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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.41%, Hang Seng +0.21%, Shanghai Composite +0.11% as of 04:10 ET

Sep 14 ,2023

  • Synopsis:

    • Asian equities ended mostly higher Thursday. Hong Kong in a choppy session but ended higher, mainland boards mixed. Gains elsewhere including in Japan and Taiwan as their tech stocks led, South Korea also higher. Southeast Asia largely higher, India's Sensex touched fresh record highs before settling back. US futures higher, Europe with a mixed opening. US dollar down, AUD and yen rallied, yuan flat. Treasury yields mostly higher. Crude blends higher, industrial metals up, precious metals losing ground with silver at month-long lows.

    • Fresh caution ahead of China economic data and monthly MLF tomorrow pushed Hang Seng lower in the morning session, which was followed by a nervous but ultimately positive reaction to reports the PBOC had asked several of China's largest banks to stagger squaring their FX positions. The yuan also reacted with uncertainty before ending slightly weaker. Previews of China's monthly data points indicate they may follow CPI and credit data leads to show an uptick of economic activity however today a property sector downgrade by Moody's reminded investors the country isn't out of the woods yet.

    • Elsewhere, Asia assets carrying on from last night's positive close on Wall Street particularly in tech-orientated exchanges. Limited reaction in US markets from the CPI data which was higher than expected but not enough to jangle nerves over a sudden Fed rate hike later this month. Meanwhile, Fed Fund Futures show a 42% chance for a November hike, a point or two up from yesterday. Japan machinery orders fell roughly in-line with expectations. Australian employment growth beat expectations but composition soft; unemployment level unchanged as expected. Trade tensions ratcheted higher after Beijing warned of retaliation against EU after it launched probe into Chinese subsidies for EVs.

    • Softbank (9984.JP) priced its Arm unit at top of range at $51/ADS, valuing company at around $54.5B. Country Garden (2007.HK) faces final of eight yuan-denominated bondholder votes Thursday evening, made payment on interest payment due today. Grab Holdings (GRAB) and GoTo Group (GOTO.IJ) may face new rules in Singapore after the government said it may review the regulations and structure around taxi sector. SEC filings showed most of VinFast's (VFS) EVs sold this year were to a group-related taxi company.

  • Digest:

    • PBOC issues more window guidance to curb yuan pressure:

      • Reuters sources said PBOC has some major banks via window guidance to refrain from immediately squaring their FX positions in the market and leave them open for a while in order to alleviate downside pressure on the yuan. Banks requested to leave open positions after any US dollar sales to clients until their spot FX position hits a certain level. This would effectively mean some of the heavy dollar purchases by companies would be absorbed by banks and sit on their books for a while. Follows earlier report indicating tighter screening process for corporate dollar purchases of $50M or more, which now requires PBOC approval. Article noted latest PBOC efforts to smooth currency volatility come just ahead of China's Golden Week holidays in early October, which typically brings a seasonal rise in dollar demand with international travel. Press reports continue to refer back to Monday's FX self-regulatory body statement warning it would resolutely fend off risks of the yuan overshooting and pledged to take action when needed to correct one-sided and pro-cyclical activities.

    • China activity data Friday may show worst of economic downturn has passed:

      • Fresh economic activity data for August due Friday could show worst of China's economic slowdown this year is behind it, according to Bloomberg, but may also signal pause in stimulus announcements as Beijing waits to see impact of easing. Economists forecast industrial output to grow 3.9% y/y; retail sales to grow 3.0% y/y as summer travel picked up; fixed asset investment to expand 3.3% in Jan-Aug period from 3.4%; property investment could have contracted 8.9% in first eight months, also worsening from Jan-Jul period. If forecasts turn to actuals, growing activity measures will join August credit, inflation and car sales data earlier this week hinting economic slowdown may have troughed. China's official and Caixin manufacturing PMI for August also showed contraction had eased, new export orders improved slightly, overall new orders back in expansion. NBS is set to release data Friday 10am local time.

    • EU launches probe into subsidies for Chinese EVs, Beijing warns of retaliatory action:

      • Hong Kong-listed auto makers fell sharply in late trade Wednesday after EC President von der Leyen said Brussels would launch anti-subsidy investigation into Chinese EVs that are "distorting" EU market. FT said probe would constitute largest trade case launched by EU as it tries to prevent replay of what happened to its solar industry in early 2010s. Von der Leyen said EU companies too often excluded from foreign markets and are victims of predatory practices, firms often undercut by competitors benefiting from huge state subsidies," (DeutscheWelle). Beijing quickly hit back at news, saying European consumers will suffer, signaled retaliatory steps may be taken (GlobalTimes, Bloomberg). Editorial called Europe "afraid of competition from China" and was seeking protectionism, said EU carmakers should have courage to face competition. Warned China had "various tools" to use as countermeasures if EU persists in trade protectionism.

