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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.26%), Hang Seng (0.07%), Shanghai Composite (0.40%) as of 04:10 ET

Mar 13 ,2024

  • Synopsis:

    • Asia equities finished mixed Wednesday, failing to capitalize on Wall Street gains overnight. South Korea, Taiwan, Southeast Asia and Australia all finished modestly higher, with the latter's gains capped by more pressure on commodity prices. Greater China markets fell in a choppy day's trading, India also seeing some losses. Japan lost more ground as the BOJ moved closer to a rate decision. US futures turning higher, Europe opened with small gains. US dollar unchanged with DXY hovering around 103, yuan weakened after several days of gains, yen flat. Treasury yields higher at the short end, lower at the long, JGB yields mixed. Crude oil higher, precious metals unchanged, industrial metals down again as iron ore reached fresh multi-month lows. Cryptocurrencies all higher again with bitcoin at fresh peaks.

    • Asia stocks failed to follow through from overnight US moves with many bourses finishing in the red. Japan stocks fell again with the yen initially stronger again too amid growing speculation the BOJ may opt for a March rate hike over April, despite Governor Ueda's toned-down economic assessment on Tuesday. Today, Toyota Motor became the latest large company to cede to union demands over pay with focus shifting to shunto wage-hike details due Friday.

    • Positive momentum in China markets also waned as Beijing scrapped a string of infrastructure projects to save money, raising further doubts over China's growth ambitions. In the property market, China Vanke (2202.HK) is said to be in talks with banks over a debt swap worth billions of yuan but its stock was still lower; Country Garden (2007.HK) is reported to have missed a yuan coupon payment. South Korea unemployment rate unexpectedly declined; separately, the country is to allow several banks to trade the won in real time without prices or counterparties for the first time Thursday. India inflation was slightly above consensus while industrial production missed; Thailand's industrial sentiment fell last month on slower domestic demand.

    • Nissan Motor (7201.JP) and Honda Motor (7267.JP) announced they would both slash China vehicle production as they struggle to compete in the EV market there. Toyota Motor (7203.JP) said it would meet union demands for wage hikes in full. China Vanke (2202.HK) is in talks with major creditor banks to swap its bond holdings for secured debt. Country Garden (2007.HK) missed a yuan-denominated CNY 96M ($13M) coupon payment for the first time, starting a 30-day grace period before a default can be called. China is close to removing tariffs on imported wine, likely benefiting Australian exporters such as Treasury Wine (TWE.AU). Samsung Electronics (005930.SK) is to use chip-making technology favored by SK Hynix (000660.SK), as it seeks to catch up on AI chips. Singtel (Z74.SP) reportedly is in advanced talks to sell its Australia Optus unit to private equity group Brookfield.

  • Digest:

    • Japan wage agreements come in strong:

      • Breaking announcements on shunto wage agreements showing broadly strong outcomes. Nikkei reported Toyota (7203.JP) met union demands in full for the fourth straight year, awarding pay raises of up to ¥28,440 ($193) per month, marking the biggest increase since 1999. Nissan (7201.JP) union also fully achieved their target for a 5% raise. Mitsubishi Motor (7211.JP) agreed to a ¥17,500 lift, short of demands for ¥20,000 though still translates to a 5.4% increase (Nikkei). Nippon Steel (5401.JP) awarded hikes of ¥35,000 per month, above demands for ¥30,000, translating to a 14.2% hike including a lift in base wages (Nikkei). Kobe Steel (5406.JP) fully met demands for a ¥30,000 raise, equating to a 12.8% increase. Toshiba (6588.JP) delivered base wage hikes of ¥13,000, fully meeting demands, translating to total compensation growth of 5.6% (Nikkei). Sharp (6753.JP) granted a bigger raise than last year (Nikkei). However, while management did not disclose a figure, union estimated awards equate to a monthly increase of ¥10,000 in base pay, below demands for ¥13,000 and was the lowest settlement the union was willing to accept. Next focus is on the Rengo first tallies on Friday. With BOJ repeatedly telegraphing the importance of this event, press reports indicated board members may end NIRP next week if the aggregate figure comes in markedly stronger than last year.

    • China Vanke in debt swap talks with banks:

      • Bloomberg sources indicated China Vanke (2202.HK) in talks with major creditor banks, considering a plan to swap bond holdings worth tens of billions of yuan in principal into secured debt. Discussions coordinated by financial regulators and Shenzhen local government. ADRs (CHVKY) rallied 7.59%, extending the 10.33% surge in Hong Kong Tuesday amid speculation of government support. However, share price trading down nearly 3.5% Wednesday. Article noted significant doubts remain over Vanke's financial health with longer-dated dollar bonds trading at distressed levels below 47 cents on the dollar. Follows Moody's Ratings credit rating downgrade to junk on Monday, citing expectations that Vanke's financial flexibility and liquidity buffer will weaken over the next 12-18 months. Partly due to declining contracted sales, estimated to be down around 40% in Jan-Feb after a 10% decline last year. Article also noted Vanke requested state-backed lenders for an offshore loan worth HK$4.5B ($575M), though yet to be granted approval.

