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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (1.23%), Hang Seng (1.27%), Shanghai Composite (0.41%) as of 03:10 ET

Mar 07 ,2024

  • Synopsis:

    • Asia equities ended very mixed Thursday. Japan's Nikkei tumbled on a significantly stronger yen, with less pronounced losses on the Topix. Greater China markets all lower as traders continue to digest NPC meeting with the Hang Seng losing almost all of yesterday's gains. Southeast Asia traded mixed but the rest of the region was higher with more notable gains in Taiwan and India, which both reached fresh record highs; Australia's ASX also reapproached records intraday. US futures a few points lower, Europe opened lower. US dollar lower, yen strengthened on BOJ comments, wage data. Treasury yields mixed, JGB yields higher, other Asia yields lower including the CGB 10Y at fresh record low. Crude lower, gold at new record high, industrial metals better bid. Cryptocurrencies remain volatile.

    • Asia equities pulled in different directions Thursday on local drivers. Japan's Nikkei dropped sharply, and the yen strengthened following higher-than-expected wages data and hawkish comments from BOJ board members. Combined, they gave the biggest indication to date the BOJ and government officials were becoming more comfortable with an exit from negative interest rates sooner rather than later.

    • Elsewhere, China Jan-Feb export and import growth topped forecasts, contrasting with February lead indicators that showed new orders contracting and export orders shrinking. Beijing also sought to allay disappointment at NPC announcements but the heads of the main financial bodies failed to win over investors in a press conference late Wednesday. US Senate Committee advanced bill that could ban China biotech firms from accessing US federal contracts, affecting several China-based stocks.

    • Private equity groups Bain, Carlyle, CVC and KKR said to be among private equity firms considering a bid for Samsonite (531.HJK). A US Senate committee advanced a bill that may ban Chinese biotech firms from accessing federal contracts, affecting WuXi AppTec (2359.HK) and WuXi Biologics (2269.HK). Samsung SDI (006400.KS) said it is to start mass production of solid-state batteries in 2027. SK Hynix (000660.KS) says it will invest $1B to widen its lead in AI memory chips. Singtel (Z74.SP) disposed of its 0.8% direct stake in Bharti Airtel (532454.IN) for S$0.95B to GQB Partners.

  • Digest:

    • Yen bumps higher as March BOJ rate hike scenario gains traction:

      • Yen strengthened around 0.9% against US dollar in Thursday trade, attributed to a Bloomberg report briefly mentioning several government officials support a near-term rate hike, according to sources. Headline combines with stronger-than-expected wage growth in January ahead of the upcoming shunto results, followed by hawkish takeaways from BOJ board member Nakagawa's speech suggesting Japan is making steady progress toward the stable 2% inflation target. Nikkei suggested BOJ rhetoric as the bigger underlying factor supporting yen as recent hawkish remarks have revived speculation of a possible rate hike in March in contrast with the April consensus. Also noted the absence of government opposition against a March move. Added fixed income markets continue to price in a March scenario, citing a QUICK gauge of the 1-month risk-free rate rising to 0.0125% yesterday though overnight repo rate little changed today at -0.106%. Fed factor also contributing to dollar weakness after Powell's remarks suggesting it will likely be appropriate to dial back policy restraint this year.

    • China's export growth strengthens in first two months of 2024:

      • Customs exports grew 7.1% y/y in Jan-Feb, much higher than consensus 1.9% and follows 2.3% in December. Imports rose 3.5% y/y, also well above consensus 1.5% and 0.2% gain in December, leading to trade surplus of $125.2B, compared with $103.7B expected and $75.34B in December. China usually combined trade data for January and February to flatten distortions from LNY holiday. By region, both exports and imports with ASEAN rose while bloc remains as Beijing's largest trading partner. Exports to US rose 5% y/y, while imports fell 9.7%, leaving trade surplus with Washington higher by almost 19%. Exports to EU fell 1.9% while imports sharply down by 9.4%. China's trade has been under pressure amid weak external demand and geopolitical tensions, which Commerce minister Wang Wentao warned this year's trade prospects will be "grim" at a press conference on Wednesday. He also disclosed China's exports grew 10.3% y/y in Jan-Feb without specifying currency, which turned out to be in yuan. Noted it was another example of officials frontrunning data or policy before official release.

    • BOJ's Nakagawa says virtuous wage/price cycle can be envisaged:

      • In a speech, board member Nakagawa said a virtuous wage/price cycle can be expected on the back of high corporate profits. Discussing risk factors, US/EU inflation has moderated owing to central bank rate hikes, though prospects for prolonged tightening and lagged effects could conceivably pose risks for Japan. Commodity and grain prices are off their peaks though flare-up in geopolitical risks in Ukraine and the Middle East remain. Expressed caution on consumer sentiment in the need to prevent expectations of a deflation relapse. Observed signs of defensive attitude against rising cost of living, though currently stabilized by policy measures as well as corporate sector efforts. Sees further support from wage growth as the main scenario while noting ongoing risks stemming from falling real wages. Overall, Nakagawa seeing steady progress toward the stable 2% inflation target. Suggested that once the target is judged to be within sight (by board consensus), decisions on policy re-evaluation will consider YCC and asset purchases, keeping in mind impact on markets with an understanding that these measures are unconventional.

