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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +2.01%, Hang Seng (0.57%), Shanghai Composite (0.54%) as of 03:10 ET

Jan 10 ,2024

  • Synopsis:

    • Asia equities ended mixed Wednesday but continued to follow the week's trading pattern. Japan's Nikkei closed above 34K for the first time since March 1990, Topix also sharply higher. Hang Seng fell for fourth consecutive day to lowest since Nov-22 although did finish off its lows; mainland markets also weaker. Jakarta and Bangkok higher but Australia, South Korea and Taiwan all saw losses. US futures lower, European markets opened with a negative tilt. US dollar flat, yen weaker on wages data, won and yuan at month-long lows. Treasury and JGB yields mixed. Crude blends higher again following overnight gains on supply worries, precious metals rallying, other commodities mixed with LNG notably lower again. Cryptocurrencies slightly lower following volatile overnight session.

    • Asia stocks continuing their YTD pattern of outperformance in Japan and underperformance in China and tech-heavy northern exchanges. The former rallied more than 2% Wednesday on the back of a plunge in wage growth, underpinning BOJ's likely decision to hold negative interest rates steady in upcoming meeting. China and Hong Kong experiencing multiple levels of negative newsflow since year's start with more dour analyst forecasts for year ahead this week. South Korea and Taiwan hit with selling in technology names despite small uptick on the Nasdaq overnight as investors digested yesterday's earnings miss from SEC and turned cautious ahead of Taiwan elections Sunday.

    • Japan November wages stalled but skewed lower by volatility in special payments ahead of peak bonus season; real wages also declined again. Australia November CPI inflation slowed by more than expected, galvanizing expectations the RBA rate hike cycle is over. South Korea unemployment rate rose by more than expected to a two-year high.

    • Fujitsu Limited (6702.JP) may be barred from future UK government contracts following company's involvement with local post office theft scandal. Panasonic (6752.JP) CEO said Tesla battery demand stable but US election remained a risk particularly if Republicans win the Presidency. Kakao Corp (035720.KS) is mulling the sale of SM Entertainment (041510.KS) due to legal risks with parties offering up to KRW2.5T for the unit. Zee Entertainment (505537.IN) said it is committed to closing the merger deal with Sony Group's (6758.JP) India unit despite reports Sony was set to scrap the deal.

  • Digest:

    • Australia monthly inflation eases by more than expected:

      • Monthly CPI rose 4.3% y/y in November, below consensus 4.4%. Follows 4.9% in the previous month and marks the softest reading since January 2022. Details showed some food & beverage-related components logging smaller price increases, though remaining elevated outside of fresh food categories. Housing picked up to 6.6% y/y from 6.1%, pushed by new dwellings reflecting higher construction costs, as well as rising rents amid low vacancy rates. Electricity prices also rising, though ABS noted 8.8% increase since June 2023 compares to an estimated 19.0% jump in the absence of energy rebates. ABS highlighted auto fuel prices slowing the most rapidly to 2.3% in November following 8.6% in October and 19.7% seen last September. Early takeaways were limited, galvanizing views RBA will leave rates unchanged for at least next month, though comprehensive Q4 inflation report due later this month seen providing more concrete information (Bloomberg).

    • China credit stress eases as borrowers reveal repayment plans:

      • Two major property developers and large car dealer have unveiled repayment plans for maturing debt, signaling potential thaw in China's credit market. China Vanke (2202.HK) Tuesday detailed plans for repaying two offshore and one onshore bond worth $1.4B due 2024 using cash in hand, funds from onshore projects, fresh bank loans. Longfor Group (960.HK) will sell new bonds and secure fresh loans guaranteed by state China Bond insurance to refinance existing syndicated loans due Jan-25. China Grand Automotive (600297.CH) said it would meet payment on dollar bond maturing January, ending speculation of work on back-up plan. Bloomberg noted its China junk bond gauge on course for fifth consecutive month of gains; analyst cited added market move comes after companies held less frequent calls with creditors in H2-23, those debtors who have engaged appear to be in better financing situation.

    • More brokers downgrade Hang Seng forecasts:

      • Two more brokers cut Hang Seng forecasts this week after poor start to year. Citigroup sees Hang Seng at 19K by mid-year, down from previous 23K forecast, mainly on downgrade to earnings growth forecasts amid broader weak economic environment. BNP analyst said regional Asia peers may offer higher upside potential than China as mainland stocks do not offer kind of growth trajectory to attract meaningful fund inflows as in past (SCMP). Downgrades come as Bloomberg survey revealed average forecast sees Hang Seng rise 32% for FY-24. But also showed investors see China with lack of positive drivers, as Beijing's support efforts likely to fall flat amid persistent risks. Geopolitical tensions, deflation, possible US recession, weak yuan seen as negatives; positives include bargain hunting with equities appearing cheap, and end to foreign investor exodus. Median sees CSI 300 at 3,500 from current 3,300.

