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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.29%, Hang Seng (0.71%), Shanghai Composite (0.18%) as of 04:10 ET

Mar 14 ,2024

  • Synopsis:

    • Asian equities finished mixed Thursday in a quiet session. Japan's Nikkei and Topix reversed much of Wednesday's losses, while South Korea's Kospi neared two-year highs after fresh gains. Taiwan was also higher. India recovered some of yesterday's lost ground with small cap names bouncing back. Southeast Asia mainly higher, Australia closed lower but within its recent trading band. US futures higher, Europe seeing soft gains at the open. Dollar regaining some strength, yen weaker, other Asia currencies flat. Treasury yields higher across tenors, JGB 10Y yields hit highest in three months. Oil types higher, gold retreating but silver flat, iron ore under fresh pressure in Dalian, Cryptocurrencies higher with bitcoin at new record high.

    • Asia stocks seeing a quiet session with many indices reversing Wednesday's moves. A lack of clear direction from Wall Street overnight set the stage for the rangebound session although Japan reacted positively from the latest BOJ-speak, while China investors negatively to economists' second look at the recent NPC and inflation announcements. TikTok the latest US-China flashpoint after the US House of Representatives passed a bill that could force a sale or ban, although prospects for progress in the Senate more uncertain. BOJ tightening speculation continued to mount on reports the board will discuss scrapping NIRP at next week's meeting. Focus now on shunto wage outcomes due Friday. BOJ also said to be weighing scrapping YCC alongside NIRP and replacing it with new framework targeting volume of JGBs to manage any spike in yields. India markets recovering today following sharp selloff in large-cap and realty stocks but main bourses still underperforming Asia peers for the week and month.

    • Japan Investment Corp may launch a tender offer for JSR Corp (4185.JP) from next week. Nissan Motor (7201.JP) and Honda Motor (7267.JP) are considering a new EV join venture, already at early-stage discussions on standarizing EV parts and shared platforms. A US biotech trade group may take steps to exclude WuXi AppTec (603259.CH) from membership in its organization. Reliance Industries (500325.IN) has agreed to buy Paramount Global's (PARA) 13% stake in India-based Viacom 18 Media for around $517M. Yes Bank (532648.IN) said to be looking for a new promoter share holder willing to buy a 51% stake.

  • Digest:

    • BOJ rate hike in play next week after strong wage agreements:

      • Nikkei top story digested Wednesday's flurry of shunto wage agreements, noting that some 80% of leading manufacturers fully met union demands and most companies awarded pay raises in excess of Rengo's calls for 'at least 5%' growth. This led into a front-page article indicating BOJ will debate a rate hike at next week's meeting with this year's wage hikes set to beat last year which raises the certainty of achieving stable 2% inflation. After recent BOJ rhetoric indicated broadening support for ending NIRP, a final decision will be made based on the Rengo first round tallies due Friday. Article said BOJ is mulling a simultaneous removal of NIRP and YCC. Plans for JGB purchase operations to continue at some level to pre-empt a spike in yields. But other asset purchases -- ETFs, REITs -- expected to conclude. Story reaffirmed strong trajectory of pay raises this year, seen likely to exceed last year's Rengo first round aggregate of 3.80%. Noted core inflation has topped 2% for 22 straight months with half the contribution coming from the service sector, which is more sensitive to personnel costs, already indicating a virtuous wage/inflation cycle has begun.

    • US House passes bill to deliver ultimatum on TikTok divestment to ByteDance:

      • Reuters reported House voted 352-65 in favor of a bill to give ByteDance 165 days to divest TikTok's US assets or face a ban. But while there was bipartisan support in the House, the story noted the bill faces more uncertain path in the Senate where some favor a different approach to regulating foreign-owned apps posing security concerns. Bloomberg noted Majority Leader Schumer has so far declined to endorse it, and members including Republican Paul have expressed opposition. Dissention in the House stems from lack of transparency as the vote followed one public hearing with little debate. Still, article noted the political climate is growing in favor of the bill as President Biden last week said he would sign off. White House national security adviser Sullivan on Tuesday said the goal was ending Chinese ownership, not banning TikTok. Still considerable unclarity on implementation in terms of whether China would approve or if TikTok's US assets could be divested within the stipulated timeframe. Story also mentioned potential implications for WeChat or other high-profile Chinese apps which could also face a ban. Furthermore, any forced TikTok divestment from US would almost certainly face legal challenges.

    • India markets continue underperformance led by small caps:

      • India's Nifty and Sensex exchanges continue to underperform this week as positive sentiment continues its negative tilt for second consecutive month. Small cap and Realty sectors leading declines however weaker sentiment reading through to larger cap sectors as many continue underperformance versus Asia peers, particularly in China. Small cap underperformance began after Securities and Exchange Board of India said last month it was concerned over large flows into small-, mid-cap stocks, asked funds to safeguard investors from sudden redemptions in event of sharp selloff (Bloomberg). Several asset managers subsequently temporarily halted deposits or limited flows in small cap funds, that had led to "valuation distortions" (Bloomberg). Nifty Smallcap 25 sector down 7.8% WTD, Realty sector down almost 11% however NSE selloff across the board now. Commentary in Business Standard said there could be more room for broader market to correct further given elevated valuations.

