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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.16%, Hang Seng Closed, Shanghai Composite (0.68%) as of 03:10 ET

Dec 26 ,2023

  • Synopsis:

    • Asian equities ended little changed Tuesday in a quiet session. Taipei led the gainers with Seoul also higher, Southeast Asia mainly up, India also seeing small gains. Mainland China stocks again struggling and finished lower. Hong Kong, Australia, Indonesia and Philippines closed. US futures higher. Dollar a little weaker, Asia currencies flat. Treasury yields mixed. Oil futures higher, precious metals higher and industrials led by iron ore at six-month highs.

    • Asia stocks with a positive tilt Tuesday in the first day back after Christmas for many. Mainland China markets bucked the trend again to finish lower although a handful of Shanghai-traded gaming stocks rebounded following Friday's sector rout. Japan assets unmoved by Japan PM Kishida request to firms to implement stronger wage hikes this year nor BOJ Governor Ueda's positive assessment on Japan wage/inflation developments. Positioning data also showed asset managers net bullish on yen for first time since May as normalization bets ramp up although today's yen and JGB action was quiet.

    • China regulators approved 105 new online games and voiced support for the industry following Friday's decision to curb online gaming activities; moves viewed as a sign authorities are seeking to quell market concerns. In macro news, Japan services PPI inflation and unemployment rates unchanged in November. China's NDRC revealed projects with planned investment of more than CNY560B as part of October's CNY1T bond issuance plan. Taiwan industrial production contracted for 18th consecutive month. Singapore's inflation dropped to its lowest in more than two years but industrial production growth missed estimates.

    • Toyota Motors (7203.JP) said it will compensate suppliers to its Daihatsu unit as it suspended operations at its plants through January. The world's largest polysilicon producer Tongwei (600438.CH) said it is planning to invest CNY28B ($4B) in a new factory in Inner Mongolia. Infosys (500209.IN) said an unnamed global company had cancelled a 15-year, $1.5B AI-related deal. Reliance Industries (500325.IN) and Walt Disney (W) have signed a non-binding agreement to create India's largest media group.

  • Digest:

    • China announces fresh online gaming approvals amid crackdown fears:

      • China's National Press and Publication Administration (NPPA) announced via WeChat on Monday approval of 105 online games - most in 17 months, including games from Tencent (700.HK) and NetEase (9999.HK) (SCMP, Bloomberg). NPPA also sought to contain fallout from China's surprise announcement on Friday of draft rules to rein in spending and rewards for online games, announcing on Saturday it would "revise and improve" rules after listening to industry and consumer feedback. Shares in gaming and internet stocks sustained heavy losses on Friday and selling continued Monday, as the new rules revived concerns of another crackdown on internet platforms. Comes after authorities had largely softened their stance on tech companies this year. China Audio-Video and Digital Publishing Association (CADPA) predicted industry gaming revenue rebounding 14% in 2023 due to more favorable regulations.

    • Ex-officials say China's central government should prioritize proactive fiscal policy:

      • In an interview with Caixin, former PBOC MPC member Yu Yongding said China's central government should prioritize enforcing proactive fiscal policy, including issuance of up to CNY2T sovereign bonds to boost economy in areas like medical care, education and green infrastructure. Yu said monetary policy will be complemented to drive down yields if there is oversupply of government bonds and prevent "crowding out" effect. Added no major obstacle to further monetary easing since China is facing deflationary pressure. Argued current trickle of policy measures not strong enough to solve lack of confidence. Another Caixin article reported former finance minister Lou Jiwei suggested Beijing to maintain annual budget deficit at 3.8% in 2024 after first mid-year adjustment since 1998 to raise this year's rate to same level. Lou said more fiscal expenditure can be directed to subsidize rents and utility bills for downstream manufacturers and SMEs. Meanwhile said China still has room for RRR and rate cuts. Suggested setting inflation target of 2-3% to prevent economy from slipping into deflation.

    • Singapore inflation eases, while growth of manufacturing output slows:

      • Singapore headline inflation fell to 3.6% y/y in November, versus consensus 3.8% and 4.7% in October. It was down 0.2% m/m. Lower reading was largely due to lower private transport inflation. Core inflation, which excludes accommodation and private transport, eased to 3.2% y/y, in line with consensus and compared with 3.3% in prior month, driven by lower inflation for retail & other goods, food, as well as electricity & gas. Core inflation inched up 0.1% m/m. Falling prices of most food commodities, other intermediate and final manufactured goods, along with stronger S$ trade-weighted exchange rate should continue to temper Singapore's import cost pressures in coming quarters. MAS expects headline CPI at around 5% for 2023 while core inflation seen at around 4%. In 2024, headline inflation projected to average 3-4% and core inflation at 2.5-3.5%, considering 1 ppt increase in GST from Jan-24. Singapore's industrial production gained 1% y/y in November, extending 7.6% gain in October but fell short of consensus at 3.1%. Production in key electronics sector grew at slower pace. It fell 7.8% m/m, reversing from 9.9% growth in October.

