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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.08%), Hang Seng +2.63%, Shanghai Composite +0.53% as of 03:11 ET

Jan 23 ,2024

  • Synopsis:

    • Asian equities closed mostly higher Tuesday with Greater China seeing a strong rally on reports of a market support plan. Hang Seng closed more than 2.5% higher, mainland benchmarks led by Shenzhen. Japan's Nikkei and Topix faded into the close and ended slightly lower post BOJ decision on rates. Modest gains in Seoul, Taipei and Sydney. India markets sharply lower. Southeast Asia mixed with SET at three-year low. US futures flat, European bourses opened a little higher. US dollar lower, yen stronger after BOJ decision but is volatile, yuan significantly stronger on support package amid reports state-owned banks were supporting yuan Monday. Treasury yields higher, JGB yields now higher after early dip. Crude blends flat, gold higher, industrial metals caught a bid. Cryptocurrencies a little stronger but bitcoin still under $40K.

    • Hang Seng bounced back from Monday's losses following a Bloomberg report that said authorities were considering a $278B market rescue package that could be implemented as early as next week. It also follows calls from the China State Council Monday that pledged more forceful measures to support confidence. The move comes as India's market value topped Hong Kong's for the first time Monday following a sharp market correction last week and Monday, as overseas investors continue to exit Chinese markets.

    • The BOJ left its policy unchanged as expected, with no formal change to guidance but its Outlook Report lowered FY24 core CPI forecasts. At a later news conference, Governor Ueda said he would not stand in the way of policy normalization and gave hawkish commentary on wage hike negotiations to date. The yen strengthened as the news conference progressed before weakening slightly later. In other macro and market developments, December inflation in Singapore ticked higher and beat consensus expectations; Thailand's finance ministry cut FY GDP growth forecasts as manufacturing continues to struggle; Australia's business conditions softened again in December; and China's media regulator removed draft regulations that curbed spending and rewards from developers' websites.

    • Country Garden (2007.HK) is said to be auctioning $530M of assets in Guangzhou to overcome cash crunch and pending defaults. Longfor Group (960.HK) and other property developers may benefit from an increase in the number of cities eligible for 'urban village' renovation and subsidized housing financial support. Tencent (700.HK) and NetEase (9999.HK) stock both higher Tuesday on reports the NPPA had removed draft rules that curbed spending and rewards from video games; separately, Tencent said it would cut jobs in its Riot Games unit. Zee Entertainment (505537.IN) "categorically denied" Sony's assertions it had breached elements of its merger agreement with Sony Group's (6758.IN) India unit.

  • Digest:

    • BOJ Governor Ueda says certainty of stable inflation rising gradually:

      • Main highlight of Ueda's press conference was the multiple mentions of the message that the certainty level of stable inflation is rising gradually. Attributed growing confidence to economic developments broadly tracking their forecasts. Described the Outlook Report assessment of inflation as mostly upbeat and cited the report as stating that services inflation is on a gradual uptrend. Noted inflation pressures from import prices will remain, though has peaked. While bulk of market expectations look for a rate hike in April coinciding with the next Outlook Report, Ueda did not rule out a policy change in months outside of the release schedule. Stressed that policy would remain accommodative after ending NIRP. Some discussion about small firm wages, for which shunto tallies will be released some time after large firm aggregates. Ueda said small firm wage trends can be assessed through other data and survey evidence, and clarified they would not need to see comprehensive proof of uniform wage hikes. On yield target and JGB purchases, BOJ seeks to minimize discontinuity while noting risk of market disruptions due to policy changes would be taken into consideration. Continued to deflect questions about whether they would move on NIRP before YCC. Also refrained from commenting on the impact of Fed rate cuts on BOJ policy. With ETF purchases dormant, Ueda said this remains part of the ultra-easing framework and may be reviewed once the inflation target is in sight.

    • BOJ leaves policy unchanged, shaves FY24 inflation forecast:

      • BOJ left policy settings unchanged as widely expected. The only marginal development was a 1-year extension to funds supplying program to stimulate bank lending. Statement retained all elements of forward guidance, pledging to maintain QQE with YCC for as long as necessary to achieve stable inflation, expand monetary base until core inflation stabilizes above 2%, and will not hesitate to ease further if needed. Outlook Report showed economic forecasts were mostly little changed, though main revision came in FY24 core inflation to 2.4% from 2.8% citing lower oil prices, consistent with press previews. FY25 was lifted to 1.8% from 1.7%, keeping with the view that inflation will continue to moderate to below target. FY24 GDP growth was raised to 1.2% from 1.0% after FY23 was downgraded to 1.8% from 2.0%. Noted risks to the outlook for GDP and CPI are generally balanced after a more mixed assessment in October. Continued to stress disinflationary mindset remains entrenched and highlighted attention on whether a virtuous wage/inflation cycle will intensify.

