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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei (0.29%), Hang Seng (0.69%), Shanghai Composite (0.35%) as of 04:10 ET

Aug 21 ,2024

  • Synopsis:

    • Asian equities traded mostly lower Wednesday but many finished off their lows. Declines were steepest in Hong Kong, led lower by internet & IT stocks, mainland China also fell a few points. Japan, Taiwan, India and several Southeast Asia bourses lower; South Korea and Australia closed a few points higher. US futures higher, Europe flat at the open. US dollar flat, yen strengthening, offshore yuan weaker. Treasury yields down at the long end, higher at the short; JGB yields lower, CGBs flat. Oil futures lower, precious metals higher, base metals unchanged. Cryptocurrencies nursing overnight losses.

    • Asia equities tracked developed markets overnight and largely fell but many rallied from morning lows as US futures edged higher. Forex back in the spotlight overnight with the dollar sliding to almost nine-month lows, boosting most Asia currencies. Nevertheless, the offshore yuan edged lower from two-week highs as China's FX regulator asked state-owned banks to assess the impact of a strong yuan on exporters. Former FX official and top China economist also warned risk of a yuan carry unwind that could trigger a yen-style surge.

    • In macro developments, Japan July export growth was strong but just below expectations with yen depreciation a factor in the miss as volumes fell for a sixth straight month. South Korean exports rose 18.5% y/y in first 20 days of August, accelerating from July's pace with chip exports up 42.5%. Central banks in Thailand and Indonesia left their respective base rates on hold, as widely expected.

    • Alibaba (~9988.HK~) affiliate Antfin Singapore sold shares worth nearly $570M in Zomato (543320.IN), halving its stake to around 2.2%. Walmart is looking to raise around $3.6B from selling its stake in JD.com (~9618.HK~) at a roughly 11% discount to its Tuesday closing price. Kuaishou Technology (~1024.HK~) said ecommerce growth decelerated sharply in Q2 influenced by softer consumer sentiment; stock down sharply. Foxconn (Hon Hai, ~2317.TT~) started a trial assembly of Apple's iPhone 16 Pro and Pro Max models in Chennai. The Competition Commission of India expressed concerns over cricket rights the merged media units of Reliance Industries (500325.IN) and Disney's (DIS) would have; companies may have to offer more concessions.

  • Digest:

    • China tech shares tumble on Walmart's planned exit of JD.com, overall mixed earnings:

      • Hang Seng Tech index was down 1.9% Wednesday, following 4% drop in Nasdaq Golden Dragon China Index overnight. JD.com (9618.HK) fell as much as 12% intraday and tumbled 9% at close following a Bloomberg report that Walmart (WMT) raised about $3.6B by selling its stake, at 11% discount to Tuesday's US close, in the Chinese e-commerce firm, ending a partnership since 2016. Bloomberg added Walmart's move fueled bigger concern over foreign investments in China given uncertain economic outlook. Citing analysts that sale of JD.com affects sentiment in whole sector as local money seen as not sufficient to support any meaningful recovery in equities. In addition, latest earnings from China tech firms have been mixed despite JD.com beating estimates in Q2 that led to 13% rally through Tuesday. Kuaishou Technology (1024.HK) down nearly 10% after disappointing advertising revenue; Vipshop Holdings ADRs (VIPS) down 18% after falling Q2 sales and an underwhelming outlook. Earlier results from Alibaba (9988.HK) and Tencent (700.HK) failed to alleviate worries over a worsening consumer environment.

    • China may allow local governments to tap special bonds to buy housing inventories:

      • Bloomberg sources indicated a proposal to allow LGSB funding for purchases of unsold homes. Story noted that more than half the 2024 quota of CNY3.9T ($546B) has been used and it's unclear what portion of the remainder might be allocated to the program. Developments underline growing urgency for property market support, though the proposal would face similar hurdles to those challenging existing initiatives. Bloomberg estimated only about 8% of the CNY580B in rescue funds have been utilized, including the PBOC's high-profile program. Macquarie explained lack of traction stems from rental yields in tier-1 cities averaged 1.4% in 2023, below PBOC relending rate of 1.75% and Beijing's recent 1-year special bonds yield of 1.65%. Article reaffirmed broad consensus that state purchases of housing inventory is of key importance, yet total funding has been a fraction of the trillions of yuan seen required to fill the demand gap. While announcement effects were credited for the rebound in Singapore iron ore futures, investor skepticism remains. Cited local media indicating several tier-1 cities expected to announce detailed measures for purchasing unsold homes.

    • Japan analysts stay the course on BOJ rate hike, equity market calls:

      • Latest Reuters poll (n=54) found economists still expect another 25 bp BOJ rate hike by year-end. Smaller sample (n=22) showed two-thirds favoring a December move while one third picked October. Article noted projections remain stable despite a series of surprise events -- the July rate hike accompanied by hawkish messaging, presaging a surge in yen and the biggest stock market rout since 1987 Black Monday. Deputy Governor Uchida then ruled out additional rate hikes while markets are unstable, but those remarks were played down by economists who still don't believe the policy stance had changed with current rate settings highly accommodative. Follows an earlier Reuters survey (n=18) showing equity analysts anticipate Nikkei 225 rising to 40K by year-end and extend to a record 42,500 by the end of next year, compared to current levels just below 38K. Also, 11 of 13 respondents expect earnings to top expectations over the rest of this year. Yet views were split on prospects for more near term volatility, with 6 of 13 seeing another correction of 10% of more in the Nikkei by September-end, while seven said it was unlikely. Reaffirmed supportive themes remain valuations, low rates and corporate reforms.

