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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +0.40%, Hang Seng (0.16%), Shanghai Composite +0.20% as of 04:10 ET

Aug 23 ,2024

  • Synopsis:

    • Asia equities ended mostly higher Friday after a soft start. Japan's Nikkei and Topix led despite a weak opening, solid gains for New Zealand and Singapore. Mainland China moved higher into the close, the Hang Seng still slightly lower by the close. Australia, Taiwan and India were flat. Southeast Asia and South Korea were slightly stronger. For the week, all major bourses except Taiwan and mainland China rose slightly with Thailand the outperformer. US futures higher, Europe opened with small gains. US dollar gave up some overnight gains, Asia currencies stronger. Treasury yields higher at the short end, lower at the long end, JGB yields higher on Ueda remarks. Crude flat, precious metals higher, base metals mixed again with iron ore losing more ground.

    • Asia equities saw another relatively quiet day in terms of stock movements although ended on a positive note as attention turned to Fed Chair Powell's remarks later today. Expectations are for a reiteration of a data dependence approach but he may give hints on the cadence of cuts alongside a terminal rate for this cycle. Today, BOJ Governor Ueda testified to the Diet today and, although there were few surprises, his comments leaned hawkish after reiterating the bank will hike rates if economic projections are met.

    • Japan core CPI inflation edged higher in line with expectations, mostly due to the roll off of energy subsidies. Singapore July CPI unchanged at 2.4% against expectations for a slight increase. New Zealand Q2 retail sales fell by more than expected but was consistent with RBNZ's softer stance on the near-term economic outlook.

    • Softbank (9984.TT) is in talks over a $684M investment into Sharp (6753.JP) but the feasibility of a deal remained unclear. Alibaba (9988.HK) shareholders agreed to upgrade its Hong Kong listing to primary status on 28-Aug in attempt to attract more China investment. Shin Kong (2888.TT) agreed to a merger with rival Taishin Financial (2887.TT) to create the fourth largest financial holding company behind CTBC (2891.TT). The Australia regulator has raises ANZ's (ANZ.AU) capital requirements following previous bond trading misconduct.

  • Digest:

    • BOJ Governor Ueda says rate hikes still on track if economy meets forecasts:

      • Bloomberg cited comments from BOJ Governor Ueda in a parliamentary hearing, reaffirming no change in the stance they will continue to adjust the degree of easing if economic and price developments stay in line with forecasts. Added thoughts that concerns about the US economy triggering market volatility earlier this month were "overdone" and have since eased. Still, Nikkei story led with another comment acknowledging that markets remain unstable and will continue to monitor developments with a high degree of caution for the time being. Nonetheless, Ueda mentioned that if economic developments fall in line with their outlook, monetary policy will be at a neutral level. Recall that Ueda has avoided specifying the neutral rate in ongoing discussions at his post-MPM press conference citing the wide range of estimates depending on methodology. Recent Bloomberg consensus survey showed the market sees the terminal rate at 1%. Ueda's reaffirmation of the normalization trajectory provided some clarity after Deputy Governor Uchida recently said there would be no further rate hikes while markets are unstable. Implications limited given economists stuck to their calls for another move by year-end, leaning towards December.

    • Japan core inflation in line:

      • Core CPI rose 2.7% y/y in July, matching expectations. Follows 2.6% in the previous month and marks the highest since February. Ex-fresh food & energy inflation eased to 1.9%, also in line, following 2.2% in June, dipping below 2% for the first time since Sep-22. Main factor was energy as contribution climbed by 0.3 ppt reflecting the roll off of energy subsidies in June. However, measures will be reinstated in Aug~Oct and expected to apply renewed downward pressure in the near term. Elsewhere, slight drags came from slowdown in non-fresh food, accommodation and mobile phone fees. Developments were largely consistent with preceding Tokyo data. Core goods prices accelerated to 4.0% from 3.5% as stronger semi/non-durables outweighed marginal easing in durables. Service prices slowed to 1.4% from 1.7%. BOJ policy implications have subsided since the July rate hike and the policy statement noted economic developments remain largely on track with the main outlook scenario. Attention has since shifted more towards BOJ's reaction to recent market volatility.

    • China vows to expedite buying unsold homes for affordable housing, deliver 3.96M houses by end-year:

      • Senior officials from China's housing ministry held a press briefing Friday to update property market developments. Pledged to swiftly implement program to purchase unsold apartments and transform them into affordable housing. Will expedite renting and selling to the public, according to vice minister Dong Jianguo. Added local governments urged to strengthen planning and prearrangement of such purchases for 2025 and 2026. Meanwhile since mid-May, housing ministry along with banking regulator has conducted comprehensive reviews and locked in 3.96M houses, which are scheduled to be delivered in 2024. Dong said "people have paid money, therefore they should get their homes". Dong said Chinese banks have approved CNY1.4T of credit to more than 5,300 projects on "white-list". Housing minister Ni Hong said China's property market is within adjustment period and still has great potential and space.