    • Consensus sees lower upside for yen this year:

      • A Bloomberg poll found the consensus forecast looks for USD/JPY at 140 at year-end, notably converging toward prevailing market levels. Compares with a 2024-end projection of 135 last December. Despite prospects for an imminent BOJ rate hike, US-Japan yield differential seen remaining wide amid US economic resilience with Fed rate cut forecasts pushed back. Diminishing speculation of follow-through BOJ hikes was also a factor. Still, the article cited broad agreement that yen is likely to appreciate from current levels. Higher share prices increase the need for foreign investors to hedge purchases by selling yen. Underlying macro theme is the meaningful shift in the Japan inflation outlook, which has reached the stage where the government is considering a declaration of a full exodus from deflation. Rhetoric remains consistent with an earlier Nikkei report discussing this theme. Recall that last week's sharp yen strength prompted a review of the outlook as Nikkei 225 index retreated from record-highs.

    • China elaborates on key growth policies:

      • Xinhua discussed China's 'new real estate development model' touted as the fundamental solution to the ongoing turmoil in the sector. Cited remarks by housing minister Ni Hong on 9-Mar, affirming focus will be affordable housing, public infrastructure and renovation of urban villages. Article noted plans this year to renovate 50K aging urban residential communities and over 100,000 km of urban underground pipelines for gas, water, sewage and heating which are expected to increase property demand. Nikkei reported authorities issuing vouchers to urban village residents which can be used to purchase new homes in select areas, though being met with skepticism. Elsewhere, State Council released an action plan to promote large-scale upgrading of equipment and trade-ins of consumer goods (Xinhua). Specified 20 key tasks in five sectors though story details were light. Projects equipment investment in areas including industry, agriculture, construction, transportation, education, culture, tourism and medical care to grow by more than 25% by 2027 vs 2023. Commerce Ministry rolled out a guideline to develop rural e-commerce including plans to build a comprehensive service platform, accelerate modernization of the logistics and distribution network, and fostering diversified new e-commerce entities in rural areas (Xinhua).

    • Notable Gainers:

      • +9.0% 532648.IN (YES BANK): reportedly searching for new promoter to acquire up-to-51% stake

      • +6.6% 6789.JP (Roland DG): Brother Industries intends to initiate ¥5,200/share tender offer for shares of Roland DG Corporation

      • +3.1% 7532.JP (Pan Pacific International Holdings): reportedly targets doubling operating income to more than ¥200.0B in FY ending Jun-30

      • +1.1% 7267.JP (Honda Motor): Nissan, Honda reportedly considering EV tie-up; Nissan is reportedly in early-stage discussions to standardize EV parts and to develop shared EV platform

      • +0.8% 4185.JP (JSR Corp): Japan Investment Corp. reportedly may launch tender offer for JSR Corp 19-Mar

      • +0.4% 500325.IN (Reliance Industries): to acquire 13.01% equity stake of Viacom18 held by Paramount Global through its two subsidiaries for consideration of INR42.86B ($517M)

    • Notable Decliners:

      • -6.2% 601138.CH (Foxconn Industrial Internet): reports FY revenue CNY476.34B vs FactSet CNY506.98B, net income attributable CNY21.04B vs FactSet CNY23.22B

      • -5.7% 603259.CH (WuXi AppTec): US biotech trade group BIO taking steps now to separate from WuXi-AppTec regarding membership in organization

      • -0.6% 5401.JP (NIPPON STEEL): President Biden reportedly expected to express concerns regarding Nippon Steel acquisition of United States Steel

  • Data:

    • Economic:

      • India February

        • WPI +0.20% y/y vs consensus +0.25% and +0.27% in January

      • Singapore Q4

        • Unemployment rate 2% versus consensus 2% and 2% in prior quarter

    • Markets:

      • Nikkei: 111.41 or +0.29% to 38807.38

      • Hang Seng: (120.45) or (0.71%) to 16961.66

      • Shanghai Composite: (5.60) or (0.18%) to 3038.23

      • Shenzhen Composite: (10.47) or (0.59%) to 1758.09

      • ASX200: (15.80) or (0.20%) to 7713.60

      • KOSPI: 25.19 or +0.94% to 2718.76

      • SENSEX: 397.75 or +0.55% to 73159.64

    • Currencies:

      • $-¥: +0.08 or +0.05% to 147.8350

      • $-KRW: +2.41 or +0.18% to 1316.4600

      • A$-$: (0.00) or (0.10%) to 0.6615

      • $-INR: +0.00 or +0.01% to 82.8486

      • $-CNY: +0.00 or +0.06% to 7.1917

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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