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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng +0.99%, Shanghai Composite +0.60%, Kospi +0.13% as of 03:10 ET

Nov 23 ,2023

  • Synopsis:

    • Asia equities finished mixed Thursday amid a notable decrease in volume. Greater China markets volatile as Hong Kong rallied in afternoon trade and mainland stocks supported through the day as more support came for property stocks. Australia ended lower with mining stocks under pressure. Seoul and Taipei flat, India also directionless; Southeast Asia a little more volatile as Indonesia surged but Thailand sold off. Japan closed for a holiday. US futures flat (although markets closed today), Europe opened a few points higher. US dollar a weaker with AUD, yen and yuan among Asia currencies seeing renewed strength. Crude down again as OPEC+ meeting delayed. Precious metals flat, industrial metals lower with iron ore down around 2% after China said it would step up regulation over futures and spot trading.

    • Few drivers of note today in Asia with several markets trading close to the flatline and volumes tailing off notably as the holiday season began. The exception was Hong Kong, which saw sharp morning selloff reverse in the afternoon on reports Beijing was set to support developers with unsecured loans. Country Garden rallied around 23% and Sino Ocean 31% following reports late Wednesday they would be included on a list of developers eligible for easier finance access. Still, contagion fears linger with shadow bank lender Zhongzhi telling investors it is "severely insolvent."

    • Strength in the Australia dollar today after RBA Governor Bullock's speech on Wednesday leaned hawkish when she warned Australia's inflation problem is increasingly domestic. China issued another verbal warning on iron ore following recent price rally, sinking prices today. North-South Korea tensions notched higher after Pyongyang said it will step up military positioning in border areas and scrap a North-South military agreement. New Zealand's PM-elect said negotiations over a coalition government had ended with a new administration to be signed in tomorrow. Singapore's core inflation accelerated for the first time in nine months with headline print also higher; Bank Indonesia kept base rates on hold, as largely expected.

    • Mizuho Financial Group (8411.JP) has applied to establish a securities company in China. Stellantis (STLAM.MI) has bought back €934M in shares from its Chinese JV partner Dongfeng Motor (489.HK). TikTok is in talks to invest in PT GoTo's (GOTO.IJ) Tokopedia unit. Sino Ocean Group (3377.HK) and Country Garden (2007.HK) stock up sharply on reports late Wednesday they were on the list of 50 developers to be given easier access to financing. Origin Energy's (ORG.AU) largest shareholder AustralianSuper said it would vote against revised $10.6B takeover bid from Brookfield, said is 'substantially below' long-term value.

  • Digest:

    • China considers allowing banks to offer unsecured loans to property developers:

      • Bloomberg reported Chinese regulators are considering allowing banks to issue working capital loans to qualified developers for the first time. New financing facility would be unsecured and available for day-to-day operational purposes, potentially freeing up capital for debt repayment, seen as most forceful push to ease property crisis. Came after NPC standing committee called on banks to step up funding for developers to reduce the risk of additional defaults and ensure completion of housing projects. Comments follow circulation of a list of 50 property developers eligible for financial support. Sources said Wednesday Country Garden (2007.HK) and Sino-Ocean (3377.HK) have been included in the list. Elsewhere, Bloomberg cited a Xinhua report that PBOC's Shenzhen branch announced two new homebuying measures as authorities seek to arrest a property market slump. Down-payment ratio for second homes will be lowered to 40% from as high as 80% effective Thursday. Also relaxed definition of so-called 'ordinary housing' qualifying for lower down payments while CNY7.5M upper limit on eligible transaction values has been removed.

    • Latest China property support measures invite usual skepticism:

      • China property stocks extending their run higher with Mainland Properties Index up 9% week-to-date. Rally attributed to series of policy support headlines over past week aimed at reviving property market. While efforts to increase funding and provide low cost financing for developers have contributed to a rebound in risk sentiment, economists harbor skepticism measures will restore confidence (Bloomberg). According to Nomura estimates, real estate sector faces funding gap of ~CNY3.2T ($446B). However, concern remains over bank reluctance to extend financing to struggling developers when financial industry is already grappling with falling interest margins, souring loans and record low P/B valuations. Financing support also considered unlikely to address structural drag on housing demand from aging population, falling income growth and high youth unemployment. Past measures such as lower down payment requirements and relaxed rules on home purchases have failed to ignite a revival in housing sales real estate developers are depending on.

