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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.04%), Hang Seng +0.88%, Shanghai Composite +0.17% as of 04:10 ET

Mar 26 ,2024

  • Synopsis:

    • Asian equities ended mixed Tuesday in a quiet session. Among the gainers were Hong Kong, which spiked in afternoon trade, and mainland China benchmarks. South Korea and Singapore the other notable gainers. Australia, Taiwan, India and most of Southeast Asia lower. Nikkei flat. US futures point to a higher open, Europe markets soft in early trades. US dollar flat, little movement of note in Asia currencies; yuan up early on stronger-than-expected fixing first thing, since weakened . Treasury yields mixed and little changed. Crude oil lower, precious metals mixed, industrial metals little changed. Cryptocurrencies higher with bitcoin consolidating above $70K.

    • Hong Kong markets bounced back from recent lows but are still struggling to get through 17K on the upside. Banks best performers today even as regulators urge banks to accelerate loan approvals for "whitelist" real estate development projects. Economists' views also consolidating around further RRR cuts before year-end to support the economy. Capital outflow pressures still seen weighing on yuan with strategists pointing to continued net dollar purchasing.

    • Australian consumer sentiment deteriorated amid mounting concerns over near-term economic outlook. South Korean consumer sentiment also fell amid surge in food prices. Japan corporate services PPI inflation unchanged above 2%. Singapore's manufacturing output rose more than expected as country's uneven economic recovery continued. Thailand exports rose in February although at a slower pace than in January. Geopolitical tensions ratcheted higher after US and UK accused China hackers of orchestrating cyberespionage campaign against democratic institutions.

    • China Petroleum & Chemical (Sinopec, 386.HK) and TotalEnergies (TTE.FP) will jointly develop a sustainable jet fuel at a China-based refinery. CATL (300750.CH) chair Robin Zeng says company will keep on expanding even as EV sales growth slows, expects some consolidation. Shimao Group (813.HK) announced four different options for its proposed debt restructuring.

  • Digest:

    • Economists forecast two more RRR cuts by PBOC this year:

      • Analysts surveyed by Bloomberg expect PBOC to release more cash into country's banking system before year-end via two RRR cuts totaling 50 bps, more likely in H2 than Q2. February survey showed just one cut in Q3. New forecast in line with deputy governor Xuan Changneng's comments last week cautioning against interest rate cut but signaled bank system liquidity boost (Bloomberg). Survey showed economists expect PBOC to cut MLF rate in Q2 and Q3, 1Y LPR seen cut 10 bps each in Q2 and Q4, 5Y LPR cut to 3.75% from 3.95% by year end. Fixed asset investment could rise 4.6% from 4.5% in February survey, unemployment at 5.2% from 5.1%. Economic activity picked up over Jan-Feb but economists believe this may be hard to repeat as domestic consumption remains in doldrums, property market in decline; FY GDP growth forecast at 4.6% versus Beijing's 5.0%, unchanged from February.

    • China's reluctant banks urged to speed up loans to private real estate developers:

      • Reuters cited people with knowledge of the matter who said China regulators urging banks to speed up loan approvals for "whitelist" development projects. Banks given end-June deadline for issuance of all loans. While banks have been issued with similar directives previously, reluctance to lend stems from expected margin pressure from loss-making loans. Latest data showed China's property slump has deepened in early 2024 with home prices, sales, and construction starts all down sharply. This has translated into sizable losses among developers with Nikkei highlighting how three mid-sized real estate firms over weekend revealed net losses totaling billions of dollars. Country Garden and Vanke report Thursday, both expected to show earnings pressure and liquidity/cash flow strains from falling sales (Bloomberg). China's major lenders also report this week with results expected to feature shrinking net profit and interest margins

    • US and UK accuse China of orchestrating sweeping cyberespionage campaign:

      • US and UK accused state-backed Chinese hackers of orchestrating cyberespionage campaign targeting politicians and companies and theft of UK voter data (Bloomberg, Reuters). New Zealand also said its parliamentary system was targeted in 2021. Both US and UK announced sanctions against some of the individuals involved while the Times reported UK set to declare China a national security threat. China denied the accusations, though development nonetheless underlines how geopolitical tensions remain elevated following resumption of high level dialogue between US and Beijing. Press reports have recently revealed how Biden administration is weighing stepping up efforts to restrict China's access to semiconductor making equipment, drawing sharp rebuke from China's foreign minister. Trump has also vowed to escalate his tariff war against China if he wins. Beijing making another attempt to woo foreign investment (Reuters) with US executives at China business summit reportedly invited to meet Xi (Bloomberg). However, likely persistence of geopolitical friction beyond US election still viewed as main impediment to FDI revival.