    • US House Republicans proceeding with TikTok ban bill:

      • Reuters reported House Republicans vowed on Tuesday to proceed with a vote to ban TikTok. House Speaker Johnson due to bring legislation to the floor on Wednesday that addresses Chinese ownership of TikTok. The bill would give ByteDance about six months to divest the app. However, former president and Republican candidate Trump expressed opposition to the bill in recent days, citing potential benefits for Meta Platforms (META). TikTok bill last week passed out of committee with a unanimous bipartisan vote. Bloomberg sources said TikTok intends to exhaust all legal options before considering any kind of divestiture if the bill is legislated. Sale considered to be ByteDance's last resort. Story noted divestment would require approval by the Chinese government, which expressed strong opposition last year. Story recalled TikTok discussed the possibility of separating from ByteDance in March 2023, though only if an existing proposal with US national security officials was rejected, with still no public resolution on the national security review conducted by the Biden administration.

    • Nissan, Honda to slash China auto production:

      • Nikkei reported Nissan (7201.JP) and Honda (7267.JP) preparing to cut China vehicle production amid ongoing struggles to compete in the EV market against Chinese peers. Nissan said to begin talks with JV company Dongfeng Motor to slash local capacity by up to 30%, equivalent to 550K units annually. Nissan to reorganize local plants to shift focus towards exports to other parts of Asia. Plans follow 24% drop in Nissan's China output last year to below 1M for the first time in 14 years. Honda aligning with similar plans to reduce capacity by 20% to ~1.2M. Article noted the backdrop of a major shift in the Chinese auto market skewing to EVs and dominated by local manufacturers. Recalled Japanese firms held a peak 20% market share in 2020 though now diminishing as EV offerings have lagged behind. South Korea and German carmakers' share also in decline. Meanwhile, Chinese market share expanded to 56% in 2023 with increased focus away from JV brands toward independent domestic products. Local brand EV share also a sizable 30%. Crowding out effects prompted Mitsubishi to announce a withdrawal from China last October.

    • South Korea jobless rate unexpectedly drops:

      • Unemployment rate was 2.6% in February, lower than consensus and prior month's 3.0%. Marks the lowest since October. Total unemployed also fell to its lowest since October as employment rose 0.4% m/m while working age population ratio remained steady. Improvement adds to positive macro developments following recent upturn in export growth. Labor market data tracking better than BOK projections pointing to unemployment rate of 2.9% in 2024. Year-ago job growth of 329K in February also tracking well above BOK forecast of 250K for 2024. But dynamics seen mixed with manufacturing softness easing though overall growth anticipated to be gradual amid soft domestic demand. Inflation the notable exception with February core CPI up 2.5% vs BOK forecast of 2.0%, underpinning a hawkish policy stance. Similar to US dynamics, BOK Governor Rhee clarified that rate cuts unlikely in H1. Noted one board member at the February policy meeting suggested MPC remain open to the possibility of a rate cut over the next three months, confirmed by subsequent minutes.

    • Notable Gainers:

      • +11.6% 000150.KS (Doosan): chairman Park Jung-Won increases stake

      • +7.8% 3993.HK (CMOC Group): reports preliminary FY net income attributable CNY8.25B vs FactSet CNY6.71B, revenue CNY186.27B vs FactSet CNY188.00B

      • +5.4% 293.HK (Cathay Pacific Airways): reports FY net income attributable HK$9.79B vs StreetAccount HK$9.24B, revenue HK$94.49B vs StreetAccount HK$93.98B

      • +1.4% 4507.JP (Shionogi & Co.): reportedly expects to be able to sell Xocova in US in early 2025

      • +1.3% 033780.KS (KT&G Corp): largest holder IBK recommends KT&G holders vote against appointment of Bang Kyung-man as CEO/president

    • Notable Decliners:

      • -9.2% 6415.TT (Silergy): reports FY EPS NT$1.96 vs FactSet NT$2.20, revenue NT$15.43B vs FactSet NT$15.46B; proposes FY dividend NT$1.96/share; StreetAccount notes year-ago dividend NT$4.5/share

      • -3.8% 2202.HK (China Vanke): China Vanke, banks reportedly discuss exchanging bonds for debt with collateral

      • -3.3% 2007.HK (Country Garden Holdings): reportedly misses payment on yuan coupon

      • -1.5% 011200.KS (HMM): proposes year-end dividend KRW600/share vs year-ago KRW1,200/share

      • -0.9% 7203.JP (Toyota Motor): reportedly meets union demands in full for fourth straight year, awarding pay raises marking biggest increase since 1999

      • -0.3% 8058.JP (Mitsubishi): reportedly contemplating dividend increase

  • Data:

    • Economic:

      • South Korea

        • February unemployment rate 2.6% vs consensus 3.0% and 3.0% in prior month

      • India

        • January industrial production +3.8% y/y vs consensus +4.1% and +3.8% in prior month

        • February CPI +5.09% y/y vs consensus +5.02% and +5.10% in prior month

    • Markets:

      • Nikkei: (101.54) or (0.26%) to 38695.97

      • Hang Seng: (11.39) or (0.07%) to 17082.11

      • Shanghai Composite: (12.10) or (0.40%) to 3043.83

      • Shenzhen Composite: (2.01) or (0.11%) to 1768.56

      • ASX200: 16.90 or +0.22% to 7729.40

      • KOSPI: 11.76 or +0.44% to 2693.57

      • SENSEX: (644.79) or (0.88%) to 73023.17

    • Currencies:

      • $-¥: (0.01) or (0.00%) to 147.6840

      • $-KRW: +2.68 or +0.20% to 1315.0300

      • A$-$: +0.00 or +0.17% to 0.6616

      • $-INR: +0.06 or +0.07% to 82.8810

      • $-CNY: +0.01 or +0.14% to 7.1921

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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