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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.18%, Hang Seng +0.83%, Shanghai Composite +0.16% as of 04:10 ET

Sep 27 ,2023

  • Synopsis:

    • Asian equities mostly higher Wednesday. Greater China markets outperformed on improvement in August industrial profits though property remains a major drag. Japan and Taiwan closed higher, South Korea marginally higher, while Australia recorded mild loss, Southeast Asia mixed, India trading higher, US futures pushing higher, Europe opened higher. US Treasury yields were lower across the tenor but remained near decade highs. Dollar firmed against AUD, while yen also strengthened. Crude oil higher, while industrial and precious metals lower.

    • China industrial profits in August showed improvement, joining other macro indicators including inflation and credit data to show some signs of stabilization. PBOC quarterly statement reiterated its pledge to boost support and improve policy coordination However its property sector is still a major drag as pressure mounting on China Evergrande with Reuters noting offshore creditors planning to join court petition calling for liquidation if developer does not submit new restructuring plan by October. Meanwhile, Bloomberg reported chairman Hui Ka Yan under police control. Company facing heavy scrutiny after delaying meeting with creditors and warning of inability to issue new debt, while its onshore unit missed bond repayment.

    • In other developments, Australian August inflation climbed in line with expectations, driven largely by rebound in fuel. However, underlying inflation moderated further with discretionary categories weaker. RBA expected to look through CPI print at October's meeting though rate hike expectations have firmed in recent weeks. In Japan, July BOJ minutes showed broad support to maintain YCC, arguing tweak aimed at enhancing flexibility. PM Kishida's stimulus package stirs more speculation about snap election before year-end. Bank of Thailand hikes key interest rate by 25 bp to 2.5%, highest in nearly a decade.

    • Kao (4452.JP) has started considering the sale of its cosmetics brand. Alibaba (9988.HK)'s logistics arm, Cainiao Smart Logistics, has filed for Hong Kong IPO which could raise at least $1B. China Evergrande (3333.HK) chairman Hui Ka Yan under police control, though reason is unclear. Some offshore creditors of the company are planning to join a winding-up petition if no new debt revamp plan by end-Oct. CIFI Holdings (884.HK) shares plunged 60% after trading resumed upon release of its results. Country Garden (2007.HK) faces new debt deadlines for dollar, ringgit interest payment.

  • Digest:

    • China Evergrande facing growing support for liquidation petition:

      • Reuters sources indicated a major group of offshore creditors of China Evergrande (3333.HK) is planning to join a court petition to liquidate if it doesn't submit a new debt revamp plan by next month. Evergrande's offshore debt restructuring plan has been thrown into uncertainty after announcing inability to issue new debt due to an ongoing regulatory investigation into its Hengda Real Estate subsidiary. This group of bondholders will support an existing winding-up petition if Evergrande fails to submit a new debt restructuring plan by 30-Oct after having previously supported negotiations for a restructuring resolution, but the weekend announcement dampened hopes that would happen. October-end deadline corresponds to a prior court adjournment of the petition in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. That meeting is scheduled for mid-October and Evergrande needs approval from at least 75% of holders of each debt class. However, the story noted the latest disclosure casts the meeting in doubt and is unclear if it will proceed as planned. Separately, Bloomberg sources said Evergrande chairman Hui Ka Yan is under police surveillance after being detained earlier this month, though reason is unclear.

    • PBOC maintains accommodative stance, pledges increased support:

      • PBOC Q3 meeting largely reaffirmed MPC's accommodative stance through broad and targeted policy mix. Continued to note external headwinds. And while the domestic economy is recovering, demand remains insufficient. Renewed pledge to increase intensity of macro policies, effective implementation of prudent monetary policy, as well as appropriate management of counter-cyclical and inter-cyclical adjustments. Signaled intensified execution of existing policies, though again only specifically mentioned re-lending and re-discount quotas. FX policy also remained unchanged and will continue to guide market participants to adhere to the risk neutrality principle while vowing to resolutely correct unilateral and procyclical behavior and prevent FX rates from overshooting to keep yuan stable. Also maintained course on housing policies, still favoring a differentiated approach based on local conditions. But will also support recent measures to ease financing for first and second-time home buyers.

    • China industrial profits improve in August:

      • Profits at industrial firms in China declined 11.7% y/y in Jan-Aug, narrowing from 15.5% decline in Jan-Jul with pace of decline improving for sixth consecutive month. Profits for August alone increased 17.2% y/y, versus 6.7% drop in July and marks first monthly growth since H2 2022. NBS said revenues at industrial firms logged growth at 0.8% in August after falling for three prior months, while Jan-Aug revenues fell 0.3% y/y also better than 0.5% decline in Jan-Jul. State-owned enterprises saw profits drop 16.5% in Jan -Aug (vs -20.3% in Jan-Jul), while foreign firms posted 11.1% fall (vs -12.4% in Jan-Jul) and private enterprises recorded a 4.6% drop (vs -10.7% in Jan-Jul). Profits at utilities and power generators logged largest growth in Jan-Aug, electrical machinery also saw substantial growth while petroleum and coal companies' profits dropped sharply. Data joins other macro indicators showing some signs of stabilization for China's economy in August, including improvements in CPI, PPI and credit data.