    • Australian consumer sentiment deteriorates as tax cut bounce evaporates:

      • Australia Westpac-MI consumer sentiment index fell to 84.4 in March from 86.0 in February, reversing last month's rebound that followed government's revised tax cut package aimed at lower income earners. Consumers still deeply pessimistic as mounting fears about 12M economic outlook overshadow slight fading of concerns over inflation and interest rates. Westpac noted sentiment appeared to deteriorate following March RBA commentary that tempered rate cut expectations while not ruling out further tightening. Mixed news in terms of housing with assessment of family finances and 'time to buy a major household item' categories retreating but 'time to buy a dwelling' index hitting 15-month high. Survey comes after Q4 GDP showed tepid growth with consumers spending more on essential goods while reduced spending on discretionary items and services. Additionally, when smoothing out month-to-month volatility, retail turnover has been virtually unchanged over recent months.

    • Notable Gainers:

      • +8.3% 7013.JP (IHI): operating profit for FY ending Mar-25 reportedly expected to be ¥110.0B

      • +5.7% 9863.HK (Zhejiang Leapmotor Technology): reports FY net income attributable (CNY4.22B) vs FactSet (CNY4.28B)

      • +4.3% 3968.HK (China Merchants Bank): reports FY net income attributable CNY146.60B, unchanged vs prelim.; FactSet CNY144.71B

      • +2.1% 813.HK (Shimao Group Holdings): announces proposed debt restructuring terms

      • +0.3% 4967.JP (Kobayashi Pharmaceutical): Red Yeast Choleste Help user has passed away due to kidney disease; company investigating causal link between product and person's death

      • +0.1% 8053.JP (Sumitomo): reportedly acquires Trench Shoring Rentals that operates construction equipment rental business in US for around ¥10.0B

    • Notable Decliners:

      • -8.6% 9005.JP (Tokyu Corp): launches new three-year medium-term management plan; targets FY24 net income attributable ¥57.0B vs FactSet ¥67.95B, revenue ¥1.050T vs FactSet ¥1.010T

      • -7.3% 008930.KS (Hanmi Science Co.): Lim Jong-yoon, Lim Jong-hoon's lawsuit against Hanmi Science's 6.4M-share placement to OCI dismissed by court; Hanmi to proceed with business integration with OCI; expects support from shareholders

      • -2.1% 066570.KS (LG Electronics): guides 2024-2026 shareholder return policy

  • Data:

    • Economic:

      • Japan

        • February services PPI +2.1% y/y vs consensus +2.1% and +2.1% in prior month

      • Australia

        • March Westpac-MI consumer sentiment 84.4 vs 86.0 in February

    • Markets:

      • Nikkei: (16.09) or (0.04%) to 40398.03

      • Hang Seng: 144.68 or +0.88% to 16618.32

      • Shanghai Composite: 5.18 or +0.17% to 3031.48

      • Shenzhen Composite: 3.14 or +0.18% to 1752.29

      • ASX200: (31.70) or (0.41%) to 7780.20

      • KOSPI: 19.52 or +0.71% to 2757.09

      • SENSEX: (249.16) or (0.34%) to 72582.77

    • Currencies:

      • $-¥: (0.14) or (0.09%) to 151.2730

      • $-KRW: +0.89 or +0.07% to 1340.5300

      • A$-$: (0.00) or (0.00%) to 0.6540

      • $-INR: (0.09) or (0.11%) to 83.3396

      • $-CNY: +0.01 or +0.12% to 7.2187

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.
Please refer to "Terms Of Use".

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