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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.60%), Hang Seng (1.09%), Shanghai Composite (0.29%) as of 03:10 ET

Dec 04 ,2023

  • Synopsis:

    • Asian equities mostly lower Monday. Hang Seng dropped to lowest level since Nov-2022, mainland China also fell. China Evergrande jumped after winning court reprieve while slew of other developers fell sharply. Nikkei logged mild losses while ASX and Kospi rose, India outperforming with state election results boosting sentiment. S&P 500 and Nasdaq futures lower. Treasuries slipped with yields rising across tenors. Aussie bonds gained. Dollar stronger against major currencies, gold at record high, crude extending losses, bitcoin highest since April 2022.

    • Markets have priced in swaps of multiple rate cuts in 2024, even after Fed chair Powell warned central bank is ready to hike further if needed and policy is well into restrictive territory. However, with inflation tracking toward target, debate increasingly shifting toward timing and extent of 2024 pivot. In Asian markets, China Evergrande won breathing room to strike restructuring agreement with creditors after final court hearing originally slated for today but delayed again, to 29-Jan.

    • In other developments, BOJ's Noguchi backed continued stimulus, noting need for inflation to be supported by sustained wage growth. PBOC Governor Pan vowed to keep supply of money growth in check and yuan stable. Positive implications for Australian GDP from Q2 inventory rebound. However, labor market softness continued with job ads decline accelerating. South Korean President Yoon replaced six ministers, including finance minister, in cabinet reshuffle. India's ruling BJP won three out of four state elections, strengthening PM Modi.

    • China Evergrande (3333.HK) liquidation hearing adjourned to 29-Jan. Wuxi Biologics (2269.HK) entered trading halt after shares tumbled on disappointing forecast. Nio (9866.HK) received independent production qualification of car manufacturing. Ecopro (247540.KS) has forged a deal with Samsung SDI (006400.SK) to apply cathode materials for EV batteries, while broader South Korean EV battery sector surged with other names including Sk Ie Technology (361610.KS), Enchem (348370.KS), CHUNBO (278280.KS). Origin Energy (ORG.AU) shareholders narrowly rejected Brookfield and EIG's takeover and will continue as an independent ASX-listed company.

  • Digest:

    • Evergrande's 'final' court hearing on potential liquidation adjourned to 29-Jan:

      • Hong Kong High Court adjourned to 29-Jan a potential final hearing over Evergrande's (3333.HK) restructuring proposal and whether to liquidate company (Bloomberg). Extension comes as a surprise after 'final' hearing was slated for today following last month's adjournment to 4-Dec. Reports company was in last ditch talks to outline concrete restructuring proposal (Reuters, FT, Bloomberg). Evergrande proposed offering creditors 30% stakes in subsidiaries Evergrande Property Services and China Evergrande New Energy Vehicle. Situation remains fluid with company now having eight weeks to strike agreement. SCMP noted key offshore note holder backed allowing Evergrande's onshore unit to maintain operations. Other sources said creditors were unlikely to accept Evergrande's new proposal given low recovery prospects. There was also dissatisfaction with terms of proposal implying major haircuts for creditors, who are also demanding controlling stakes from swapped equity. Detention of Evergrande chair and founder Hui Ka Yan another complication.

    • India PM Modi's BJP wins three out of four state elections:

      • India's ruling Bharatiya Janata Party (BJP) won regional elections in three out of four major states in a stronger than expected showing ahead of a general election due by May (Reuters, Bloomberg). Preliminary tallies by Election Commission of India showed BJP comfortably taking Rajasthan and Chhattisgarh from the main opposition Congress and retained Madhya Pradesh. Main opposition Congress won Telangana. Mizoram votes to be counted Monday. Prime Minister Modi declared victory, stating the results suggested a third term next year was guaranteed. While outcome is expected to boost market sentiment, politicians and analysts say state elections do not always influence the outcome of the general elections, recalling the last round of state elections before national elections have been misleading in the past. Congress party called for a regroup of strategies among opposition alliance INDIA parties. BJP seen consolidating the Hindu vote and continue to highlight popular welfare and development policies.

