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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.48%, Hang Seng +0.31%, Shanghai Composite (1.34%) as of 04:10 ET

Aug 23 ,2023

  • Synopsis:

    • Asia equities mostly higher Wednesday in a quiet session. Greater China markets mixed as Hong Kong endured a volatile day either side of the flatline slightly higher, mainland bourses down sharply. Seoul another benchmark to see losses, elsewhere stronger with modest gains for Taiwan, Australia, Southeast Asia and India. Japan also closed out a second straight positive day. US futures higher, Europe opened with gains. US dollar lower, Asia currencies strengthened modestly. Treasury yield curve steepened post German PMIs. Crude oil futures lower, precious metals higher, industrial metals stronger including iron ore up almost 4% in Dalian.

    • With the main catalysts of the week ahead - namely the Jackson Hole symposium, August flash PMIs and a string of high-profile earnings - Asia markets were subdued over the day including the recently volatile bond market. No straightforward trend in PMIs so far as Japan's ticked higher and Australia fell slightly, so focus now on European and US readings. Bond markets also quiet despite no change in the recent higher-for-longer rates narrative. Earnings focus later on Nvidia that reports after the US market close tonight.

    • Asia focus remains on China just as fresh evidence emerges of global funds ditching Chinese equities as the economy struggles. Local media reported the finance ministry announced ten preferential tax policies to support small and private business, and the CSRC outlined a range of measures to follow up on its pledge to boost capital markets via lower transaction costs and red tape, but analysts said they lack clear signals of a substantial boost.

    • Q2 New Zealand retail sales fell again posing negative implications for GDP. Japan flash manufacturing PMI was higher though remained in contraction, Australia's manufacturing and services readings both fell and remain in contraction territory. Singapore inflation ticked lower in July to an 18-month low, and in Thailand, a new coalition government is set to take shape after the election of Srettha Thavisin as its new prime minister.

    • Country Garden (2007.HK) is said to have left investors in the dark over its exact default deadline over two coupon payments worth $22.5M. Xiaomi (1810.HK) won state planner approval to make EVs, marking a major step toward the goal of producing cars by early next year. KCGI Asset management has sent an open letter to the board of Hyundai Elevator (017800.KS) calling for an improvement in governance and resignation of its chairman. Woodside Energy (WDS.AU) and its unios have begun another round of negotiations aimed at averting strike action at the company's LNG field.

  • Digest:

    • Overseas funds on longest selling streak of mainland China stocks:

      • Overseas funds have been fleeing mainland China equity markets for thirteenth straight session, shedding more than CNY10B via Stock Connect as of Wednesday afternoon. Marks longest selling streak since at least 2016 (Bloomberg). Noted foreign investors dumped blue-chip stocks, including CNY6.2B of Kweichow Moutai (600519.CH), CNY4.7B each for LONGi Green Energy (601012.CH) and China Merchants Bank (3968.HK) during 7-18 Aug. Ten most-sold stocks by foreigners were among 50 largest ones on benchmark CSI300, which suffers a 7.6% loss MTD, among the worst global performers, as Chinese economy is grappling with prolonged property crisis. Short-lived optimism from Politburo meeting on 24-Jul quickly evaporated amid disappointing economic data and lack of forceful stimulus measures. Bloomberg reported top-performing China macro hedge fund Shanghai Banxia blamed global capital for stock rout, calling them "bunch of aimless flies" that stir up volatility. Noted CICC data showed foreign funds own less than 4% of total A-shares outstanding.

    • China introduces preferential tax policies to support capital market:

      • Various ministries including CSRC, MoF, NDRC and State Taxation Administration have jointly issued several preferential tax and fee policies in a bid to drive capital market development (Xinhua). Measures include personal income tax and VAT exemptions or cuts, aimed at promoting cooperation between mainland and Hong Kong markets, supporting opening-up of commodities futures markets and boosting venture capital businesses. CSRC also pledged to add more products such as block trades and REITs into Stock Connect (AAStocks). Came after CSRC announced last Friday that it would implement 25 measures including slashing stock transaction fees and lowering index fund registration thresholds in a bid to shore up investor confidence. SCMP noted the array of measures as CSRC reactions to a rare reference to "boost capital markets" made during Politburo meeting on 24-Jul, as a slumping stock market muddies economy outlook, which is grappling with deflationary pressure and a property crisis.

    • Mainland China bank earnings in focus:

      • Reuters previewed cautious expectations ahead of major mainland China H1 bank earnings as lower rates guided by policy easing set to adversely impact results. Noted top five state-owned banks are expected to post a sharp decline in revenue and narrower NIMs with China Construction Bank (601939.CH) kicking-off the reporting season on Wednesday. Comes against backdrop of record-low credit growth in July, default risks at some housing developers and missed payments by a private wealth manager linked to shadow banking that has raised contagion risk to the broader economy. Commercial banks' NIM shrank sharply to 1.74% last quarter from 1.91% at the end of 2022. Recalled a clue in PBOC's latest policy report, warning banks to maintain adequate profits and NIMs to ensure sustainable economic support. Nikkei discussed Beijing's dilemma of economic stimulus vs protecting bank profitability. Follows views by many that authorities' decision to leave 5y LPR unchanged was an attempt to protect bank NIMs. Morgan Stanley warned that further compression and reduced capability to digest risk could be the true challenge in the next few years.

