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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.70%, Hang Seng +2.51%, Shanghai Composite +1.40% as of 04:10 ET

Sep 04 ,2023

  • Synopsis:

    • Asian equities closed higher Monday led by Hong Kong property stocks. Hang Seng finished around 2.5% higher, mainland benchmarks also gained notably. Japan's Topix closed at fresh 33-year high, Nikkei also up for sixth consecutive session. Australia led higher by miners, South Korea and Taiwan also saw solid gains. India reversed early losses to trade higher, Southeast Asia ex Thailand also up. US futures slightly higher, Europe seeing strong gains at the open. Dollar easing, AUD strongest of Asia's currencies, yen and yuan both slightly weaker. Treasury yields higher at the long end. Little movement in metal or crude prices.

    • Positive market momentum continued in Asia to start the week as the sharp drop in Treasury yields indicate bond-market's new belief a soft landing in the US now possible with inflation largely tamed and softness showing in the labor market, and despite ISM's prices-paid component suggesting deflation could be moderating. Japan's Topix touched another 33-year high, the Hang Seng punched above a three-week high, and tech-heavy South Korea and Taiwan rose again.

    • China's real estate rally continued with mainland properties index up around 9% today following news Country Garden had reached a deal with yuan-denominated creditors on an outstanding bond, paid a ringgit-denominated coupon, and raised hopes it would be able to make payments on a dollar bond payment due this week. Reports of a sales surge in some large cities showed recent property market measures may be working although analysts warned of a short-term surge on pent-up demand. Elsewhere, mixed Australia data ahead of RBA decision this week: a surprise contraction in inventories and larger-than-expected drop in company profits, balanced by higher of job ads. Singapore's central bank chief said he would retire on 1-Jan.

    • Softbank's (9984.JP) ARM Holdings is looking to price its IPO at $47-51 per share. Country Garden (2007.HK) won approval to extend a maturing yuan bond payment, paid a ringgit-denominated coupon; shares sharply higher with several other developers also rallying. L'Occitane (973.HK) halted trading ahead of an announcement likely to detail plans to take the company private. Ping An Insurance (2318.HK) is to focus on medical and healthcare industry amid aging population trend in China. BHP (BHP.AU) said a Brazilian court approved a debt reorganization plan for its Samarco iron ore mining joint venture with Vale (VALE3.BZ), paving way for jv restructuring. Liontown Resources (LTR.AU) is to open its books to US rival Albemarle (ALB) following an increased A$6.6B ($4.3B) indicative offer for the business; shares sharply higher. Qantas (QAN.AU) admitted it had suffered reputational damage over selling seats on canceled flights and block Qatar Airways flights into Australia.

  • Digest:

    • China property support measures received positively by market:

      • Sentiment towards Chinese real estate developers has flipped noticeably over past 1-2 weeks with mainland properties index up 20% from lows and trading at a one-month high. Follows mostly positive takeaways from latest suite of support measures, which included lowering downpayment requirement for first homebuyers and second-time purchasers. Major cities moved to relax purchasing requirements for some homeowners and China's big banks are expected to lower mortgage rates in response to regulatory prodding. Reuters also reported authorities weighing other measures, including removing home purchasing restrictions in non-core districts of major cities and scrapping price caps on new homes. Analysts anticipate measures will spark short-term boost in home sales that will help to stabilize property market sentiment. Bloomberg cited analyst data that showed home sales in Beijing and Shanghai totaled 1,800 over weekend, more than half of the 3,100 homes sold through all of August.

    • Country Garden wins approval for yuan bond extension, pays ringgit bond coupon:

      • Country Garden won approval from creditors to extend maturing yuan bond late Friday, avoiding default and buying some respite amid liquidity crunch. Company also paid coupon payment due on MYR2.85M ($613K) ringgit-denominated bond due today to further alleviate default risk further (Bloomberg). Company still scheduled to pay $22.M interest on two dollar bonds with grace period ending 5-6 September however yuan bond deal raises hopes company can make these payments (Reuters). Yuan bond extension deal stretches payments on CNY3.9B ($537M) outstanding principal through to 2026 from original 2-Sep maturity date (rolled forward to next business day) Bloomberg). Company also won approval to add additional 40-day grace period in yuan bond payment schedule. Deal and ringgit-bond payment will come as relief for company and property sector as company seen as one of more financially sound developers. Country Garden shares (2007.HK) higher in early Hong Kong trade Monday along with other China-based developers.

