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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.53%), Hang Seng +0.32%, Shanghai Composite (0.49%) as of 04:10 ET

Aug 09 ,2023

  • Synopsis:

    • Asian equities mixed Wednesday. Nikkei underperformed amid negative market reactions to yesterday's post-close earnings. Hong Kong higher while Mainland China markets posted losses for the third straight day. Samsung drove Kospi outperformance, ASX also higher, Taiex flat. Southeast Asia mostly higher, India trading higher, S&P 500 and Nasdaq futures both higher, Europe opened higher. 10Y Treasury yields slightly lower at around 4.02% level. JGB 10Y yields fall to near two-week low after firm auction result. Dollar weaker against most other currencies as offshore yuan rebounds amid reports China state banks were seen selling dollars. Crude firmer. Base metals and precious metals stronger.

    • Asian markets fluctuated following a weak handover from Wall Street over concerns about the banking factor and China's CPI dipped into deflation territory for the first times since early 2021. Factory-gate deflation worse than expected but improved from June. China NBS attributed deflation to unfavorable base year effects and, arguing prices will rebound. Still, data underscores extent of economic headwinds confronting China after July exports shrank at fastest pace since Feb-2020, imports weakest since January, and manufacturing activity remains stuck in contraction. Disappointing China data reinforces calls for a more meaningful policy response.

    • South Korea unemployment rate climbs to a six-month high; stocks linked with superconductor themes dropped for a second day after US researchers rebutted recent claims of technology breakthrough. New Zealand Q3 2-year inflation expectations at 2.83% versus 2.79% in prior quarter. Thailand's central bank governor said BOT to cut growth outlook and may hold or raise rates at its September review.

    • Busy day on the corporate front. SoftBank (9984.JP) reported unexpected loss as reports noted Arm planning September IPO on Nasdaq with big-name tech firms eyed as major investors. Several other Japan firms reported earnings with Nikon (7731.JP) shares having biggest intraday drop on record after profit dip and outlook trim and Daikin (6367.JP) also sold off and closed around worst levels in reaction to disappointing earnings, while unchanged guidance prompted concerns. L'Occitane International (973.HK) chairman in advanced talks on a possible deal to take the company private. Hongkong Land Holdings (H78.SP) said it has no plans to sell Three Exchange Square Tower in Hong Kong's Central district. Commonwealth Bank (CBA.AU), reported NIM facing headwinds from competition and wholesale funding costs, However, share buyback and balance sheet strength positively received.

  • Digest:

    • China CPI inflation turns negative as expected:

      • Headline CPI fell 0.3% y/y, compared to expectations of a 0.4% decline. Follows 0.0% in the previous month and marks the first negative figure since February 2021. NBS highlighted declines in food, tobacco and alcohol prices driven mainly by meat (pork dropped 26.0%) combined with smaller drags from fresh vegetables. Other key decliner remained transportation fuel. Still, movements generally attributed to unfavorable base effects. Inflation is expected to return to positive territory after such technical factors wane as China's economy recovers. PPI remained negative for the 10th month, down 4.4% in July, somewhat weaker than an estimated 4.0% decrease, though easing from a 5.4% in June (which was weakest since December 2015). Narrower declines were broadly based across upstream and downstream sectors, though mostly the former. Mining, fuel, and chemicals were down by double digits. Downstream prices reflect ongoing weakness in consumer durables and food, outweighing mild increases in clothing and daily necessities. Press previews cited retailer discounting to draw down inventories and intensifying price competition in the EV market.

    • Japan earnings highlights (continued):

      • Market reactions to yesterday's post-close earnings were generally negative. Nikon (7731.JP) was the standout, tumbling as much as 21.4% after missing earnings expectations. Daikin (6367.JP) also sold off and closed around worst levels in reaction to disappointing earnings, while unchanged guidance prompted concerns. SoftBank (9984.JP) fell sharply after an unexpected Q1 net loss for the third straight quarter. However, Vision Fund posted its first pre-tax profit in six quarters helped by investments in AI. On the positive side, Kobe Steel (5406.JP) rallied after declaring a dividend hike. Wednesday's post-close results featured Sony (6758.JP) reporting a 30.6% y/y fall in Q1 operating earnings, attributed to acquisition costs in the gaming sector and slowing demand/higher expenses in semiconductor image sensor segment, as well as dissipation of last year's temporary gains in its finance business. However, key metrics were broadly above FactSet consensus. Honda (7267.JP) Q1 net income was above consensus, though guidance was softer than expected. Also announced a 3-for-1 stock split for ADRs effective 1-Oct.

    • Record downward revisions to recent China export data offers favorable base effects:

      • Bloomberg discussed analyst takeaways from the customs trade data as several highlighted major downward revisions to the value of exports for 2022 and early this year. Cited Soochow Securities and ANZ Bank estimates that cumulative downgrades amounted to $305B, the largest revision in history. March 2023 (when exports unexpectedly jumped 14.8% y/y) alone was cut by $10.6B. Lower base could lift 2023 exports by 0.6 ppt. Discussions follow a weak July trade report that showed exports falling 14.5% y/y at the fastest pace since February 2020, and the drop would have been at 15.2% without the revision. Article noted China's official economic statistics have long been questioned for their credibility, and authorities in the past have made drastic revisions to fiscal and growth data in certain regions. Recalled that NBS in July sent inspection missions to six provinces in order to crack down on statistical fraud.