    • BOJ Governor Ueda says will likely consider policy change if virtuous cycle intensifies:

      • Addressing Keidanren on Monday, BOJ Governor Ueda said he expects Japan's economy will escape low-inflation environment and achieve virtuous cycle between wages and prices. Ueda pointed out likelihood of this happening is not sufficiently high at this point and key will be next spring's wage talks. Commenting on current wage situation, he noted labor market conditions and corporate profits have increased. If virtuous cycle intensifies and is accompanied by sustained and stable achievement of 2% inflation, BOJ will likely consider changing monetary policy. Ueda highlighted benefits of positive inflation and higher nominal interest rates, including that it allows for greater economic stability and will have significant positive effects on firms as they formulate their business plans. Consensus remains for an April rate hike once initial results of spring wage talks are known in late March.

    • Foreign buying of China bonds surge in November while pace of inflows may slow:

      • Bloomberg reported global investors boosted holdings of Chinese bonds by CNY251B ($33B) in November, second most on record and was nearly six times October's amount. Surprise inflows also on track to reverse record outflows of CNY616B in 2022. Attributed to a global bond rally as traders bet on Fed's dovish pivot and demand from passively index-tracking funds. Strategists also pointed to arbitrage opportunities after cash squeeze in China's money market pushed yields of short-dated bonds higher than US counterparts. Meanwhile some market watchers believed momentum of bond inflows may slow given PBOC's constraints amid record low policy rates as well as Beijing's unwillingness to loosen policy significantly. Added risk of additional capital flight from "sticky" funds switching to ex-China benchmarks while appetite for China's assets remains tepid given geopolitical tensions and concerns over economy. Noted foreign bond inflows seen across Asia in November and scale of monetary easing may be larger in other emerging markets than China over next six months.

    • Notable Gainers:

      • +14.8% 6849.JP (Nihon Kohden): ValueAct emerges as major shareholder with 5.01% stake

      • +10.4% 141080.KS (LegoChem Biosciences): to transfer technology of LCB84 to Janssen Biotech for KRW2.24T

      • +2.1% 7965.JP (Zojirushi): reports Q3 EBIT ¥797M vs year-ago ¥88M

      • +1.1% 7013.JP (IHI): reportedly to expand jobs in defense unit

      • +0.5% 8227.JP (SHIMAMURA): 1-for-2 stock split

      • +0.2% 7203.JP (Toyota Motor): Daihatsu to keep domestic production suspended until January

      • +0.1% 6504.JP (Fuji Electric Co.): reportedly to invest jpy200B in semiconductors for EVs in 2024-26

    • Notable Decliners:

      • -4.8% 001570.KS (KUM YANG Co.): home of former PR director Park Soon-hyuk being raided by FSS

      • -3.2% 8233.JP (Takashimaya Co.): reports Q3 net income attributable ¥9.3B, (¥0.1B) y/y

  • Data:

    • Economic:

      • Japan November

        • Unemployment rate 2.5% vs consensus 2.5% vs consensus and 2.5% in prior month

          • Job offers to applicants ratio 1.28 vs 1.30 in prior month

        • Services PPI +2.3% y/y vs consensus +2.4% and +2.3% in prior month

      • Singapore November

        • CPI y/y +3.6% versus consensus +3.2% and +4.7% in prior month

        • Manufacturing production y/y +1.0% versus +7.6% in prior month

    • Markets:

      • Nikkei: 51.82 or +0.16% to 33305.85

      • Hang Seng: Closed

      • Shanghai Composite: (19.93) or (0.68%) to 2898.88

      • Shenzhen Composite: (21.38) or (1.20%) to 1766.62

      • ASX200: Closed

      • KOSPI: 3.08 or +0.12% to 2602.59

      • SENSEX: 259.79 or +0.37% to 71366.75

    • Currencies:

      • $-¥: (0.11) or (0.08%) to 142.3450

      • $-KRW: (4.76) or (0.37%) to 1294.3500

      • A$-$: (0.00) or (0.07%) to 0.6799

      • $-INR: (0.07) or (0.09%) to 83.2054

      • $-CNY: +0.01 or +0.17% to 7.1451

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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