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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.37%), Hang Seng (1.29%), Shanghai Composite (0.77%) as of 04:10 ET

Sep 21 ,2023

  • Synopsis:

    • Asian equities ended weaker almost everywhere Thursday. Losses greatest in technology-orientated benchmarks in South Korea and Taiwan, with Hang Seng and Nikkei also seeing 1%-plus losses. Mainland China also in the red but a relative outperformer; Bangkok and Manila outliers to gain a few points, India seeing sharp declines. US futures down, Europe opened with more losses but holding recent lows. Dollar higher again, Asia currencies weaker ex yen, which is flat ahead of BOJ meeting tomorrow. Treasury yields higher with 10Y holding 4.3%, its highest since 2007, JGB 10Y yield hits heist since Sep-13. Crude oil, precious and industrial metals all down.

    • A 'hawkish hold' by the Fed last night enough to send bonds and equities significantly lower in Asia Thursday with many reaching multi-month lows. The Fed's dot plot showed one more hike this year to be followed by just two cuts next year; fed fund futures also now point to a 54% chance of a hike before year end versus 45% yesterday. Chair Powell's statement also reiterated a higher-for-longer tone and downplayed prospects for cuts. US markets fell steeply into the close with the weak trend taken up by Asia markets first thing amid a stronger dollar and rising regional yields.

    • Regional Asia newsflow still focused on China. State Council on Wednesday reiterated pledge to speed up measures to consolidate recovery although did not detail what measures it would take. PBOC Governor Yi Gang also called on authorities to appropriately expand efforts to boost demand. CSRC said to be probing quant trading strategies with several analysts suggesting move could lead to curbs on volatile strategies and short selling. New Zealand Q2 GDP growth topped expectations and Q1's contraction was revised higher, implying economy skirted a technical recession. South Korean exports over first 20 days of September contracted at a slower pace, adding to signs trade activity beginning to bottom and exerting less of a drag on growth. Philippines and Indonesia central banks held rates steady, both as expected.

    • Japan Exchange's (8697.JP) Tokyo Stock Exchange will extend trading hours by 30 minutes when next generation trading system launched in Nov-24. JIP consortium completed its tender offer for Toshiba Group (6502.JP) shares to complete purchase of 78.7% of outstanding shares. B.Grimm Power Public (BGRIM.TB) is considering selling a minority stake in its gas-fired power portfolio in Thailand in a $2B deal. Germany-based Delivery Hero (DHER.GR) has begun talks on the sale of its Food Panda business in Southeast Asia, Grab (GRAB) said to be interested.

  • Digest:

    • Asia equities and currencies sink post Fed rate decision:

      • Asia equity markets and currencies fell sharply Thursday following Fed's signal it would keep interest rates higher for longer. MSCI Asia Pac ex Japan index down 1.6% to 52-week low, Japan's Nikkei down 1.4% at the close with most other regional indices lower. Hang Seng down another 1.3% to break recent support level, ASX at three-month low. MSCI China index currently at low last seen in Nov-22. US futures contracts also trading lower while Europe opened down. Treasuries also down in Asian trade yields higher across tenors; JGB and Australia/New Zealand sovereign yields all higher. US dollar consolidated overnight gains with DXY index up almost 0.2% but stopping short of Mar-22 high point. Asia-ex currencies all lower led by Korea's won which weakened 0.7%, Australian dollar extended overnight losses; dollar also pushed euro to seven-month low. Yen flat as traders remain on intervention watch given BOJ meeting tomorrow, historical intervention pattern, and after crossing 148 per dollar mark.

    • China securities regulator probes quant strategies, short selling activities:

      • Reuters reported China Securities Regulatory Commission (CSRC) has inquired with several major brokers over past weeks over short-selling activities, trading strategies of their quant clients. Said Shanghai and Shenzhen stock exchanges under CSRC guidance have further sought information directly from major quant funds on money-making strategies. Cited source saying exchanges wanted to know logic of trading strategy, sources of profit, situations in which net-long and net-short positions held, and reason behind buy and sell orders. Regulators also asked for Direct Market Access data which facilitates hedge fund borrowing to fund leveraged trades. Brokerage quoted said better understanding of quant modeling may lead to curbs on short selling or strategies that lead to market volatility. Article added equity market weakness triggered finger pointing on social media, criticism from fund managers and retail investors against quant funds and short sellers.

