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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.90%, Hang Seng (1.36%), Shanghai Composite (1.26%) as of 04:10 ET

Mar 27 ,2024

  • Synopsis:

    • Asian equities ended mixed Wednesday following a late selloff in Greater China markets. Hang Seng fell almost 1.4% while the Shanghai Composite fell to below 3K for the first time in a month. Some small losses in Seoul and Jakarta, elsewhere mostly higher with strong gains in Japan and India. Most of Southeast Asia also finished higher. US futures higher, Europe opened flat. US dollar stronger but off its highs, yuan weaker, yen touched 34-year lows early on before settling back. Treasury yields mixed, JGB yields lower. Crude futures sharply down but WTI still above $80 per barrel. Gold lower, industrial metals all lower with notable weakness in iron ore.

    • Greater China markets sold off again Wednesday with Hong Kong and Shanghai set to close out the month with losses. The Hang Seng's large-cap internet and IT stocks to blame today but there was weakness in several property, EV and financial names too. This despite China industrial profits rebounding in Jan-Feb, in-line with stronger activity data published earlier this month, but analysts were quick to reiterate the improvement may be temporary. The yuan also weakened today with confusion growing among currency traders over the PBOC's messaging with its daily fixing.

    • The yen briefly touched 34-year highs as BOJ board member Tamura called for slow and steady normalization of policy and Governor Ueda repeated accommodative financial conditions would continue. The currency fell back later in the day with intervention risks still prevailing at 152 per dollar. Elsewhere, Australia monthly inflation unchanged against expectations for an increase. South Korean business sentiment deteriorated amid weaker private spending. Taiwan's central bank said it sees little room for a rate cut even by June. New Zealand's treasury cut growth and inflation forecasts for 2024.

    • Alibaba (9988.HK) scrapped the IPO of its logistics unit amid deepening market turmoil, and said it would buy the remaining stake it does not already own for up to $3.75B. CRRC (1766.HK) said it had withdrawn its bid for a Bulgarian railway project following an EU probe into foreign subsidies. The family behind Country Garden (2007.HK) is set to receive almost $50M in dividend payments just as the company appointed financial advisors over a potential liquidation. SK Hynix (000660.KS) CEO said high-bandwidth memory (HBM) chips will make up a double-digit percent of its DRAM chip sales in 2024.

  • Digest:

    • BOJ board member Tamura sees slow and steady normalization of policy:

      • In a speech, BOJ board member Tamura said decision to end NIRP marks first step towards normalizing monetary policy. Observed wage hikes spreading to wide range of companies, and that virtuous cycle between wages and prices likely to continue. Said BOJ will continue to base policy on economy, price, and financial conditions with view to achieving 2% inflation in sustainable and stable manner. Based on current outlook for prices, BOJ expects accommodative financial conditions to continue for time being. Devoted part of speech to discussing policy side effects, noting that negative rates had effect of depressing investment hurdle rates and reducing signaling function of market-determined interest rates. Said ultimate goal is to eliminate side effects and return interest rates to level that will influence demand and prices, which will be managed with slow and steady policy normalization. In follow-up remarks, Tamura said BOJ moving in direction of reducing bond purchases, but uncertain when this will be. Flagged more rate hikes if outlook for inflation improves, adding this would not be incompatible with accommodative financial conditions.

    • Yen falls to fresh 34-year low against dollar:

      • Yen down to fresh 34-year low against dollar, continuing move lower that followed last week BOJ's meeting Yen weakness also considered a function of broader dollar strength as BOJ and Fed policy outlooks invite more scrutiny on US-Japan yield gap. Treasury-JGB 2Y premium has widened by ~35 bp since beginning of March, reflecting hawkish repricing of Fed rate path and dovish-leaning BOJ remarks on post-NIRP path. Yen positioning still decidedly bearish with Bloomberg highlighting how 3M basis swaps rose to highest since Jan-22 last week, indicating waning demand among Japan money managers to hedge against yen strength. Latest CFTC data also showed net short yen contracts among hedge funds neared six-year high last week (Bloomberg). Yen weakness increasingly grabbing attention of Japan government officials with FX chief Kanda repeatedly stating exchange rate movements excessive and not in-line with fundamentals, reiterating readiness to act if needed (Bloomberg). Kanda's comments fueling intervention speculation with 155-per dollar handle eyed as potential intervention trigger (Bloomberg).

