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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.91%), Hang Seng (2.46%), Shanghai Composite (1.74%) as of 04:10 ET

Oct 19 ,2023

  • Synopsis:

    • Asia equities ended sharply lower Thursday. Almost all benchmarks finished lower with MSCI Asia ex-Japan index down 1.5%. Hang Seng among the steepest fallers as its high-growth and energy sectors fell sharply; mainland benchmarks also lower across the board. South Korea notably underperformed amid a hawkish central bank statement, Taiwan a few points higher as TSMC beat on Q3s. Southeast Asia and India lower, Japan finished near its trough. US futures point to a lower open, Europe sharply down in early trades. US dollar nudging higher again, AUD and NZD falling along with most Asia currencies, yen and yuan relatively steady. Treasury yields higher across tenors (10Y just a fraction below 5%), JGB yields all higher, other Asia sovereign bond yields at multi-month or multi-year highs. Crude blends lower, industrial and precious metals lower.

    • Asia assets sold off throughout the day as the risk-off sentiment deepened. Hawkish comments from Fed Governor Waller pushed Fed Fund Futures higher with January now the favored month for a final hike this cycle, and was enough to push Treasury yields to 16-year highs. This has been followed in Asia by many national sovereign yields also reaching multi-year highs, with subsequent pressure on currencies. Amid this backdrop, equities fell sharply almost everywhere with tech-dominated benchmarks performing the worst, although the Taiex was a notable exception. Middle East tensions ratcheted higher as Biden's trip to Israel yielded few tangible results and as Israel and Hamas continued to trade blame over an attack on a hospital in Gaza.

    • China house prices showed no signs of improvement in a month which usually sees peak purchases. BOK kept its base rate on hold as widely expected and retained its hawkish bias. Australia employment was weaker than expected. Japan exports beat expectations but imports missed. Multiple reports indicated BOJ will consider upward revisions to inflation forecasts this month adding pressure on JGBs. Bank Indonesia unexpectedly raised its base rates by 25bps to 6.0% as its currency sank to near record lows.

    • Bond holders of Country Garden (2007.HK) are forming groups and asking for urgent talks with the company after it missed a $15M coupon repayment. WH Group (288.HK) is looking to list its Smithfield Foods unit in the US as early as next year although it emphasized there is no timetable in place. TSMC (2330.TT) Q3 net profit fell on weaker demand for high-speed computing and smartphones but it beat analyst forecasts. Kakao Corp's (035720.KS) CIO was arrested by South Korea authorities over alleged manipulation of SM Entertainment stock price. Liontown Resources (LTR.AU) launched a fully underwritten institutional placement to raise A$365M with an additional non-underwritten portion to raise A$45M; stock remained suspended. Qantas Airways (QAN.AU) is to drop it's a$611M ($387M) offer to buy charter flight operator Alliance Aviation (AQZ.AU) months after the local competition regulator blocked the deal.

  • Digest:

    • Bank of Korea holds rates steady but uncertainties grow:

      • BOK held benchmark 7D repo rate unchanged at 3.5% Thursday, as widely expected. Bank said it will maintain restrictive policy stance for considerable time, will monitor inflation slowdown, economic downside risks, household debt, monetary policy changes in major countries. Maintained existing economic growth forecasts but admitted this now contains high risks including from Middle East. Upside risk to inflation from energy prices means it may take longer to reach target of 2%. Governor Rhee said rate decision unanimous: one member advocated flexibility both ways, five remained open for future rate hike. Decision widely expected despite September headline inflation ticking higher to 3.7% y/y on higher food, crude oil prices; household lending also surged (Yonhap). Economists expect BOK to hold rates steady and adopt 'wait and see' mode until at least Q1-24, little justification for BOK Governor Rhee to push for easing policy especially with Fed still potentially hiking before year end (Bloomberg).

    • Bank Indonesia unexpectedly hikes base rate 25 bps:

      • Indonesia's central bank (BI) surprised late Thursday by hiking its 7D reverse repo rate 25 bps to 6.0% as it moved to stabilize sinking rupiah currency. Unexpected move comes despite inflation hitting 19-month low in September of 2.3%, core at 2.0%, both well within BI's target range. Almost all economists had expected BI to hold rate steady for ninth consecutive meeting after Governor Warjiyo said prior to Middle East conflict beginning that bank was prepared to hold rate steady "for a while". Rupiah fallen more than 8.0% since May high, traded at historical lows (excluding volatility surrounding Covid's initial outbreak) in recent days following outbreak of Israel conflict, and despite government offering new debt lines to foreigners to attract overseas cash, direct forex market intervention by BI in early October to stabilize currency.

    • China new house prices extend declines in September:

      • China's new house prices fell 0.2% m/m in September, extending declines for third straight month and came after 0.3% drop in August, according to Reuters calculations based on NBS data. Prices were 0.1% lower y/y, after same decline in August. Noted price drop in September, traditionally peak period for home-buying, dashed hopes of turnaround in demand despite various measures taken by authorities to revive sector. 54 cities out of 70 reported declines in prices in September, up from 52 in prior month. Wednesday's data also showed property investment contracted 9.1% y/y in Jan.-Sep., bigger than 8.8% decline in first eight months. Property woes marked another milestone as Country Garden signaled it's set for first-ever default as grace period ends for $15.4m dollar-bond interest. Bloomberg cited Macquarie economist view that property remains main risk. Noted bright spot was residential medium and long-term loans, proxy for mortgage lending, which increased by most in September since March.

