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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.11%), Hang Seng (1.48%), Shanghai Composite (0.43%) as of 04:10 ET

Sep 26 ,2023

  • Synopsis:

    • Asian equities ended weaker almost everywhere Tuesday. Further losses in Greater China with more bad news for the property sector sending the Hang Seng to 10-month lows. Mainland benchmarks also lower but relatively outperformed. Australia led lower by its miners, Taiwan and South Korea also saw 1%-plus drops. India flat, Southeast Asia mostly lower ex Philippines. Japan ended on its session lows. US futures down, Europe opened lower. Higher bond yields pushing US dollar DXY index on from 106, yen breaking through 149 per dollar, AUD slipped but yuan steady just as it reaches the lower end of its trading band. US Treasury yields higher across tenors again but curve continues to flatten, JGB yields higher. Crude steeply lower, precious and industrial metals down.

    • Risk-off sentiment continued in Asia Tuesday as spiking bond yields continue to weigh. Treasury 10Y yield climbed to its highest since 2007 at 4.55% in Asia trade while elsewhere, yields made new highs in multiple tenors and sovereigns globally on fears of a higher-for-longer Fed, resilient labor markets, upside inflation risks, and a supply glut. Higher yields contagion made their way to Asia where Australia's 10Y yield reached a ten-year high, and New Zealand's a 12-year high. Meanwhile European sovereign yields also at multi-year highs, the US VIX volatility index is at a six-month high, and European gas prices also back at six-month highs.

    • Regionally, focus still on China property sector. China Evergrande filed late Monday to say it had missed a significant bond payment, driving fresh talk of potential liquidation of the company. Today, an advisor to the PBOC suggested China's commercial banks could unite to jointly lend to developers to see them through but it wasn't enough to stop the Hang Seng properties index fall another 2.1%. South Korean consumer confidence fell to four-month low amid spending slowdown. Japan PM Kishida unveiled stimulus outline that includes inflation relief. Philippines central bank governor ruled out an early rate cut. Singapore's industrial output slid sharply and by much worse than expectations. US added Chinese companies to entity list for aiding Russia's Ukraine invasion.

    • China Evergrande's (3333.HK) Hengda unit defaulted on a CNY4B ($547M) in principal and interest due Monday; stock sharply lower for second consecutive day. Ford Motor (F) has paused on the construction of its Michigan EV battery plant it is building with CATL (300750.CH). Nissan Motor (7201.JP) CEO said the world needs to move on from the combustion engine, company's car range would be EV-only by 2030. LG Electronics (066570.KS) CEO said EV shift will help spur new growth especially in infotainment systems and components.

  • Digest:

    • China real estate sector sees more bad news:

      • Bloomberg cited a Shenzhen exchange filing issued Monday that China Evergrande (3333.HK) subsidiary Hengda Real Estate defaulted on CNY4B ($547M) in principal and interest due 25-Sep. Recalled the unit missed an interest payment on this bond in March. Also, Caixin sources said former Evergrande CEO Xia Haijun and former CFO Pan Darong have been detained by police as multiple current and former executives of the Group and its subsidiaries have been swept up by investigations. Both executives resigned in July last year over alleged involvement in a bank deposit scandal. Follows weekend disclosure that Evergrande is unable to issue new debt due to a regulatory probe on Hengda Real Estate, as well as a delay on Evergrande's restructuring meetings scheduled for Sep 25-26 to discuss $22.7B in offshore debt. Bloomberg also reported Monday that China Oceanwide (715.HK) disclosed a Bermuda court issued a winding-up order on a petition filed in June 2022 involving $175M of unpaid loan principal. Liquidators have been appointed and shares were suspended.

    • Bond yields continue to push higher:

      • Bond yields continuing to scale new highs in Asian trade Tuesday. Treasury curve bear flattening with 10Y yield at 16-year high, JGB 10Y yield highest in 10-years and Australian 10Y rate nearing highest level since mid-2011. Rate backup already major talking point in the press with upward pressure attributed to higher-for-longer Fed messaging, tight labor markets, and upside inflation risks (from oil/energy and cost passthrough). There was some attention to Moody's warning that US government shutdown would reflect negatively on the US credit rating (recall yields touched year-to-date highs in early August following Fitch's downgrade). Meanwhile, markets bracing for another wave of supply with Treasury 2Y, 3Y and 7Y notes auctioned over coming days. Rising yields playing into broader concerns about hit to economic growth from rising corporate and mortgage borrowing costs. Also puts more scrutiny on stretched market valuations, particularly in high growth/tech pockets.

