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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei Closed, Hang Seng (1.39%), Shanghai Composite +0.26% as of 04:10 ET

Sep 18 ,2023

  • Synopsis:

    • Asian equities ended mostly lower in a quiet Monday session. Hong Kong closed with more losses and at its low of the day, mainland stocks slightly higher. The rest of the region mostly down with South Korea and Taiwan underperforming on read through from US's market Friday. Japan closed for a holiday. US futures still higher, Europe extending opening losses. US dollar flat, little movement of note in Asia currencies. Treasury yields higher with 10Y close to 16-year high, 2Y staying above 5%. Crude blends higher as WTI climbed back above $90/bl, industrial and precious metal prices also higher.

    • A relatively quiet day for Asia equities with the week's main catalysts still ahead although Greater China markets looked set for a significant selloff first thing on reports China Evergrande executives had been detained in Shenzhen and poor weekend home purchase data. Mainland bourses swiftly recovered but Hong Kong ended at a key support level just under 18K. Elsewhere, equities took their lead from a weak end to Wall Street Friday and edged lower with tech-dominated boards underperforming.

    • Central bank meetings this week the main catalysts. Fed Fund Futures show a 99% chance of a hold on Wednesday with markets instead looking for clues on if there will be another hike and/or how long rates will remain restrictive. BoE is expected to hike on Thursday, Indonesia, Philippines, Taiwan among the Asia banks with rate calls on Thursday, BOJ will hold on Friday although analysts not ruling out a tightening comment on YCC. There is also an inflation print from Japan and several global flash PMIs.

    • Alibaba (9988.HK) has told Turkey's president it plans to invest $2B in the country to add to the $1.4B investment through its Trendyol unit. Chinese police detained several staff of China Evergrande's (3333.HK) wealth management unit over the weekend sparking concerns a new investigation into the group may have begun. Country Garden (2007.HK) set to face final creditor vote on yuan-denominated bond and initial deadline for dollar bond interest later Monday. Sunac China (1918.HK) several partners are to adjust ownership of several land parcels in a Hainan project with Sunac posting a CNY61M gain upon completion. Singtel (Z74.SP) is to sell a 20% stake in its regional data center business to private equity group KKR for S$1.1B.

  • Digest:

    • China Evergrande wealth management staff detained by police:

      • Reuters cited a Shenzhen city police statement posted on WeChat Saturday evening announcing the detainment of some staff at China Evergrande's (3333.HK) wealth management unit. The only individual named was Du Liang, general manager and legal representative of the wealth management division. Arrests yet to be confirmed and the police statement did not specify the number of people, the charges or the date they were taken into custody. Bloomberg recalled Evergrande missed payments on CNY40B ($5.6B) of WMPs in 2021, sparking nationwide demonstrations and pressured authorities to respond with an anti-corruption crackdown that includes severe penalties on top officials. Evergrande's money management arm said on 31-Aug that it was unable to make payments due to liquidity crunch. Long-running restructuring process has seen establishment of a government JV to take over Evergrande's insurance arm announced Friday.

    • US-China officials laying groundwork for Biden-Xi meeting in November:

      • Press cited White House and China foreign ministry statements describing weekend discussions in Malta between national security adviser Sullivan and Chinese Foreign Minister Wang Yi as "candid, substantive and constructive" (Reuters, FT). While there were no breakthroughs, Bloomberg sources said officials setting up a Biden-Xi meeting at the San Fransisco APEC summit in November. Added both sides interested in stabilizing ties with China focused on economic downturn and US eyeing 2024 presidential election. Still, chances of any fundamental improvement in ties said to be slim amid ongoing tensions. US official declined to discuss the likelihood of a summit this year though noted Biden has said he hopes to meet Xi in the near future. Focus turns to whether Xi decides to skip APEC amid signs of internal turmoil in Beijing. Some attention on the disappearance of China defense minister Li Shangfu, reportedly under a corruption probe, though the matter wasn't discussed in Malta. Follows abrupt reinstatement of Wang as foreign minister in July, replacing Qin Gang. Both sides apparently made usual points on Taiwan, though Sullivan emphasized US provision of arms or foreign military assistance to Taipei doesn't mean US supports Taiwanese independence.