    • China state council pledges to accelerate measures to consolidate economy recovery:

      • China state council meeting chaired by Premier Li Qiang said country will speed up introduction of policies to consolidate economic recovery and pledge to coordinate economic work into 2024(Xinhua). Reiterated sticking to deepening reforms and opening-up. Added will speed up efforts to develop advanced manufacturing and industrial digitalization. Reuters noted came as China's economy showed better-than-expected performances including credit, industrial production and consumption, however property sector remains drag. Former PBOC governor Yi Gang called for Beijing to "appropriately" ramp up support to achieve official growth target of 5%. Yi recommended "appropriate increasing" macroeconomic policies to expand domestic demand, while giving "full play" to use structural monetary policy to support housing sector (Bloomberg). Meanwhile China issued stern rebuttal against what Beijing deemed a malicious effort to defame its economic prospects (SCMP) while state-media Xinhua lambasted western media for employing "typical tricks" to "discredit China's economy" amid "deep-seated ideological bias".

    • Japan rhetoric continues to fan FX intervention, BOJ policy normalization themes:

      • In a Reuters interview, former vice finance minister for international affairs Takehiko Nakao said Japan could intervene again to support the yen if it declines further and the time is right for BOJ to ditch or modify its ultra-easy policy settings. Added that prolonged monetary easing risks depreciating the yen further. Suggested that BOJ, facing ongoing elevated inflation and excessively weak yen, may have no choice but to normalize policy, including scrapping NIRP and YCC, so as not to fall behind the curve. Follows earlier remarks from METI Minister Nishimura on Tuesday that he sees BOJ easing eventually coming to an end considering global inflation trends (Reuters). Some significance in these comments coming from a cabinet minister and also a member of the former Abe faction, many of whom remain proponents of Abenomics stimulus policies. Current FX chief Kanda reiterated Wednesday that authorities won't rule out any options if excessive moves persist (Reuters), reaffirming his stance after US Treasury Secretary Yellen said US may tolerate FX smoothing operations though not intervention to influence market levels.

    • Indonesia and Philippines central banks hold rates steady:

      • Bank Indonesia maintained its 7D reverse report rate unchanged at 5.75%, as expected Thursday, also held its deposit facility rate at 5.0%, lending facility rate at 6.5%. Decision is eighth consecutive meeting in which rates kept steady despite fresh pressure on rupiah and sovereign bond yields. Governor Warjiyo said rupiah remained under control in line with policy after bank utilized new securities that attracted $2.5B in first two auctions that gave additional support to currency. Philippines central bank (BSP) also held its reverse repo rate steady at 6.25% but said it was ready to resume tightening if needed to tame renewed surge in inflation. Governor Eli Remolona said MPC noted emerging upside risks to inflation outlook. First time bank used reverse repo rate after adopting slightly longer duration bond sales several months ago. Taiwan's central bank meets later Thursday, expected to keep its discount rate steady at 1.875%.

    • Notable Gainers:

      • +18.6% 068240.KS (DAWONSYS Co.): positive results reportedly seen in boron neutron capture therapy

      • +1.0% 042660.KS (Hanwha Ocean): 89.5M-share secondary now priced at KRW21,850/share vs prior KRW22,350/share

      • +0.2% 6502.JP (Toshiba): TBJH completes tender offer for Toshiba; 78.7% of shares tendered

      • +0.0% 81.HK (China Overseas Grand Oceans Group): acquires remaining 40% stake in Huizhou's project company for CNY480.1M

    • Notable Decliners:

      • -1.1% 8697.JP (Japan Exchange): Tokyo Stock Exchange makes final decision to extend trading hours by 30 minutes

      • -1.1% 7013.JP (IHI): reportedly to announce impact of Pratt & Whitney's quality issues by November

  • Data:

    • Economic:

      • New Zealand Q2 GDP +0.9% q/q vs consensus +0.4% and (0.1%) in Q1

        • GDP +1.8% y/y vs consensus +1.2% and +2.2% in Q1

    • Markets:

      • Nikkei: (452.75) or (1.37%) to 32571.03

      • Hang Seng: (230.19) or (1.29%) to 17655.41

      • Shanghai Composite: (23.87) or (0.77%) to 3084.70

      • Shenzhen Composite: (15.76) or (0.83%) to 1877.64

      • ASX200: (98.10) or (1.37%) to 7065.20

      • KOSPI: (44.77) or (1.75%) to 2514.97

      • SENSEX: (608.75) or (0.91%) to 66192.09

    • Currencies:

      • $-¥: (0.11) or (0.07%) to 148.2360

      • $-KRW: +4.48 or +0.34% to 1337.9400

      • A$-$: (0.00) or (0.54%) to 0.6412

      • $-INR: +0.06 or +0.07% to 83.1230

      • $-CNY: +0.02 or +0.21% to 7.3023

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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