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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng (0.85%), Shanghai Composite +0.17%, Kospi (2.34%) as of 03:10 ET

Jan 03 ,2024

  • Synopsis:

    • Asian equities ended lower across the region Wednesday as the risk-off sentiment continued. Seoul led the selloff with a 2.3% decline while there were also steep losses in Taiwan and Australia. The Hang Seng also sold off again although ended off its trough, mainland China stocks were also down. Southeast Asia all lower, India seeing a second consecutive day of losses although Adani Group stocks were notably higher. Japan closed for a holiday. US futures weaker, European markets slightly lower in early trade. US dollar holding overnight gains, yuan and yen weaker. Treasuries yields higher across tenors in European trading, Australia and New Zealand yields sharply higher. Crude oil weaker, precious metals flat, industrial metals mixed. Cryptocurrencies higher again.

    • Asia markets seeing a second day of losses to start the year following sharp falls on Wall Street overnight that saw the Nasdaq log its worst day since October. US jobs data later today, FOMC minutes Thursday, and non-farm payrolls Friday giving previous bulls reason to pause with Fed Fund Futures pushing out the date of the first rate cut until later in the year. China property developers under more pressure today with the Mainland Properties index down more than 6% week-to-date already. More bad news today that China Fortune Land bondholders received less than third of principal due on dollar bonds, coming just a day after private data showed home sales declined again in December.

    • In support, Beijing made its largest injection of funds via through its Pledged Supplemental Lending program since Nov-2022, seen as part of push to boost financing for housing projects. Beijing also removed its top gaming industry official in latest sign it is aiming to stem the fallout from surprise regulations on online gaming announced in late December. Philippines Stock Exchange halted market trade without giving a reason. Australia's PM and Singapore's government flagged additional cost of living reliefs.

    • Japan Airlines (9201.JP) and ANA (9202.JP) cancelled around 100 flights following the collision of a JAL aircraft with a Japanese coast guard plane on Tuesday. China Fortune Land Development (600340.CH) dollar bond holders received less than a third of the payments due on 31-Dec from a debt restructuring scheme. India's Supreme Court ordered the country's financial regulator to conclude its investigation into Adani Group within three months, and rejected a request for the probe to be transferred to an independent agency; Adani stocks rose with Energy Solutions (539254.IN) up the most.

  • Digest:

    • China gaming stocks rise on report of removal of regulatory official:

      • China's gaming stocks rose on Wednesday, outperforming a weak broader market (Reuters). CSI Anime Comic Game Index jumped as much as 3.1% in early trading, before paring gains to 1% at close, against 0.17% rise in Shanghai Composite and CSI 300's 0.24% down. In Hang Seng, NetEase (9999.HK) and Tencent (700.HK) rose around 1.5% and 1.2% respectively, versus 2% slide in Hang Seng Tech Index. Came after Reuters broke the story that China removed Feng Shixin from his post that used to oversee country's press and publications regulator, National Press and Publication Administration (NPPA). Sources noted Feng's removal was linked to draft rules NPPA circulated in end-December that stoked a market rout in Chinese game stocks, triggering fears that authorities would relaunch an industry crackdown. Authorities have since softened its tone, approving more games than usual and pledging to review some of the most controversial clauses in the draft including cap on in-game spending. Market watchers added Feng's removal as a goodwill gesture, adding proposed gaming rules will not be implemented in near term.

    • India PMIs shows factory output expansion slowing:

      • India's December HSBC Manufacturing PMI reading fell to 54.9 from 56.0, still comfortably in expansion territory but an 18-month low. Consensus expectations was for 55.9. New orders slowed to 57.3, and current output expanded least in more than 12 months. Other PMI components also saw growth slowing with new export orders at eight-month low but still expanded for the 21st consecutive month; buying activity at softest since Nov-22. Input prices continued to rise but at slowest pace in 3.5 years while output prices rose, showing manufacturers able to pass on cost increases. Business confidence more optimistic and at three-month high while future output index rose m/m. Panelists said new business gains, favorable market conditions and series of exhibitions contributed to manufacturing expansion. India's PMI expansion in contrast to contracting output in China, Taiwan; stalling output in most of Southeast Asia.

