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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.17%), Hang Seng (1.25%), Shanghai Composite +0.06% as of 03:10 ET

Dec 01 ,2023

  • Synopsis:

    • Asian equities ended mixed Friday. Greater China closed lower with Hang Seng hitting 12-month lows and breaking through its 17K support level, mainland markets flat. Sharp losses in South Korea, Australia also lower, Taiwan was flat. Japan mixed with Nikkei slightly down but the Topix higher. Southeast Asia mixed, India higher with Nifty 50 at record high. US futures mixed, Europe opened higher. US dollar flat, Asia currencies largely unchanged. Treasury yields lower at the long end, higher at the short. WTI crude higher but Brent slightly lower. Industrial metals higher, precious metals also slightly stronger.

    • Asia markets saw a mixed day following a generally strong November, with India cashing in on better-than-expected GDP data last night, which also prompted analysts to up their FY forecasts. But the Hang Seng was again under pressure, this time failing to hold its key 17K support level and end at 12-month lows. Large-cap consumer names weighed today however, over the week, property stocks underperformed again, unstitching its gains made last week. Today, data showed property sales fell more than 4% m/m in a signal the measures announced last week had yet to bite.

    • Offsetting this somewhat, China Caixin manufacturing PMI unexpectedly returned to expansion in November, in contrast to official PMI that shrank at a quicker pace. Other Asia-ex PMIs indicated factory activity deceleration had either slowed, stopped or reversed slightly, hinting the worst may be over for the region's manufacturing sector. South Korean export growth picked up in November with chip shipments rising for first time in 16 months. A South Korea regulator defended the country's short-selling ban saying illegal trading was 'rampant'. Japan's unemployment rate unexpectedly fell while capex growth slowed.

    • China Evergrande (3333.HK) creditors have demanded controlling stakes in the group and two of its subsidiaries in any financial restructuring package. SAIC Motor (600104.CH) and India's JSW Group have formed a 65/35 joint venture to develop the EV infrastructure in India. LG Energy Solution (373220.KS) faces a claim from 50/50 joint venture partner General Motor (GM) to share up to 85% of its US EV battery tax benefits.

  • Digest:

    • Investors remain cautious toward Chinese stocks:

      • Strategists warned Chinese equities are likely to face "long winter" ahead amid ongoing property turmoil. China markets are likely to remain volatile and rangebound next year due to lack of powerful catalysts and absence of return of long-term investors (SCMP). Noted investors' confidence in China eroded by falling exports, sluggish manufacturing activities and deflationary pressures. Foreign investors offloaded record CNY182B of mainland stocks from August through November in worst exodus since 2015. CSI 300 which slid 2.1% in November was worst performer among major global benchmarks, down for fourth straight month and missed global rally (Bloomberg) while Hang Seng hovering around one-year low. Meanwhile Bloomberg noted money managers from Fidelity, Invesco showed cautious willingness toward returning to Chinese markets as cheap valuations and state support measures have stoked some optimism though many learned lesson of last year's reopening rally euphoria turned to be short-lived. Authorities are taking flurry of small steps to restore foreign investors' confidence in China after President Xi met with Biden to stabilize relations (Bloomberg).

    • Private surveys show China home sales remain weak:

      • Data from China Real Estate Information Corp. (CRIC) shows value of new home sales among top 100 developers fell 29.6% y/y in November, widening from October's 27.5% drop, while dropped 4.1% m/m. Another survey by China Index Academy shows average new home prices in 100 cities rose 0.05% m/m and 0.08% y/y in November with lower-tier cities faring much worse than top-tier ones. Meanwhile resale home prices fell 0.56% m/m, logging 19 consecutive on-month drop, also fell 3.21% y/y. 43 cities saw m/m drops in new home prices and almost all cities (99) witnessed m/m declines in resale home prices. Bloomberg noted homebuyers in China remained wary of property turmoil while authorities' efforts to stabilize market have yet to stop downward spiral in the sector. Recall this came after NBS data showed new house prices fell by most in more than eight years in October.

    • China Caixin manufacturing PMI back into expansion to three-month high in November:

      • Caixin manufacturing PMI was 50.7 in November, beating consensus 49.6 and 49.5 in prior month, back into expansionary territory and highest since August, signaling renewed improvement in manufacturing conditions. New order growth was best seen since June amid firmer market conditions, though new export business fell slightly due to subdued external demand. Firms expanded production schedule after reduction in October. Businesses registered only marginal drop in staffing levels and slight rise in purchase activity with confidence year-ahead ticked up to highest since July. Meanwhile cost pressures remained subdued with input costs rising at slower pace than October and output charges broadly unchanged. Caixin data contrasts with NBS one yesterday, which showed official manufacturing PMI logged 49.4 in November, below consensus 49.7 and remained in contraction for second straight month. Economists noted China's economic recovery still yet to find solid footing amid insufficient demand, unemployment pressure, and called for policies to focus on expanding consumption, increasing income, promoting employment and stabilizing expectations.

