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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.12%), Hang Seng (0.98%), Shanghai Composite +0.23% as of 03:10 ET

Nov 28 ,2023

  • Synopsis:

    • Asian equities finished mixed Tuesday. Technology stocks weighed on the Hang Seng while mainland China benchmarks rose slightly. Gains for Australia and Taiwan, South Korea higher as battery companies rose. India flat despite Adani stocks rally, Southeast Asia was mixed, Japan's indices fell as the yen gathered strength. US futures a few points higher, Europe opened lower. Dollar DXY index consolidating just above 103, yen stronger early but since pared. Treasury yields higher at the short end although 10Y a few bps lower, JGB yields mixed. Crude futures higher, industrial metals under pressure, gold at six-month high.

    • Little action in overnight US and European markets to give guidance for Asia Tuesday, which instead moved in parallel to bond and currency movements. US dollar weakness overnight led to strength across Asia currencies, with baht and won moving the best performers, while the Australian dollar strengthened to a four-month high for a time. This supported equity gains in Bangkok, Seoul and Sydney respectively while renewed yen strength weighed on the Nikkei and Topix. The yen strengthened to two-month lows and briefly dipped below 148 per dollar on reports the Keidanren business lobby, which includes large exporters, will discuss the negative impact of the weak yen, the shift in tone read as significant.

    • PBOC quarterly monetary policy report repeated prudent policy to be 'precise and powerful' but its governor later warned of a 'long and difficult' economic transformation away from property and infrastructure build. Australian October retail sales unexpectedly contracted following September's outsized gain. South Korea retail sales grew 6.4% y/y but consumer morale dipped for fourth consecutive month. Thailand's government said it is likely to cut its FY GDP forecast as export growth disappoints.

    • Cathay Pacific (0293.HK) said to be favoring Airbus' (AIR.FP) A350s for replacement of Boeing 747 cargo jets in widely watched deal. SenseTime (20.HK) has come under the scrutiny of short-seller Grizzly Research, which said the company's core business had become unprofitable. Lendlease Group (LLC.AU) is considering selling its construction business according to reports, may also be looking to acquire assets in Europe. Adani Enterprises (512599.IN) and Adani Total Gas (542066.IN) among the Adani group stocks to see their stocks surge after the Indian prosecutor said it would not seek extra time to complete investigation.

  • Digest:

    • PBOC economic assessment improves, policy stance largely unchanged:

      • Q3 monetary policy implementation report showed some improvement in the economic assessment describing "good recovery momentum" while noting an uneven global recovery and unstable foundations for domestic demand. Contrasts with insufficient demand noted in the prior report. Saw money supply and credit growth as reasonable in the year through September while lending rates have fallen. Yuan has appreciated versus June and market expectations have stabilized. Reaffirmed prudent policy to be precise and powerful with more attention on cross-cyclical and counter-cyclical adjustments. Pledged to continue using a variety of tools to maintain reasonable liquidity. Reference to real estate highlighted implementation of the 16-point plan announced earlier this month. On FX policy, repeated priority on resolutely correcting pro-cyclical behavior, respond to developments that disrupt market order and prevent FX rate overshooting. Concluded with goals to prevent and resolve financial risks, guide financial institutions to facilitate resolution of local debt risks and prevent systemic risks. Separately, PBOC Governor Pan told a financial symposium in Hong Kong that China will meet its growth target of about 5% and achieve more sustainable growth in 2024 (Bloomberg).

    • Adani stocks surge after court reserves judgement on Hindenburg report:

      • Adani group stocks surged Tuesday after India's Supreme Court late Friday concluded its hearing into plunge in group stocks earlier this year, reserving judgement on batch of petitions connected to market regulator's probe. India's Securities and Exchange Board told court it would not seek additional time to complete investigation. Bloomberg said investors interpreted court arguments as regulator failing to find anything of substance from allegations. All ten Adani group stocks substantially higher, Adani Enterprises (~512599.IN~) up 9.7%, Total Gas (~542066.IN~) up 20.0%, Energy Solutions (~539254.IN~) up 17.0% although trader cited by Bloomberg warned significant part of rally may be short covering, another quoted by Reuters said cannot be sure how sustainable share jump Tuesday will be. As much as $15B in market cap added to Adani Group with rally although still below level prior to Hindenburg report publication (BusinessStandard). India market closed Monday, investigator's statement came after market close Friday.

