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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.85%, Hang Seng (1.82%), Shanghai Composite (0.54%) as of 04:10 ET

Sep 25 ,2023

  • Synopsis:

    • Asian equities ended mixed Monday. More steep losses in Hong Kong property stocks on Evergrande developments, mainland bourses also down but relative outperformers. Seoul was lower, Taipei gained. Australia recovered from a rocky start to end slightly higher. India paring early losses, Southeast Asia mixed. Japan closed higher as Nikkei outperformed Topix. US futures higher, Europe lower. US dollar index stretching towards 106, AUD weak on China read-through, yen weakening again. Treasury yields higher across tenors. Crude blends higher as WTI recaptures $90/bl, precious metals lower, iron ore leading industrial metals down. Cryptocurrencies notably weaker.

    • Asia assets split today between those exposed more to, and those exposed less to, China. South Korea's Kospi, Australia's ASX as well and mainland and Hong Kong boards all under pressure on fresh bad news from China's property sector. China developers saw their biggest single-day fall since December, driving Hang Seng mainland properties index towards lowest since 2009. China Evergrande said it is unable to issue new debt due to the ongoing investigation into its Hengda Real Estate unit, and subsequently delayed meeting with creditors. It also said it would have to revisit its restructuring plan. Japan markets remained upbeat as yen remained weak post dovish BOJ on Friday but traders increasingly on intervention watch.

    • Elsewhere, a senior PBOC adviser said there was limited room for further policy easing and government should look to structural reforms instead. Japan's government said to be weighing tech sector tax breaks as part of next economic package. Singapore's inflation dropped to 18-month low, opening the door for MAS to adopt more dovish approach next month. Taiwan's industrial output shrank again but at a slower pace than of late but retail sales also grew more slowly.

    • China Evergrande (3333.HK) scrapped key creditor meetings and would revisit its restructuring plan; would not meet regulator qualifications to issue new bonds; shares down sharply. China Oceanwide (715.HK) has received a liquidation order from a Bermuda court over a $175M in loan principal that has not been paid; shares were suspended from trading and liquidators appointed. LG Chem (051910.KS) and China's Huayou Group said it will build EV battery material plants in Morocco and Indonesia. Qantas (QAN.AU) warned rising fuel costs may force it to raise fares but said it would spend more than previously planned to improve 'customer pain points'.

  • Digest:

    • China Evergrande unable to issue new debt, delays restructuring plan:

      • Nikkei cited a securities filing disclosing China Evergrande (3333.HK) is unable to issue new debt due to a regulatory probe on its Hengda Real Estate subsidiary. Boilerplate risk disclosure warned current and prospective investors to exercise caution with its securities. Follows earlier announcement that Evergrande will again delay restructuring meetings to discuss $22.7B in offshore debt scheduled for September 25-26 after having been postponed in August. Company cited weaker than expected sales. Scheme was originally unveiled in March, proposing rollover of existing debt into bonds with maturities of up to 12 years as well as debt-equity swap. Reuters noted Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Latest developments add to negative headlines after Shenzhen police earlier this month detained wealth management unit staff, though Evergrande said this would not affect core operations.

    • BOJ Governor Ueda says easing to continue as inflation uncertainties remain extremely high:

      • In a speech, Governor Ueda dissected inflation dynamics into two broad categories -- passthrough of cost increases and wage growth. Noted that passthrough driven mainly by strength in import prices, which is expected to wane. Placed more emphasis on wage dynamic which could trigger virtuous cycle between wages and prices, suggesting this force is gradually starting to have an impact on prices. Still, Ueda continued to stress the extremely high uncertainties surrounding the baseline scenario and it is unclear whether it will materialize. Reiterated assessment that sustainable and stable achievement of the 2% price stability target accompanied by wage increases has not yet come in sight. Hence, BOJ still sees it necessary to patiently continue with monetary easing under YCC. But also remains cognizant of side effects, justifying the July YCC tweaks which were based on their view that artificial suppression of bond yields could affect bond market functioning and volatility in other markets. Ueda believes greater YCC flexibility has enhanced sustainability.