    • Central bankers temper hawkish messaging as markets eye 2024 rate cuts:

      • With inflation rates tracking towards central bank targets, debate increasingly shifting towards timing and extent of next year's dovish pivot (FT, Bloomberg). Futures pricing in at least 125 bp of Fed rate cuts in 2024 and in Europe investors betting ECB will be cutting rates in H1 2024, reflecting expectation slower growth and sufficient progress on inflation will enable a dovish policy shift. In Asia, BOK softened its hawkish tone last week as economists eye a dovish turn in Q2. While RBNZ drew attention to its 'hawkish hold' on Wednesday, economists expect rate cuts in late 2024, earlier than timetable implied by central bank's OCR track. Disconnect between dovish market rate outlook and policymaker caution continues to drive some concern that rate cut expectations have moved too far ahead of central bank signaling. However, there have also been subtle shifts in central bank messaging with Fed Governor Waller acknowledging possibility of rate cuts and Chair Powell not explicitly pushing back. Similar debate playing out among ECB and UK policymakers.

    • PBOC Governor Pan pledges to keep money supply growth in check, yuan stable:

      • PBOC Governor Pan Gongsheng wrote in People's Daily, pledging to keep growth of money supply in check, offer better support to key sectors including technology innovation and advanced manufacturing. Pan wrote PBOC will "control monetary sluice", language which Bloomberg noted oft-used in the past to underscore desire to avoid massive easing and economists said Pan's remarks indicated bank will unlikely let loose floodgate of credit while focusing on its quality and structure. On real estate, Pan said China will need to proactively adapt to major transformation of housing market while reiterating "houses are for living, not for speculation". PBOC will satisfy reasonable financing needs of property companies regardless of ownership status. Pan vowed to keep interest rate level to match with potential economic growth and push to reduce cost of financing for businesses and households. Repeated previous stance on yuan, including stabilizing expectations, crackdown market-disrupting behaviors and guarding against risk of exchange rate overshoot.

    • India leads global IPOs this year as China listings fall:

      • Nikkei cited EY analysis showing India IPOs expected to rise 45% this year to 209. Highlighted contrast with shrinking offerings in China and Hong Kong amid US-China tensions and regulatory scrutiny that scuppered major listings. Shenzhen IPOs projected to fall 33% to 126, Shanghai down 36% to 99 and Hong Kong dropping 19% to 61. While Indian exchanges still lag mainland China in proceeds, former on track to surpass Hong Kong, which analysts attributed to strength of Indian economy, government's infrastructure push and burgeoning investor appetite for equities. Surging investor interest prompting some concerns about irrational exuberance, particularly among small-caps preferred by domestic investors. India/China contrast consistent with diverging economic growth, prompting S&P Global to forecast Asia-Pacific growth engine to shift from China to Sout and Southeast Asia. Indian equity strength also reflecting higher household incomes and fall in rates on small savings schemes. Article also noted Indian IPOs have been fueled by a rush to market ahead of general elections in May next year.

    • Notable Gainers:

      • +14.6% 361610.KS (Sk Ie Technology Co.): US Department of Energy releases proposed guidance on Foreign Entity of Concern to set limits on Chinese content for EV tax credits

      • +9.2% 3333.HK (China Evergrande Group): Hong Kong court adjourns China Evergrande's winding-up hearing to 29-Jan

    • Notable Decliners:

      • -2.2% 5021.JP (Cosmo Energy Holdings): Iwatani acquires 17.4M shares of Cosmo Energy Holdings for ¥105.3B

      • -1.8% 178920.KS (PI Advanced Materials Co.): Arkema finalizes acquisition of its 54% stake in PI Advanced Materials

      • -0.6% 2593.JP (ITO EN): reports H1 results; keeps FY guidance unchanged

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: (200.24) or (0.60%) to 33231.27

      • Hang Seng: (184.25) or (1.09%) to 16646.05

      • Shanghai Composite: (8.72) or (0.29%) to 3022.91

      • Shenzhen Composite: (6.34) or (0.34%) to 1881.64

      • ASX200: 51.50 or +0.73% to 7124.70

      • KOSPI: 9.94 or +0.40% to 2514.95

      • SENSEX: 1,141.77 or +1.69% to 68622.95

    • Currencies:

      • $-¥: +0.24 or +0.16% to 147.0490

      • $-KRW: +9.93 or +0.77% to 1305.2100

      • A$-$: (0.00) or (0.62%) to 0.6633

      • $-INR: +0.12 or +0.15% to 83.3462

      • $-CNY: +0.01 or +0.16% to 7.1352

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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