    • Japan flash manufacturing PMI remains in contraction:

      • Flash manufacturing PMI was 49.7 in August, edging up from 49.6 in the previous month. Consistent with narrowing declines in output, new orders and exports. Finished goods inventories swung to contraction. Input prices strengthened (rising oil prices were noted as a key feature), though output prices eased. Nonmanufacturing PMI remained the primary bright spot, improving to 54.3 from 53.8. Output and new orders saw stronger growth, encouraging a rebound in employment from the prior month's marginal decline. Inflation dynamics were more positive with stronger input and output prices. Overall assessment was positive despite acknowledging disappointment in manufacturing, citing less pronounced shrinkage in new orders and output. However, broad pullback in outlook optimism was seen as indicative of concerns surrounding long-term economic conditions. Recall that economists' 2023 GDP projections were upgraded on the back of stronger than expected H1 momentum, though some were left unchanged in anticipation of negative payback in H2.

    • Thaksin ally Srettha wins Thailand PM vote as former premier jailed on return :

      • Pheu Thai's Srettha Thavisin won bicameral parliamentary vote late Tuesday to become Thailand's next prime minister, just hours after former Thailand premier and PT ally Thaksin Shinawatra was jailed for eight years after arriving back in Bangkok after 15-year exile. Srettha won with 482 votes versus 165 against, 100 who abstained or were absent; 375 required to win (Reuters). Included in 11-party strong coalition are those created by pro-royalist military that ousted Thaksin's sister in coup in 2014; commentators immediately suggested coalition could be fragile one (BangkokPost). May's election winner Move Forward not included in government. Srettha's win coinciding with Thaksin's return giving rise to widespread speculation of backroom deal between military and Pheu Thai, although both denied this (StraitsTimes). Thailand's baht rallied on appointment, SET also was higher in late trading Tuesday, Sansiri (SIRI.TB), Srettha's former company, stock rose 7%.

    • Notable Gainers:

      • +9.0% 2020.HK (ANTA Sports Products): reports H1 net income attributable CNY4.75B vs FactSet CNY4.41B

      • +8.4% 1112.HK (Health & Happiness (H&H) International Holdings): reports H1 adjusted net income CNY513.4M vs year-ago CNY482.9M

      • +5.1% 017800.KS (Hyundai Elevator Co.): KCGI Asset Management reportedly sends open letter to company calling for improvement of government structure, resignation of chairman Hyun Jeong-eun

      • +4.3% 9698.HK (GDS Holdings): reports Q2 adjusted EBITDA CNY1.24B vs StreetAccount CNY1.13B

      • +3.5% 7261.JP (Mazda Motor): reportedly aims to sell 450K units in US in FY26

      • +2.2% 9022.JP (Central Japan Railway): to conduct stock split on 1 : 5 basis

    • Notable Decliners:

      • -4.4% 9922.HK (Jiumaojiu International Holdings): reports Q2 revenue CNY2.88B vs StreetAccount CNY2.90B

      • -2.6% 2382.HK (Sunny Optical Technology (Group)): reports H1 net income attributable CNY436.7M vs FactSet CNY493.6M

  • Data:

    • Economic:

      • Japan August

        • Flash manufacturing PMI 49.7 vs 49.6 in prior month

          • Services PMI 54.3 vs 53.8 in prior month

          • Composite PMI 52.6 vs 52.2 in prior month

      • New Zealand Q2

        • Retail sales (1.0%) q/q vs consensus +(0.4%) and revised (1.6%) in prior quarter

      • Singapore July

        • CPI 4.1% y/y versus consensus 4.2% and 4.5% in prior month

        • Core 3.8% y/y versus consensus 3.8% and 4.2% in prior month

    • Markets:

      • Nikkei: 153.55 or +0.48% to 32010.26

      • Hang Seng: 54.91 or +0.31% to 17845.92

      • Shanghai Composite: (41.93) or (1.34%) to 3078.40

      • Shenzhen Composite: (38.03) or (1.96%) to 1901.85

      • ASX200: 26.80 or +0.38% to 7148.40

      • KOSPI: (10.24) or (0.41%) to 2505.50

      • SENSEX: 187.45 or +0.29% to 65407.48

    • Currencies:

      • $-¥: (0.51) or (0.35%) to 145.3730

      • $-KRW: (1.94) or (0.14%) to 1337.3300

      • A$-$: +0.00 or +0.11% to 0.6429

      • $-INR: (0.23) or (0.28%) to 82.8550

      • $-CNY: (0.03) or (0.38%) to 7.2657

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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