    • PBOC board member says room for monetary easing limited:

      • Reuters cited comments from PBOC MPC member Liu Shijin at a financial forum in Shanghai on Sunday that China has limited room for further monetary policy easing due to widening China-US interest rate differentials, and it should pursue structural reforms rather than counting on macroeconomic policies to revive growth. Added governments at various levels under stress and warned that ongoing focus on macro support would lead to more side effects. Proposed structural reforms include granting migrant workers access to public services enjoyed by urban residents as well as encouraging entrepreneurship in emerging industries. Remarks confirm market discussions about prospects for further monetary easing. Recall economist takeaways from the latest RRR cut concurred that PBOC support will continue to be modest and insufficient to stem China's economic slowdown. Some thoughts moderate RRR cuts likely meant to support market sentiment via announcement effects.

    • Singapore's lower inflation may allow MAS to adopt more dovish stance:

      • Singapore's August headline and core inflation prints both fell with bulk of prices' sub-categories seeing a contraction. MAS and Ministry of Trade and Industry data showed headline inflation declining to 4.0% from July's 4.1% as accommodation and core inflation fell offsetting an increase in private transportation costs. Core inflation fell to 3.4% y/y from 3.8% in July, and versus expectations of 3.5%. Both MAS and MTI maintained inflation outlook, noted oil prices risen in latest release but saw import prices overall continued to decline y/y as supply chains, overall import prices weakened. Domestic demand for cars likely to contribute to near-term inflation, offset over medium term by increase in vehicle licensing costs. Bloomberg noted August CPI figures final one before next scheduled MAS policy review in October, boosting case for authorities to hold monetary policy steady for second consecutive meeting.

    • Japan eyes long-term tax breaks for tech industry as part of economic package:

      • Nikkei reported the government is considering tax breaks to lower production costs in fields such as semiconductors, batteries and biotechnology, part of measures to bolster supply of strategic goods. Hopes to include long-term tax breaks in economic measures to be finalized next month. Prime Minister Kishida is expected to announce main points of the economic package as early as Monday. Article noted proposals modeled on US Inflation Reduction Act. Japan tax breaks for capex typically cover only initial costs such as for factories and equipment, though government aims to lower the hurdles for new entrants by reducing business risks with tax cuts that last from the medium to long term. Proposed tax breaks are to continue for five to 10 years or longer, and the government is also considering allowing money-losing companies to carry tax credits forward to when they generate profits. Regarding supply chains for key materials, government is looking to introduce subsidies for purchasing materials that meet international standards for environmental impact, labor and human rights. Chinese products likely will not be eligible.

    • Notable Gainers:

      • +13.6% 1176.HK (Zhuguang Holdings Group): Signs MOU to potentially buy up to 80% stake in Guangzhou urban renewal project

      • +7.6% 4568.JP (Daiichi Sankyo): AstraZeneca announces positive high-level results from TROPION-Breast01 Phase III trial

      • +6.6% 8276.JP (HEIWADO CO.): Guides FY net income attributable ¥8.30B vs prior guidance ¥4.60B

    • Notable Decliners:

      • -20% 3333.HK (China Evergrande Group): Unable to issue new debt, a principal subsidiary is being investigated

      • -6.7% 000938.CH (Unisplendour): Postpones proposed acquisition of remaining 49% stake in H3C Technologies

      • +0% 715.HK (China Oceanwide Holdings): Winding up of the company in Bermuda, trading suspended

  • Data:

    • Economic:

      • Singapore August

        • Headline CPI y/y 4.0% versus consensus +4.2% and +4.1% in prior month

        • Core CPI y/y 3.4% versus consensus 3.5% and 3.8% in prior month

    • Markets:

      • Nikkei: 276.21 or +0.85% to 32678.62

      • Hang Seng: (328.16) or (1.82%) to 17729.29

      • Shanghai Composite: (16.82) or (0.54%) to 3115.61

      • Shenzhen Composite: (8.97) or (0.47%) to 1904.57

      • ASX200: 7.70 or +0.11% to 7076.50

      • KOSPI: (12.37) or (0.49%) to 2495.76

      • SENSEX: 147.24 or +0.22% to 66156.39

    • Currencies:

      • $-¥: +0.13 or +0.09% to 148.4400

      • $-KRW: +0.48 or +0.04% to 1336.1100

      • A$-$: (0.00) or (0.41%) to 0.6420

      • $-INR: +0.01 or +0.01% to 83.1050

      • $-CNY: +0.01 or +0.15% to 7.3086

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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