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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng (1.52%), Shanghai Composite (0.43%), Kospi +0.55% as of 03:10 ET

Jan 02 ,2024

  • Synopsis:

    • Asian equities ended mixed Tuesday. Hang Seng started the year with a steep selloff as official PMIs and a downbeat address from President Xi weighed; mainland markets also lower. Taiwan, India and Singapore all fell with some profit taking in evidence. Australia markets ended within a whisker of a record high, gains for Seoul and several Southeast Asia exchanges. Japan markets closed for a holiday. US futures higher, European markets opened with muted gains. US dollar higher for the third day, AUD and NZD at almost six-month highs while yen and yuan weakened. Treasury yields higher, Australian bonds under pressure with yield curve steepening. Crude oil, previous metals and industrial metals all higher. Cryptocurrencies firmer again with bitcoin at highest since Apr-22.

    • China data released over New Year was mixed with Caixin manufacturing PMI unexpectedly firming as output and new orders rose, and on reports of firmer demand. However, official PMIs out Sunday showed activity shrinking at fastest pace in six months as new order and new export order declines accelerated. Non-manufacturing activity firmed, as stronger construction activity offset services sector weakness. Separately, home sales contracted at a faster pace in December after major cities loosened homebuying curbs. President Xi acknowledged business and employment difficulties in his year-end address vowing to strengthen economic momentum.

    • In other economic developments, Asia PMIs (ex-China and Japan) showed regional factory output weakened with Taiwan, South Korea and parts of Southeast Asia all shrinking. South Korean export growth slowed by more than expected as shipments to China declined again, offsetting an acceleration in chip export growth. Singapore GDP logged fastest quarterly growth in two years amid rebound in industrial output but PM Lee warned on risks from global weakness and geopolitics.

    • In other news over the break, Red Sea tensions rose after US Navy sunk three Houthi boats, prompting Maersk to halt shipping for 48 hours and Iran to dispatch a destroyer to the area. A magnitude 7.6 earthquake struck western Japan, triggering a small tsunami and leading to spike in spot power prices. China President Xi reiterated warning on Taiwan reunification. AMSL canceled shipments of some chipmaking equipment to China after an export license was partially revoked by the Dutch government.

    • Baidu (9888.HK) has terminated an $3.6B agreement to buy JOYY's (YY) live streaming business in China. BYD (1211.HK) moved closer to unseating Tesla (TSLA) as the leading global EV manufacturer with 2023 sales jumping 62% including a 70% y/y surge in December. A share-sale plan between China Evergrande New Energy Vehicle (708.HK) and Dubai's NWTN (NWTN) has lapsed, ending the subscription and loan conversion agreement between the two companies. KEPCO Engineering & Construction (052690.KS) has sold a 14.8% stake for KRW350B.

  • Digest:

    • China Caixin manufacturing PMI expands to four-month high in December:

      • Caixin manufacturing PMI was 50.8 in December, beating consensus 50.3 and 50.7 in prior month, second consecutive month in expansion and highest since August, pointing to a sustained improvement in manufacturing conditions in China at year-end. Uptick in reading partly due to stronger rise in new orders with increases in overall sales, despite modest, were quickest since February while downturn in new foreign sales moderated. Manufacturers raised output for second straight month with rate of growth highest in seven months. However employment across sector fell for fourth straight month and at quickest pace since May. Backlog of work fell for first time in seven months. Input costs rose moderately with rate of inflation at four-month low. Selling prices only rose marginally amid greater market competition. Optimism softened from November and business was cautious in hiring, raw material purchasing and inventory management. Caixin's reading came in contrast with official manufacturing PMI, which posted worst contraction in six months.

    • December PMIs show most of Asia's manufacturing base slowing:

      • December S&P Global PMIs for Asia (ex China and Japan) showed manufacturing slowing as production, new orders both fell while input prices rose. Taiwan PMI fell to 47.1 from 48.3; companies reported sluggish domestic and overseas demand that led to accelerated destocking and lower employment. South Korea PMI at 49.9 from 50.0, modest decline in new orders offset by work backlogs decline; some raw material prices rose. Southeast Asia PMIs either shrank further or saw growth falter. Thailand PMI lowest reading in three years at 45.1 from 47.6, steepest decline in series on new orders slump. Malaysia PMI shrank for 16th consecutive month to 47.9, new orders and new export orders falling notably. Philippines still expansive 51.5 but below November's 52.7, new orders still growing. Indonesia exception among group, saw PMI expand to 52.2 from 51.7, output and new orders rose most since September, new export orders also grew. Vietnam manufacturing still contracting but at slower pace, PMI 48.9 from 47.3.

    • Singapore's economy expands by more than expected in 2023:

      • Singapore's FY2023 GDP rose 1.2% y/y versus expected 0.9%, as Q4 grew 2.8% y/y against expected 1.0%. Propelling growth in Q4 was manufacturing, which grew 3.2% y/y against FY contraction of 3.6%. Preliminary data from ministry of trade and industry also showed construction grew 7.7% for full year, services 2.3% thanks to robust retail and transportation growth. On q/q basis, economy grew 1.7% from Q3's 1.3%, strongest in two years. Stronger growth data comes after exports grew for first time in 13 months in November, industrial output regained growth in Q4. Quarterly growth was best in five quarters and 12th consecutive quarter of growth. However, PM Lee tempered optimism over economy in New Year's address commenting "tensions and risks" remain in South China Sea and over Taiwan, while global uncertainties will continue to weigh on global economy (StraitsTimes).

