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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.76%), Hang Seng +0.52%, Shanghai Composite (0.64%) as of 03:10 ET

Feb 01 ,2024

  • Synopsis:

    • Asian equities had another very mixed day Thursday with no clear pattern again. Greater China stocks ended higher, peaking mid-morning before drifting lower but still positive at the close. Strong gains in Seoul as value stocks surged, Taipei also saw gains. Japan and Australia with some sharp losses, Southeast Asia tilted to the downside. India flat as its budget was announced. US futures higher, Europe opened stronger. US dollar stronger, recapturing overnight losses, AUD at 10-week low and testing key support level. Treasury yields mixed, India 10Y sovereign yield at six-month low after budget. Crude oil bouncing from week lows, precious and industrial metals slightly lower. Cryptocurrencies under pressure.

    • Developed Asia markets saw strong follow through from Wall Street's risk-off declines overnight, which fell as Fed Chair Powell stressed the need for confidence inflation was moving to 2% target before easing. Fed Fund Futures pricing in just a 35% chance of a rate cut in March with May at 60%. Technology stocks in Japan and Australia under pressure on read through from Nasdaq's steep fall, the latter seeing weakness among financials too just as the Australian dollar weakened sharply again. On the positive side, South Korea's deep value stocks outperformed on encouraging signs of measures to improve corporate governance in a bid to overcome the "Korea Discount". India stocks not reacting much to country's interim budget but bond yields fell sharply on lower borrowing plans.

    • In other developments, China Caixin PMI remained in expansion and Japan's final manufacturing PMI shrank further in January. South Korean PMI swung to expansion while other Asian PMIs continued to expand or saw their slowdowns decelerate, hinting the worst could be over for manufacturing sectors in the region. South Korean export growth accelerated amid semiconductor demand. Australian house price growth rose though building approvals were sharply lower. Thailand's political difficulties took at step down when a bid was launched to dissolve the general election winning Move Forward Party following a court ruling late yesterday over lèse-majesté laws.

    • Alibaba (9988.HK) is considering the sale of its shopping mall chain in its latest attempt to overhaul its corporate structure. Country Garden (2007.HK) is looking to sell a $570M London development in bid to raise cash as it continues to selloff overseas assets. The RBI ordered Paytm (One 97 Communications 543396.IN) to stop taking on new business on supervisory concerns, non-compliance; shares sharply lower. SK Hynix (000660.KS) is to build an advanced chip-making facility in Indiana to boost US chip self-sufficiency. Sony Group's (6758.JP) India unit and Zee Entertainment (505537.IN) are reported to have clashed over Zee's Russia assets and cricket contracts before their merger deal collapsed.

  • Digest:

    • India's government expands capex but lowers fiscal deficit targets in budget:

      • India Finance Minister Nirmala Sitharaman set FY25 fiscal deficit target slightly below expectations but still promised record INR11.1T ($133.9B) capex spending in India's 'interim' budget Thursday. Record spending plans comes months before general election, seen as closely resembling final budget in July. Fiscal deficit target set at 5.1% against expectation range 5.2-5.5%, meaning gross borrowing estimates also lower at INR14.13T versus INR15.2T expected, giving relief to domestic debt markets and sending 10Y government bond yield sharply lower to five-month low 7.07%. Fiscal consolidation promises were kept as private sector allowed to run with investments as government pares back pandemic spending. States that follow national fiscal consolidation goal will be rewarded with interest-free loans. Sitharaman also promised economic reforms to drive growth without giving details, said next five years will see unprecedented development to achieve goal of developed country by 2047 (BusinessStandard, Reuters, Bloomberg).

    • China Caixin manufacturing PMI expansion holds steady in January:

      • Caixin manufacturing PMI was 50.8 in January, beating consensus 50.6 and was unchanged from prior month, third consecutive month in expansion, making longest period of continuous improvement for 2.5 years, pointing to further mild improvement in business conditions. Manufacturers signaled expansion of output for third straight month with rate of growth fastest recorded over 1.5 years amid firmer market conditions and higher sales. Overall new business increased for sixth successive month, though rate of growth dropped to three-month low. Meanwhile new export orders increased for first time since June. Purchasing activity saw modest expansion with inventories of purchased inputs and finished goods both increasing. Capacity pressure was muted, leading firms to trim workforce, though at weakest rate in five months. Inflationary pressures remained muted. Business confidence rose to nine-month high, supported by improving global demand, new product launches and expansion into new markets. Caixin's reading came again in contrast with official manufacturing PMI, which was in contraction territory for fourth straight month.

    • Private survey shows fall in China home sales slump persists:

      • Data from China Real Estate Information Corp. (CRIC) shows value of new home sales of top 100 developers fell 34.2% y/y in January, compared with December's 34.6% drop, while down 47.9% m/m, record low in recent years. Another survey by China Index Academy shows average new home prices in 100 cities rose 0.15% m/m and 0.43% y/y in January while resale home prices fell 0.56% m/m, dropping for 21 consecutive months. Prices down 3.96% y/y. 33 cities saw on-month drops in new home prices, compared with 40 in December while 99 out 100 cities witnessed declines in resale prices. It is eighth straight month that number of cities exceeded 90 with m/m decline in resale homes. Bloomberg added property downturn has been major drag on China's economy, ratcheting up pressure on developers that are struggling to repay debts and complete projects. Several major cities have relaxed homebuying restrictions while some others have compiled "white list" development projects that require funding support.

