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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Hang Seng (1.88%), Shanghai Composite (1.42%), Kospi -0.40% as of 03:10 ET

Jan 08 ,2024

  • Synopsis:

    • Asia equities ended lower almost everywhere Monday. Losses greatest in Hong Kong which saw another almost 2% down day led by internet & IT stocks, mainland bourses also saw more selling. Losses elsewhere including Australia, South Korea and India. Southeast Asia mixed, Taiwan slightly higher. Japan closed for a holiday. US futures weak, Europe flat in early trades. US dollar flat, yuan, AUD and NZD weakened. Treasury yields higher in early European trading. Crude blends sharply down along with precious and industrial metals.

    • Hong Kong stocks showed more weakness today but held on to its 16K support line for now. Some steep losses in tech-related sectors today amid news China's securities regulator ended a ban on mutual fund net selling, introduced only at the end of 2023 in a bid to support the stock market, as redemption pressure builds. A senior executive at China Evergrande EV was also arrested, reviving fears of renewed pressure on corporate management, while late Friday shadow banking conglomerate Zhongzhi Enterprise filed for bankruptcy.

    • China also announced new sanctions on five US defense companies in response to recent arms deals to Taiwan as well as an embargo on French brandy in a growing trade row with Europe. India raised its FY23/24 GDP growth forecast to 7.3% ahead of its budget scheduled for 1-Feb. Newsflow light elsewhere. Ahead this week, US CPI Thursday will be the main focus. Inflation also a key regional theme with China CPI and PPI (Fri), Australia CPI (Wed). BOK expected to leave rates unchanged Thursday. China trade and credit data also due.

    • Cathay Pacific (293.HK) said it will reduce flights over lunar new year to avoid disruptions. China Evergrande New Energy Vehicle (708.HK) said its vice chairman had been detailed and is under a criminal investigation; stock sharply lower. Taeyoung Engineering & Construction (009410.KS) has accepted most requests made by financial regulators and creditors in a potential restructuring programme.

  • Digest:

    • China securities regulator lifts stock net-selling ban for mutual funds:

      • Reuters citing three sources reported CSRC is allowing mutual fund managers to sell more shares than they buy each day, partly due to growing redemption pressures on funds. Noted securities regulator asked mutual funds to avoid selling equities on net basis last August in a bid to "invigorate capital markets and boost investor confidence" (Bloomberg). However Chinese markets were among the world's worst-performing ones last year with CSI 300 dropping 11% amid slew of headwinds. Mutual funds face growing pressure to repay redeeming investors if net selling ban remains. Recall in latest market-supportive measures, CSRC issued window guidance to some money managers to prioritize launching equity funds over other products like bond funds last week (Reuters). Meanwhile China's markets saw another heavy sell-off on Monday with CSI 300 down to lowest level in almost five years amid lack of confidence in its economy.

    • StreetAccount Event Preview: Bank of Korea policy meeting, 11 January:

      • Bank of Korea likely to keep base repo rate unchanged at 3.5% in 'hawkish pause' at Thursday's policy meeting amid continued signals of economic growth momentum, strong semiconductor recovery but subdued consumption and sticky inflation. Governor Rhee said in New Year's address BOK to focus on fine-tuning policy in 2024, will target inflation; message followed by flurry of finance ministry initiatives last week aimed at quashing inflation (Yonhap). November and December headline, core inflation declined but remains well above BOK target level, while collapse of property developer Taeyoung Engineering & Construction and less-dovish-than-expected FOMC meeting minutes mean BOK highly unlikely to cut rates Thursday or even hint at timetable. Consensus sees BOK cutting rates twice by year end from three in earlier forecasts following dovish Fed meeting December, still favorite to be first Asia central bank to cut rates.

    • China takes further action on trade:

      • Bloomberg cited a China foreign ministry announcement of new sanctions on five US defense companies in response to latest arms deals to Taiwan. Affected companies include BAE Systems Land and Armament, Alliant Techsystems Operation, AeroVironment (AVAV), ViaSat (VSAT) and Data Link Solutions. Measures consist of freezing local assets and prohibiting organizations and individuals in China from transactions and cooperation. Decision seen as retaliation against US approval of estimated $200M in possible foreign military sales to Taiwan disclosed in mid-December, which prompted intensified military training around the Taiwan Strait. Article noted impact on US firms unclear as such firms generally don't conduct any business in China, and such sanctions are often seen as mostly symbolic. Separately, Bloomberg also reported China is launching an anti-dumping investigation into EU liquor products after EU opened a probe last fall into its EV subsidies. China investigation targeting French cognac, which triggered a selloff in Remy Cointreau (RCO.FP) by as much as 12.5% and Pernod Ricard (RI.FP) as much as 5.6%. However, article noted small size of cognac exports to China and thoughts the selling was overdone.

