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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.04%), Hang Seng (1.13%), Shanghai Composite +1.56% as of 03:10 ET

Feb 19 ,2024

  • Synopsis:

    • Asian equities ended mixed Monday in thin trading. Mainland China markets ended higher but rally not as big as some had hoped; Hong Kong's Hang Seng ended lower in a broad-based sell down. Small gains in Australia, Taiwan and India; Kospi surged as foreign investors returned. Japan mixed as Nikkei shed a few points and the Topix rose. Southeast Asia mainly higher. US futures higher although equity markets closed today, Europe seeing a slightly weak open. US dollar a little weaker, AUD stronger, onshore yuan weaker as it catches up from last week's holiday. US Treasury yields higher, JGB yields also gained. Crude oil futures lower, precious metals mixed, industrial metals down.

    • Asia markets reacted to multiple drivers Monday including a plethora of corporate announcements. Strategists had hoped mainland China markets would have at least matched Hong Kong's 4% gain last week, but the positive sentiment quickly petered out to leave the main indices with only modest gains following last week's holiday. Significant growth in China holiday travel and spending offset by data showing a sharp drop in January car sales and FDI at a 30-year low. The PBOC left its MLF rate unchanged Sunday and made negligible changes to liquidity, supporting previous suggestions the bank was pausing on easing to watch for developments.

    • Softbank's Masayoshi Son said he is looking for at least $100B to fund an AI venture to complement ARM, boosting tech names in Japan. Japan core machinery orders rose in-line with expectations, though comes after GDP data showed third straight quarterly decline in private capex. Thailand's Q4 GDP growth came in well below expectations as government spending contracted.

    • Nintendo (7974.JP) will delay the launch of its next-generation Switch product until 2025; shares sharply lower. Sony Group (6758.JP) said it will partner with Seagate Technology (STX) on the mass production of hard disk drives to meet AI demand. Softbank (9984.JP) CEO Masayoshi Son said it is seeking $100B in funds to create a chip venture to supply AI-enabling semiconductors. JD.com (9618.HK) is considering a takeover approach of UK retailer Currys (CURY.LN). WuXi AppTec (603259.CH) said it posed no national security risks to the US after accusations of contacts to the CCP and military. Seven Group (SVW.AU) made an A$1.9B ($1.24B) offer for the 28% stake it does not already own of Boral (BLD.AU). Adani Group is in talks with sovereign wealth funds to raise up to $2.6B for airport expansion and green hydrogen projects with Adani Enterprises (512599.IN) reducing its stakes to make way for the funds. The RBI has granted Paytm's (One 97 Communications, 543396.IN) banking unit an extension to wind down operations, partnered with Axis Bank (532215.IN) to keep popular products running. c

  • Digest:

    • China Lunar New Year holiday spending surpasses pre-pandemic levels:

      • Reuters cited Ministry of Culture and Tourism data showing tourism revenues during LNY surged 47.3% over last year's festival and topped 2019 levels, partly owing to a longer-than-usual break (recall LNY was one day longer than last year). Number of domestic trips rose 34.3% y/y. Compared to 2019 LNY, revenues were up 7.7% and trips increased 19%. However, Reuters calculations showed average spending per trip was down 9.5% vs 2019 to CNY1,335 ($188) confirming preceding caution about depressed consumer sentiment. According to the National Immigration Administration, Chinese travelers abroad surged 2.8 times from last LNY and total international traffic returned to 90% of 2019 levels. China Film Administration reported box office revenues topped CNY8B to mark a record high. Mainland markets gained on Monday after week-long holiday while Hang Seng retreated, snapping three-day rising streak.

    • Chinese Premier Li urges forceful action to boost confidence:

      • In a State Council meeting, Chinese Premier Li Qiang called for "pragmatic and forceful" action to boost confidence in economy and urged officials to ensure policymaking and execution as consistent and stable (Xinhua). Readout noted various ministries and departments under State Council should focus on solving practical problems faced by individuals and businesses while they need to win trust of people with real work and achievement though without any specific steps. Meeting also discussed draft government work report, which will contain key annual growth target to be announced on 5-Mar. Bloomberg noted Chinese economy is grappling with property slump, weak business confidence and deflationary pressures. Added slew of measures implemented by authorities before Lunar New Year holiday to stem stock market rout, including state funds buying, regulatory tweaks to reduce selling pressure and replacement of CSRC head. Resurgence in LNY travel also offers early signs of pick-up in consumer spending.

