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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.28%, Hang Seng Closed, Shanghai Composite +0.43% as of 04:10 ET

Sep 01 ,2023

  • Synopsis:

    • Asian equities ended mostly higher Friday in a subdued session. Japan's Topix climbed to fresh 33-year highs with the Nikkei also adding to recent gains. Modest rises for mainland China benchmarks while Hong Kong remained closed on a typhoon warning, Seoul higher on Samsung surge, Taipei with small gains. Southeast Asia mostly higher, India extending morning gains. Singapore closed for a holiday. US futures ticking higher, Europe modestly higher at the open. US dollar flat, yuan volatile post forex RRR cut and is slightly stronger over the day. Treasury yields higher across tenors. Crude blends at three-week highs, gold and silver supported, industrial metals also catching a bid on China stimulus plans.

    • Stocks drifting in a quiet session Friday with a benign handover from Wall Street and Hong Kong closed. Investors waiting for the US jobs report for their next clue in direction after yesterday's PCE inflation report came in broadly in line with expectations and job cuts surged, also in line with forecasts and matching private surveys earlier in the week. China latest catalysts untested in Hong Kong's market today although the yuan weakened on the PBOC cutting FX RRR by 200bp, while mainland stocks were supported by a better-than-expected Caixin PMI survey. End-of-month analysis were more bullish than of late, with markets at least starting September on a surer footing.

    • Beijing cut down payment requirements and urged banks to reduce lending rates, as widely flagged and, in response, several banks lowered deposit rates by 5-25 bp. Country Garden delayed onshore bond repayment deadline, seeking a three-year extension and/or a grace period of 40 calendar days. Moody's downgraded the firm's rating three notches. Non-China PMIs were mixed with South Korea and Taiwan still contracting but the rest of Asia holding up. South Korean exports declined by less than expected though shipments of semiconductors and autos remained sharply lower y/y.

    • Softbank (9984.JP) will raise between $5-7B in its ARM IPO, valuing the company at $50-70B. Samsung Electronics (005930.KS) shares surged on reports it has won the right to compete with SK Hynix (000660.KS) to supply advanced memory chips to Nvidia (NVDA). SK (034730.KS) is preparing to sell its 30% stake in Londian Wason Energy and its 17.9% stake in Socar to Lotte Rental for as much as KRW146.2B. Qantas (QAN.AU) is facing more than A$250M in penalties from Australia's competition regulator after it advertised flights that had already been cancelled.

  • Digest:

    • China steps up efforts to boost home purchases:

      • PBOC and State Financial Supervision and Administration Bureau issued joint statements stipulating terms for a framework resembling refinancing on home loans and unification of down payment ratios (Bloomberg) Nationwide minimum down payment set at 20% for first homebuyers and 30% for second-time purchasers. Lending rate cuts will be subject to negotiations between banks and customers. Recall these measures were among early proposals flagged by media when prospect of additional stimulus arose. Takeaways affirmed analyst expectations this would be a step in the right direction yet incremental due to narrow focus. Separately, Reuters cited people familiar with the matter, who said regulators weighing more measures over coming weeks to support housing market. These include removing home purchasing restrictions in non-core districts of major cities that have been in place since 2010. Another measure involves removing price caps on new homes, effectively allowing developers to raise or lower prices. Aim of latest proposals is to boost consumer demand in coming months.

    • PBOC cuts FX reserve ratio 200 bp:

      • PBOC announced a 200 bp RRR cut on foreign exchange deposits, taking the rate down to 4% from 6%, effective 15-Sep. Reuters calculated that would effectively free up $16.4B in foreign exchange with China's FX deposits standing at $821.8B at July-end. PBOC said its move was to "improve financial institutions' ability to use foreign exchange funds". Also cited traders and analysts who expect the move to lower dollar funding costs in the interbank market and alleviate the downward pressure on the yuan. Mizuho Bank FX strategy suggested this will free up room for further rate cuts to stimulate the economy. Article noted this adds to yuan support measures via persistently stronger-than-expected yuan midpoint fixings and pressure on banks to scale back outward investments. Major state-owned banks were also seen repeatedly selling dollars in both onshore and offshore markets over the past months to stem rapid yuan losses. Today's cut matches the preceding move in September last year.

    • China major banks cut deposit rates as expected:

      • In line with local media reports, major banks including ICBC, Bank of China, and Agricultural Bank of China lowered deposit rates in a coordinated move to preserve NIMs (Bloomberg). Reductions range between 10 bp for 1y to 1.55% and 25 bp for 5y to 2.25%. Move comes as recent policy measures to guide lending rates lower stand to put downward pressure on earnings. Article added local media have reported at least 11 banks have slashed deposit rates, following similar moves in June and last September. Moody's said impact would be material given nearly three quarters of Chinese banks' liabilities are deposits (Reuters). Banks flagged lower deposit rates ahead of today's announcement allowing mortgage refinancing and unifying down payment ratios. Overall suite of measures gives banks more room to offer better lending terms while also encouraging households to shift away from bank deposits accumulated over the pandemic. Savings ratios remained elevated after Covid restrictions were lifted reflecting broader risk aversion.

