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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.43%, Hang Seng +0.84%, Shanghai Composite (0.70%) as of 04:10 ET

Oct 10 ,2023

  • Synopsis:

    • Asian equities ended mostly higher Tuesday. Regional gains led by Japan as it caught up from its holiday Monday. Greater China mixed as mainland stocks fell slightly but Hong Kong gained, albeit well off its highs. South Korea a few points lower at the close, Southeast Asia higher, India extending early gains. Taiwan closed for a holiday. US futures higher, Europe surged higher at the open. US dollar rose steadily through the day, yen weakened again. Treasuries seeing some reprieve with yields down at the long end, higher at the short. Crude steady, gold now higher after being lower all day, industrial metals mixed.

    • Asia markets following Wall Street's lead overnight to close mostly higher. US equities buoyed by dovish comments by normally hawkish Fed member Logan, which eased pressure on global bond yields and the US dollar, which saw its DXY index fall to its lowest in almost two weeks. Oil prices also fell back but natural gas prices remained at six-month highs on a potential leak in a Baltic pipeline as well as the Middle East developments. Situation in Israel remains fluid after Hamas' attacks but markets now seen as pricing in weekend developments, although substantial volatility remains possible if conflict widens to include Iran.

    • JGB yields lower today while Australia's rose again. Elevated geopolitical tensions contributing to a pickup in risk aversion adding to Logan's comments to provide some respite for bonds. Some strategists minded it was too early to call end to yield backup, pointing to ongoing pressures from resilient macro data, expanding Treasury issuance and upside risks to inflation. In regional news, Australian consumer sentiment improved but cost of living pressures continue to weigh; business conditions slipped though positive signs on cost pressures. China said to be mulling increasing budget deficit to pay for wide stimulus. President Xi voiced support for improving US-Sino ties during his meeting with US senators but failed to directly condemn Hamas attacks, incurring displeasure from visiting US Senate majority leader Schumer.

    • Softbank (9984.JP) CEO Masayoshi Son is likely to concentrate on investments aside from core Vision Fund. Cathay Pacific (293.HK) and Korean Air (003490.KS) among the Asia carriers to suspend flights to Tel Aviv amid Middle East violence. Country Garden (2007.HK) may release details of its offshore debt restructuring soon just as 17-Oct deadline looms for $15M coupon payment; admits liquidity remains tight. Kaisa Group (1638.HK) said creditors would get less than 5% of their money back if it is forced into liquidation.

  • Digest:

    • China mulls new stimulus, higher budget deficit to meet growth target:

    • Beijing is considering raising its FY 2023 budget deficit as government ahead of new round of stimulus to help economy meet annual growth target (Bloomberg). Beijing said to be considering issuance of at least CNY1T ($137B) in additional sovereign debt for spending on infrastructure. Result could be budget deficit well above 3% cap set in March. Article emphasized deliberations by NDRC and ministry of finance ongoing and formal announcement could come by end October, plans have to be approved by state council and legislators. Would mark shift in Beijing's stance as it so far avoided wide fiscal stimulus despite deflation and property crisis. Official fiscal deficit excludes special bonds and LGFVs. Shift in policy unusual since Chinese provinces allowed to sell special bonds however would allow central government to reduce interest payment pressure on local authorities as well as pay for infrastructure projects.

  • Country Garden may announce offshore debt restructuring as liquidity crunch remains:

    • Reuters, citing Cailianshe, reported Country Garden (2007.HK) may announce a restructuring of its offshore debt soon. Coincides with two coupon payments totaling $66.8M were due Monday, which have a 30-day grace period, though highlighted a key test will be on 17-Oct when its entire offshore debt could be deemed in default if it fails to pay a $15M September coupon. Company has $10.96B offshore bonds and CNY42.4B ($5.81B) in loans not denominated in yuan. If it defaults, these debts will need to be restructured, and the company or its assets also risk liquidation by creditors. Reuters also reported a key bondholder group statement expressed surprise by Evergrande's recent announcement that its offshore debt restructuring plan failed to meet regulatory requirements -- criminal investigation into its founder led to announcement it was unable to issue new debt. Some market participants now betting on authorities stepping in to manage the fallout. Separately, Country Garden statement reaffirmed its cash position remains under significant pressure and warned it likely will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods.

  • Beijing continues to act tough abroad even as economy weakens:

    • Several reports this week reflect how Beijing is continuing with established foreign policy lines even as domestic economy continues to splutter. Monday, China's foreign minister refused to condemn Hamas' attack on Israel, calling it "the Israel-Palestine conflict", matching past comments (FT). Also Monday, Beijing extended probe into Taiwanese trade barriers by three months to end on eve of Taiwan's presidential election; Taipei called move "election interference" (Reuters). Beijing also urged Philippines to end 'provocations' in South China Sea after Manila sent supplies to troops on shoal, saying area never been part of Philippine territory (Reuters). Analysts said Beijing's reaction to Hamas attack shows limits to China's self-adopted role as global peacemaker (Bloomberg). Others said despite weak economy President Xi feels emboldened, could respond to dovish western approach with aggression, and it was "not the right time for west to respond with détente" (FT).

