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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.87%), Hang Seng +0.37%, Shanghai Composite (0.03%) as of 04:10 ET

Sep 19 ,2023

  • Synopsis:

    • Asian equities finished mostly lower in another quiet session. Hong Kong turned around a weak open to bounce back off its recent support level, mainland markets tilted lower. Australia, South Korea and Taiwan all down, Southeast Asia mixed. Japan's Topix flat, Nikkei lower in a partial mark-to-market session. India closed for a holiday. US futures a few points lower, Europe paring opening losses. US dollar flat, yen slightly weaker but rangebound. Treasury yields higher across tenors. WTI crude hit 12-month high, Brent closing in quickly on $100 /bl. Industrial metals mixed. Precious metals lower.

    • An otherwise quiet week ahead of a string of central bank decisions punctuated by crude oil prices moving closer to the $100/bl mark, and newsflow out of China from its property sector. Higher Brent prices supportive of large-cap energy stocks listed in Hong Kong but will also likely press on regional headline inflation data this month. This gives more fuel for the higher-for-longer rate story with Fed priced-in cuts next year being extended further out. Yields continued to rise in Asia trading Tuesday (including Chinese 10Y yield at six-week high) and the US dollar index holding the 105 level. Equities in a holding pattern ahead of Fed decision, Hang Seng held a key support level giving bulls some comfort.

    • Elsewhere, little macro news to provide fresh catalysts. Nothing incremental from September RBA meeting minutes with board debating whether to hike cash rate by 25 bp but settled for another hold decision. Diplomatic spat between India and Canada erupted after each expelled diplomats over the killing of a Sikh Canadian citizen allegedly by India intelligence.

    • Softbank (9984.JP) said it may invest in OpenAI technology and other ChatGPT rivals. CATL (300750.CH) is to supply Western Australia with storage systems as the state aims to phase out coal power by 2030. China Evergrande (3333.HK) said the detention of several executives at its wealth management arm will not affect operations. Country Garden (2007.HK) won approval from creditors to extend repayments on an eighth yuan denominated onshore bond; $15M dollar coupon repayment also due today. Sunac Holdings (1918.HK) creditors approved its $9B offshore debt restructuring plan, company applied for US bankruptcy protection in a largely procedural move.

  • Digest:

    • Country Garden wins extension approval on last yuan bond:

      • Bloomberg reported Country Garden (2007.HK) won bondholder approval on the last of a batch of eight onshore notes for repayment extensions. Cited two bondholders briefed by an underwriter Tuesday that the proposal to extend the CNY492M ($67M) note was passed. Also reported a Monday filing to the Shanghai Stock Exchange's private disclosure system said Country Garden unit Guangdong Giant Leap Construction would provide at least CNY200M as a pledged guarantee for the note (21-Oct maturity date) if the payment extension passed -- said to have been added on Monday. Attention has already shifted to a $15M dollar coupon repayment also under a Monday deadline. There has been no confirmation as yet and Reuters reported one bondholder saying the payment had not been received by late Monday afternoon. Non-payment would again trigger a 30-day grace period. CreditSights said failure to meet that deadline would see the principal become due and any failure to service will trigger cross-default terms.

    • Yuan could see more pressure against the dollar as capital outflow grows:

      • China experienced its largest outflow of capital since Dec-15 last month, increasing pressure on yuan, according to Bloomberg. Article said currency hurt by exodus of foreign funds as global companies look for alternative bases, overseas travel recovers, financial investments leave. Outflow in August was $49B, highest since aftermath of currency devaluation in 2015 pushed offshore yuan to weaken 5.2% YTD, 16-year low. Article cited analyst saying divergent monetary policies and macro environment means unlikely China reached turning point to attract capital back. Meanwhile, Economic Daily commentary reiterated yuan weakness mainly passive depreciation and is temporary; also set against strong US dollar with yuan trading better against other currencies. Yuan lost only 0.15% YTD against basket of key currencies in same period, according to official data. Commentary added financial regulators to act 'when needed', deal with market disruptive orders, prevent forex rate overshooting risks.