    • Asia ex Japan PMIs show some stability in manufacturing output:

      • November S&P Global PMI data for Asia ex Japan showed stability, growth or slower pace of contraction in regional manufacturing in signal Asian factory output may have bottomed. South Korea PMI at 50.0 from 49.8, ending 16 consecutive months of contraction; new orders still fell but at slowest pace since Jul-22, firms still not optimistic for next 12 months. Taiwan PMI rose to 48.3 from 47.6, slowest output reduction since April, new orders index fell only slightly, firms showed optimism for next year as operating conditions stabilized. Malaysia PMI rose to 47.9, softest decline in 15-month contractual sequence. Thailand PMI still in contraction at 47.6 but pace slowed from Oct's 47.5. Indonesia's index rose to 51.7, 27th consecutive month of manufacturing expansion. Philippines index at 10-month high 52.7 with new orders, output contributing; highest reading since January. Vietnam PMI declined to 47.3 from 49.6 in October.

    • Indian stocks hit record high as foreign equity flows turn positive:

      • Indian Nifty 50 hit record high Friday after rounding out 5.5% gain in November for its best monthly performance since Jul-2022 (Reuters). Strength a function of broader peak Fed narrative that fueled global market rally, though also country-specific factors helping risk appetite. Indian Q3 GDP growth well above expectations and RBI's forecast, prompting sell-side firms to upgrade growth projections (Bloomberg, Reuters). India expected to remain fastest growing major economy into 2024, reflecting domestic demand momentum, investment and geopolitical tailwinds as countries reposition supply chains. Foreign flows in equities turned positive in November as a lower dollar boosted appeal of EM assets. Year-to-date inflows have now totaled $12.8B. M&A another highlight after Tata Technologies surged 163% on IPO debut Thursday (Reuters). On political front, polls favor ruling BJP winning two state elections on Saturday, strengthening PM Modi ahead of 2024 national elections (Bloomberg).

    • Notable Gainers:

      • +5.7% 1137.HK (Hong Kong Technology Venture): launches up to HK$40M share buyback from 1-Dec until June 2024

      • +5.3% 3382.JP (Seven & i): to conduct share split; launches ¥110.00B buyback; to acquire 7-Eleven's Australian arm for A$1.71B (¥167.24B)

      • +0.9% 4507.JP (Shionogi & Co.): obtains manufacturing and marketing approval for Fetroja in Japan

      • +0.6% 4578.JP (Otsuka Holdings): confirms acquisition of Bonafide Health by its subsidiary; terms undisclosed

    • Notable Decliners:

      • -18.4% 1890.HK (China Kepei Education Group): reports FY core net income CNY790.1M, +5% vs year-ago CNY750.1M; FactSet's adjusted net income consensus is CNY842.9M

      • -15.9% 6169.HK (China YuHua Education): reports Q4 adjusted net income CNY969.4M, (22%) vs year-ago CNY1.24B

      • -5.7% 373220.KS (LG Energy Solution): GM reportedly requesting LG Energy Solution share up to 85% of US EV tax benefits

  • Data:

    • Economic:

      • China November

        • Caixin manufacturing PMI 50.7 vs consensus 49.6 and 49.5 in prior month

      • Japan

        • Q3 MOF corporate survey capex +3.4% y/y vs +4.5% in prior quarter

          • Ex-software capex +1.7% y/y vs +4.4% in prior quarter

        • November final manufacturing PMI 48.3 vs preliminary 48.1 and 48.7 in prior month

        • October unemployment rate 2.5% vs consensus 2.6% vs consensus and 2.6% in prior month

          • Job offers to applicants ratio 1.30 vs consensus 1.29 and 1.29 in prior month

    • Markets:

      • Nikkei: (55.38) or (0.17%) to 33431.51

      • Hang Seng: (212.58) or (1.25%) to 16830.30

      • Shanghai Composite: 1.96 or +0.06% to 3031.64

      • Shenzhen Composite: 4.77 or +0.25% to 1887.98

      • ASX200: (14.10) or (0.20%) to 7073.20

      • KOSPI: (30.28) or (1.19%) to 2505.01

      • SENSEX: 448.81 or +0.67% to 67437.25

    • Currencies:

      • $-¥: +0.01 or +0.01% to 148.2070

      • $-KRW: +4.06 or +0.31% to 1304.4500

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

      • $-INR: (0.03) or (0.04%) to 83.3391

      • $-CNY: (0.00) or (0.01%) to 7.1279

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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