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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.26%), Hang Seng (1.42%), Shanghai Composite +0.54% as of 04:10 ET

Mar 15 ,2024

  • Synopsis:

    • Asian equities mostly weaker Friday, tracking tech-led declines overnight in US after hotter-than-expected headline and core PPI. Hong Kong saw heavy losses, dragged by innovative drug, mainland properties and tech. TSMC weighed on Taiex, offsetting Hon Hai's post-earnings rally. Kospi down close to 2%. ASX and Nikkei were other notable decliners. Mainland China indexes eked out gains at close. Topix also higher. India trading lower with Nifty Smallcap 250 down close to 7% this week. S&P and Nasdaq futures edging lower. Treasuries steadied after sell-off Thursday which sent 10Y yields 10 bp higher. Dollar strongest against KRW, NZD and AUD. Yen initially strengthened on shunto results but subsequently weakened against dollar. Crude lower after yesterday's gain. Bitcoin retreating from all-time high. Gold slightly higher, while iron ore futures sharply lower.

    • Late afternoon reports showed Japan's unions won a 5.28% annual wage hike, largest in more than 30 years and compared with 3.80% last year, strengthening BOJ tightening expectations while Jiji Press reported central bank is making final arrangements to exit NIRP next week. Finance minister Suzuki added Japan's economy is no longer in deflation and government will mobilize all policy steps to continue positive momentum on wages.

    • In China, PBOC left MLF rate unchanged today but unexpectedly drained net CNY94B, marking first time it has withdrawn liquidity since Nov-2022. PBOC-affiliated newspaper Financial News noted central bank has no intention to actively drain cash from banking system and has not changed stance of "keeping liquidity ample at reasonable level", adding current funding conditions have been generally loose from RRR cut in early February and OMOs after Lunar New Year holidays. Some economists see limited scope for near-term easing while Beijing prioritizes yuan stability amid uncertainty over timing of Fed rate cut. China new home prices dropped for eighth consecutive month in February and decline was steepest in 13 months on y/y basis according to Reuters calculation. Recent series of measures, including financing "whitelist" for eligible projects, have yet to show signs of success.

    • President Biden said US Steel (X) must remain domestically owned and operated, seen as major blow to Nippon Steel (5401.JP)'s merger plan, which said its purchase would strengthen defenses against China. China Vanke (2202.HK) contracted sales plunged 53% y/y in February, biggest decline since at least 2018. Alibaba (9988.HK) outlined a proposed investment of KRW1.5T ($1.1B) in South Korea over next three years, including allocating $200M towards construction of an integrated logistics center. Samsung Electronics (005930.KS) set to win more than $6B grant from US government to expand investment in the country. Foxconn, traded as Hon Hai Precision Industry (2317.TW), sees AI server revenue grow by more than 40% in 2024 while AI servers will also constitute more than 40% of server revenue. Shares surged on Friday. Former Treasury Secretary Mnuchin told CNBC that he is putting together a consortium to acquire TikTok from ByteDance.

  • Digest:

    • Japan Rengo wage hike aggregate tops 5%, BOJ said to be in final preparations for rate hike next week:

      • Kyodo sources indicated Rengo's first round tally for FY24 shunto wage hikes among large firms exceeded 5%. Corroborated by Jiji which reported an actual figure of 5.28%. If this level is maintained by the final figures, this would be the highest since 1991. This is well above last year's aggregate of 3.80% and meets Rengo's demand for raises of 'at least 5%. Strong outcome was widely expected after the preceding flurry of individual announcements. Jiji subsequently reported BOJ is making final arrangements to end negative rates next week after previously flagging preparations were under way with a move predicated on a strong wage result. However, other media outlets conveyed less certainty -- Nikkei only said the topic would be discussed next week, Reuters indicated board members were leaning toward March, while Bloomberg stressed there was still no consensus among board members. Latest Reuters poll showed April remains the consensus view. Yet shunto wage hikes fulfilled a key assumption underlying the March view, while April calls did not rule out the chance of an earlier move.

    • PBOC keeps MLF rate unchanged with unexpected net liquidity drain:

      • PBOC conducted a CNY387B ($53.8B) MLF operation Friday and kept the 1-year rate unchanged at 2.50% (Reuters). While the rate was in line, the size was surprisingly lower than the CNY481B in maturing funds, leaving a net liquidity drain of CNY94B and marks the first time PBOC refrained from adding net funds since November 2022. This comes amid mounting urgency for forceful stimulus with measures to date widely viewed as insufficient to shore up growth momentum and achieve the government growth target of around 5%. Governor Pan's comments last week noting "ample room" for further RRR cuts offered the clearest guidance on monetary policy out of the NPC. Recall that MLF rate was unchanged last month, though was followed by a bigger than expected 25 bp cut to the 5-year LPR. Previously, PBOC announced a surprise 50 bp RRR cut in late-January, though macro support was seen to be limited. NPC announcements did not impact monetary easing forecasts for this year and economists reaffirmed calls for modest reductions to MLF/LPR/RRR. They continue to await announcements on new injections via the Pledged Supplementary Lending (PSL) facility with estimates ranging up to CNY1T.