    • RBA debated September rate hike, but opted to hold with inflation tracking projections:

      • September RBA minutes noted members again debated whether to hike the cash rate by 25 bp or leave it unchanged. Arguments for tightening included risk of inflation remaining above target for longer than projected, fueling rise in inflation expectations. Board opted to hold, citing already significant rise in interest rates, lagged effects of past rate hikes, risk of a sharper slowdown in growth and consumption, and increased China economic risks. Pointed out indicators suggest domestic economic growth remains weak and labor market is at a turning point. While fuel prices expected to boost September inflation, RBA continues to see inflation moderating over H2 2023. Added that recent data is consistent with inflation returning to target within reasonable timeframe. RBA reiterated some further tightening may be required if inflation proves more persistent than expected. Said upcoming decisions to be guided by incoming data.

    • Canada, India expel each other's diplomats in growing row over Sikh leader killing:

      • India expelled a top Canadian diplomat Tuesday and summoned its high commissioner for discussions in retaliation for Ottawa expelling head of India's foreign intelligence agency from Canada. Comes after Canadian PM Trudeau accused Indian agents of being involved in killing of Canadian national and Sikh leader Hardeep Singh Nijjar in June (CBC). New Delhi says Nijjar one of India's most wanted terrorists (Times of India) but denied involvement in his murder. In diplomatic countermeasures, Ottawa suspended trade mission with India last Friday, Trudeau said he broached subject with India PM Modi at G20 summit last week, while Canada's intelligence agency traveled several times to India to confront counterparts with allegations. Canada's foreign minister Mélanie Joly said "breach of sovereignty completely unacceptable", will raise issue with G7 counterparts later Tuesday (Politico). White House said it is "deeply concerned" about allegations (WashingtonPost).

    • Foreign holdings of US Treasuries rise despite China selling:

      • Treasury Department data showed foreign holdings of US Treasuries rose for a second straight month in July to $7.655T from $7.562T in the previous month. But most of the attention went to China's holdings which fell to $821.8B (from prior $835.4B), marking the lowest level since May 2009 and continuing the general downtrend of the past year. Reuters cited analysts who said latest selling may have been used for yuan defense. Japan added mildly to its holdings in July, though most of the growth came from Canada, France, Luxembourg, and Cayman Islands (the latter posing some questions about who the final investors are). Recall an earlier Nikkei report noting Japan and China's share of US Treasuries dwindled to the lowest on record amid headwinds from currency weakness. Growing Treasury issuance testing global market appetite as other marginal buyers are also pulling back. Also said China's activity difficult to follow, though selling in Treasury bonds apparently being replaced by buying in agency bonds since the start of the year, resulting in a mild increase in overall net US debt purchases.

    • Notable Gainers:

      • +4.3% 067630.KS (HLB Life Science Co.): decides to split energy business

      • +2.9% 271560.KS (ORION Corp (Korea)): reports August net revenue KRW264.6B, South Korea (Orion) EBIT KRW14.7B vs year-ago KRW11.7B

    • Notable Decliners:

      • -14.3% 3933.HK (United Laboratories International Holdings): largest holder Heren Far East reportedly places 64M shares at HK$7.33-7.48/share

      • -11.5% 3333.HK (China Evergrande Group): clarifies on media reports regarding to wealth management unit and insurance business; imposition of criminal coercive measures on the relevant personnel of Evergrande Wealth will not affect operations

      • -4.8% 1918.HK (Sunac China Holdings): reportedly files for Chapter 15 in New York

      • -4.0% 9866.HK (NIO Inc): announces $1B convertible senior note offering

      • -3.3% 9984.JP (SoftBank Group): reportedly considering potential investment in OpenAI, other ChatGPT rivals

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: (290.50) or (0.87%) to 33242.59

      • Hang Seng: 66.62 or +0.37% to 17997.17

      • Shanghai Composite: (0.98) or (0.03%) to 3124.96

      • Shenzhen Composite: (16.83) or (0.88%) to 1904.65

      • ASX200: (33.80) or (0.47%) to 7196.60

      • KOSPI: (15.51) or (0.60%) to 2559.21

      • SENSEX: 0.00 or 0.00% to 67596.84

    • Currencies:

      • $-¥: +0.02 or +0.02% to 147.6310

      • $-KRW: +1.85 or +0.14% to 1325.9300

      • A$-$: +0.00 or +0.25% to 0.6453

      • $-INR: +0.04 or +0.05% to 83.2730

      • $-CNY: +0.00 or +0.05% to 7.2956

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.
Please refer to "Terms Of Use".

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