  • Japan rental property sales the next frontier to boost PBR:

    • Nikkei discussed growing interest among Japanese companies to divest their holdings of rental properties in a bid to raise PBR. Corporate enquiries to Mizuho Trust Bank spiked to 110 cases in Apr-Sep, compared to 13 a year earlier, mostly firms with market cap up to JPY50B. Article noted many companies own rental properties as part of non-core business, typically a result of the conversion of vacated operating facilities. But investors' required rate of return is said to be in the 6~8% range, compared with expected returns on urban office space of 3~4%, with capital efficiency degraded the larger the property exposure. Mizuho analysis of real estate impact showed clear depression in aggregate PBRs. Other trust banks including Mitsubishi UFJ and Sumitomo Mitsui are also working on a number of similar cases. Story noted added pressure for property reforms from activist investors, recalling proposals from 3D Investment Partners to Sapporo (2501.JP) and Fujifilm (4901.JP).

  • China President Xi keen to thaw relations with US, though geopolitical divisions widen on Israel conflict:

    • Kyodo cited a China Foreign Ministry statement that US congressional delegation in Beijing met with President Xi, who expressed eagerness to mend Sino-US ties and stressed their common interests far outweigh their differences. Meeting took place as Beijing and Washington seek to arrange Xi-Biden talks in November, though there were no new developments. Hong Kong's Phoenix TV reported delegation met earlier with top diplomat Wang Yi, who also expressed a desire to avoid conflict with US. However, Senate Majority Leader Schumer highlighted geopolitical divisions, later telling a press conference that US warned against China's stance on Russia's invasion of Ukraine. Further, Reuters highlighted Schumer's call on Xi to support Israel after attacks by Hamas, adding he was "disappointed" that Beijing showed "no sympathy" for the country after a Foreign Ministry weekend statement only urged relevant parties to end hostilities, noting fundamental resolution lies in the two-state solution and establishing an independent State of Palestine.

  • Notable Gainers:

    • +7.0% 066570.KS (LG Electronics): reports preliminary Q3 operating profit KRW996.7B vs StreetAccount KRW835.50B; expects FY revenue for Vehicle Component Solutions to exceed KRW10T vs FactSet KRW10.692T

    • +6.3% 8182.JP (Inageya Co.): AEON to commence tender offer to increase stake to up-to-51.0% at ¥1,610/share

    • +3.5% 9984.JP (SoftBank Group): CEO Masayoshi Son reportedly to focus on investments separate from Vision Fund

    • +2.9% 4186.JP (TOKYO OHKA KOGYO): to undertake 3-for-1 stock split

    • +0.6% 005930.KS (Samsung Electronics): South Korea confirms indefinite waiver on US chip export control for Samsung Electronics, SK Hynix

  • Notable Decliners:

    • -20.6% 032790.KS (MGEN Solutions Co.): 10M-share placement at KRW1,465/share

    • -9.5% 2007.HK (Country Garden Holdings): reports September contracted sales CNY6.17B; StreetAccount notes year-ago CNY45.66B; provides debt update; liquidity to remain very tight in the short-to medium-term

    • -5.8% 316.HK (Orient Overseas (International)): Orient Overseas (International) reports Q3 operation update; total revenue $1.76B, (65.1%) y/y

Data:

  • Economic:

    • Japan August

      • Current account balance ¥2,279.7B vs ¥2,771.7B in prior month

    • Australia

      • September NAB business conditions +11 vs revised +14 in July

        • Business confidence +1 vs revised +1 in July

      • October Westpac-MI consumer sentiment 82.0 vs 79.7 in September

  • Markets:

    • Nikkei: 751.86 or +2.43% to 31746.53

    • Hang Seng: 147.33 or +0.84% to 17664.73

    • Shanghai Composite: (21.69) or (0.70%) to 3075.24

    • Shenzhen Composite: (7.31) or (0.38%) to 1901.33

    • ASX200: 70.40 or +1.01% to 7040.60

    • KOSPI: (6.15) or (0.26%) to 2402.58

    • SENSEX: 618.41 or +0.94% to 66130.80

  • Currencies:

    • $-¥: +0.48 or +0.32% to 148.9890

    • $-KRW: +0.97 or +0.07% to 1348.5100

    • A$-$: (0.00) or (0.26%) to 0.6393

    • $-INR: (0.14) or (0.16%) to 83.2440

    • $-CNY: +0.00 or +0.05% to 7.2958

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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