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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.43%), Hang Seng (0.58%), Shanghai Composite +0.84% as of 04:10 ET

Sep 11 ,2023

  • Synopsis:

    • Asian equities ended mixed Monday, China assets rallied on better economic news. Stronger-than-expected credit and inflation data behind a rally in Chinese mainland markets, Hong Kong underperformed as it partly mark-to-market Friday's losses in Chinese equities. South Korea closed higher, Taiwan maintained losses into the close. India extending morning gains, Southeast Asia mixed. Japan's Nikkei lower but the bank-heavy Topix closed flat on BOJ governor comments. US futures higher, Europe opened with gains. US dollar weaker, yen stronger, yuan notably stronger too, AUD and NZD also rallying. Treasury yields higher across tenors, JGB 10Y yield at near ten-year highs. Copper and iron ore both higher. Brent oil futures flat, WTI down. Precious metals higher on dollar move.

    • Signs of economic stability emerging in China. Credit data was better than forecast, CPI showed an uptick in prices to ease deflation worries, automobile-sale figures released late Friday also surprised on the upside. The yuan supported by PBOC comments that warned of action to correct 'one-sided' moves when needed as well as posting another strong bias to its onshore mid-fixing point this morning. Beijing also moved to relax rules on insurers investing in domestic stocks while several more cities eased restrictions on mortgage applications in a boost to the housing sector.

    • The yen also strengthened after BOJ Governor Ueda said an end to negative interest rates was possible if the bank was confident wages and prices were rising sustainably, adding there could be enough data by year-end to determine whether to adjust policy. Japan PM Kishida also touted "drastic" economic package to provide inflation relief and shore up wage growth.

    • Elsewhere, Chevron asked Australia's workplace regulator to help end LNG plant strike action. Malaysia's PM said he targets 5% growth annually for the next three years but he suffered a political blow when a junior partner left the ruling coalition over corruption concerns. Singapore's widening money laundering probe prompted a government minister to deny the investigation was instigated on a Chinese government request. President Biden said he thinks an invasion of Taiwan is less likely now with China undergoing an economic slowdown.

    • Softbank (9984.JP) is considering rising ARM's IPO price after meeting with potential investors, said offer five times over-subscribed. Alibaba (9988.HK) confirmed its departing CEO Daniel Chang has stepped down from leading its cloud unit. Country Garden (2007.HK) faced a new round of creditor voting to extend debt maturities Monday evening having already avoided two deadlines this month. Netmarble (251270.KS) said sales of its new Seven Knights game ranked second in Google Play Store, first in domestic app store just five days after release.

  • Digest:

    • China credit data beats, early takeaways positive:

      • New loans were CNY1.36T in August, above consensus CNY1.20T and follows CNY345.9B in the previous month. Mostly driven by corporate demand, though household loans also grew, and subset of longer term loans (proxy for mortgage demand) logged mild growth. However, outstanding loan growth slipped to 10.9% vs consensus and prior month's 11.1%. Bloomberg noted August typically helped by seasonality. Still marks a rebound after previous month's slump was particularly steep. Growth seen as a general function of PBOC's pressure on banks to write more loans to support business confidence, as well as lowering mortgage rates while larger cities have been cutting downpayment requirements. Article also said latest result adds to some recent indicators suggesting the worst of the slump may be over, recalling milder declines in exports, slight improvement in PMIs, and deflation pressure easing, consistent with PBOC's statement on FX published today.

    • China FX authorities say yuan remains stable, will take action if necessary:

      • PBOC published an online statement disclosing a joint meeting of FX-related departments held in Beijing Monday. Acknowledged recent yuan weakness, though held to their existing assessment that conditions remain largely stable against the currency basket and relatively strong against non-US currencies. Cited stabilization of economy and expectations following successive policy measures, noting CPI has turned positive, better-than-expected trade data, gradual impact of real estate policies, as well as significant pickup in private consumption. Also expressed confidence in their ability to respond to maintain stability. Pledged resolute action against unilateral and procyclical movements, while also cracking down on activity that disrupts market order. Also committed to prevent risk of overshoot. So-called FX self-regulatory mechanism must continue to enforce 'risk-neutrality' principle. FX market participants told to conduct market making and prop trading in an orderly manner and resolutely put an end to speculation.

    • Governor Ueda says BOJ could have enough data by year-end to determine NIRP exodus:

      • Sustained yen strength Monday alongside sharply higher bond yields and banking sector rally largely attributed to latest comments from BOJ Governor Ueda (Bloomberg). Ueda told Yomiuri they "can't rule out the possibility" there will be enough information by year-end to judge if wages will continue to rise. Indicated zero rates would be lifted if they are convinced stable inflation/wages are secure. But also reemphasized BOJ is some distance away from achieving its price stability target and would continue its patient monetary easing. While headline effects largely seen reflecting market jitters over BOJ rhetoric, Nikkei discussed notable hawkish-leaning remarks from a couple of board members in their latest speeches. Recalled Tamura's speech on 30-Aug suggesting realization of price stability target is on the horizon. Later said in Q&A session that an assessment could be made in Q1 next year, and lifting zero rates is an option once achievement has been declared. Similarly, Takata last week said he sees budding evidence that Japan's economy is moving towards achievement of the 2% stable inflation target. Suggested analysis over the next six months may be pivotal. In contrast, Nakamura and Nakagawa maintained their dovish stance.