    • China's industrial profits rebound in first two months of 2024:

      • Profits at industrial firms in China rose 10.2% y/y in Jan-Feb, following a 2.3% drop for whole of 2023, joining a series of macro data suggesting economic recovery is gaining momentum (Reuters). Data in first two months slower compared with 16.8% y/y rise in December but continued the growth momentum from August. State-owned enterprises saw profits grow 0.5% y/y in Jan-Feb (vs -3.4% in 2023), while foreign firms posted 31.2%% growth (vs -6.7% in 2023) and private enterprises recorded a 12.7% gain (vs +2% in 2023). Bloomberg noted increase in industrial profits provided more evidence that China's economy is on firmer footing on back of rebounding foreign demand and policy stimulus. Meanwhile deflationary pressures linger over persistent property market woes and subdued confidence while falling PPI squeezed companies' profit margins. Recall policymakers pledged to provide government funds to encourage consumers and businesses to replace old big-ticket items and equipment with newer ones, which should benefit industrial firms although details have yet to be announced.

    • Beijing confuses yuan traders with conflicting fixing messages:

      • Onshore and offshore yuan both weakened Wednesday, breaking above their narrow four-month trading ranges, and adding fuel to talk PBOC was loosening its grip on currency controls and allowing yuan to depreciate. Comes after several days of confusing messaging from PBOC through its daily reference point fix, first weakening it by most in two months late last week before setting stronger bias on Monday and Tuesday. Today, bank set a largely unchanged point, further confusing traders. Bloomberg commented mixed messaging may open door to further volatility if policymakers decide to relax controls. Cited analysts saying PBOC may be reacting to delay in Fed rate cuts and BOJ rate hike, others said yuan has room to depreciate given stock outflows, dollar strength. Third view said confusion maybe BOJ's objective as it will allow market processes to take hold.

    • Australian monthly inflation unchanged at two-year low:

      • Australian monthly inflation unchanged at 3.4% y/y in February against expectations for an increase to 3.5%. Details mixed with ex-volatile items series (food, fuel) dropping from 4.1% to 3.9% while trimmed mean inflation ticked up to 3.9% from 3.8%. Main drag on underlying inflation came from fall in furnishings and household equipment, offset by jump in education (reflecting one-off fees in start of school year), record rise in insurance premiums, and increase in clothing and footwear category. Housing component mixed with rent inflation rising further amid extremely tight vacancies, while rebates drove fall in electricity and gas components. Data reinforces cautious RBA messaging on not ruling anything or out with respect to rates. Attention now centers on May RBA meeting given it will follow the more closely followed Q1 CPI data (24-Apr). Markets pricing in ~45 bp of easing by year-end with first RBA rate cut occurring in September.

    • Notable Gainers:

      • +21.7% 9959.HK (Linklogis): Reports FY adjusted net income (CNY286.3M) vs guidance (CNY295-305M); to conduct up to $100M buyback

      • +8.6% 6049.HK (Poly Property Services): Reports FY net income attributable CNY1.38B vs FactSet CNY1.35B

      • +6.9% 352820.KS (HYBE Co.): Expanded long-term agreement with Universal Music Group

      • +3.1% MSB.AU (Mesoblast): FDA notes available clinical data from phase 3 trial appear sufficient to support BLA submission for remestemcel-L

      • +2.7% 7912.JP (Dai Nippon Printing Co.): Accelerates development of photomask manufacturing process for 2nm generation EUV lithography

    • Notable Decliners:

      • -38.2% 9983.HK (Central China New Life): Guides FY net income attributable (CNY500-700M) vs year-ago CNY570M and FactSet (CNY320.0M)

      • -28.1% HAS.AU (Hastings Technology Metals): Rights issue to raise A$22.15M at A$0.36/share

      • -26.5% 9698.HK (GDS Holdings): Reports Q4 adjusted EBITDA CNY1.13B vs StreetAccount CNY1.11B; announces $587M private placement equity raise for GDS International subsidiary

      • -21.1% PTM.AU (Platinum Asset Management): Updates on turnaround plan: targeting at least A$25M in annualized run rate savings; downgraded to sell from underperform at CLSA

      • -3.8% 4967.JP (Kobayashi Pharmaceutical): Japan bans sales of Kobayashi's red yeast rice products after report of deaths

  • Data:

    • Economic:

      • Australia

        • February CPI +3.4% y/y vs consensus +3.5% and +3.4% in January

    • Markets:

      • Nikkei: 364.70 or +0.90% to 40762.73

      • Hang Seng: (225.48) or (1.36%) to 16392.84

      • Shanghai Composite: (38.34) or (1.26%) to 2993.14

      • Shenzhen Composite: (49.04) or (2.80%) to 1703.25

      • ASX200: 39.40 or +0.51% to 7819.60

      • KOSPI: (1.98) or (0.07%) to 2755.11

      • SENSEX: 582.98 or +0.80% to 73053.27

    • Currencies:

      • $-¥: +0.11 or +0.07% to 151.6700

      • $-KRW: +5.45 or +0.41% to 1349.5600

      • A$-$: (0.00) or (0.11%) to 0.6526

      • $-INR: (0.04) or (0.04%) to 83.3298

      • $-CNY: +0.01 or +0.13% to 7.2277

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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