    • Indonesia central bank holds rate steady but rupiah remains vulnerable:

      • Bank Indonesia held base 7D reverse repo rate steady at 6.0% as widely, but not universally, expected as it continues to grapple with slowing economic growth, fragile rupiah. Governor Warjiyo said decision consistent with rupiah stabilization and to mitigate imported inflation, will help keep domestic price rises within target this year and into 2024. BI last month surprised with 25 bp increase to support currency; halted slide in rupiah which had been regional underperformer YTD with more than $600M in foreign inflows this month already and deceleration in export decline forming as a result. However, currency sharply reversed Wednesday when it weakened almost 1% while November rally seen as fragile if US Treasury yields continue rebound. Inflation still seen as concern with food and fuel prices driving up BI's inflation forecast for year to near top end of 1.5-3.5%.

    • New Zealand coalition government to be signed in Friday:

      • New Zealand prime minister elect Christopher Luxon said Thursday coalition talks had ended and new government would be signed in tomorrow (NZHerald). Centre-right National Party, which Luxon leads, won 14-Oct general election but has had to rely on two right-wing and populist parties to form administration. Talks to form new government had labored under political agenda over next three years, ministerial posts. Policies over reducing country's debt, relief for middle-incomers, reducing record-high inflation likely to take center stage, reducing central bank role to single mandate of targeting inflation of 1-3% also likely priority. Final hurdle of who would take deputy PM role resolved earlier Thursday although still unclear who this would be. Plans still need to be cleared by various parties this evening, but not expected to hold up government appointment tomorrow (Reuters).

    • Inter-Korean military accord breaks down:

      • According to Yonhap, North Korea announced it will immediately restore all military measures halted under a 2018 inter-Korean accord. Follows South Korea's partial suspension of the agreement in order to increase military surveillance in response to North Korea's launch of its first spy satellite Tuesday. North Korean defense ministry said they will place strong armed forces and advanced military equipment in border areas. Pyongyang followed up with an unspecified ballistic missile launch toward the East Sea, though apparently failed (Yonhap). Reuters reported G7 foreign ministers condemned the satellite launch and called for a "swift, united, and robust" international response, particularly by the UN Security Council. G7 statement reiterated condemnation of alleged North Korean arms transfers to Russia and expressed deep concern about the potential for any transfer of nuclear or ballistic missile-related technology to North Korea. In response to North Korea's nuclear and missile programs, USS Santa Fe submarine docked at a South Korean port on Wednesday, a day after the arrival of the Carl Vinson aircraft carrier.

    • Notable Gainers:

      • +31.1% 3377.HK (Sino-Ocean Group Holdings): reportedly included on China's draft developer list eligible for financing

      • +21.2% 2007.HK (Country Garden Holdings): reportedly included on China's draft developer list eligible for financing

      • +7.1% GOTO.IJ (PT GoTo Gojek Tokopedia): TikTok reportedly in talks to invest in GoTo's Tokopedia

      • +2.2% 489.HK (Dongfeng Motor Group): Stellantis to repurchase €934M in shares from Dongfeng, in accordance with pre-existing share repurchase framework

      • +1.8% 9926.HK (Akeso Inc): reports phase III trial of Cadonilimab reaches PFS primary endpoint at interim analysis for first line treatment of cervical cancer

    • Notable Decliners:

      • -3.1% 9991.HK (Baozun): reports Q3 revenue CNY1.82B vs StreetAccount CNY1.82B; plans to acquire 51% of Location's equity through capital increase and equity transfer

  • Data:

    • Economic:

      • Singapore October

        • Headline CPI y/y +4.7% versus consensus +4.5% and +4.1% in prior month

          • Core CPI y/y +3.3% versus consensus +3.1% and 3.0% in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: 176.24 or +0.99% to 17910.84

      • Shanghai Composite: 18.25 or +0.60% to 3061.86

      • Shenzhen Composite: 15.63 or +0.82% to 1921.43

      • ASX200: (44.20) or (0.62%) to 7029.20

      • KOSPI: 3.26 or +0.13% to 2514.96

      • SENSEX: 16.73 or +0.03% to 66039.98

    • Currencies:

      • $-¥: (0.33) or (0.22%) to 149.2250

      • $-KRW: (4.86) or (0.37%) to 1296.7900

      • A$-$: +0.00 or +0.35% to 0.6564

      • $-INR: (0.01) or (0.01%) to 83.3330

      • $-CNY: (0.02) or (0.25%) to 7.1381

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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