    • Biden disappointed he won't be meeting Xi at G20 summit in India:

      • World leaders gather for G20 summit in India later this week, but China President Xi looms as a notable absence. Reports last week noted Xi to skip G20 amid heightened China-India tensions (Bloomberg), with Premier Li said to be attending instead. President Biden expressed disappointment though added he still intends to meet Xi. Next opportunity for a Biden-Xi meeting could be November APEC summit in San Francisco, which would be their first since they met on sidelines of G20 summit in Bali in Nov-2022 (Bloomberg). US and China have begun to establish high-level communications after Commerce Secretary Raimondo wrapped up a multi-day visit to China last week. Two sides agreed to form working group on commercial issues and exchanges around issues such as export controls and trade secrets. While Raimondo touted progress, she stressed need for action after raising concerns about an increasingly unpredictable operating and regulatory environment for American firms (Reuters).

    • RBA expected to leave cash rate unchanged on Tuesday:

      • RBA expected to leave cash rate unchanged at 4.10% for a third straight time at its 5-Sep policy meeting (Bloomberg). Expectations for a hold decision have firmed after recent data showed more signs that rate hikes are working to slow inflation and are taking some heat out of Australia's labor market. RBA also mindful of downward pressure on consumption growth from cost of living and higher interest rates, as well as the drag from fixed mortgage rate resets. However, RBA seen retaining its mildly hawkish bias and data-dependent stance by repeating that some further tightening may be required. Some economists still expect a final rate hike by year-end given upside risks to wages and CPI. Contrasts with markets, which have largely ruled further tightening as soft landing expectations firmed in the wake of cooler labour market and inflation data.

    • Ruling party favourite wins Singapore's presidential election:

      • Former finance minister and deputy PM Tharman Shanmugaratnam won Singapore's presidential election with 70% of vote Friday in country's first contested head-of-state election since 2011. Post is largely ceremonial however Tharman's victory significant in him becoming first minority president to be elected in Singapore where ruling PAP party long insisted only ethnic Chinese candidate could be PM (StraitsTimes, Bloomberg). Tharman's victory potentially paves way for future minority candidates to run country as prime minister. Analysts said election a poll on PAP post several political scandals but landslide victory does not indicate PAP has fully recovered given personal popularity of Tharman (SCMP). Also said opaque, restrictive criteria for presidential eligibility may have deepened perception presidential race increasingly rigged by government (BBC). New generation of Singapore leaders in Singapore waiting in wings, Tharman's election further seen as victory for 'old guard'.

    • Notable Gainers:

      • +14.6% 2007.HK (Country Garden Holdings): creditors reportedly approve payment extension for Country Garden's CNY3.9B onshore private bond

      • +12.3% 2593.JP (ITO EN): reports Q1 net income attributable ¥6.83B, +62% vs year-ago ¥4.22B, revenue ¥121.15B, +7% vs year-ago ¥113.23B

      • +6.8% 2318.HK (Ping An Insurance (Group) Co. of China): planning to concentrate on medical, healthcare industry amid aging population trend in China

      • +2.9% 066570.KS (LG Electronics): reportedly partners with Meta for development of new MR headset

    • Notable Decliners:

      • -1.3% 9984.JP (SoftBank Group): Arm reportedly seeks to price its shares in the $47-51/share range

      • -0.5% 3382.JP (Seven & i): guides FY net income attributable ¥230.0B vs FactSet ¥289.19B and prior guidance ¥285.0B; completes Sogo & Seibu transaction

  • Data:

    • Economic:

      • Australia

        • August ANZ-Indeed job advertisements +1.9% m/m vs revised +0.7% in July

        • Q2 business inventories (1.9%) vs consensus +0.4% vs +1.2% in Q1

          • Q2 company profits (13.1%) vs consensus 0.0% and +0.5% in Q1

    • Markets:

      • Nikkei: 228.56 or +0.70% to 32939.18

      • Hang Seng: 462.10 or +2.51% to 18844.16

      • Shanghai Composite: 43.81 or +1.40% to 3177.06

      • Shenzhen Composite: 28.05 or +1.44% to 1981.63

      • ASX200: 40.50 or +0.56% to 7318.80

      • KOSPI: 20.84 or +0.81% to 2584.55

      • SENSEX: 192.41 or +0.29% to 65579.57

    • Currencies:

      • $-¥: +0.22 or +0.15% to 146.3950

      • $-KRW: (5.59) or (0.42%) to 1318.3500

      • A$-$: +0.00 or +0.11% to 0.6466

      • $-INR: (0.03) or (0.04%) to 82.6890

      • $-CNY: +0.01 or +0.10% to 7.2684

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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