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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.13%), Hang Seng +0.80%, Shanghai Composite (0.21%) as of 04:10 ET

May 13 ,2024

  • Synopsis:

    • Asia equities ended mixed Monday. Mainland China, Japan and India among the bourses to see losses, Hong Kong, Taiwan and Singapore added to recent gains. Australia, South Korea and much of Southeast Asia was flat. US futures point to a positive start, Europe opened with small gains. US dollar flat, little movement of note in Asia currencies. Treasury yields mixed, JGB yields hit six-month high following BOJ's limited bond purchasing operation. Crude futures now higher, precious metals lower, industrial metals mixed. Cryptocurrencies falling.

    • Asia markets in a directionless session Monday as Chinese markets diverged and Japan equities fell once again. China traders reacted to weekend and Monday newsflow with mixed results as mainland benchmarks stayed mainly in the red but the Hang Seng resumed its recent trend and closed above 19K for the first time since last August. Over the weekend, consumer prices showed a rise in April but PPI contracted again; loan data surprised on the downside. Today, the ministry of finance said it would begin issuance of CNY1T in long-dated bonds as soon as this Friday, with further tranches later in May, June and November. But Beijing's financial market transparency suffered a setback on reports Shanghai and Shenzhen exchanges will cease publishing real-time flow data on Hong Kong Stock Connect.

    • Traders also largely shrugged off reports the White House was set to quadruple tariffs on Chinese EVs sold in the US, with analysts saying it was unlikely retaliatory action would be forthcoming given few Chinese electric vehicles are sold in the US. Australia business sentiment held steady for a second consecutive month, and consumer sentiment fell.

    • Kepco (19510.KS) Is in talks with the UK government over building a new nuclear power station in Wales. WuXi AppTec (2359.HK) won a reprieve from US lawmakers who extended the deadline to 2032 for US companies to end contracts with several Chinese firms. Tata Motors (500570.IN) Q4 earnings missed estimates, company gave a flat earnings outlook; is considering spinning off Tata Motors Finance and merging with Tata Capital in a share swap deal.

  • Digest:

    • Biden looks set to ramp up China import tariffs sharply this week:

      • Press extended discussions on impending US tariff hikes on Chinese imports expected to be announced Tuesday. Gravitating towards an earlier media report, Bloomberg sources indicated increases will range from double to triple on certain targeted industries. Highlighted EV levies set to rise to 102.5% from 27.5%. Sources have said key targeted sectors included EVs, batteries, solar cells, steel and aluminum. After a review of Section 301 measures, article noted it is unclear which items were spared but Biden won't announce any rate reductions. Article noted government has previously signaled to the US solar industry that some items would be excluded, including machinery used to make solar panel components. Biden has previously announced steel and aluminum tariffs on some products currently subject to a 7.5% levy, or none, will increase to 25%. A Reuters source said there will be new tariffs on semiconductors and solar equipment in addition to EV levy hikes. USTR submitted recommendations to the White House weeks ago, but a final announcement has been delayed due to internal discussions, and some sources said it may come later than Tuesday.

    • BOJ announces smaller JGB purchase operation for the first time since ending YCC:

      • Nikkei reported BOJ announced a scheduled JGB purchase operation targeting 5y~10y zone of JPY425B ($2.7B) in size, down from JPY475B in the prior operation on 24-Apr and marks the first downsize since MPC ended YCC in March. Benchmark 10y yield rose ~3 bp to 0.93% on announcement effects. Follows elevated attention on the monetary policy outlook and especially signs of QT. Recall Summary of Opinions for the April meeting were notably hawkish in the longer term, with one comment flagging the possibility of a rate path higher than currently priced in markets. Also included open discussions about intent to eventually reduce JGB purchases, though points raised indicated early stages with the process set to be gradual while monitoring how markets adapt. One member suggested daily purchase amount should be adjusted carefully by the Financial Markets Department in response to factors such as JGB supply-demand conditions. Another proposed a more official decision to taper monthly buying amounts based on supply-demand conditions with the aim of restoring market functioning. Also affirmed importance of signaling such intent from the perspective of enhancing market predictability.

    • China finance ministry to start selling long-dated bonds Friday to support economy:

      • Bloomberg reported China's Ministry of Finance is to begin selling its first batch of CNY1T ($138B) of long-dated bonds Friday. Second batch of 20Y tenors to be sold from 24-May, 50Y bonds from June, final 30Y batch in November. Those on sale Friday will be 30Y bonds but ministry did not disclose amount to be sold. Earlier, FT reported PBOC had asked brokers for advice on pricing for first batch to be used for investment in key economic areas. Sale comes at optimal time for sovereigns as borrowing costs fallen to record lows last month and government has "significant room" to issue trillions of dollars in long-dated bonds, according to analyst cited in FT article. Second analyst said sale likely to support PBOC aim to raise long-dated yields moderately, although danger of added liquidity leading to drop in yields instead.

