pheu Thai party said it had formed a new coalition bloc and sought a new PM vote to break the political deadlock in the country.

    • Softbank's (9984.JP) vision fund has returned its first profit in more than a year as global technology valuations surged. A JIP-led consortium formally launched a $14B takeover bid for Toshiba Group (6502.JP) with Toshiba recommending shareholders to accept the offer. Tokio Marine (8766.JP) shares under pressure after Japan FTC began probe into casualty insurers accused of colluding on premiums for corporate clients. Country Garden (2007.HK) admitted it had not paid on two dollar bond coupons due Tuesday worth $22.5M; shares sharply lower and dragged down several other developer names including Shimao (813.HK) and Longfor (960.HK). Alibaba (9988.HK) investors including private equity Carlyle said to be reticent to joining in on Ant Group share buyback. Thai Airways (THAI.TB) and Turkish Airlines (Turk Hava Yollari THYAO.E.TI) said they would form a joint venture to work on Asia-Europe air routes.

  • Digest:

    • China property developer Country Garden misses bond payments:

      • China-based property developer Country Garden (2007.HK) said Tuesday it had missed payments on two dollar bond coupons due Tuesday worth $22.5M combined. Notes were on Feb-26 and Aug-30 bonds, both with 30-day grace periods (Reuters). Company admitted usable cash has "continuously decreased", showed "periodic liquidity stress" due to deterioration in sales and refinancing, as well as the impact from changes to funding regulations. Stock down 14% Tuesday, bonds also sharply lower. Read through to other Hong Kong-listed property developers such as Shimao (813.HK), down 8.1%, and China Evergrande's New Energy Vehicles unit (2202.HK), 16.3% lower. Hang Seng Mainland Properties index around 5% lower with real estate stocks in Shanghai also underperforming. Bloomberg earlier reported short interest in stock jumped to record 8% after company last week shelved share-sale plan while rating agencies downgraded bonds and stocks.

    • China trade data miss:

      • Customs exports fell 14.5% y/y in July, below expectations for a 12.5% decline and worsening from a 12.4% drop in the previous month. Marks the weakest result since the early days of the pandemic in February 2020. Bigger surprise was a 12.4% contraction in imports, compared with consensus estimate of a 5.0% slide, following 6.8% decline in June. Early takeaways were bearish, as a 23.1% tumble in US-bound shipments led double-digit declines to much of Asia (Bloomberg). However, some thoughts that slump in imports were driven by lower commodity prices. Broader external demand signals remain weak as export component in the latest PMI remained in contraction. Nikkei discussed other metrics focused on global supply chains, where throughput constraints are easing, though demand is softening amid central bank tightening mainly in developed economies. Also noted weak anecdotal indications from multinational companies with high China exposure. Broader narrative continues to focus on recent spate of announcements hinting at more stimulus to boost domestic demand, though investors remain underwhelmed at the proposals thus far.

    • Yen notably softer Tuesday:

      • Yen weakened notably in the Tokyo morning session, starting from just below 142.5 vs dollar and sold down to 143.30. Yen also broadly weaker on other crosses. Dollar also firmer. Nothing major noted in the press -- citing an overnight rise in US Treasury yields and comments from Fed Governor Bowman who expects additional rate hikes will likely be needed to get inflation on path down to Fed's 2% target (Nikkei). Also mentioned Japan wage data, though mixed takeaways left impact muted. Flow-wise, some thoughts Tokyo market held shortage of dollars, prompting importers to drive the move (Nikkei). Prior to the price action, Bloomberg added to discussions about BOJ Governor Ueda's acknowledgement that currency volatility was considered in making policy decisions, appearing to contradict past communications from the central bank that sought to emphasize that currency policy fell fully under the remit of the finance ministry. Article suggested that while such comments could serve as a warning against market participants, they could also spur speculation of further policy change if the yen continues to weaken.

    • JIP set to launch $14B takeover bid for Toshiba Tuesday:

      • Nikkei cited an announcement post-close Monday that JIP-led consortium will launch a $14B takeover bid for Toshiba (6502.JP). Tender offer to run for 30 days through 20-Sep and the consortium aims to acquire at least two-thirds of Toshiba's 432M shares. Offer price of JPY4,620/sh values Toshiba at JPY2T. Bid was previously as high as JPY5,500/sh though was since downgraded reflecting weak earnings, which extending into the latest Q1 results, posting a net loss of JPY25.3B. Article noted a potential sticking point -- If JIP succeeds in gaining 90% or more of the voting rights, it will be able to force the minority shareholders to transfer their shares to the consortium. If it gains less than 90%, then the group will call a shareholders meeting (which could be held late November) and pass a resolution to consolidate the shares, thereby squeezing out the minority shareholders. Following much back-and-forth, Japanese banks have agreed to provide loans to help the group complete the buyout.