    • China injects $50B via PSL program:

      • Bloomberg cited a PBOC statement disclosing outstanding balances of Pledged Supplemental Lending grew CNY350B ($49.1B) at December-end from the previous month to CNY3.25T. Article noted increase was the largest in the program since November 2022. PSL rate was 2.4% at September-end, lower than the one-year policy rate and benchmark lending rate among banks. Recalled market expectations of PSL funding to construct public housing as part of an earlier report indicating plans for CNY1T in low-cost central bank financing focused on affordable housing and renovation of urban villages. Also reinforced perceptions that sizable liquidity injections would lower the chances of an RRR cut predicted in coming months. Recall that economists have called for more policy stimulus in order to achieve expectations the government will maintain its economic growth target at 'about 5%' with brokerage forecasts in the 4% range. House prices and real estate investment expected to remain in decline this year, set to pose ongoing headwinds for cyclical momentum and equity market.

    • China's cross-border travel returns to pre-Covid level during New Year holiday:

      • SCMP citing National Immigration Administration (NIA) data reported there were 5.18m border crossings across mainland China from 30-Dec to 1-Jan, nearly fivefold increase from a year ago and around same level seen in 2019. Translated to daily average of 1.73m border entries and exits, more than 1.56m projection. Came as Chinese authorities tried to boost economy, including attracting visitors from overseas. NIA added travelers from France, Germany, Netherlands, Spain, Italy and Malaysia up almost 30% m/m in December since introduction of visa-free policy on 1-Dec. China also simplified visa application process for US tourists from 2024. A bilateral visa waiver program with Thailand will come into effect in March (BangkokPost). Reuters added domestic passenger trips and tourism spending over the holiday surged from year-ago and both surpassed 2019 levels. Bloomberg noted return of travel as a "welcome sign" ahead of upcoming Lunar New Year holiday in February this year.

    • India needs more private investment to help fulfil longer-term growth ambitions:

      • Bullish Indian economic growth prospects stand in contrast to negative perceptions of China's economy. Latter weighed down by consumer and business caution, high youth unemployment, property sector downturn and geopolitical tensions. Meanwhile, India seen benefiting from resilient domestic demand, investment, and repositioning of supply chains. At the same time, NY Times highlighted how India faces obstacles to its longer-term growth ambitions amid insufficient investment from both domestic and foreign companies. Indian government has ramped up spending on areas like infrastructure, though also thoughts that deeper reforms needed to encourage business investment. Article noted foreign direct investment has shrunk to $13B in past year from annual average of $40B. While business environment has improved under PM Modi's government, firms face an uncertain regulatory backdrop while income inequality is limiting demand potential.

    • Notable Gainers:

      • +1.4% 9999.HK (NetEase): China reportedly last week removed head of Publicity Department, which oversees National Press and Publication Administration (NPPA) and regulates video game sector

    • Notable Decliners:

      • -30% 084990.KS (Helixmith Co.): gene therapy VM202-DPN fails to meet primary endpoint in phase 3 clinical trial

      • -4.2% 009540.KS (HD Korea Shipbuilding & Offshore Engineering Co.): guides FY24 revenue KRW24.092T vs FactSet KRW24.819T

      • -3.9% 000270.KS (Kia): guides FY24 sales 3.2M units

      • -1.9% 251270.KS (Netmarble): Do Gi-Uk to step down from co-CEO role; to focus on CFO duties

      • -0.7% 2202.HK (China Vanke): reports December contracted sales CNY32.98B;StreetAccount notes year-ago CNY39.76B

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: Closed

      • Hang Seng: (142.14) or (0.85%) to 16646.41

      • Shanghai Composite: 4.97 or +0.17% to 2967.25

      • Shenzhen Composite: (11.15) or (0.61%) to 1812.71

      • ASX200: (104.60) or (1.37%) to 7523.20

      • KOSPI: (62.50) or (2.34%) to 2607.31

      • SENSEX: (345.73) or (0.48%) to 71546.75

    • Currencies:

      • $-¥: +0.43 or +0.31% to 142.4270

      • $-KRW: (4.27) or (0.33%) to 1306.8100

      • A$-$: (0.00) or (0.09%) to 0.6756

      • $-INR: +0.01 or +0.02% to 83.2692

      • $-CNY: +0.01 or +0.12% to 7.1525

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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