    • Asia PMIs show mixed trends as weak exports dent growth but green shoots in China:

      • China's Caixin manufacturing PMI mirrored official survey released Thursday with manufacturing operating conditions strengthening at fastest pace in six months. Increases noted in output, new work on firmer demand. On negative side, new export business declined again although at slower pace, cost input also rose slightly. Elsewhere, Asia PMIs mixed; South Korea's worsened slightly to 48.9. Taiwan saw another decline in new orders from overseas and domestic buyers, PMI fell at slightly reduced pace to 44.3 from 44.1. Overall new business fell at steepest pace since start of 2023; increase in spare capacity indicates production likely to remain under pressure. Thailand's PMI slipped to 48.9 from 50.7, breaking a 19-month expansion sequence. Philippines rose to two-year high 53.9 from 53.3 with output and employment rising most in a year. Indonesia's PMI rose to 53.9 from 53.3, steepest pace of growth in two years with new orders spiking notably. Malaysia PMI unchanged at 47.8, 12th successive month of contraction.

    • South Korea exports slide again in August, PMI show manufacturing still contracting:

      • South Korea exports fell for 11th consecutive month in August as weak demand for semiconductors and petroleum products slid sharply although country did see another trade surplus. Semiconductor shipments fell 21% y/y on lower demand and prices, petroleum products exports fell 35%. Imports declined 22.8% y/y to $51B, energy imports fell 42%, giving trade surplus of around $870M, third consecutive month of surplus (Yonhap). South Korea's declining exports also showed in August's PMI reading with manufacturing PMI still contracting at 48.9 from 49.4 in July with output, new orders, exports, purchasing all falling m/m with a tick higher in input costs. Longest downturn in output, new work in survey history. On positive side, employment remained stable, production outlook component jumped to best point for more than 12 months amid expected recovery in domestic and international demand.

    • Notable Gainers:

      • +3.3% 034730.KS (SK): reportedly preparing to dispose of its 30% stake in Londian Wason Energy Tech; to sell its 17.9% stake in Socar to LOTTE Rental for up-to-KRW146.22B

      • +2.6% 6752.JP (Panasonic): guides interim dividend ¥17.5/share vs year-ago ¥15/share

      • +1.1% 8331.JP (The Chiba Bank): chairman Hidetoshi Sakuma to step down, effective 31-Mar-24

      • +0.6% 6460.JP (Sega Sammy Holdings): extends up-to-¥10.0B buyback to 29-Mar-24

    • Notable Decliners:

      • -0.7% 9984.JP (SoftBank Group): Arm to raise $5-7B in IPO valuing it at $50-70B

      • -0.3% 4578.JP (Otsuka Holdings): subsidiary enters definitive agreement to acquire Mindset for C$80M (¥8.62B) in cash

  • Data:

    • Economic:

      • China August

        • Caixin manufacturing PMI 51.0 vs consensus 49.0 and 49.2 in prior month

      • Japan

        • Q2 MOF corporate survey capex +4.5% y/y vs consensus +8.3% and +11.0% in prior quarter

        • August final manufacturing PMI 49.6 vs preliminary 49.7 and 49.6 in prior month

      • Australia July

        • Housing finance (1.2%) m/m vs (1.0%) in June

      • South Korea August

        • Trade balance $0.87B vs consensus ($0.56B) and revised $1.65B in prior month

          • Exports (8.4%) y/y vs consensus (11.8%) and revised (16.4%) in prior month

          • Imports (22.8%) y/y vs consensus (23.4%) and (25.4%) in prior month

      • India Q2

        • GDP +7.8% y/y vs consensus +7.7% and +6.1% in prior quarter

    • Markets:

      • Nikkei: 91.28 or +0.28% to 32710.62

      • Hang Seng: Closed

      • Shanghai Composite: 13.37 or +0.43% to 3133.25

      • Shenzhen Composite: 6.10 or +0.31% to 1953.58

      • ASX200: (27.00) or (0.37%) to 7278.30

      • KOSPI: 7.44 or +0.29% to 2563.71

      • SENSEX: 386.73 or +0.60% to 65218.14

    • Currencies:

      • $-¥: (0.14) or (0.10%) to 145.3970

      • $-KRW: (8.15) or (0.62%) to 1317.3100

      • A$-$: (0.00) or (0.11%) to 0.6476

      • $-INR: +0.02 or +0.03% to 82.6970

      • $-CNY: +0.00 or +0.05% to 7.2616

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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