    • Japan wages, household spending softer than expected:

      • Average nominal wages rose 2.3% y/y in June, below consensus 3.0%, though prior month was revised up to 2.9% from 2.5%. Details leaned positive as contracted earnings growth edged lower as slower scheduled wages narrowly outweighed stronger overtime. Main feature was special payments -- this month including semiannual bonuses -- logging a 3.5% increase. Softer headline nominal growth left real wages down 1.6% from revised 0.9% decline in May. Total hours worked stalled after a 2.0% rise in May, reflecting similar development in scheduled hours while overtime remained flat on the year. Employment growth remained steady. Household spending fell 4.2% y/y, also weaker than expectations of a 3.8% decline and follows 4.0% drop in May. Main drags were white goods and mobile phone fees, while auto purchases and travel were bright spots. Income figures contrasted with the Labor Force Survey as main breadwinners reported a 4.1% drop, leaving 3-month moving average at worst pace in about two years. Sequential spending rose 0.9% m/m to mark the first bounce in five months, though core series fell relatively sharply and Q2 finished down 1.8% q/q, posing potentially negative implications for GDP private consumption.

    • Notable Gainers:

      • +9.0% 1721.JP (COMSYS Holdings): reports Q1 revenue ¥110.77B vs FactSet ¥106.20B, operating income ¥4.65B vs FactSet ¥3.33B

      • +6.4% 005490.KS (POSCO): to pay Q2 dividend KRW2,500/share vs year-ago KRW4,000/share

      • +3.5% 6920.JP (Lasertec): reports FY revenue ¥152.83B vs guidance ¥152.00B, operating income ¥62.29B vs guidance ¥61.00B

      • +0.6% 6502.JP (Toshiba): reports Q1 results; JIP to commence tender offer for Toshiba on 8-Aug; Toshiba recommends holders tender their shares into the JIP tender offer

    • Notable Decliners:

      • -3.8% 000120.KS (CJ Logistics): reports Q2 operating profit KRW112.39B vs FactSet KRW114.76B, revenue KRW2.962T vs FactSet KRW3.032T

      • -3.8% 3863.JP (Nippon Paper Industries Co.): reports Q1 operating income ¥812M vs year-ago (¥2.92B)

      • -2.6% 9988.HK (Alibaba Group): investors including Carlyle reportedly balk at participating in Ant Group's buyback

      • -1.4% 4503.JP (Astellas Pharma): to invest total of $50M in Poseida, including $25M to acquire 8.3M shares of common stock

      • -1.2% 8766.JP (Tokio Marine Holdings): Japan FTC reportedly launches voluntary probe into casualty insurers accused of colluding on premiums for corporate clients

  • Data:

    • Economic:

      • China

        • July trade balance $80.60B vs consensus $70.60B and $70.62B in prior month

          • Exports (14.5%) y/y vs consensus (12.5%) and (12.4%) in prior month

          • Imports (12.4%) y/y vs consensus (5.0%) and (6.8%) in prior month

      • Japan

        • June household spending (4.2%) y/y vs consensus (3.8%) and (4.0%) in prior month

          • Spending +0.9% m/m vs (1.1%) in prior month

        • June nominal average wages +2.3% y/y vs consensus +3.0% and revised +2.9% in prior month

          • Real wages (1.6%) y/y vs consensus (0.9%) and revised (0.9%) in prior month

        • July bank lending +2.9% y/y vs revised +3.1% in prior month

        • June current account balance ¥1,508.8B vs consensus ¥1,500.0B and ¥1,862.4B in prior month

      • Australia

        • August Westpac-MI consumer sentiment 81.0 vs 81.3 in July

        • July NAB business conditions +10 vs revised +11 in June

          • Business confidence +2 vs revised (1) in June

    • Markets:

      • Nikkei: 122.73 or +0.38% to 32377.29

      • Hang Seng: (353.75) or (1.81%) to 19184.17

      • Shanghai Composite: (8.21) or (0.25%) to 3260.62

      • Shenzhen Composite: (6.80) or (0.33%) to 2051.03

      • ASX200: 1.90 or +0.03% to 7311.10

      • KOSPI: (6.73) or (0.26%) to 2573.98

      • SENSEX: (63.20) or (0.10%) to 65890.27

    • Currencies:

      • $-¥: +0.62 or +0.44% to 143.0960

      • $-KRW: +8.32 or +0.64% to 1316.1600

      • A$-$: (0.00) or (0.75%) to 0.6520

      • $-INR: +0.05 or +0.06% to 82.8020

      • $-CNY: +0.02 or +0.24% to 7.2111

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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