    • China relaxes rules for insurers to invest in stock markets in support measure:

      • China's National Administration of Financial Regulation (NAFR) reduced risk weighting it attaches to insurance companies' investments in CSI300 index members (risk weighting from 0.35 to 0.3) as well as stocks listed on STAR market (from 0.45 to 0.4). Minimum capital requirements for insurers will also be cut. Also reduced risk weighting it assigns to investments in REITs (0.6 to 0.5) and set relatively low risk weighting for PE investments in sectors China sees as strategic and emerging. Bloomberg noted move to make it easier for insurers to buy domestic stocks as latest in a series of measures to boost market confidence. China Securities Journal cited China Life Insurance Co. (2628.HK) CIO Wang Junhui saying insurers may speed up flow of funds into equity market amid trends of falling interest rates. Recall CSRC last month asked major financial institutions to increase support for market, which executives vowed to help stabilize stock market and boost economic development.

    • China deflation pressures ease:

      • Headline CPI rose 0.1% y/y in August, below consensus 0.3%, though still an improvement from a 0.3% decline in the previous month, which was the first negative print since Feb-21. Core inflation remained steady at 0.8%. Food prices were a notable drag as a 17.9% drop in pork (albeit easing from July) led broad-based decreases in meat category. Fresh vegetables and fuel also remained negative. Goods prices rose 0.7%, outweighed by 1.3% rise in services, driven mainly by travel. PPI fell 3.0% y/y, matching expectations, after a 4.4% decline in July, narrowing further from the 5.4% trough in June. Continues to reflect momentum in upstream prices as well as downstream to a lesser extent. Overall, NBS noted base effects have largely diminished, particularly for PPI. Takeaways indicated some respite from the deflation narrative helped by strength in tourism activities and higher commodity prices (Bloomberg, Reuters). However, tone remained cautious against the backdrop of ongoing weakness in the broader economy and government's piecemeal approach to stimulus.

    • Notable Gainers:

      • +13.2% 4483.JP (JMDC Inc): OMRON to launch cash tender offer to acquire 15.0M shares in JMDC at ¥5,700/share

      • +8.8% 251270.KS (Netmarble): sales of new game Seven Knights Idle Adventure reportedly rank second in Google Play Store and first in App Store domestically five days after release

      • +3.9% 9984.JP (SoftBank Group): reportedly Arm will likely be able to price IPO at top or above of targeted $47-51/share range

      • +2.0% 105560.KS (KB Financial): names vice chairman Yang Jong-hee as next chairman

      • +1.1% 860.HK (Apollo Future Mobility Group): to terminate acquisition of WM Motor; placing will not proceed

    • Notable Decliners:

      • -6.4% 093370.KS (FOOSUNG Co.): discontinues production at Ulsan chip plant

      • -4.1% 9626.HK (Bilibili): Pretty Derby reportedly removed from app stores in China

      • -2.8% 9988.HK (Alibaba Group): confirms Group CEO Eddie Wu will succeed Daniel Zhang as acting Chairman and CEO of Alibaba Cloud Intelligence Group effective 10-Sep

      • -0.1% 9432.JP (Nippon Telegraph & Telephone): NTT reportedly through to second round of Versent auction; NTT DATA Group reportedly planning reorganization; may merge unit with NTT Docomo

  • Data:

    • Economic:

      • China August

        • CPI +0.1% y/y vs consensus +0.2% and (0.3%) in prior month

          • PPI (3.0%) y/y vs consensus (3.0%) and (4.4%) in prior month

        • New loans CNY1.36T vs consensus CNY1.20T and CNY345.9B in prior month (00:40 ET)

          • Outstanding yuan loans +10.9% y/y versus consensus +11.1% and +11.1% in prior month

          • Total social financing CNY3.12T versus consensus CNY2.46T and CNY528.2B in prior month

          • M2 money supply +10.6% y/y vs consensus +10.7% and +10.7% in prior month

    • Markets:

      • Nikkei: (139.08) or (0.43%) to 32467.76

      • Hang Seng: (105.62) or (0.58%) to 18096.45

      • Shanghai Composite: 26.06 or +0.84% to 3142.78

      • Shenzhen Composite: 17.37 or +0.90% to 1952.91

      • ASX200: 35.60 or +0.50% to 7192.30

      • KOSPI: 9.20 or +0.36% to 2556.88

      • SENSEX: 358.17 or +0.54% to 66957.08

    • Currencies:

      • $-¥: (1.62) or (1.09%) to 146.1630

      • $-KRW: (7.83) or (0.59%) to 1328.5100

      • A$-$: +0.01 or +0.86% to 0.6432

      • $-INR: (0.15) or (0.19%) to 82.8680

      • $-CNY: (0.05) or (0.74%) to 7.2893

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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