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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.87%, Hang Seng +2.05%, Shanghai Composite +0.12% as of 04:10 ET

Aug 24 ,2023

  • Synopsis:

    • Asia equities ended higher in Thursday trading as tech stocks rose. Gains led by IT/internet stocks in Hong Kong with properties also giving support, mainland markets reversing yesterday's losses. Japan markets closed at day's peaks, Australia's ASX posted a solid gain. Strong gains for Seoul and Taipei on read-across from Nvidia's post-market move. Southeast Asia more subdued but still higher, India paring early gains. US futures higher, Europe opened with gains. Dollar steady, yen and AUD weaker, yuan flat. Treasury yields a little higher post sharp overnight declines. Crude prices lower. Precious metals flat, industrial metals back under pressure following yesterday's rally.

    • Gathering evidence of a not-so-soft economic landing in the US, and very strong earnings from Nvidia combined to support a risk-on rally in the US overnight, which translated into Asia equity gains Thursday. Soft PMIs and 23-year highs in mortgage rates enough to trigger fresh warnings of a potential US recession meaning the Fed would have to shorten the period it can keep rates elevated. This caused bonds to rally, yields to fall and the US dollar to lose some of its recent strength too. In turn this gave Asia currencies a boost and thus provided an additional tailwind for Asia equities. Strong gains in many Asia tech stocks following Nvidia's results with SK Hynix and TSMC notable gainers. Significant moves higher in Hong Kong property stocks too although no significant newsflow.

    • Bank of Korea and Bank Indonesia both left base rates unchanged as expected. The BOK's accompanying statement retained a hawkish bias, BI said weak China recovery means global outlook uncertain. Press sources indicated US will extend China chip export waivers for major Asian tech firms with current exemptions due to expire in October. Japan began releasing wastewater from Fukushima nuclear power plant with Beijing immediately banning Japanese fish imports.

    • LG Chem (051910.KS) said it wants to sell its IT film business in an effort to improve the group's competitiveness. KG Mobility (003620.KS) said to be in talks with BYD (1211.HK) over new battery plant in South Korea. Naver (035420.KS) unveiled its own generative AI tool to aid in AI-driven user searches. Woodside Energy (WDS.AU) and labor unions have reached an in-principle deal at the company's western Australian LNG field that threatened to disrupt global gas supplies.

  • Digest:

    • Fukushima water release triggers furious reaction from Beijing, embassy protest in Seoul:

      • China customs Thursday banned seafood imports from Japan in response to release by Tokyo of treated radioactive water from destroyed Fukushima nuclear power plant. Ban to begin immediately and affect all "aquatic products" from Japan irrespective if they are from discharge zone or not. China customs said will "dynamically adjust relevant regulatory measures" to prevent risks of nuclear-contaminated water discharge in country (AP). Hong Kong authorities warned citizens import ban unlikely to be temporary, could remain hazard for years (SCMP). Japan authorities confirmed 7,800 tons will be discharged in pipeline just 1K off coast over 17 days with more to follow, total to be released is just 2.3% of stored amount (Nikkei). In Seoul several students arrested for attempting to enter Japan embassy in protest despite South Korean government saying it had no issues with release (Yonhap).

    • Bank of Korea holds base rate steady, says will stay pat for 'considerable time':

      • South Korea's central bank held its 7D repo rate unchanged at 3.5% at its policy meeting Thursday, fifth consecutive meeting it has held rates steady. Comes as country's economic recovery stutters under weight of contracting exports, high household debt but also as inflation eases. Decision was as expected by economists who forecast BOK will hold rates steady until year end before cutting sometime in Q1-24. BOK also said it held FY GDP growth rates steady at 1.4% but trimmed 2024 growth to 2.2%; expected consumer prices to rise 3.5%. Later Thursday, Bank Indonesia expected to also hold rate steady at 5.75% (Bloomberg). Bank said it would maintain restrictive policy for "considerable time", emphasized price stability, would make judgement on need to raise rates later. Won rallied on comments after earlier not responding to rate decision, yields on South Korea government 10Y also dipped sharply.

