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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.08%), Hang Seng (1.51%), Shanghai Composite (1.91%) as of 03:10 ET

Feb 28 ,2024

  • Synopsis:

    • Asian equities finished lower Wednesday. Hong Kong led the region lower to easily erase all of yesterday's gains, mainland China bourses also sharply lower. Seoul traded higher but Japanese markets were slightly lower. India down, Southeast Asia also lower including more losses in Singapore. Taiwan closed for a holiday. US futures down, Europe opened slightly lower. US dollar stronger, NZD steeply lower on RBNZ dovish commentary, AUD down on soft inflation print. Treasury yields mixed. Crude oil and precious metals slightly lower, industrial metals mixed.

    • Asia equities lacked firm direction Wednesday with several country-centric catalysts pulling national indices around. Mainland China saw some profit taking as its best month in well over a year draws to a close, but several Hong Kong listed property stocks came under pressure after Country Garden received a winding-up petition. Seoul advanced as authorities were considered imposing penalties on firms failing to boost shareholder returns, and shrugged off dire demographic data for last year. Japan also revealed a declining birth rate for 2023 but its stocks were quiet today. Singapore set to be the region's monthly underperformer with another bank missing on earnings today.

    • New Zealand stocks outperformed but its currency weakened significantly after the RBNZ left official cash rate unchanged at 5.50% as expected, but its policy statement omitted November's hawkish bias. Australia January inflation unchanged against expectations of an increase, to reinforce market's view RBA base rate has peaked. Hong Kong's budget included measures to lift its housing market and tax high earners.

    • DeNA Corp (2432.JP) saw its stock jump substantially after Pokémon Presents unveiled two new titles. Mitsubishi (8058.JP) is said to be considering the sale of a 35% stake in KFC Holdings Japan (9873.JP). Country Garden (2007.HK) received a creditor's winding up petition in a Hong Kong court, adding pressure on the company to hasten its restructuring plan.

  • Digest:

    • RBNZ on hold, dials back hawkish bias:

      • RBNZ left official cash rate unchanged at 5.50% as expected. Policy statement surprisingly omitted November's hawkish bias with Committee confident current OCR restricting demand. Other highlights included new OCR curve that modelled lower peak rate compared to November (5.6% vs 5.7% previously), and rate cut in H1 2025 (vs H2 2025 previously). Assessed inflation risks as more balanced than in November, adding policy settings consistent with inflation returning to 2% midpoint later in 2025. Inflation expected to return to 1-3% target band in Q3 2024. Aggregate demand now better matched with economy's supply capacity. However, no indications RBNZ eying pivot after statement reiterated OCR needs to remain restrictive for sustained period of time. In a press conference, Governor Orr said Committee discussed rate hike, but strong view was that OCR remain on hold. Also warned risk that rates may remain higher than markets expect.

    • China tells hedge funds, brokerages to phase out DMA strategy that is blamed for market turmoil:

      • Bloomberg citing people with knowledge reported Chinese regulators are taking steps to gradually shrink size of a popular quantitative trading strategy used by hedge funds and brokerages known as Direct Market Access (DMA). Some quant funds that manage money for external clients were told to stop accepting new inflows and phase out existing products for the highly leveraged strategy, while quants use DMA for proprietary trades can continue with strategy, but leverage will be capped at one time the investment. Noted guidance was given over past few days and may change. Recall DMA trade helped quant funds boost returns in tough market in 2023 but also exacerbated market rout this year that has forced regulators to intervene. Separately SecuritiesTimes noted a widely circulated market chatter that restrictions on quant funds were lifted as turnover in Shanghai and Shenzhen rose sharply to more than CNY900B on Wednesday morning and finished with CNY1.36T, compared with CNY990B yesterday. But regulators denied such rumor.

    • Hong Kong removes property cooling measures to boost housing market:

      • In latest budget speech, Hong Kong Financial Secretary Paul Chan announced city is scrapping all cooling measures on property market with immediate effect, including buyers' stamp duty (BSD) that targets non-permanent residents and a New Residential Stamp Duty (NRSD) for second-time buyers. Homeowners will also be exempted from Special Stamp Duty (SSD) if they sell their property within two years. Chan explained measures are no longer necessary amid current economic and market conditions. HKMA also eased mortgage rules. Noted any pickup in housing market would improve city's prospects to generate revenue from land sales, easing its strained finances. Separately, government plans to raise taxes on high earners to bring down budget deficit. City is projected to grow between 2.5 to 3.5% this year versus Bloomberg estimate of 2.7%, after economy grew at slower-than-expected rate of 3.2% y/y in 2023 amid weak global demand, high rates and poor post-Covid tourism recovery. Growth from 2025 through 2028 is seen at 3.2% along with global recovery and HK's greater integration with Mainland China.