    • Japan wage growth better than expected, focus still on spring labor talks:

      • Nominal average wages rose 2.0% y/y in January, higher than consensus 1.2%. Follows revised 0.8% in the previous month and marks the fastest growth since June last year. Largely supported by favorable year-ago base effects though seasonally adjusted wage index rose 0.7% m/m (strongest since May). Main factor was again special payments which rose sharply though weighting fell back after year-end bonuses have already been distributed. Regular earnings growth remained broadly steady. Headline growth left real wage declines at 0.6% y/y vs consensus 1.5%. Follows revised 2.1% in December, ending a run of six straight declines of more than 2%. Inflation factor also contributed, falling below 3% for the first time since June 2022. Elsewhere, total hours worked extended declines alongside manufacturing overtime. Employment growth remained steady at 2.0%. In all, markets continue to look beyond backward-looking data with attention now squarely on the shunto results due from mid-month. Flurry of pre-announcements among large firms have raised confidence that aggregates will show sharper pay raises than last year, opening the path for a BOJ rate hike.

    • RBI Governor Das sees GDP growth close to 8% this fiscal year:

      • Bloomberg cited RBI Governor Das in a TV interview with ET Now on Thursday, remarking that GDP growth in the current fiscal year through March "could be very close to 8%" and high-frequency data suggest "every possibility" the government growth projection of 7.6% will be exceeded. According to Reuters, Das expressed optimism on various segments of the economy -- rural demand much stronger than a year ago, urban demand remains very strong, private capex picking up. Recall the RBI forecast looks for 7% growth next year with risks evenly balanced as of the latest MPC statement in February. Das said he was very optimistic about next year and 7% was very much on the table. Reiterated RBI remained focused on bringing inflation down to the 4% target and, despite prices being on a clear downward trajectory, major uncertainties such as geopolitical and weather risks remained. Bloomberg added Das said MPC would not cut rates before they are certain inflation would stabilize sustainably around target. Added Das defended RBI regulatory action against Paytm Payments Bank and stressed they still fully support the fintech industry.

    • Notable Gainers:

      • +1.6% 220.HK (Uni-President China Holdings): reports FY net income attributable CNY1.67B vs FactSet CNY1.62B, operating income CNY2.00B vs FactSet CNY1.98B

      • +13.0% 006400.KS (Samsung SDI): reportedly planning to commence mass-production of solid-state batteries in 2027

      • +5.7% 9618.HK (JD.com): reports Q4 non-GAAP EPADS CNY5.30 vs StreetAccount CNY4.49, revenue CNY306.08B vs FactSet CNY299.73B; board approves new share repurchase program, company may repurchase up to $3.0B worth of its shares over next 36 months

      • +4.9% 2618.HK (JD Logistics): reports Q4 not-IFRS profit CNY1.80B, +80% vs year-ago CNY1.00B, revenue CNY47.20B vs SA CNY45.92B

      • +2.0% 2303.TT (United Microelectronics): reports February revenue NT$17.45B, +3.1% y/y

      • +0.3% 532454.IN (Bharti Airtel): Singtel disposes 0.8% direct stake in Bharti Airtel for SG$0.95B to GQG Partners

      • +0.1% 1910.HK (Samsonite International): Carlyle, KKR reportedly among firms interested in acquiring Samsonite

    • Notable Decliners:

      • -21.4% 2269.HK (Wuxi Biologics (Cayman)): US Senate committee holds meeting to resume consideration of bill to prohibit contracting with certain biotechnology providers; WuXi AppTec, Wuxi Biologics issue responses to proposed US bill

      • -1.9% 004020.KS (Hyundai Steel): reportedly expected to restart automotive steel sheet plant in St. Petersburg

      • -0.8% 011170.KS (Lotte Chemical): reportedly may sell its 74.7% stake in Lotte Chemical Titan Holding; revises Q4 operating profit (KRW315.83B) vs previously reported (KRW301.28B)

  • Data:

    • Economic:

      • China

        • Jan-Feb trade balance $125.2B vs consensus $103.7B and $75.34B in December

          • Exports +7.1% y/y vs consensus +1.9% and +2.3% in December

          • Imports +3.5% y/y vs consensus +1.5% and +0.2% in December

      • Australia January

        • Housing finance (3.9%) m/m vs (4.1%) in December

        • January trade balance A$11.03B vs consensus A$11.50B and revised A$10.74B in December

          • Exports +1.6% y/y vs revised +1.5% in December

          • Imports +1.3% y/y vs revised +4.0% in December

      • Japan January

        • Nominal average wages +2.0% y/y vs consensus +1.2% and revised +0.8% in prior month

          • Real wages (0.6%) y/y vs consensus (1.5%) and revised (2.1%) in prior month

    • Markets:

      • Nikkei: (492.07) or (1.23%) to 39598.71

      • Hang Seng: (208.31) or (1.27%) to 16229.78

      • Shanghai Composite: (12.53) or (0.41%) to 3027.40

      • Shenzhen Composite: (20.61) or (1.20%) to 1701.44

      • ASX200: 30.20 or +0.39% to 7763.70

      • KOSPI: 6.13 or +0.23% to 2647.62

      • SENSEX: 59.15 or +0.08% to 74145.14

    • Currencies:

      • $-¥: (1.36) or (0.91%) to 148.0320

      • $-KRW: (1.44) or (0.11%) to 1328.6800

      • A$-$: +0.00 or +0.36% to 0.6587

      • $-INR: (0.05) or (0.07%) to 82.7885

      • $-CNY: (0.00) or (0.00%) to 7.1976

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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