    • Private survey shows fall in China home sales extends in December; new and resale home prices diverge:

      • Data from China Real Estate Information Corp. (CRIC) shows value of new home sales among top 100 developers fell 34.6% y/y in December, compared with November's 29.6% drop, while rose 15.7% m/m. Major developers' full-year sales were 16.5% lower in 2023, worse than estimate of 15% decline. Another survey by China Index Academy shows average new home prices in 100 cities rose 0.1% m/m and 0.27% y/y in December while resale home prices fell 0.55% m/m, dropping for 20 consecutive months. Prices fell 3.53% y/y. 40 cities saw on-month drops in new home prices, compared with 43 in November while all 100 cities witnessed declines in resale prices. For the year, new home prices rose 0.27%, largely driven by rises in first and second-tier cities; resale prices dropped 3.53%, compared with 0.77% decline in 2022, as more supplies made available after mortgage rule change in September. Bloomberg noted China's housing market remains sluggish with buyers remaining on sidelines with concerns over price drops, construction delays and builder defaults.

    • Japan business lobby groups call for stronger, lasting wage hikes:

      • Keidanren Chairman Tokura told a press briefing that wage hikes will not be limited to 2023/24 (Nikkei). Added that employers cannot allow wage hikes to be temporary and need to approach this year's talks with more enthusiasm than last year, calling for raises in excess of the 3.99% awarded by large firms in 2023. Emphasized higher base wages needed to mitigate cost of living pressures. Also urged the need for social security reforms, citing public anxiety about declining birthrate and aging population. Japan Association of Corporate Executives (Keizai Douyukai) Chair Niinami called for minimum hourly wages to be raised to JPY2,000 ($14.19) in about three years. Also endorse deregulation in areas such as ride-sharing. Japan Chamber of Commerce and Industry chief Kobayashi pledged tenacious efforts to solidify cost passthrough dynamics. Recall heightened attention on the next round of shunto wage talks set to be a critical factor in the BOJ's declaration of stable inflation accompanied by wage increases. With tallies usually compiled from around mid-March, this event forms the basis for expectations of a rate hike at the April MPM. Rengo is demanding hikes of 'at least 5%,' aiming to secure bigger raises that last year.

    • Notable Gainers:

      • +14.9% 068270.KS (Celltrion): completes merger with Celltrion Healthcare; deal was announced 17-Aug; appoints Seo Jin-Seok and Kim Hyoung-Ki as co-CEOs with an immediate effect; applies for South Korea MFDS approval of CT-P41; confirms selling primary care ETC assets to HP Bidco 2 for KRW290.92B

      • +5.7% 000786.CH (Beijing New Building Materials Public): acquires 78.3% stake in Carpoly Chemical for CNY4.07B

      • +3.1% 052690.KS (KEPCO Engineering & Construction Co.): reportedly raises KRW350B by selling 14.8% stake in KEPCO Engineering & Construction

      • +1.4% 005930.KS (Samsung Electronics): reportedly targets KRW11.500T in DS division operating profit this year - Korea Economic daily, citing industry sources

    • Notable Decliners:

      • -14.4% 9666.HK (Jinke Smart Services Group): signs debt settlement agreement with Jinke Property

      • -6.6% 122870.KS (YG Entertainment): BLACKPINK members reportedly decide not to renew individual contracts for solo activities

      • -6.5% 000990.KS (DB HITEK Co.): KCGI disposes of 5.6% stake

      • -0.8% 9888.HK (Baidu): terminates agreement to purchase JOYY's live streaming business in China

  • Data:

    • Economic:

      • China December

        • Official manufacturing PMI 49.0 vs consensus 49.5 and 49.4 in prior month

          • Non-manufacturing PMI 50.4 vs 50.2 in prior month

          • Composite PMI 50.3 vs 50.4 in prior month

        • Caixin manufacturing PMI 50.8 vs consensus 50.3 and 50.7 in prior month

    • Markets:

      • Nikkei: Closed

      • Hang Seng: (258.84) or (1.52%) to 16788.55

      • Shanghai Composite: (12.66) or (0.43%) to 2962.28

      • Shenzhen Composite: (14.00) or (0.76%) to 1823.85

      • ASX200: 37.00 or +0.49% to 7627.80

      • KOSPI: 14.53 or +0.55% to 2669.81

      • SENSEX: (463.02) or (0.64%) to 71808.92

    • Currencies:

      • $-¥: +0.39 or +0.28% to 141.4260

      • $-KRW: +11.48 or +0.89% to 1306.0100

      • A$-$: +0.00 or +0.21% to 0.6830

      • $-INR: +0.15 or +0.18% to 83.3359

      • $-CNY: +0.02 or +0.24% to 7.1302

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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