    • Chinese banks likely to be hit by property backstop:

      • Bloomberg discussed how China's unprecedented plan to push lenders backstop property developers adds to woes for $57T sector, already hit by large bad loans and low NIMs. Estimated 11 major banks may need to set aside an additional $89B for bad property debt in 2024. Added PBOC pledged to press banks to lower real lending rates amid concerns over sluggish borrowing demand. Noted banks' NIMs fell to record low of 1.73% in September, below 1.8% threshold seen as necessary to maintain reasonable profitability. Coupled with record high amount of bad loans and possible end of revenue growth streak since 2017 for some largest banks. Multiple western sell-side firms warned latest guidance for banks to help builders would squeeze margins, push up bad loan ratios and raise concerns about credit risks, with regional banks at most risk. Meanwhile regulators may guide banks to further lower deposit rates, provide them with zero-interest funding and exempt bankers from being held accountable for high-risk bad loans.

    • Japan Keidanren meeting on yen impacts may pose hawkish implications for BOJ policy:

      • Yomiuri reported senior Keidanren officials are set to discuss impacts of yen weakness on the economy, citing calls from member corporations. In a closed-door meeting, findings expected to be used for future policy recommendations. Article noted the irregularity of this topic given the corporate sector has long favored weak yen as a tailwind for exports, and top officials have historically come from leading exporting companies. Highlighted small businesses particularly affected. Recalled prior Keidanren remarks that BOJ is behind the curve despite several tweaks, and suggested the possibility this may lead to stronger pressure for more changes. Report follows a Nikkei article indicating that Keidanren is increasing attention on wages among small businesses struggling to satisfy calls for higher growth, prompting expectations that small business payrolls will be the biggest theme at next year's shunto wage negotiations. Amid struggles to pass on higher costs, frustrated small companies will demand that large-firm customers accept price changes.

    • BOJ underlying inflation measures mostly ease:

      • BOJ trimmed mean inflation rose 3.0% y/y in October, following a record 3.4% in the previous month, marking the first deceleration since June. Mode inflation slowed for the second straight month to 2.6% from 2.8%. Breadth DI fell to 75.1% from a record-high 79.7%. In contrast, weighted median picked up to 2.2% from 2.0%. Results compare with mixed October CPI where core inflation accelerated slightly while ex-fresh food & energy moderated. Latest discussions focused on underlying dynamics as lower core inflation was largely attributed to government energy subsidies halving as scheduled, while services inflation reached a 30-year high. Pipeline pressures strengthened with CGPI and services PPI both rising at the fastest pace since Jan-2020. Final demand for services attributed mainly to resurgence in tourism prompting higher accommodation rates, though breadth also apparent with strong majority of services PPI components contributing positively. Latest developments seen affirming BOJ Governor Ueda's recent remark that their confidence level in achieving the Bank's price stability target is gradually increasing.

    • Notable Gainers:

      • +8.5% 2768.JP (Sojitz): appoints president/CEO Masayoshi Fujimoto as chairman/CEO; announces 2024-2026 medium-term management plan, targets three-year average net income of ¥120.0B

      • +7.8% 2018.HK (AAC Technologies Holdings): about 60% of components in Apple Vision Pro will be reportedly supplied by Chinese companies

      • +3.4% 207940.KS (SAMSUNG BIOLOGICS): signs KRW588.78B CMO contract with Asian pharmaceutical company

      • +1.6% 1101.TT (Taiwan Cement): reportedly expected to raise stake in Oyak Cement Group and own majority stake in Turkish joint venture after the deal

    • Notable Decliners:

      • -18.3% 839.HK (China Education Group Holdings): reports FY adjusted net income attributable CNY1.91B vs FactSet CNY2.00B

      • -6.1% 384.HK (China Gas Holdings): reports H1 net income attributable HK$1.83B vs year-ago HK$3.26B

      • -4.9% 20.HK (SenseTime Group): Grizzly Research alleges company is artificially inflating its revenue though round-tripping schemes

      • -2.1% 293.HK (Cathay Pacific Airways): reportedly leaning towards ordering around six Airbus A350 freighters

  • Data:

    • Economic:

      • Australia October

        • Retail sales (0.2%) m/m vs consensus +0.1% and +0.9% in September

    • Markets:

      • Nikkei: (39.28) or (0.12%) to 33408.39

      • Hang Seng: (170.92) or (0.98%) to 17354.14

      • Shanghai Composite: 6.85 or +0.23% to 3038.55

      • Shenzhen Composite: 11.41 or +0.60% to 1904.81

      • ASX200: 27.60 or +0.39% to 7015.20

      • KOSPI: 26.10 or +1.05% to 2521.76

      • SENSEX: (21.88) or (0.03%) to 65948.16

    • Currencies:

      • $-¥: (0.13) or (0.09%) to 148.5510

      • $-KRW: (4.72) or (0.36%) to 1293.7000

      • A$-$: +0.00 or +0.06% to 0.6609

      • $-INR: +0.00 or +0.01% to 83.3660

      • $-CNY: +0.00 or +0.01% to 7.1324

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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