    • China state media cautions investors not to follow foreign investors blindly:

      • State-owned EconomicDaily warned onshore investors not to follow fund flows of foreign investors (northbound funds) in mainland markets blindly. Acknowledged many investors have been paying close attention and making investment decisions based on northbound fund movements. Added funds seen as "smart money" as they had track record of "buying dips" and better information disclosure about transactions. Meanwhile said northbound funds comprised of investors of various styles and account for only small amounts, holding 2.77% shares of total market capitalizations onshore as of 11-Sep. Cautioned northbound funds more sensitive to global monetary policies, dollar/yuan and geopolitical tensions. Encouraged China's institutional investors to strengthen long-term investments onshore and prevent risk of large inflows and outflows of foreign capital to ensure smooth market operation. Recall Bloomberg reported in August hedge fund Shanghai Banxia blamed global capital for China's stock rout, calling them "bunch of aimless flies" that stir up volatility. Noted foreign investors sold record CNY90B ($12.4B) in August.

    • Australian employment growth blows past expectations:

      • Australian employment climbed 64.9K in August, well above consensus for a 25K increase and more than reversing 14.6K jobs unexpectedly lost in July. However, composition was soft with 62.1K part-time jobs added last month compared to 2.8K increase in full-time positions. Unemployment rate unchanged at 3.7% as expected, reflecting surprise rise in participation rate to 67.0% from 66.7%. Hours worked higher from a year earlier, reflecting labour demand being met by people working longer. Other details indicative of growing labour market slack with underemployment rate rising to highest since Feb-2022. RBA anticipates slowing domestic economy will translate to weaker labor market, predicting year-end unemployment rate of 4.00%. Markets pricing in only slim probability of further RBA tightening though some economist clinging to expectations of a final rate hike in November.

    • Notable Gainers:

      • +3.1% 1873.HK (Viva Biotech Holdings): acquires remaining 20% stake in subsidiary Langhua Pharmaceutical for CNY640M from minority holders

      • +1.9% 4502.JP (Takeda Pharmaceutical): BLA for subcutaneous administration of ENTYVIO (vedolizumab) for maintenance therapy in Crohn's Disease accepted by FDA

      • +1.1% 6121.JP (Takisawa Machine Tool Co.): Nidec commences tender offer for TAKISAWA at ¥2,600/share

      • +1.0% 6060.HK (ZhongAn Online P&C Insurance): reports Jan-Aug gross written premiums CNY20.70B; StreetAccount notes the year-ago figure was CNY15.65B

      • +0.8% 2881.TT (Fubon Financial Holding): unit Fubon Bank Hong Kong sells 0.3% stake in UnionPay for CNY784.3M (NT$3.44B)

      • +0.1% 004310.KS (Hyundai Pharmaceutical Co.): sanctioned by South Korean regulator for violating accounting rules in its audit report

    • Notable Decliners:

      • -1.6% 6326.JP (Kubota): issues August retail sales report; US tractor: (2%)-(10%)

      • -0.8% 9984.JP (SoftBank Group): Arm Holdings 95.5M-share IPO priced at $51/ADS through Raine Securities, Barclays, Goldman Sachs, JP Morgan, Mizuho Securities

  • Data:

    • Economic:

      • Japan July

        • Core Machinery Orders m/m (1.07%) versus consensus (0.2%) and +2.7% in prior month

      • Australia August

        • Employment +64.9K m/m vs consensus +25K and (14.6K) in July

          • Unemployment rate 3.7% vs consensus 3.7% and 3.7% in July

          • Participation rate 67.0% vs consensus 66.7% and 66.7% in July

      • Singapore Q2

        • Unemployment Rate 1.9% versus consensus 1.9% and 1.9% in prior quarter

    • Markets:

      • Nikkei: 461.58 or +1.41% to 33168.10

      • Hang Seng: 38.70 or +0.21% to 18047.92

      • Shanghai Composite: 3.48 or +0.11% to 3126.55

      • Shenzhen Composite: (12.43) or (0.64%) to 1917.02

      • ASX200: 32.60 or +0.46% to 7186.50

      • KOSPI: 38.19 or +1.51% to 2572.89

      • SENSEX: 34.53 or +0.05% to 67501.52

    • Currencies:

      • $-¥: (0.21) or (0.14%) to 147.2590

      • $-KRW: (3.67) or (0.28%) to 1324.7300

      • A$-$: +0.00 or +0.20% to 0.6433

      • $-INR: (0.03) or (0.04%) to 82.9580

      • $-CNY: +0.00 or +0.07% to 7.2749

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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