    • Bitcoin shaken as SEC says X account compromised:

      • Bloomberg reported an X post by SEC Chair Gary Gensler explaining that its official account was compromised, and a prior tweet indicating approval of spot-Bitcoin ETFs was untrue. Reuters noted fake post claimed SEC granted approval for bitcoin ETFs on all registered national securities exchanges and included a picture purporting to quote Gensler. This sparked a brief jump in Bitcoin, culminating after weeks of speculation SEC could announce approval as soon as Wednesday. Bloomberg noted about a dozen companies have applied to list Bitcoin ETFs in the US and SEC has until 10-Jan to take action on at least one of those. Cited two technical requirements in the approval process -- SEC sign-off of 19b-4 filings by exchanges that would list the products, and regulatory approval of relevant S-1 forms. According to earlier reporting, SEC planning to vote on 19b-4s this week, though concurrent action on S-1 undetermined. Reuters cited some concerns the X hack could delay approvals, though others argued that was unlikely at this late stage. Also recalled some expectations of 'sell-the fact' dynamic on ETF approvals, after gaining more than 70% on the back of preceding optimism.

    • Japan wages stall, skewed by special payments:

      • Nominal average wages rose 0.2% y/y in November, below consensus and previous month's 1.5%. Latest reading marks the weakest since the latest decline in December 2021. Real wages were left down 3.0% (biggest drop since April 2023), following 2.3% decline in October, even as inflation factor moderated. Details showed core components remained stable with scheduled earnings growth steady and overtime payments turned positive for the first time in three months. However, headline was skewed by sharp declines in special payments. Component weighting starting to climb as year-end bonus season commences, though bulk to come in December. Total hours worked was flat on the year as marginal growth in regular hours was offset by lower overtime. Employment was the bright spot, logging 2.0% y/y growth for the first time in at least two years. Still, all the attention already on this year's shunto negotiations in the spring, where wages hikes sharper than last year seen as a crucial condition for BOJ to embark on a policy normalization path.

    • Notable Gainers:

      • +8.9% 1368.HK (Xtep International Holdings): Q4 mainland China operational update for core Xtep brand; retail sell-through more than +30% y/y

    • Notable Decliners:

      • -8.0% 3141.JP (Welcia Holdings): reports Q3 revenue ¥299.44B vs FactSet ¥302.84B, operating income ¥6.37B vs FactSet ¥9.28B

      • -5.6% 2609.TT (Yang Ming Marine Transport): reports December revenue NT$10.65B, (34.9%) y/y

      • -5.0% 1919.HK (COSCO SHIPPING Holdings): guides FY net income attributable CNY23.86B vs FactSet CNY23.86B, EBIT CNY36.64B vs year-ago CNY170.78B

      • -1.3% 139480.KS (E-Mart): reports December revenue KRW1.316T vs year-ago KRW1.333T

      • -0.9% 1878.JP (Daito Trust Construction): reports December orders ¥49.76B, (9.2%) y/y

      • -0.4% 041510.KS (S.M. Entertainment Co.): Kakao reportedly considers selling SM due to legal risks, with interested party offering KRW2.500T

  • Data:

    • Economic:

      • Japan November

        • Nominal average wages +0.2% y/y vs consensus +1.5% and +1.5% in prior month

          • Real wages (3.0%) y/y vs revised (2.3%) in prior month

      • Australia November

        • CPI +4.3% y/y vs consensus +4.4% and +4.9% in prior month

      • South Korea December

        • Unemployment rate 3.3% vs FactSet consensus 3.0% and 2.8% in prior month

    • Markets:

      • Nikkei: 678.54 or +2.01% to 34441.72

      • Hang Seng: (92.74) or (0.57%) to 16097.28

      • Shanghai Composite: (15.55) or (0.54%) to 2877.70

      • Shenzhen Composite: (13.29) or (0.76%) to 1732.74

      • ASX200: (52.00) or (0.69%) to 7468.50

      • KOSPI: (19.26) or (0.75%) to 2541.98

      • SENSEX: (144.59) or (0.20%) to 71241.62

    • Currencies:

      • $-¥: +0.41 or +0.28% to 144.8890

      • $-KRW: (0.99) or (0.07%) to 1319.6000

      • A$-$: +0.00 or +0.18% to 0.6697

      • $-INR: (0.05) or (0.06%) to 83.0632

      • $-CNY: +0.00 or +0.03% to 7.1603

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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