    • Former PBOC adviser says Beijing should encourage lending to developers to avoid default:

      • Former PBOC's MPC member, Li Daokui, proposed to Beijing it further encourage bank lending to developers to halt spread of defaults (Bloomberg). Li estimated around CNY100B ($13.7B) needed to cushion developers through downturn. Said sales in China's largest cities could grow within next six months, but smaller cities could take 6-12m; developers exposed to those cities need support. China's new National Financial Regulatory Administration could organize nation's six largest commercial banks into making joint loans to developers. Not all would survive but could stop financial market panic, prevent defaults. Also expects detailed plans for local government debt resolution to be released soon. Added fiscal policies aimed at consumer goods, housing more effective than monetary cuts but still expects PBOC to cut rates once more before year end. Separately, Bloomberg commented upcoming eight-day China holiday will see key test of whether recent property policy support has worked. Real estate consultant said if sales not improved by October, local governments likely to roll out more stimulus.

    • Japan continues to sound heightened caution against yen weakness:

      • Finance Minister Suzuki latest to add to FX verbal intervention, reiterating willingness to respond to excess volatility "without ruling out any options" (Kyodo). Follows Prime Minister Kishida's comments Monday that authorities continue to monitor FX developments with high level of urgency as excessive volatility is undesirable (Nikkei). Also, BOJ Governor Ueda said at a press conference following his speech in Osaka Monday the central bank is always closely monitoring the impact of yen depreciation on the economy and prices (Nikkei). Repeated longstanding language that authorities want to see stable FX rates reflecting fundamentals, while adding they would not conduct monetary policy that directly influences market levels. Stressed again that he sees greater risk of failing to achieve the price stability target over the chances of inflation overshoot. Underlying dynamics were reinforced after central bank meetings last week with takeaways leaning hawkish on Fed and dovish on BOJ, sustaining bearish yen sentiment (Nikkei). US-Japan yield differential widest since November last year, taking USD/JPY to a 10-month high. Furthermore, many BOJ watchers believe there is little room to raise short-term rates beyond a NIRP exit.

    • Japan PM Kishida unveils stimulus outline:

      • Nikkei reported Prime Minister Kishida on Monday unveiled an outline of the anticipated economic stimulus plan and instructed cabinet members and senior LDP officials to hash out details in October. Also reaffirmed a supplementary budget will be formulated. Specified five main points -- inflation relief, stimulating sustained household income growth, domestic investment that raises economic growth potential, social reforms and national security. Support for comprehensive and long-term investment in key tech fields will be a focal point. Follows earlier report the government is considering extended tax breaks for tech sector. Kishida also mentioned other tax relief for patents and IP to promote R&D, as well as support for stock options. Government also plans to extend and expand wage subsidies currently set to expire in FY23-end. Subsidies for gasoline, electricity and gas may also extend into next year. Article noted stimulus size subject to internal LDP debate given fiscal debt concerns, while positive turn in Cabinet Office's output gap measure suggests less need for direct stimulus.

    • Notable Gainers:

      • +12.4% PME.AU (Pro Medicus): Its US subsidiary Visage Imaging awarded 10-year contract from Baylor Scott & White Health worth A$140M

      • +7.3% 688036.CH (Shenzhen Transsion Holding): Its actual controller pledges not to reduce his stake in the following six months

      • +2.4% 8697.JP (Japan Exchange): Guides FY net income attributable ¥54.00B vs prior guidance ¥49.00B and FactSet ¥57.16B

      • +1.6% 558.SP (UMS Holdings): Upgraded to buy from hold at Maybank Investment Bank

    • Notable Decliners:

      • -7.7% 1282.HK (Renze Harvest International): Subscribes of Atlantic Strategic SPC Fund II at HK$120M

      • -7.6% 2492.JP (Infomart): Completes 2.5M-share buyback for ¥1B

      • -7.0% 3333.HK (China Evergrande Group): Former CEO and CFO reportedly detained by China authorities; Hengda Real Estate Group fails to repay CNY4B principal and interest payment for onshore bond "20Hengda04" due 25-Sep

      • -6.0% 4384.JP (Raksul): Completes tender offer for AmidA Holdings shares at ¥951/share

      • -2.3% 300750.CH (Contemporary Amperex Technology): Ford Motor reportedly pauses construction of Michigan EV battery plant

  • Data:

    • Economic:

      • Japan August

        • Services PPI +2.1% y/y vs consensus +1.8% and +1.7% in prior month

    • Markets:

      • Nikkei: (363.57) or (1.11%) to 32315.05

      • Hang Seng: (262.39) or (1.48%) to 17466.90

      • Shanghai Composite: (13.33) or (0.43%) to 3102.27

      • Shenzhen Composite: (9.89) or (0.52%) to 1894.68

      • ASX200: (38.30) or (0.54%) to 7038.20

      • KOSPI: (32.79) or (1.31%) to 2462.97

      • SENSEX: (41.30) or (0.06%) to 65982.38

    • Currencies:

      • $-¥: (0.05) or (0.03%) to 148.8370

      • $-KRW: +9.23 or +0.69% to 1348.7900

      • A$-$: (0.00) or (0.10%) to 0.6409

      • $-INR: +0.03 or +0.03% to 83.2090

      • $-CNY: (0.00) or (0.03%) to 7.3093

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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