    • Japan business leaders stay in front of wage hike calls:

      • Nikkei discussed the stream of pre-announcements among Japanese business leaders for wage hikes this year, set to exceed last year's awards. Key business lobby groups gathered Friday for a New Year's event, where wages were a major part of discussions. Keidanren chairman Tokura stressed the need to keep up the pace in 2024 and 2025. Keidanren has said it aims for wage hikes above the 2023 average of 3.99% in this year's shunto negotiations. Rengo has set a target of at least 5%. Rengo President Yoshino emphasized smaller companies need to follow suit and this would be the key factor. Itochu CEO Okafuji said they are negotiating with labor unions with an eye toward wage hikes averaging 6% across all employees as well as a JPY50,000 ($347) boost to starting monthly salaries. Mizuho Financial Group CEO Kihara said they are looking at an increase of around 7%, though it will depend on inflation and earnings. Article recalled many large firms have already announced plans to lift pay more than last year in an effort to relieve labor shortages or retain talent.

    • Japan aims to expand FY24 budget to bolster earthquake reparation reserves:

      • Nikkei reported post-close Friday that Prime Minister Kishida instructed Finance Minister Suzuki to expand FY24 budget reserves for earthquake aid, such as infrastructure repairs. Noted current budget plan approved by cabinet includes JPY500B ($3.5B) in general reserves in a total budget worth JPY112.717T. Kishida appealed to opposition parties to help push through amendments as soon as possible. For the time being, funds will be drawn from JPY460B in left-over FY23 reserves. Article recalled precedent from the Kumamoto earthquake in April 2016, which prompted a supplementary budget a month later including JPY700B earmarked for reparations. Kishida remarked policymakers must assume latest event will exceed that figure. In a later piece, Nikkei added revisions aimed to be passed by cabinet by the start of the ordinary Diet session in mid-January. Extra required funding to come from new JGB issuance, currently under examination by MOF officials.

    • Notable Gainers:

      • +9.9% 600066.CH (Yutong Bus): guides FY net income attributable CNY1.40-1.90B vs FactSet CNY1.53; reports December production 4,315 units vs year-ago 3,638 units

      • +8.2% 2498.TT (HTC Corp): reports December revenue NT$635.1M, +22.0% y/y

      • +3.9% 009410.KS (TAEYOUNG Engineering & Construction CoLtd): reportedly accepts most requests made by financial authorities and creditors in relation to restructuring program

      • +1.0% 2172.HK (MicroPort NeuroTech): guides FY adjusted net profit of not less than CNY178M, +36% y/y

    • Notable Decliners:

      • -8.4% 708.HK (China Evergrande New Energy Vehicle Group): executive director Liu Yongzhuo detained on suspicion of illegal crimes

      • -6.0% 601995.CH (China International Capital): Haier Jinying to sell up to 96.5M A shares in China International Capital

      • -4.3% 532424.IN (Godrej Consumer Products): provides Q3 update; guides mid-single digit volume growth

      • -4.0% 268.HK (Kingdee International Software Group): guides FY revenue CNY5.65-5.70B vs FactSet CNY5.78B

  • Data:

    • Economic:

      • No economic data today

    • Markets:

      • Nikkei: Closed

      • Hang Seng: (310.88) or (1.88%) to 16224.45

      • Shanghai Composite: (41.65) or (1.42%) to 2887.54

      • Shenzhen Composite: (33.34) or (1.88%) to 1740.08

      • ASX200: (37.60) or (0.50%) to 7451.50

      • KOSPI: (10.26) or (0.40%) to 2567.82

      • SENSEX: (410.52) or (0.57%) to 71615.63

    • Currencies:

      • $-¥: (0.14) or (0.10%) to 144.4890

      • $-KRW: +6.07 or +0.46% to 1317.6500

      • A$-$: (0.00) or (0.31%) to 0.6693

      • $-INR: (0.15) or (0.19%) to 83.0840

      • $-CNY: +0.03 or +0.38% to 7.1569

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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