    • China mulls rescue package to stem market rout:

      • Bloomberg citing people with knowledge reported China is considering rescue package to stabilize slumping stock market. Added policymakers are seeking to mobilize about CNY2T ($278B), mainly from offshore accounts of state-owned enterprises, as part of a stabilization fund to buy mainland shares via Stock Connect, in addition to CNY300B of local funds earmarked to purchase onshore equities through China Securities Finance Corp or Central Huijin Investment. Other options also being considered and some of measures could be announced as early as this week if approved by top leadership. Bloomberg added regulators expanding net stock selling ban from major mutual funds to some insurers. Article noted sense of urgency by authorities to curb recent selloff that sent benchmarks to multi-year lows and came after State Council meeting chaired by Premier Li Qiang that called for further capital market enhancements while authorities worried market rout would extend to Lunar New Year holidays. Hang Seng jumped as much as over 3% after the report while mainland indexes pared some opening losses Offshore yuan also gaining against dollar.

    • China stimulus debate continues:

      • China stockmarket selloff attributed in large part to disappointment over piecemeal policy measures that have failed to arrest economic and property sector downturn. Sell-side firms see stimulus as key in turning around sentiment with Goldman Sachs arguing more demand-side measures (income transfer, cash subsidies) could help direct excess household savings towards consumption-led recovery. However, Morgan Stanley noted while China deflation pressures reinforce scope for aggressive policy support (real rates are markedly higher than in 2022), Premier Li's remarks at Davos underscored policymaker focus on reorienting China's growth model and shying away from big bang stimulus. Efficacy of any major stimulus also in question with property sector dealing with an inventory overhang, major banks contending with tight interest margins, and PBOC mindful of avoiding excess yuan depreciation.

    • China regulator removes draft rules on video games from website:

      • Reuters reported China's gaming regulator, National Press and Publication Administration (NPPA), removed draft rules it proposed to curb spending and rewards that encourage gaming from its website, a move that boosted game-related stocks as Tencent (700.HK), NetEase (9999.HK) up more than 4%, Bilibili (9626.HK) jumping nearly 7%. Consultation period for draft expired on Monday while removal seen as unusual as previous regulatory measures seeking opinions tended to stay on government's website after end of consultation. Recall draft rules, which proposed setting spending limits for online games, caused market havoc when announced in December, erasing nearly $80B in market value from Tencent and NetEase. Regulators had since struck a more conciliatory tone and removed a top official overseeing gaming regulator. Analysts expected NPPA to tone down two most contentious articles and would moderate stance to contain fallout, which many investors feared would further dent confidence at a time central government has been trying to shore up private sector.

    • Notable Gainers:

      • +8.7% 960.HK (Longfor Group Holdings): China reportedly to increase number of cities eligible for financial support for urban village renovations, subsidized housing

      • +7.4% 500087.IN (Cipla Ltd): reports Q3 consolidated EPS INR13.07 vs year-ago INR9.92

      • +1.3% 6606.HK (New Horizon Health): guides FY revenue CNY1.98-2.05B vs FactSet CNY1.77B, gross profit CNY1.81-1.87B vs year-ago CNY645.9M

      • +0.6% 4568.JP (Daiichi Sankyo): Gilead Sciences Phase 3 EVOKE-01 study did not meet its primary endpoint

      • +0.1% 8630.JP (Sompo): CEO Sakurada reportedly to step down in response to the Bigmotor scandal

      • +0.0% 000720.KS (HYUNDAI ENGINEERING & CONSTRUCTION CO.): reports Q4 operating profit KRW144.50B vs FactSet KRW196.26B

    • Notable Decliners:

      • -27.4% 505537.IN (Zee Entertainment Enterprises): Sony confirms termination of SPNI-Zee merger agreement; Zee categorically denies assertions on alleged breaches

      • -2.0% 9863.HK (Zhejiang Leapmotor Technology): co-founder/president Wu Baojun reportedly leaves

      • -1.6% 9433.JP (KDDI Corp): Kyocera reportedly might reduce its stake in KDDI

      • -0.7% 6758.JP (Sony): confirms termination of SPNI-Zee merger agreement; Zee categorically denies assertions on alleged breaches

  • Data:

    • Economic:

      • Australia December NAB business confidence (1) vs revised (8) in November

        • Business conditions +7 vs +9 in November

      • Singapore

        • December CPI 3.7% y/y versus consensus +3.5% and +3.6% in prior month

          • Core CPI +3.3% y/y vs consensus +3.1% and +3.2% in prior month

    • Markets:

      • Nikkei: (29.38) or (0.08%) to 36517.57

      • Hang Seng: 392.80 or +2.63% to 15353.98

      • Shanghai Composite: 14.64 or +0.53% to 2770.98

      • Shenzhen Composite: 15.33 or +0.95% to 1626.60

      • ASX200: 38.30 or +0.51% to 7514.90

      • KOSPI: 14.26 or +0.58% to 2478.61

      • SENSEX: (930.63) or (1.30%) to 70752.60

    • Currencies:

      • $-¥: (0.60) or (0.41%) to 147.5080

      • $-KRW: (6.20) or (0.46%) to 1333.2700

      • A$-$: +0.00 or +0.35% to 0.6595

      • $-INR: (0.02) or (0.03%) to 83.1010

      • $-CNY: (0.05) or (0.68%) to 7.1453

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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