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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.77%, Hang Seng +0.78%, Shanghai Composite (0.92%) as of 03:10 ET

Jan 29 ,2024

  • Synopsis:

    • Asian equities finished mostly higher Monday. Greater China saw a mixed day with mainland markets lower but Hong Kong higher. Some strong momentum elsewhere including in South Korea, Taiwan and India. Australia and Japan also with solid gains. Singapore slightly lower after MAS's 'hawkish hold'. US futures mixed, Europe down at the open. US dollar edging higher, AUD stronger but yuan weaker. Treasury yield curve steepening. Crude higher but off peaks, precious metals higher, industrial metals a little lower.

    • China markets reacting with a degree of volatility to developments over the weekend and Monday. Hang Seng ended higher but well off its peaks, Shanghai's Composite reversed early gains to fall, and Shenzhen was sharply lower. Growth stocks fell steeply, value ended higher with notable gains in finance-related stocks. Among the news items markets digested Monday: China's security regulator barred the lending of restricted shares, effectively halting most short selling; industrial profit growth slowed in December while annual rate of decline narrowed; considerable skepticism Friday over Beijing's commitment to shoring up the markets continued into weekend commentary; a Hong Kong court today ruled China Evergrande must begin liquidation proceedings; and fresh data showed China stocks saw biggest weekly inflow since 2015.

    • China volatility in contrast to steady gains elsewhere despite Wall Street's tepid close on Friday. India's gains powered by financials, South Korea by technology stocks. Singapore's market underperformed as MAS left monetary policy settings unchanged, largely as expected, but it failed to hint at any easing ahead to disappoint some. And markets also largely shrugged off a brief spike in crude oil prices after a drone strike killed US soldiers in Yemen and Houthis attacked a Russian fuel tanker.

    • China Evergrande (3333.HK) received a winding up order from a Hong Kong court in a decision that could lead to a full liquidation of the company. WuXi Biologics (2269.HK) denied accusations its CEO had worked for any military-affiliated institution following reports last week that could ban company from US government contracts. Woori Financial Group (316140.KS) is said to be in talks to buy a 51.7% stake in Korea Foss Securities. Adani Green Energy (541450.IN) is to repay a $750M September bond that will result in 'significant deleveraging' in the company. Zee Entertainment (505537.IN) founder's family will eventually lift its stake to 26% from 4% after the collapse of its proposed merger with Sony's India unit.

  • Digest:

    • China Evergrande receives winding-up order from Hong Kong court:

      • China Evergrande (3333.HK) was ordered to be liquidated by Hong Kong court early Monday after majority 'Ad hoc' group of bondholders joined minority Top Shine in seeking immediate wind up of company. Follows reports last-minute creditor talks this weekend failed to reach deal. Company now faces 'regulating order' hearing Monday afternoon at which existing management may be replaced, liquidator appointed, other changes ordered. China Evergrande stock fell 21% before being suspended Monday morning, China Evergrande NEV (708.HK) shares down 18%, also suspended. Ad hoc group holds $6B of $19B in offshore notes, was 'firmly opposed' to revised restructuring plan promoted in December (Reuters). Winding up petition in December postponed to this morning to give Evergrande more time to negotiate deal but little progress made (Bloomberg). Order will unsettle Beijing at a time when policymakers attempting to curb equity market rout.

    • China to suspend lending of restricted shares for short sales:

      • China's securities regulator announced that from Monday it will be suspending lending of restricted shares for short sales (Bloomberg, Reuters). Shanghai and Shenzhen exchanges also announced ban on strategic investors from lending out restricted shares during lock-up periods. Additionally, from 18-Mar trading finance firms will be subject to one-day waiting period before providing borrowed shares to brokerages. Latest measures part of larger suite of initiatives aimed at stabilizing stockmarket following months of heavy losses. Beijing reportedly weighing market rescue package worth ~$278B while PBOC announced surprise 50 bp RRR cut. Recall Bloomberg also noted mid-January Citic Securities had suspended short sales for some mainland clients (which company later denied), after CSRC reintroduced window guidance for some securities to avoid selling stocks. While reports were credited for last week's bounce in China equities, there remains skepticism over rally's sustainability given drag from China's structural economic problems, avoidance of big bang stimulus and geopolitical tensions (Nikkei).

    • Singapore MAS maintains monetary policy as expected:

      • Monetary Authority of Singapore (MAS) left monetary policy settings unchanged as widely expected, extending pause from 2023 meetings. In first decision of its new quarterly schedule, also debut by new Managing Director Chia Der Jiun, MAS said will maintain prevailing rate of appreciation of Singapore dollar nominal effective exchange rate (S$NEER) policy band, move will keep local currency on an appreciating path to blunt imported inflation. It expects Singapore economy to strengthen this year with growth more broad-based. On inflation, core reading is likely to remain elevated in earlier part of 2024, but should decline gradually and step down by Q4, before falling further in 2025. Maintains forecast range of 2.5 to 3.5% for full-year core inflation. Noted city-state's core reading (excludes accommodation and private transport) averaged 4.2% in 2023 and came in 3.3% in December. Meanwhile bank lowered headline inflation forecast to 2.5 to 3.5% from previous range of 3 to 4%, compared to 4.8% in 2023 and 3.7% in December.