    • PBOC leaves MLF rate unchanged as expected:

      • PBOC conducted a CNY500B MLF operation Sunday and left 1-year rate unchanged at 2.50%, matching expectations. Compares to CNY499B in maturing funds this month, leaving small net injection of CNY1B -- also broadly in line. According to a statement, the operation was meant to "maintain banking system liquidity reasonably ample" (Reuters). Monetary policy narrative remains largely unchanged. Takeaways reaffirmed perceptions PBOC was focused on maintaining liquidity balance over the Lunar New Year holidays (Bloomberg) though reluctant to lower rates that would add to yuan depreciation pressures. Economists maintained rate cut forecasts (some in Q1) to revive depressed sentiment and demand. Nomura noted the latest RRR cut failed as a support measure. Despite the steady MLF rate, Bloomberg cited a local media report suggesting banks may cut lending rates this month and a higher possibility of lower 5-year LPR.

    • Japan December machinery orders in line, Q1 outlook bullish:

      • Core machinery orders rose 2.7% m/m in December, matching expectations, following a 4.9% drop in the previous month. Left Q4 down 1.0% q/q vs prior survey projection of 0.5% growth, though Q1 guidance points to sharp 4.8% bounce. December strength driven entirely by 10.1% rebound in manufacturing sector (chemicals, IT), while non-manufacturing fell 2.2% (mining, logistics). Elsewhere, public orders extended gains led by general administration while overseas orders edged lower on marine vessels and IT declines. Q1 outlook also reflects manufacturing strength (+11.7% q/q) while non-manufacturing was subdued (-1.8%). Broader narrative surrounding capital spending continues to note the disparity between strong survey FY projections and lagging actual data. Recall GDP real private capex declined for the third straight quarter in Q4. While strong corporate profits continue to underpin sentiment, labor shortage dynamic becoming blurred -- urgency for productivity enhancements is mounting, but a recent Nikkei report noted that labor scarcity is also disrupting investment execution and exacerbated by higher costs.

    • Thailand grows more slowly than expected in Q4:

      • Thailand's Q4 GDP grew 1.7% y/y versus consensus expecting 3.4%, and from Q3's 1.4% growth; FY 2023 growth 1.9% from 2.5% in 2022, according to country's economic and social development council (NESDC). On q/q basis, economy shrank 0.6%. Falls in government expenditure (-3.0% y/y), public investment (-20.1%), manufacturing contracted for fifth consecutive month; these offset improvements in consumption (+7.4% y/y), which was in line with consumer confidence reaching multi-month highs in December, employment improvement; service exports such as accommodation, financial/insurance services also grew. Q4 exports grew 3.2%, for first quarter in five thanks to big increase in rice exports; imports also improved y/y. NESDC forecast economy to grow 2.2-3.2% in 2024 as exports recover, consumption improves further along with tourism. Inflation forecast to be 0.9-1.9%. Disappointing growth figures likely to provide more ammunition for government that wants to provide stimulus programme and has asked BOT to cut rates to aid economic recovery.

    • Notable Gainers:

      • +13.6% VC2.SP (Olam Group): completes review of allegations concerning Olam Nigeria; Investigation Team did not identify evidence that Olam Nigeria was involved in any of the specific allegations

      • +10.0% 015760.KS (Korea Electric Power): president Kim reportedly plans to repurchase up to-KRW30M share

      • +5.1% 5101.JP (The Yokohama Rubber Co.): reports Q4 revenue ¥292.8B, +20% vs year-ago ¥244.7B, operating profit ¥48.0B, +104% vs year-ago ¥23.5B

      • +4.9% 8058.JP (Mitsubishi): to subscribe 32% shares in TVS Vehicle Mobility Solution; terms undisclosed

      • +0.5% 271560.KS (ORION Corp (Korea)): reports January net revenue KRW322.4B

    • Notable Decliners:

      • -5.8% 7974.JP (Nintendo): Switch 2 reportedly not to be released until after 2024 holiday season

      • -4% 9618.HK (JD.com): reportedly exploring takeover of Currys

  • Data:

    • Economic:

      • Japan December

        • Core machinery orders +2.7% m/m vs consensus +2.7% and (4.9%) in prior month

          • Q1 survey projection +4.6% q/q vs actual Q4 (1.0%)

    • Markets:

      • Nikkei: (16.86) or (0.04%) to 38470.38

      • Hang Seng: (184.35) or (1.13%) to 16155.61

      • Shanghai Composite: 44.64 or +1.56% to 2910.54

      • Shenzhen Composite: 26.84 or +1.70% to 1604.17

      • ASX200: 6.80 or +0.09% to 7665.10

      • KOSPI: 31.50 or +1.19% to 2680.26

      • SENSEX: 300.37 or +0.41% to 72727.01

    • Currencies:

      • $-¥: (0.25) or (0.16%) to 149.9640

      • $-KRW: +1.17 or +0.09% to 1333.7600

      • A$-$: +0.00 or +0.16% to 0.6542

      • $-INR: (0.02) or (0.02%) to 82.9962

      • $-CNY: +0.08 or +1.08% to 7.1965

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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