    • South Korea exports log fastest growth since May 2022:

      • Customs exports rose 18.0% y/y in January, slightly ahead of consensus 17.8%. Follows 5.0% in the previous month and marks the strongest growth since May 2022, albeit supported by base effects due to the timing of Lunar New Year holidays (Reuters). Highlight was a 56.2% surge in semiconductor exports, the biggest increase since December 2017. Yonhap also noted autos rose 24.8% (19th straight gain), machinery up 14.5%, home appliances up 14.2% and display products up 2.1%. Regional breakdown also positive with China shipments expanding 16.1%, snapping a 19-month streak of declines. Exports to US increased 26.9% (sixth straight rise) while EU-bound shipments grew 5.2%. Imports fell 7.8% compared to expectations of a 7.6% drop, extending a 10.8% contraction in December. Recall that contraction in China shipments was a key theme last year reflecting economic struggles and consistent with diplomatic efforts to steer more towards US. December figures showed exports to US eclipsed China for the first time in 20 years on the back of auto-related products (Nikkei).

    • South Korea 'value trap' stocks rise on governance push:

      • South Korea's Kospi index outperforming Thursday as holding companies and value stocks in finance, autos spike on fresh promises of Japan-like corporate governance reform designed to tackle "Korea discount". Last week, President Yoon pushed for governance reform similar to that in Japan to push stocks out of country's long-term value trap and enhance shareholder return; includes proposals to 'name and shame' companies that fail to adopt improvement measures, launch of indicator to measure companies reform efforts (Bloomberg). Tuesday, finance minister Choi reiterated government commitment to resolve value problem with more details expected this month. Excessive tax systems, expansion of ISA system also likely to feature in plans (Yonhap). Thursday, many value factor stocks rallying again to add to weekly gains, including Woori Financial (316140.KS) up 3.8%, KB Financial (105560.KS) up 8.3%, Hyundai Motor (005380.KS) up 6.9%, Samsung Fire & Marine Insurance (000810.KS) up 9.7%.

    • Notable Gainers:

      • +9.7% 000810.KS (Samsung Fire & Marine Insurance Co.): reports FY operating profit KRW2.357T vs year-ago KRW1.606T

      • +6.9% 1590.TT (Airtac International Group): reports Q4 revenue NT$7.36B vs FactSet NT$7.36B, EBIT NT$2.16B vs FactSet NT$2.16B

      • +6.8% 1944.JP (Kinden): reports 9M revenue ¥427.11B, +6% vs year-ago ¥402.67B, operating income ¥20.62B, +52% vs year-ago ¥13.57B; completes 3.0M shares buyback for ¥6.00B

      • +5.1% 8604.JP (Nomura): reports Q3 revenue ¥400.2B, +2% vs year-ago ¥393.7B, pretax income ¥78.7B, (6%) vs year-ago ¥83.6B; to launch up-to-¥100.0B buyback, to run from 16-Feb through 30-Sep

    • Notable Decliners:

      • -21.5% 8304.JP (Aozora Bank): reports Q3 ordinary profit (¥39.2B); StreetAccount notes the year-ago figure was (¥1.9B)

      • -20.0% 543396.IN (One 97 Communications (Paytm)): RBI orders Paytm to stop onboarding new customers due to non-compliances, supervisory concerns

      • -18.4% 4506.JP (Sumitomo Pharma): reports Q3 revenue ¥82.40B vs FactSet ¥91.83B, core operating profit (¥30.50B) vs year-ago ¥18.10B

      • -12.6% 2413.JP (M3): M3 reports 9M operating income ¥54.96B, (6%) vs year-ago ¥58.73B

      • -3.7% 2454.TT (MediaTek): reports Q4 results; guides Q1 revenue NT$121.8-129.6B, +27-35% y/y and flat to (6%) q/q; president Joe Chen to assume new COO role, effective 1-Feb

  • Data:

    • Economic:

      • China January

        • Caixin manufacturing PMI 50.8 vs consensus 50.6 and 50.8 in prior month

      • Japan January

        • Final manufacturing PMI 48.0 vs preliminary 48.0 and 47.9 in prior month

      • Australia

        • Q4 NAB business confidence index (6) vs (1) in Q3

        • Q4 export price index +5.6% q/q vs consensus +3.5% and (3.1%) in Q3

          • Import price index +1.1% q/q vs consensus +0.6% and +0.8% in Q3

        • December building approvals (9.5%) m/m vs consensus +0.5% and +1.6% in November

      • South Korea January

        • Trade Balance +$3B versus consensus +$499.4B and +$4.5B in prior month

    • Markets:

      • Nikkei: (275.25) or (0.76%) to 36011.46

      • Hang Seng: 81.14 or +0.52% to 15566.21

      • Shanghai Composite: (17.81) or (0.64%) to 2770.74

      • Shenzhen Composite: (7.15) or (0.46%) to 1537.75

      • ASX200: (92.50) or (1.20%) to 7588.20

      • KOSPI: 45.37 or +1.82% to 2542.46

      • SENSEX: (119.73) or (0.17%) to 71632.38

    • Currencies:

      • $-¥: (0.15) or (0.10%) to 146.7730

      • $-KRW: (0.19) or (0.01%) to 1334.4300

      • A$-$: (0.00) or (0.64%) to 0.6524

      • $-INR: (0.12) or (0.14%) to 82.9914

      • $-CNY: +0.06 or +0.86% to 7.1607

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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