    • FX losses add to China property developer woes:

      • Nikkei analysis found top mainland Chinese property developers recorded close to $3B FX losses, mainly on dollar borrowings, in H1 due to yuan weakness. Adds to their struggles to service mounting debts, though actual impact depends on market levels when losses are realized. Aggregate net FX losses for 24 of the top 30 mainland listed Chinese developers totaled CNY21.25B ($2.75B). Cited Natixis' view that weak yuan is a byproduct of policy easing meant to help distressed developers, adding to burden for those with high dollar debt. China Evergrande (3333.HK) topped the list with net FX loss of CNY4.14B in H1, equivalent to 12.5% of its reported CNY33B H1 net loss. Company has 26.3% of total borrowings in USD and HKD. Country Garden (2007.HK) reported over CNY3B in net FX losses, contributing to its record H1 net loss of CNY48.93B. Sunac China (1918.HK) also logged CNY3.24B in FX losses. However, some state-owned developers have insulated themselves against FX risk, such as China Resources Land (1109.HK), by increased domestic financing and dilution of FX positions.

    • Singapore exports fall again in signal regional trade remains in the doldrums:

      • Singapore's August non-oil domestic exports (NODX) fell 20.1% y/y versus forecast -15.8% and upwardly revised 20.3% y/y decline in July. On seasonally adjusted basis, NODX fell 3.8% following July's 3.5% contraction, against consensus expectations +5.5% growth. Exports of electronics fell 21.1% y/y following 26.1% decline in July. Decline represented 11th consecutive y/y export decline and sends signal regional trade still not recovered from more than year-long downturn. Reuters cited analyst saying stabilization of exports does not seem to be on hand yet however weak shipment data unlikely to sway MAS into easing monetary policy next month as inflation still uncomfortably high. NODX to country's top-ten markets all shrank led by shipments to US (-32.4%), EU (-28.9%), China (-16.4%) (BusinessTimes). Total trade fell 15.2% y/y versus July's 20.9% decline; total exports fell 14.7%, total imports fell 15.6%.

    • SoftBank pivoting back to offense in AI:

      • FT sources indicated SoftBank (9984.JP) is seeking new deals in AI following the success of Arm's IPO. CEO Son said to be looking to invest tens of billions of dollars. Noted OpenAI is one of several options or a broad strategic partnership. Company also looking at alternatives to OpenAI, including substantial investments in direct rivals, and reportedly made a preliminary approach to Graphcore, a UK-based AI chipmaker. Cited analyst estimates that Arm's IPO will expand SoftBank's warchest to as much as $65B when including cash and its remaining 90% stake in Arm which could be used as collateral for loans. Sources said Son's enthusiasm for dealmaking has rebound strongly in recent months, culminating in his declaration in June he was going back to "offense mode." Article recalled Son has said he was a heavy user of ChatGPT and developed a close relationship with OpenAI CEO Altman. SoftBank Corp (9434.JP) already partnering with OpenAI to serve companies in Japan, though Son holds wider ambitions to establish SoftBank as a credible competitor in the AI field, including the chip segment.

    • Notable Gainers:

      • +6.9% 1918.HK (Sunac China Holdings): Sunac China, Jinhan Holding to adjust ownership of land parcels in Hainan project; Sunac China to record CNY61M gain before tax

      • +3.1% 096770.KS (SK Innovation): off CreditWatch at S&P, BBB- rating affirmed with negative outlook

    • Notable Decliners:

      • -4.1% 6878.HK (Differ Group Auto): to place up to 1.72B-shares at HK$0.0595/share through GEO Securities

      • -1.6% 3333.HK (China Evergrande Group): Shenzhen police detain general manager, staff of China Evergrande's wealth management unit

      • -1.1% 753.HK (Air China): reports August traffic +135.3% y/y

      • -0.4% 2018.HK (AAC Technologies Holdings): buys back 7.2% stake in AAC Optics from 22 strategic investors for CNY1.45B

      • -0.4% 670.HK (China Eastern Airlines): reports August traffic +130.44% y/y

  • Data:

    • Economic:

      • Singapore

        • August Non-Oil Domestic Export NSA Y/Y (20.1%) versus (20.3%) in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: (252.34) or (1.39%) to 17930.55

      • Shanghai Composite: 8.19 or +0.26% to 3125.93

      • Shenzhen Composite: 10.36 or +0.54% to 1921.48

      • ASX200: (48.60) or (0.67%) to 7230.40

      • KOSPI: (26.56) or (1.02%) to 2574.72

      • SENSEX: (128.23) or (0.19%) to 67710.41

    • Currencies:

      • $-¥: (0.11) or (0.07%) to 147.6960

      • $-KRW: (4.22) or (0.32%) to 1325.1900

      • A$-$: +0.00 or +0.00% to 0.6435

      • $-INR: +0.12 or +0.14% to 83.2110

      • $-CNY: +0.02 or +0.21% to 7.2902

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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