    • Bank Indonesia holds key interest steady as rupiah remains under pressure:

      • Indonesia's central bank left 7D reverse repo unchanged at 5.75%, largely as expected although several economists forecast 25 bps increase with Jakarta finding it harder to maintain price stability in face of Fed Reserve tightening cycle. Latter had been pressuring rupiah, which, YTD still strongest in Asia but in past month shown signs of weakness; Governor Warjiyo said this week he was prepared to let sovereign bond yields rise to balance Fed tightening, will continue to use "Operation Twist" bond market interventions (Bloomberg). Exports also deteriorated amid global commodity slump, leading to a current account deficit of $1.9B in Q2, and, together with rupiah weakening, led some analysts to consider BI's next move would be rate hike. BI kept deposit facility rate at 5.0%, lending facility at 6.5%, said to be wary of hiking rates that would cut growth, especially now inflation back within 2-4% target band.

    • US to extend China chip export waivers for Taiwan, Korea chipmakers:

      • Nikkei cited multiple industry sources indicating US has decided to extend its one-year exemption allowing South Korean and Taiwanese chipmakers to continue bringing advanced semiconductor technology and related equipment into China. Noted concerns this could undermine US efforts to curb China's tech development, though expected to prevent widespread disruption in the global semiconductor supply chain. Current measures set to expire in October. Follows hints from commerce undersecretary Estevez at a June industry event about the possibility of an extension. Duration of the extension yet to be determined, though a proposal for indefinite exemption has been floated. Article recalled waivers were issued after major firms lobbied against the curbs. Around 40% of SK Hynix (000660.KS) DRAM production capacity is based in China. Samsung (005930.KS) and TSMC (2330.TT) were the other names highlighted. Noted Biden administration targeting cutting-edge products that could lead to development of advanced military equipment, and does seek to disrupt economic activity with restrictions on less advanced chips.

    • Japan bank lending attitude deteriorates to 14-year low:

      • Nikkei cited a BOJ survey of 50 leading domestic banks showing a gauge of lending attitude dropped to the lowest level since 2009. Diffusion index fell to zero in July for large firms from 1, while DI for small and medium-sized firms declined to 1 from 2. Article noted backdrop of rising bankruptcies concentrated in small business poses risk of banks' caution growing further. Banks wary of expanding credit lines after having responded to increased demand over the pandemic. The neutral reading for large firms was the lowest since the Lehman shock. However, some thoughts this will not translate to tighter credit conditions though borrowers becoming subject to closer scrutiny. Decline in lending attitude coincides with slower growth in official bank lending statistics. One banking source observed funds demand has eased in energy, construction and transport sectors as stabilizing material costs alleviate pressures on operating cash flow. Results follow similar developments in the US and Europe on the back of rate hikes.

    • Notable Gainers:

      • +11.1% 9863.HK (Zhejiang Leapmotor Technology): Stellantis considering potential partnership with Chinese EV makers to expand presence in China market

      • +10.4% 003620.KS (KG Mobility): reportedly in talks with BYD to build EV battery plant in South Kore

      • +8.6% 909.HK (Ming Yuan Cloud Group Holdings): reports H1 adjusted net income (CNY97.1M) vs year-ago (CNY342.7M)

      • +8.5% 2269.HK (Wuxi Biologics (Cayman)): reports H1 adjusted net income attributable CNY2.84B vs StreetAccount CNY2.57B

    • Notable Decliners:

      • -10.8% 2390.HK (Zhihu, Inc.): reports Q2 revenue CNY1.04B vs StreetAccount CNY1.05B

      • -1.3% 2445.MK (Kuala Lumpur Kepong): reportedly to acquire not less then 30% stake in Boustead Plantations

      • -0.8% 6979.HK (ZJLD Group): reports H1 adjusted net income CNY802.5M, +22% vs year-ago CNY657.6M

      • -0.4% 1299.HK (AIA Group): reports H1 OPAT $3.27B vs StreetAccount $3.34B

      • -0.4% 042660.KS (Hanwha Ocean): to launch 89.5M-share renounceable rights issue at KRW22,350/share

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: 276.95 or +0.87% to 32287.21

      • Hang Seng: 366.25 or +2.05% to 18212.17

      • Shanghai Composite: 3.84 or +0.12% to 3082.24

      • Shenzhen Composite: 9.38 or +0.49% to 1911.24

      • ASX200: 33.70 or +0.47% to 7182.10

      • KOSPI: 32.18 or +1.28% to 2537.68

      • SENSEX: (21.75) or (0.03%) to 65411.55

    • Currencies:

      • $-¥: +0.41 or +0.29% to 145.2620

      • $-KRW: (9.03) or (0.68%) to 1319.0700

      • A$-$: (0.00) or (0.32%) to 0.6461

      • $-INR: (0.06) or (0.08%) to 82.4830

      • $-CNY: (0.00) or (0.03%) to 7.2763

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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