    • Offshore yuan rebounds from three-week low, but reprieve may be short-lived:

      • Offshore yuan rebounding from three-week low against dollar. Strength tabbed to a much stronger-than-expected fixing of the daily midpoint, viewed as a sign authorities seeking to slow pace of yuan's depreciation. Reuters also noted state-owned banks seen selling dollars in onshore market in a bid to support the yuan. Offshore RMB tracking for a second straight weekly decline following data showing China's economy losing more momentum in July as deflation risks intensify. US-China rate differentials another focus following recent Treasury yield backup. Yuan also facing structural headwinds as foreign investors shy away amid geopolitical tensions and government intrusion concerns that were amplified by Beijing's recently expanded anti-espionage law. Foreign direct investment in China to a 25-year low in Q2 (Bloomberg) while several reports have highlighted how emerging markets are winning foreign inflows at the expense of China.

    • US set to limit scope of China investment ban:

      • Bloomberg sources said a US plan to restrict investment in China is likely to apply only to Chinese firms that earn at least half their revenue from cutting edge sectors such as quantum computing and AI. Provision would limit scope of Biden's executive order expected in coming days as part of a push to limit Chinese access to sensitive tech. According to one source, the order will take about a year to go into force given the time required for additional industry comments and refinements. It won't be retroactive so there wouldn't be restrictions on investments made during that period. US investors will be prohibited from investing in the most advanced semiconductors, specific areas of quantum computing, and AI activity designed for military end users. Investments in other AI activity in China will require notification but won't be prohibited. Article noted the revenue provision would mean that Chinese companies most affected by the limits will be early-stage Chinese startups -- designed intentionally to ensure US investors do not aid China's tech development that might outpace the US.

    • Notable Gainers:

      • +12.5% 5406.JP (Kobe Steel): reports Q1 revenue ¥598.69B vs year-ago ¥542.81B, operating income ¥34.04B vs FactSet ¥24.27B; guides FY operating income ¥165.00B vs prior guidance ¥150.00B and FactSet ¥136.06B

      • +4.6% 302440.KS (SK bioscience Co.): to make equity investment in Novavax, secure 6.5M shares through private placement

      • +2.3% 4911.JP (Shiseido): reports H1 revenue ¥494.19B vs year-ago ¥493.40B, core operating profit ¥28.04B, +60% vs year-ago ¥17.54B

      • +1.6% 402340.KS (SK Square Co.): launches KRW200B share buyback, to run from today through 31-Mar-2024

    • Notable Decliners:

      • -11.4% 6367.JP (DAIKIN INDUSTRIES): reports Q1 operating income ¥117.88B vs FactSet ¥121.99B

      • -11.2% 7731.JP (Nikon Corp): reports Q1 revenue ¥158.15B vs FactSet ¥164.70B, operating income ¥3.29B

      • -6.6% 011170.KS (Lotte Chemical): reports Q2 operating profit (KRW77.05B) vs year-ago (KRW59.47B)

      • -6% 2015.HK (Li Auto): reports Q2 deliveries 86,533 vs 52,584 in Q1

      • -3.1% 9984.JP (SoftBank Group): reports Q1 net income attributable (¥477.62B) vs FactSet ¥73.18B; Arm's IPO reportedly scheduled for mid- to late September; Apple, Samsung, Nvidia, Intel reportedly planning to take stakes in Arm of a few percent each

  • Data:

    • Economic:

      • China

        • July CPI y/y (0.3%) versus consensus (0.4%) and 0% in prior month

        • July PPI y/y (4.4%) versus consensus (4%) and (5.4%) in prior month

      • S. Korea

        • July Unemployment Rate 2.8% versus consensus 2.8% and 2.6% in prior month

      • New Zealand

        • Q3 Inflation Expectations +2.8% versus +2.8% in prior quarter

    • Markets:

      • Nikkei: (172.96) or (0.53%) to 32204.33

      • Hang Seng: 61.86 or +0.32% to 19246.03

      • Shanghai Composite: (16.13) or (0.49%) to 3244.49

      • Shenzhen Composite: (12.25) or (0.60%) to 2038.77

      • ASX200: 26.90 or +0.37% to 7338.00

      • KOSPI: 31.14 or +1.21% to 2605.12

      • SENSEX: (285.49) or (0.43%) to 65561.01

    • Currencies:

      • $-¥: (0.13) or (0.09%) to 143.2520

      • $-KRW: (7.46) or (0.57%) to 1309.5600

      • A$-$: +0.00 or +0.34% to 0.6566

      • $-INR: (0.04) or (0.05%) to 82.7940

      • $-CNY: (0.02) or (0.30%) to 7.1956

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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