    • PBOC maintains accommodative stance with credit demand weak, inflation mixed:

      • China monetary data published over the weekend implied headline new loans at CNY730B ($101B) in April, below consensus CNY800B and prior month's CNY3.09T. Outstanding loan growth unexpectedly remained at a record-low 9.6% vs consensus 9.7%. Standout was a rare CNY200B contraction in total social financing, contrasting with expected CNY1.00T expansion and follows CNY4.87T in the previous month. M2 money supply growth also notably missed at 7.2% vs consensus and prior month's 8.3%. Downside surprise was generally attributed to combination of seasonal payback from prior month, light bond issuance and weak underlying credit demand. PBOC said to have begun gauging broker demand in preparation for the CNY1T issuance of ultra-long special treasury bonds. Separately, CPI rose 0.3% y/y in April, marginally above consensus 0.2%. Follows 0.1% in March and marks the third straight month in positive territory. Food remained the key drag. Core inflation edged up to 0.7% from 0.6%. PPI fell 2.5%, below consensus 2.3%, following 2.8% decline in March. Goods prices flat on the year, services up 0.8%. PBOC Q1 policy report conveyed upbeat economic assessment, highlighting 5.3% y/y Q1 GDP growth and positive CPI inflation. Also reaffirmed an accommodative policy stance.

    • India election passes halfway point amid low turnout, scorching temperatures:

      • India's election entered its fourth phase of seven Monday with incumbent PM Modi still confident of securing third term and improved majority in parliament. However, ruling BJP said to be concerned over low turnout which is running as low as 10% in places amid lack of core voting issue to enthuse voters and unusually hot weather (Mint). Low turnout prompted Modi to change campaign strategy after first phase of voting from focus on economic record to accusing opposition Congress Party of wanting to extend benefits to minority Muslims (Reuters). Opposition coalition continues to campaign on inequality, better representation for poorer groups, received boost Monday with temporary release from prison of Arvind Kejriwal. Kejriwal fierce critic of Modi who was arrested month before election began but who can now campaign against Modi. Vote count and results are due 4-Jun (TimesofIndia).

    • Notable Gainers:

      • +10.0% 500002.IN (ABB India): reports Q1 EBITDA INR5.14B vs StreetAccount INR4.01B

      • +9.7% 7733.JP (Olympus): reports Q4 revenue ¥260.50B vs StreetAccount ¥255.89B; to launch up-to-¥100.00B buyback, to run from 13-May through 31-Dec

      • +5.1% G13.SP (Genting Singapore): Q1 business update; reports adjusted EBITDA SG$369.5M vs year-ago SG$191.7M

      • +4.3% 2359.HK (WuXi AppTec): latest proposed US biotech bill extends deadline to 2032 for US firms to end contracts with Chinese firms including WuXi AppTec, Wuxi Biologics, BGI

      • +3.2% 4911.JP (Shiseido): reports Q1 revenue ¥249.45B vs FactSet ¥242.30B, core operating income ¥11.33B vs FactSet ¥10.72B

      • +2.1% 2330.TT (Taiwan Semiconductor): reports April revenue NT$236.02B, +59.6% y/y; board approves Q1 cash dividend NT$4/share; StreetAccount notes year-ago dividend was NT$3/share

      • +1.1% 7267.JP (Honda Motor): reports Q4 revenue ¥5.429T vs StreetAccount ¥5.419T; to buy back up to 180M shares for maximum of ¥300B

    • Notable Decliners:

      • -8.7% 500570.IN (Tata Motors): reports Q4 revenue INR1.200T vs FactSet INR1.213T

      • -7.9% 9735.JP (SECOM Co.): reports FY operating income ¥140.66B vs FactSet ¥141.17B

      • -5.4% 8801.JP (Mitsui Fudosan Co.): reports FY revenue ¥2.383T vs FactSet ¥2.302T

      • -4.7% 7453.JP (Ryohin Keikaku): reports April Mainland China LFL sales (10.9%) y/y

      • -0.1% 4938.TT (Pegatron): reports April revenue NT$89.68B, (16.5%) y/y

  • Data:

    • Economic:

      • China April

        • New loans CNY730B vs consensus CNY800B and CNY3.09T in prior month

          • Outstanding loan growth +9.6% y/y vs consensus +9.7% and +9.6% in prior month

          • Total social financing (CNY200B) versus consensus CNY1.00T and CNY4.87T in prior month

          • M2 money supply +7.2% y/y vs consensus +8.3% and +8.3% in prior month

        • CPI +0.3% y/y vs consensus +0.2% and +0.1% in prior month

          • PPI (2.5%) y/y vs consensus (2.3%) and (2.8%) in prior month

      • Australia April

        • NAB business confidence +1 vs +1 in prior month

          • Business conditions +7 vs +9 in prior month

      • New Zealand Q2

        • Inflation expectations +2.3% versus +2.5% in prior quarter

    • Markets:

      • Nikkei: (49.65) or (0.13%) to 38179.46

      • Hang Seng: 151.38 or +0.80% to 19115.06

      • Shanghai Composite: (6.53) or (0.21%) to 3148.02

      • Shenzhen Composite: (16.98) or (0.95%) to 1766.79

      • ASX200: 1.00 or +0.01% to 7750.00

      • KOSPI: (0.42) or (0.02%) to 2727.21

      • SENSEX: (429.94) or (0.59%) to 72234.53

    • Currencies:

      • $-¥: +0.07 or +0.04% to 155.8480

      • $-KRW: (3.51) or (0.26%) to 1367.6400

      • A$-$: (0.00) or (0.06%) to 0.6602

      • $-INR: (0.01) or (0.01%) to 83.5297

      • $-CNY: +0.01 or +0.09% to 7.2337

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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