    • Australia job growth slows, but unemployment rate unexpectedly dips:

      • Headline employment rose 6.7K m/m in September, below consensus 20K and follows revised 63.3K in the previous month. Sharp gains in part-time largely offset by weaker full-time jobs. ABS noted small gain followed large increase in August and average over two months was around this year's average of 35K. However, unemployment rate fell to 3.6% vs consensus and prior month's 3.7%, as participation rate retreated to 66.7% vs consensus and prior month's 67.0%. Monthly hours worked edged down further, which ABS said may suggest easing in labour market strength. However, comes on the back of particularly strong growth over the past year. Also noted job vacancies showing slightly lower demand for labour though job market remains relatively tight and resilient. Underemployment edged down 0.2 ppt to 6.4%. Takeaways leaned dovish on slower job growth, supporting RBA's view the labour market has reached a turning point. Next focus on potentially pivotal Q3 inflation report due next week.

    • Japan trade data mixed, export volumes turn positive:

      • Customs exports rose 4.3% y/y in September, above consensus 3.1%. Follows 0.8% decline in the previous month and marks the first increase in three months. Main drivers were autos and drugs, though semiconductor equipment and parts were among the biggest drags. Imports fell 16.3%, weaker than expectations of a 12.9% decline and follows 17.7% drop in August. Fossil fuels remain in deep contraction. Regional breakdown saw few changes with exports supported by western markets, which drew most of the auto demand. Asia shipments fell for the ninth straight month reflecting ongoing China weakness which was behind semiconductor declines. Upside surprise in exports bolstered by upturn in volumes after a long downstreak. Soft nominal imports mostly reflected price factor as volume declines eased. BOJ real trade indices showed exports up 4.6% m/m, outpacing a 2.5% rise in imports, leaving Q3 exports moderately higher and imports marginally lower, offering positive implications for Q3 GDP external demand.

    • Notable Gainers:

      • +3.6% 1928.HK (Sands China): reports Q3 US GAAP net income attributable $231M vs year-ago ($472M)

      • +2.7% 6110.HK (Topsports International Holdings): reports H1 net income attributable CNY1.34B, +17% vs year-ago CNY1.15B

      • +0.8% 6849.JP (Nihon Kohden): guides H1 revenue ¥103.00B vs prior guidance ¥98.50B, operating income ¥7.00B vs prior guidance ¥6.00B

    • Notable Decliners:

      • -19.0% 019170.KS (Shinpoong Pharmaceutical Co.): in phase 3 clinical trial of COVID-19 treatment Pyramax superiority over placebo has not been confirmed to be statistically significant

      • -3.3% 000660.KS (SK Hynix): reportedly denies it contacted Softbank to discuss collaborating on potential deal with Kioxia

      • -3.1% 035720.KS (Kakao): Chief Investment Officer Bae Jae-Hyun Bae reportedly arrested for manipulation of SM Entertainment's stock price

      • -2.7% 700.HK (Tencent Holdings): China's government reportedly takes stake in a Tencent Holdings domestic unit

      • -0.6% 086790.KS (Hana Financial): clarifies acquisition review for KDB Life Insurance terminated, acquisition process halted

  • Data:

    • Economic:

      • China September

        • New house prices (0.2%) m/m vs (0.3%) in prior month

          • House prices (0.1%) y/y vs (0.1%) in prior month

      • Japan September

        • Trade balance ¥62.4B vs consensus (¥425.0B) and revised (¥937.8B) in prior month

          • Exports +4.3% y/y vs consensus +3.1% and (0.8%) in prior month

          • Imports (16.3%) y/y vs consensus (12.9%) and revised (17.7%) in prior month

      • Australia September

        • Employment +6.7K m/m vs consensus +20K and revised +63.3K in prior month

          • Unemployment rate 3.6% vs consensus 3.7% and 3.7% in prior month

          • Participation rate 66.7% vs consensus 67.0% and 67.0% in prior month

    • Markets:

      • Nikkei: (611.63) or (1.91%) to 31430.62

      • Hang Seng: (436.63) or (2.46%) to 17295.89

      • Shanghai Composite: (53.32) or (1.74%) to 3005.39

      • Shenzhen Composite: (28.03) or (1.51%) to 1828.09

      • ASX200: (96.00) or (1.36%) to 6981.60

      • KOSPI: (46.80) or (1.90%) to 2415.80

      • SENSEX: (129.68) or (0.20%) to 65747.34

    • Currencies:

      • $-¥: (0.12) or (0.08%) to 149.8090

      • $-KRW: +2.96 or +0.22% to 1358.2900

      • A$-$: (0.00) or (0.52%) to 0.6302

      • $-INR: (0.02) or (0.03%) to 83.2640

      • $-CNY: +0.00 or +0.01% to 7.3162

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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