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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.03%, Hang Seng +1.96%, Shanghai Composite +3.03% as of 03:10 ET

Jan 25 ,2024

  • Synopsis:

    • Asia equities ended with a positive tilt Thursday in a relatively quiet day's trading. Hong Kong-listed stocks rose for the third consecutive day as sentiment remained elevated, mainland markets also posted strong gains. Japan and South Korea were flat, Australia and Taiwan slightly higher. Southeast Asia mainly lower, India also down again. US futures slightly higher, Europe opened mixed ahead of ECB meeting. US dollar flat with Asia currencies stable. Treasury yields mixed, China 10Y sovereigns held at 20-year lows. Crude oil higher, industrial metals buoyed by more gains in copper, precious metals lower again post strong overnight data in the US.

    • Mainland China stocks getting a lift from the announcement post the close in Shanghai on Wednesday the PBOC would cut banks' RRR by 50 bps from 5 Feb, a long-called for measure that had been put into doubt by the central bank holding steady on MLF rate and LPRs this month. It follows talk of a substantive market support package on Tuesday and State Council calls for greater capital market enhancements earlier in the week. Cheap valuations and oversold technical metrics added to the positive mood despite many analysts warning a sustainable rally is unlikely until economic fundamentals in China show signs of improvement.

    • South Korea Q4 GDP growth was slightly better than forecasts on y/y basis while monthly business morale jumped. Macroeconomic newsflow light just as domestic political news ramped up. Australia's center-left government struggled to sell its shift in tax policy to voters; South Korea's President Yoon was also struggling to explain an expensive donor gift to his wife ahead of elections; Thailand's Move Forward Party welcomed its former leader Pita's acquittal over accusations he broke election laws; and several Indonesia ministers threatened to resign over President Joko's support for a rival presidential candidate.

    • Hyundai Motor (005380.KS) missed Q4 profit estimates as a stronger won offset strong sales growth in Europe and the US, warned of uncertainties for year ahead. SK Hynix (000660.KS) returned to quarterly profit following strong sales growth thanks to AI-related products, lower inventory losses. Wijaya Karya (WIKA.IJ) signed an agreement with several Indonesian banks to restructure IDR20.58T ($1.3B) of debt after a government infrastructure drive landed it with unmanageable liabilities.

  • Digest:

    • PBOC sees capital flows stabilizing this year, small spillover from Fed rate cuts:

      • Xinhua reported comments from PBOC deputy governor Zhu Hexin at a press conference Wednesday that China capital flows expected to stabilize further this year. Sees the current account surplus remaining at a reasonable level and capital inflows to increase. Projected 2023 aggregates of around $280B in current account and above $600B in goods trade surplus. Noted foreign investment in China showing a positive trend and seen rebounding this year. Added China will see small spillover impact from Fed rate cuts and improved external financial conditions. Reiterated broader PBOC FX policy commitments to improving monitoring, early warning and response mechanism for cross-border capital flows, strengthen market communication and guidance on expectations, and keep the RMB exchange rate basically stable. Also pledged efforts to support steady development of offshore yuan market, especially in strengthening Hong Kong's role as the hub. Recall that prior to the RRR cut announcement yesterday evening, PBOC inaction on rates was mainly attributed to concerns about yuan impacts.

    • Indonesia ministers mull resignation over Joko support for rival:

      • Indonesia cabinet ministers, including influential finance minister Mulyani Indrawati, considering resigning over incumbent President Jokowi's assertion he can 'campaign for any election candidate' he chooses. Threats come after Joko threw weight behind long-time rival Prabowo, VP running mate Gibran, who is also Joko's son (JakartaPost). Joko support for former military general Prabowo splitting cabinet as Joko seen maneuvering to secure successor despite Prabowo representing opposition party, and contrary to formal stance of ruling party's backing of Central Java Governor Pranowo (Bloomberg). Indrawati rumored to consider resigning last week after coming under pressure to allocate more spending to social assistance budget, potentially boosting Prabowo's campaign. Prabowo current defense minister in Joko's coalition government, is ahead in opinion polls after Joko began campaigning for him amid controversial court decision that allowed his son to stand for VP role.

    • South Korea Q4 GDP growth in line:

      • GDP expanded 0.6% q/q in Q4, matching expectations, following similar 0.6% growth in the previous quarter. Latest reading marked the fourth straight quarterly increase. Final domestic spending growth was stable with private consumption momentum remaining moderately positive, while weaker gross fixed capital (driven by sharp decline in construction) was offset by positive contribution from external demand as exports outpaced imports for the second straight quarter. Sector breakdown showed utilities sharply higher, declines in agriculture in addition to construction, slightly slower manufacturing growth, marginal pickup in services. Headline left 2023 GDP up 1.4%, moderating from 2.6% in 2022. Read-throughs were limited. Recall BOK at the January policy meeting continued to see 2024 GDP tracking a 2.1% pace as a slight upward revision to exports was offset by slower private consumption reflecting softer expectations for consumer services. Noted growth path likely to be affected by effects of sustained high interest rates and degree of improvements in IT sector. Finance Minister Choi earlier this month said 65% of this year's fiscal spending would be front-loaded in H1 to boost domestic demand (Yonhap).