    • Japan export growth somewhat disappoints, imports notably firm:

      • Customs exports rose 10.3% y/y in July, compared to consensus 11.4%. Follows 5.4% in the previous month and marks the eighth straight increase. Main drivers were semiconductor/electronics parts, autos and chipmaking equipment. Notably, yen average depreciated 12.3% y/y on customs-cleared basis, coinciding with the peak in USD/JPY at 162. Regional growth led by Asia, though China was steady. US shipments rose at the slowest pace since Nov-23 while EU fell for the fourth straight month. Export growth was outpaced by imports, up 16.6%, also beating consensus 14.9%. Follows 3.2% in the prior month and was the highest since Jan-23. Drivers led by drugs, communications equipment and crude oil. Regional profile showed a pickup from all major markets. However, nominal figures continued to mask a sixth straight decline in export volumes, while imports rebounded only moderately for the first time in three months. BOJ real trade indices showed exports rose 1.0% m/m for the second straight increase, imports climbed 1.4%. Imports are on a faster trajectory at the start of Q3, pointing to a drag from net external demand to headline GDP.

    • Indonesia and Thailand central banks leave base interest rates on hold:

      • Bank Indonesia (BI) kept its 7D repo rate unchanged at 6.25% as expected Wednesday, kept its lending facility rate and deposit facility rates also unchanged at 7.0% and 5.5% respectively. BI Governor Warjiyo said bank not swayed by stronger rupiah as global developments require vigilance. BI likely to wait for clarity from US Fed before cutting, said analysts cited by Bloomberg. Meanwhile, Bank of Thailand kept policy rate at 2.5%, also as widely expected despite pressure from new government officials to trim rates as economic growth remains tepid; bank still concerned with high household debt. Policy committee voted 6-1, one member voted for 25 bps cut. Decision comes amid fiscal uncertainty following decision by new PM Shinawatra to pause digital handout program, bank not expected to cut rates until Q2 2025, according to Reuters. BoT decision follows comments from Thailand caretaker finance minister Wednesday who said economy in near crisis due to declining exports, uncompetitive manufacturing (Reuters).

    • Notable Gainers:

      • +11.2% S58.SP (SATS Ltd.): reports Q1 PATMI SG$65.0M vs year-ago (SG$29.9M)

      • +7.7% 2382.HK (Sunny Optical Technology (Group)): reports H1 net income attributable CNY1.08B vs StreetAccount CNY1.04B

      • +6.1% 373220.KS (LG Energy Solution): venturing into battery safety diagnostics software business

      • +5.8% 780.HK (Tongcheng-Elong Holdings): reports Q2 adjusted net income CNY656.7M vs StreetAccount CNY636.6M

      • +5.5% 2888.TT (Shin Kong Financial Holding): CTBC to apply for FSC permission to invest in Shin Kong

      • +2.2% 4183.JP (Mitsui Chemicals): updates on subsidiary OPC Ethylene Plant; production expected to resume from October

    • Notable Decliners:

      • -9.8% 1024.HK (Kuaishou Technology): reports Q2 results; total e-commerce GMV CNY305.25B vs FS CNY326.11B

      • -9.8% 7616.JP (Colowide): to issue 17.0M new shares, conduct third-party allotment of 2.6M shares; price TBD

      • -9.2% 9618.HK (JD.com): Walmart reportedly seeking to sell stake

      • -3.7% 2891.TT (CTBC Financial Holding): to apply for FSC permission to invest in Shin Kong

      • -2.4% 9866.HK (NIO Inc): EU Commission discloses draft definitive findings of anti-subsidy investigation into imports of battery electric vehicles from China

      • -0.4% 8306.JP (Mitsubishi UFJ Financial): MUFG Bank has sold 24M US Bancorp shares acquired in August 2023; will continue to hold initial investment of around 44M shares

  • Data:

    • Economic:

      • Japan July

        • Trade balance (¥621.8B) vs consensus (¥350.0B) and ¥224.0B in prior month

          • Exports +10.3% y/y vs consensus +11.4% and +5.4% in prior month

          • Imports +16.6% y/y vs consensus +14.9% and +3.2% in prior month

    • Markets:

      • Nikkei: (111.12) or (0.29%) to 37951.80

      • Hang Seng: (120.07) or (0.69%) to 17391.01

      • Shanghai Composite: (10.08) or (0.35%) to 2856.58

      • Shenzhen Composite: (4.27) or (0.28%) to 1521.41

      • ASX200: 12.80 or +0.16% to 8010.50

      • KOSPI: 4.50 or +0.17% to 2701.13

      • SENSEX: (125.88) or (0.16%) to 80676.98

    • Currencies:

      • $-¥: +0.79 or +0.54% to 146.0540

      • $-KRW: +7.44 or +0.56% to 1336.7700

      • A$-$: (0.00) or (0.18%) to 0.6733

      • $-INR: +0.17 or +0.20% to 83.9331

      • $-CNY: (0.00) or (0.04%) to 7.1336

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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