    • Australian monthly inflation unchanged near two-year low:

      • Australian CPI inflation unchanged at 3.4% y/y in January against expectations of a pickup to 3.6%. Excluding volatile items and holiday travel, inflation eased to 4.1% from 4.2%. Main contributors were housing inflation, which fell to +4.6% from +5.2% in December amid sharp drop in gas costs (reflecting government subsidies). Rental inflation unchanged at 7.4%. Other main contributor was food inflation, which rebounded to 4.4% from 4.0%. Discretionary categories mixed with clothing and footwear prices turning positive, and volatile holiday travel prices falling at slower pace. Insurance premium and financial services inflation remained at an elevated 8.2%. Data reinforces market views that RBA cash rate has peaked, with August seen as most likely month for a rate cut (Reuters). Note that prices for most services imputed to zero in first month of quarter where price data is not available, reducing January CPI's reliability as a gauge of broader inflation pressures.

    • Japan new births plumb new lows:

      • Reuters reported number of new births fell 5.1% in 2023 to a record-low 758,631 as the number of marriages slid 5.9% to below 500K for the first time in 90 years. Chief Cabinet Secretary Hayashi told reporters the declining birthrate is in a "critical situation" and vowed to take "unprecedented steps" to address the issue such as expanding childcare and promoting wage hikes for younger workers. Nikkei top story featured this topic, noting births have fallen for eight straight years, disappointing hopes of normalization after the pandemic. Underlined the accelerated pace in recent years, having dropped from ~101K in the space of seven years. Average annual decline of 3.6% in that timeframe stands out compared to the 1% pace over 2000~2015. Recalled a thinktank report last year projected births to reach 500K after 2070, though this would be reached as early as 2035 at the current trajectory. Action plans largely remain in discussion stages. Article suggested immediate attention should be on reviving marriage rates. Proposals include assistance for education investment, scaling parental benefits according to number of children, raising minimum wages, converting part-time jobs into full-time.

    • Notable Gainers:

      • +24.4% 2432.JP (DeNA Co.): expectations on launch of Pokémon Trading Card Game Pocket this year

      • +19.9% 659.HK (NWS Holdings): reports H1 net income attributable HK$1.01B, +18% vs year-ago HK$853.1M

      • +15.5% 9873.JP (KFC Holdings Japan): Mitsubishi reportedly considering sale of 35% stake in KFC Holdings Japan

      • +7.2% 9501.JP (Tokyo Electric Power Co. Holdings): S&P upgrades outlook to stable from negative

    • Notable Decliners:

      • -12.5% 532822.IN (Vodafone Idea): board approves capital raising of up to INR200B, subject to shareholder approval

      • -11.1% 2007.HK (Country Garden Holdings): faces winding-up petition

      • -4.7% 036460.KS (Korea Gas): reports Q4 revenue KRW10.609T vs FactSet KRW10.701T

      • -2.4% 27.HK (Galaxy Entertainment Group): reports FY net income attributable HK$6.83B vs StreetAccount HK$7.66B

      • -1.4% 7649.JP (Sugi Holdings): to acquire 61.9% I&H stakes by 30-Aug; terms undisclosed

      • -0.1% 6758.JP (Sony): Sony Interactive Entertainment announces workforce reduction of ~900 employees, or ~8% of division's total headcount

  • Data:

    • Economic:

      • Australia

        • January CPI +3,4% y/y vs consensus +3.6% and +3.4% in December

        • Q4 construction work done +0.7% q/q vs consensus +0.8% and +1.3% in Q3

    • Markets:

      • Nikkei: (31.49) or (0.08%) to 39208.03

      • Hang Seng: (253.95) or (1.51%) to 16536.85

      • Shanghai Composite: (57.63) or (1.91%) to 2957.85

      • Shenzhen Composite: (65.09) or (3.79%) to 1651.49

      • ASX200: (2.60) or (0.03%) to 7660.40

      • KOSPI: 27.24 or +1.04% to 2652.29

      • SENSEX: (511.21) or (0.70%) to 72584.01

    • Currencies:

      • $-¥: +0.26 or +0.17% to 150.7680

      • $-KRW: +3.04 or +0.23% to 1335.3700

      • A$-$: (0.00) or (0.58%) to 0.6506

      • $-INR: +0.02 or +0.03% to 82.9169

      • $-CNY: 0.00 or 0.00% to 7.1981

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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