    • RBA told Treasurer Chalmers tax cut changes won't fuel inflation:

      • AFR reported Treasurer Chalmers told ABC radio that he has consulted with RBA Governor Bullock on the Stage Three tax cut changes and the central bank does not see the measures adding to inflation. Added that Bullock has indicated she does not expect proposals to alter RBA forecasts or inflation expectations. However, AFR separately discussed economist takeaways noting expectations the changes would add slightly to inflation pressures because low-income earners would spend more of the tax cuts than high-income earners. Some thoughts this would add to aggregate consumer demand after July and will be closely monitored by RBA. Articles were among a chorus of press discussions on the impact according to annual incomes, where amendments would provide a net benefit over the original plan for incomes up to A$150K, above which tax cuts would be progressively pared. Political backlash remained the other key focus with opposition party members continuing intense criticism of the government for breaking its repeated promises to proceed with the original Stage Three plan.

    • Thailand's deputy finance minister repeats high interest rates holding back growth:

      • Thailand's deputy finance minister Julapun Amornvivat joined PM Srettha's calls for the Bank of Thailand to cut interest rates, said current level is hurting living standards and weighing on economy. Call comes weeks after PM Srettha met with BOT governor, called for rate cut to aid ailing Thai economy but met with pushback when bank said 2.5% rate is "appropriate" to support economy while keeping inflation in check (Bloomberg). Thailand's GDP growth estimated at 1.8% in 2023 to lag neighbours, stock market worst performing market in 2023 ex China. Tensions between central bank and government simmering since new coalition came to power last year and seen as hurdle to overseas investor return. Separately, Thailand's constitutional court cleared former PM hopeful Pita Limjaroenrat of violating election rules, still faces second decision on proposed lèse-majesté reforms(BangkokPost, Reuters).

    • Notable Gainers:

      • +6.8% 9901.HK (New Oriental Education & Technology Group): reports Q2 revenue $869.6M vs FactSet $814.0M, non-GAAP EPADS $0.29 vs StreetAccount $0.26

      • +5.8% 000270.KS (Kia): reports Q4 revenue KRW24.328T vs StreetAccount KRW25.445T, operating profit KRW2.466T vs StreetAccount KRW2.886T; guides FY revenue KRW101.1T vs FactSet KRW104.136T, operating profit KRW12.0T vs FactSet KRW11.106T; may cancel all repurchased shares in up-to-KRW500.00B buyback vs prior plan to cancel 50%

      • +2.0% 005380.KS (Hyundai Motor): reports Q4 revenue KRW41.669T vs StreetAccount KRW41.663T; declares final dividend KRW8,400/share vs year-ago KRW6,000/share; guides FY24 revenue +4.0-5.0% y/

      • +0.6% 7205.JP (Hino Motors): divests its 45.2% stake in GAC Hino Motors for CNY29.69M (¥620M)

    • Notable Decliners:

      • -8.7% 1797.HK (East Buy Holding): reports H1 adjusted net income CNY508.5M vs StreetAccount CNY586.1M

      • -3.2% 6594.JP (Nidec): reports Q3 revenue ¥594.03B vs StreetAccount ¥595.21B, operating income ¥53.56B vs StreetAccount ¥55.20B; guides FY operating income ¥180.00B vs prior guidance ¥220.00B and FactSet ¥219.35B

      • -1.6% T82U.SP (Suntec Real Estate Investment Trust): reports FY distributable Income SG$206.8M vs year-ago SG$255.5M

  • Data:

    • Economic:

      • South Korea

        • Q4 GDP +0.6% q/q vs consensus +0.6% and +0.6% in prior quarter

          • GDP +2.2% y/y vs consensus +2.1% and +1.4% in prior quarter

    • Markets:

      • Nikkei: 9.99 or +0.03% to 36236.47

      • Hang Seng: 312.09 or +1.96% to 16211.96

      • Shanghai Composite: 85.34 or +3.03% to 2906.11

      • Shenzhen Composite: 43.12 or +2.62% to 1689.98

      • ASX200: 36.20 or +0.48% to 7555.40

      • KOSPI: 0.65 or +0.03% to 2470.34

      • SENSEX: (647.80) or (0.91%) to 70412.51

    • Currencies:

      • $-¥: +0.18 or +0.12% to 147.6900

      • $-KRW: +1.36 or +0.10% to 1335.0200

      • A$-$: +0.00 or +0.10% to 0.6584

      • $-INR: (0.03) or (0.03%) to 83.1180

      • $-CNY: (0.00) or (0.01%) to 7.1748

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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