    • Fuel costs push up Australian inflation, but underlying measure moderates:

      • Australian headline inflation climbed to an in-line 5.2% y/y in August from 4.9% in July. Increase driven largely by fuel prices, which rose 9.1% over the month. Other categories more indicative of easing pricing pressures with underlying inflation moderating to 5.5% from 5.8% in July. Holiday travel inflation higher over the year, but airfare prices fell over the month due to lower demand. Electricity prices also lower over the month as government rebates kicked in. Housing category mixed with new dwelling prices rising at slower pace but rental inflation rising further amid record-low vacancy. Data unlikely to sway expectations of another RBA hold in October. However, expectations of another rate hike by early next year have firmed, reflecting the hawkish adjustment in global rates markets following Fed's September meeting and signs of inflation stickiness.

    • Yuan trading volume falling ahead of China Golden Week holiday:

      • Dollar has risen against several currencies following last week's Fed meeting, though yuan has been relatively stable as PBOC steps up efforts to counter depreciation pressure. Bloomberg cited traders who noted dollar-yuan transactions fell to just $12B on Tuesday, well below daily average of ~$30B. Central bank has fixed daily midpoint within narrow 20 pip range for seven straight days through Wednesday, longest streak since 2019. PBOC taking other actions to curb volatility, including issuing verbal warning against excessive one-way moves in its Q3 policy statement, and mopping up liquidity in Hong Kong. Traders also noted state-owned banks selling dollars while reducing their yuan lending to tighten offshore liquidity. While measure of one-month implied volatility fell last week to lowest since May, FX strategists see risk of renewed turbulence when China markets resume trade on 9-Oct and PBOC backs off its efforts to curb volatility.

    • Notable Gainers:

      • +11.5% TBN.AU (Tamboran Resources): Reports Beetaloo Basin 2C gas resources increased to 2.0 TCF; reports FY NPAT (A$43.2M) vs year-ago (A$10.8M)

      • +11.4% 4716.JP (Oracle Corp Japan): Reports Q1 net income ¥12.88B vs FactSet ¥11.91B

      • +10.8% AMA.AU (AMA Group): Completes retail entitlement offer priced, raises A$15.8M

      • +8.3% 3933.HK (United Laboratories International Holdings): Receives FDA approval for UBT251 injection for adult type 2 diabetes, overweight or obesity

    • Notable Decliners:

      • -59.9% 884.HK (CIFI Holdings (Group)): Provides findings of independent review; reports delayed FY22 net income attributable (CNY13.05B) vs year-ago CNY7.61B; reports H1 net income attributable (CNY8.97B) vs year-ago CNY730.8M

      • -57.4% 1995.HK (CIFI Ever Sunshine Services Group): Concludes allegations have no impact on its operation; reports delayed FY22 net income attributable CNY480.1M vs year-ago CNY617.0M; reports H1 net income attributable CNY240.4M, (36%) vs year-ago CNY377.4M

      • -9.1% SGR.AU (Star Entertainment Group): Completes placement and institutional component of entitlement offer

      • -4.2% 7649.JP (Sugi Holdings): Reports Q2 net income attributable ¥4.70B, +8% vs year-ago ¥4.37B

  • Data:

    • Economic:

      • Australia

        • August CPI +5.2% vs consensus +5.2% and +4.9% in July

      • China

        • August industrial profits YTD (11.7%) y/y vs (15.5%) in prior month

        • August industrial profits +17.2% y/y vs (6.7%) in prior month

    • Markets:

      • Nikkei: 56.85 or +0.18% to 32371.90

      • Hang Seng: 144.97 or +0.83% to 17611.87

      • Shanghai Composite: 5.04 or +0.16% to 3107.32

      • Shenzhen Composite: 7.30 or +0.39% to 1901.98

      • ASX200: (7.90) or (0.11%) to 7030.30

      • KOSPI: 2.10 or +0.09% to 2465.07

      • SENSEX: 170.93 or +0.26% to 66116.40

    • Currencies:

      • $-¥: (0.02) or (0.01%) to 149.0060

      • $-KRW: (3.13) or (0.23%) to 1351.0100

      • A$-$: (0.00) or (0.25%) to 0.6382

      • $-INR: (0.13) or (0.15%) to 83.2240

      • $-CNY: (0.00) or (0.07%) to 7.3067

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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