    • Japan stock market recovers from 5-Aug rout, buybacks returning to record pace:

      • Nikkei discussed the recovery in the Nikkei 225 index Thursday back above the 1-Aug close of 38,126.33, noting a broad sense of relief that the extreme volatility phase has generally concluded. While a recovery in yen carry trades are seen doubtful given prospects for narrowing US-Japan rate differentials, stock market dynamics have returned to normal as concerns over the US economic outlook receded, with attention on solid corporate earnings. Some attention on the retail sector bounce, surpassing pre-selloff levels as yen strength alleviates import cost pressures (Nikkei). Broader optimism surrounding buybacks after latest TSE data showed corporate net purchases of JPY237.6B ($1.6B) in the second week of August, placing trajectory back on a record-setting pace this year (Nikkei). Article noted that while activity reflects existing buyback plans, new announcements viewed as further encouragement, including SoftBank's (9984.JP) JPY500B and NTT's (9432.JP) JPY200B on 7-Aug. Furthermore, foreign inflows have resumed as a big drop in forward PER underscored attractive valuations and Nikkei trajectory notably sharper on a dollar basis. Foreigner futures flows remain negative, though much lower than preceding weeks, thought to be driven by alleviated pressure from momentum investors such as CTAs.

    • Australia Treasurer Chalmers offers concessions to opposition on RBA reform proposal:

      • AFR reported Treasurer Chalmers has offered to shift all existing RBA board members into a new rate-setting board as a concession that presents a potential breakthrough in long-stalled negotiations with the opposition Coalition. Proposed reforms would see the formation of a Monetary Policy Board which will continue to set interest rates, and a separate Governance Board to handle internal affairs (ABC). AFR noted the Coalition supports the new dual-board structure in principle, though shadow treasurer Taylor pushed for all six external RBA board members to the nine-member rate-setting board to prevent Chalmers from stacking the board with Labour-aligned appointees. Quoted Taylor's response indicating he would consider the offer but no deal has been done. Chalmers left open the possibility of at least one of the existing board members to join the Governance Board, enabling the appointment of new personnel. RBA Governor Bullock has stated a preference for one or two members to move to the Governance Board in the interest of continuity, and discussions are under way to gauge the current board members' preference. Chalmers also retreated on an earlier proposal to abolish the federal government's never-before-used veto rights on interest rate decisions, instead narrowing the circumstances under which Section 11 of the RBA Act can be exercised.

    • Notable Gainers:

      • +18.1% 6699.HK (Angelalign Technology): reports H1 adjusted net income CNY71.7M, +96% vs year-ago CNY36.6M

      • +7.0% 6753.JP (Sharp Corp): SoftBank reportedly considering ¥100B investment in Sharp

      • +1.2% 9988.HK (Alibaba Group): conversion of secondary to primary listing on the Hong Kong Stock Exchange to become effective 28-Aug

      • +0.8% 8306.JP (Mitsubishi UFJ Financial): HDFC Bank reportedly rejects MUFG's offer to acquire 20% stake in HDB Financial Services

      • +0.4% 6201.JP (Toyota Industries): Siemens AG reportedly to sell Siemens Logistics unit to Toyota's Vanderlande

    • Notable Decliners:

      • -10.5% 9999.HK (NetEase): reports Q2 revenue CNY25.49B vs StreetAccount CNY25.99B

      • -7.1% 316.HK (Orient Overseas (International)): reports H1 net income attributable $833.3M, (26%) vs year-ago $1.13B

      • -5.0% 9888.HK (Baidu): reports Q2 revenue CNY33.93B vs StreetAccount CNY34.12B

      • -1.2% 9898.HK (Weibo Corporation): reports Q2 earnings; MAUs 583M in June vs StreetAccount 598.5M

  • Data:

    • Economic:

      • Japan July

        • Nationwide core CPI +2.7% y/y vs consensus +2.7% and +2.6% in prior month

          • CPI excl. fresh food & energy +1.9% y/y vs consensus +1.9% and +2.2% in prior month

          • Overall CPI +2.8% y/y vs consensus +2.7% and +2.8% in prior month

      • New Zealand Q2

        • Q2 retail sales (1.2%) q/q vs consensus (0.9%) and revised +0.4% in Q1

      • Singapore July

        • CPI +2.4% y/y vs consensus +2.5% and +2.4% in prior month

          • Core CPI +2.5% y/y vs consensus +2.9% and +2.9% in prior month

    • Markets:

      • Nikkei: 153.26 or +0.40% to 38364.27

      • Hang Seng: (28.90) or (0.16%) to 17612.10

      • Shanghai Composite: 5.60 or +0.20% to 2854.37

      • Shenzhen Composite: 1.14 or +0.08% to 1506.22

      • ASX200: (3.10) or (0.04%) to 8023.90

      • KOSPI: (5.98) or (0.22%) to 2701.69

      • SENSEX: 26.54 or +0.03% to 81079.73

    • Currencies:

      • $-¥: (0.49) or (0.33%) to 145.8100

      • $-KRW: (7.20) or (0.54%) to 1335.4300

      • A$-$: +0.00 or +0.30% to 0.6724

      • $-INR: (0.02) or (0.03%) to 83.9088

      • $-CNY: (0.01) or (0.12%) to 7.1366

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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