    • China new home prices drop for eighth straight month in February:

      • New home prices in China extend declines into eighth month in February, dropping 0.3% m/m and in line with January's fall, based on Reuters calculation of NBS data. Meanwhile, prices were 1.4% y/y lower, much faster than 0.7% drop in prior month and were steepest decline in 13 months. 68 out of the 70 major cities witnessed declines in second-hand home prices on-month in February, while all 70 were lower from Feb-23. Noted authorities have not rolled out massive stimulus to support developers as Premier Li Qiang mentioned in government work report earlier this month that Beijing would stabilize property sector with targeted measures and provide financing to justified projects. However Bloomberg added liquidity issues with state-backed China Vanke seen as fresh blow to market. Still market watchers see a sustainable sales turnaround would depend on stronger policies and point out central government has given more autonomy to local officials to solve housing issues, adding Hangzhou just fully removed all restrictions on second-hand home purchases with more cities likely to follow suit.

    • US House approval of TikTok bill triggers reverberations:

      • Reuters discussed the fallout from US House bipartisan support for a bill forcing ByteDance to sell TikTok's US assets within 165 days or face a ban. Noted the likelihood of the bill to be contested by civil rights activists over free speech rights under the First Amendment. Article recalled TikTok already fended off an attempted ban in Montana though ruling is under appeal. Supporters of the bill have argued the aim is not about suppressing free speech but rather to compel ByteDance to sell TikTok's US assets in order to deny China easy access to US users' data. Former Treasury Secretary Mnuchin told CNBC's "Squawk Box" he thinks legislation will pass and Liberty Strategic Capital is gathering an investor group to acquire TikTok. Mnuchin did not specify who the other investors would be in such a deal or the potential valuation for the social media site. China's foreign ministry responded that citing national security to reduce the competitive advantage of other countries is bereft of any "fairness" (Reuters). Commerce Ministry called on US to stop unreasonable suppression of foreign companies (Xinhua) though neither vowed countermeasures at this stage.

    • US-China tensions come to the fore, but may only amount to US election year noise:

      • TikTok 'sale or ban' legislation has emerged as latest flashpoint in US-China relations with development seen in context of broader geopolitical tensions in an election year where anti-China rhetoric set to amplify. Biden administration has signaled further tightening of advanced chip equipment export controls as well flagging measures to protect domestic industries of strategic importance (EVs, biotech and AI chips). Trump has also threatened tariff escalation if he wins election while Taiwan war risks continue to lurk in the background. While geopolitical tensions considered by global investors as a 2024 tail risk, markets have demonstrated tendency to ignore previous flare-ups. Tech dispute well understood by now, while risk of miscalculation has fallen amid resumption of high-level dialogue. Tensions have largely played via reduced China FDI and foreign outflows from equities, with limited spillover elsewhere. Sell-side firms see latest developments amounting to election year noise with tech tensions widely understood, TikTok ban potential negated somewhat by mass adoption in US, skepticism Trump will carry out tariff threat in full, and doubts over China's near-term capacity to invade Taiwan.

    • Notable Gainers:

      • +9.1% 2317.TT (Hon Hai Precision Industry): reports Q4 EPS NT$3.83 vs FactSet NT$3.21, revenue NT$1.852T vs FactSet NT$1.831T

      • +5.5% 9690.HK (Tuhu Car): reports FY adjusted net income CNY481.3M vs guidance no less than CNY450M, revenue CNY13.60B vs FactSet CNY13.45B

      • +1.5% 6701.JP (NEC Corp): reportedly looking at selling data centers business to streamline portfolio, raise cash

    • Notable Decliners:

      • -16.6% 180640.KS (HANJIN KAL): Korean Air holder NPS to vote against appointment of Cho Won-Tae as executive director of Korean Air

      • -9.8% 028260.KS (Samsung C&T): shareholders reject activist funds' call for increased dividends, buybacks at AGM

      • -8.8% 2359.HK (WuXi AppTec): BIO updates statement to include "WuXi AppTec proactively ended its membership in BIO"

      • -3.7% 011200.KS (HMM): South Korean oceans ministry reportedly in talks with authorities about resuming sale of HMM

      • -2.8% 2423.HK (KE Holdings): reports Q4 adjusted EPADS CNY1.44 vs FactSet CNY1.60, adjusted EBITDA CNY1.70B vs StreetAccount CNY2.22B

      • -1.4% 9898.HK (Weibo Corporation): reports Q4 non-GAAP EPS $0.31 vs StreetAccount $0.51, MAUs 598M in December vs StreetAccount 607M

  • Data:

    • Economic

      • China

        • February new house prices (0.3%) m/m vs (0.3%) in prior month (Reuters)

          • House prices (1.4%) y/y vs (0.7%) in prior month

    • Markets:

      • Nikkei: (99.74) or (0.26%) to 38707.64

      • Hang Seng: (240.77) or (1.42%) to 16720.89

      • Shanghai Composite: 16.40 or +0.54% to 3054.64

      • Shenzhen Composite: 16.58 or +0.94% to 1774.68

      • ASX200: (43.30) or (0.56%) to 7670.30

      • KOSPI: (51.92) or (1.91%) to 2666.84

      • SENSEX: (421.48) or (0.58%) to 72675.80

    • Currencies:

      • $-¥: +0.31 or +0.21% to 148.6350

      • $-KRW: +6.97 or +0.53% to 1331.6800

      • A$-$: (0.00) or (0.37%) to 0.6555

      • $-INR: (0.16) or (0.19%) to 82.8722

      • $-CNY: +0.00 or +0.03% to 7.1954

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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