    • China's industrial profits fall in 2023 amid sluggish demand:

      • Profits at industrial firms in China fell 2.3% in 2023, second straight year of decline, reflecting widespread corporate pain amid sluggish demand both at home and abroad, falling prices. Drop narrowed from 4.4% fall for Jan-Nov with pace of decline slowing since March. For December, industrial profits rose 16.8% y/y, down from 29.5% jump in November and logging gains for a fifth month. Recall sharp rises in November and December benefited from favorable base effects when Covid outbreaks shuttered factories nationwide in late 2022. Reuters citing economists noted 2023's profits decline mainly due to sharply lower factory-gate prices, driven by overcapacity in certain industries. Meanwhile profits likely to grow between 5 to 6% in 2024 amid improvement in demand and low inventories. NBS struck more optimistic tone, saying country will seek to "expand domestic demand, lift market confidence, invigorate various industry participants" and try to strengthen recovery.

    • Economists see China deflation extending well into 2024:

      • Bloomberg survey of economists showed 12 of 19 respondents expect China GDP deflator to decline until at least Q3, marking longest stretch of price declines since 1999. While China CPI turned negative in July, GDP deflator fell into contraction earlier in 2023, underscoring pervasiveness of deflationary pressures in China. Property market downturn seen as the main drag with 16 of 17 economists surveyed predicting house prices will continue falling m/m until Q3. Survey also showed PBOC cutting MLF rate by another 10 bp in Q1 and again in Q3. Loan prime rates (1Y and 5Y) also expected to track MLF rate lower. No near-term growth impetus expected from trade sector with exports forecast to decline 2% in Q1 and imports rising 1% - both weaker than prior estimates. Focus turning to March National People's Congress amid speculation government will target 2024 growth of ~5%, higher than economists are forecasting and playing into speculation it will require bigger stimulus from Beijing to meet its goal.

    • Notable Gainers:

      • +12.4% 2811.JP (Kagome): to acquire additional 50% stake in Ingomar for $243.3M (¥36.0B)

      • +5.2% 6988.JP (Nitto Denko): reports Q3 revenue ¥244.56B vs StreetAccount ¥249.18B, operating profit ¥47.86B vs StreetAccount ¥44.88B

      • +2.7% 316140.KS (Woori Financial Group): reportedly in talks to buy 51.7% stake in Korea Foss Securities

      • +2.6% 1359.HK (China Cinda Asset Management): China reportedly to merge asset management firms Cinda, Orient, Great Wall into China Investment Corp

      • +1.9% 1800.HK (China Communications Construction): reports FY value of new contracts CNY1.753T, +13.7% y/y, appoints Liu Zhengchang as CFO, effective today

      • +1.6% 4208.JP (Ube): Dai Nippon Printing acquires 66.6% stake in USAL from UBE; terms undisclosed

    • Notable Decliners:

      • -20.9% 3333.HK (China Evergrande Group): court orders China Evergrande to liquidate; shares have been halted

      • -10.0% 002129.CH (TCL Zhonghuan Renewable Energy Technology): guides FY net income attributable CNY4.20-4.80B vs FactSet CNY7.88B

      • -6.5% 600570.CH (Hundsun Technologies): reports preliminary FY23 net income attributable CNY1.34B vs FactSet CNY1.76B

      • -4.0% 6201.JP (Toyota Industries): publishes special investigation committee investigation report regarding domestic certification for engines

      • -3.6% 6305.JP (Hitachi Construction Machinery Co.): reports 9M results; guides FY net income attributable ¥88.00B vs prior guidance ¥98.00B and FactSet ¥105.84B, preliminary revenue CNY7.29B vs FactSet CNY7.85B

  • Data:

    • Economic:

      • China

        • December industrial profits YTD (2.3%) y/y vs (4.4%) in prior month

          • December industrial profits +16.8% y/y vs +29.5% in prior month

      • New Zealand

        • December trade balance (NZ$323M) vs revised (NZ$1.250B) in November

          • Exports (4.5%) y/y vs (5.3%) in November

          • Imports (5.0%) y/y vs (15.0%) in November

    • Markets:

      • Nikkei: 275.87 or +0.77% to 36026.94

      • Hang Seng: 125.01 or +0.78% to 16077.24

      • Shanghai Composite: (26.87) or (0.92%) to 2883.36

      • Shenzhen Composite: (40.63) or (2.42%) to 1637.41

      • ASX200: 23.00 or +0.30% to 7578.40

      • KOSPI: 22.09 or +0.89% to 2500.65

      • SENSEX: 1,049.94 or +1.49% to 71750.61

    • Currencies:

      • $-¥: (0.38) or (0.26%) to 147.7960

      • $-KRW: (1.90) or (0.14%) to 1334.9100

      • A$-$: +0.00 or +0.33% to 0.6598

      • $-INR: +0.02 or +0.03% to 83.1432

      • $-CNY: +0.02 or +0.33% to 7.1791

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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