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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.77%, Hang Seng Futures +1.77%, ASX SPI 200 +0.66%, S&P Futures +0.07%

Jun 01 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Friday trade. Nikkei and ASX futures pointing to gains on the open while Hang Seng futures indicating rally at start of trade after Nasdaq Golden Dragon index surged 4% overnight. US contracts up slightly afterhours. Bond markets strengthening further with Australian and New Zealand curves bull flattening. FX markets steady after dollar sustained widespread declines. WTI crude holding at $70 after rebounding from its lowest since Nov-2021.

    • US nonfarm payrolls out later tonight. Street looking for a ~190K increase in nonfarm payrolls following a 253K gain in April. Unemployment rate expected to tick up to 3.5% from 3.4%. Average hourly earnings seen up 0.3% m/m following the 0.5% expansion in April. Multiple reports have discussed increased likelihood of a Fed pause this month, though Fed officials have largely maintained their tightening bias with potentially more rate hikes expected beyond this month.

    • US Senate expected to vote on debt ceiling legislation Thursday evening according to Majority Leader Schumer. This is a quicker timeline than what had been discussed in the press. Comes after House passed debt ceiling deal by a comfortable margin on Wednesday. Passage was always the consensus with focus instead having turned to potential liquidity implications from TGA rebuild.

    • Australian Fair Work Commission's minimum wage decision could bring forward rate hike expectations to as soon as June meeting. Commission expected to announce an inflation-matching minimum wage hike of ~7% that could heighten RBA's concerns about the risk of a wage-price spiral. Multiple economists have revised up rate forecasts in recent days with peak rate consensus shifting up to 4.6%, implying three more 25 bp rate increases.

  • Pre-open Company News:

    • 3990.HK -- Midea Real Estate Holding reports Jan-May contracted sales CNY35.46B; StreetAccount notes year-ago figure was CNY31.92B

    • Spain May new passenger car registrations 92,025 units, +8.3% y/y -- ANFAC

    • 512599.IN -- Adani Enterprises terminates acquisition of Swarna Tollway, 56.8% stake in Gujarat Road and Infrastructure

    • 1114.HK -- Brilliance China Automotive Holdings downgraded to sell from hold at Daiwa

    • AJBU.SP -- Keppel DC REIT CEO Anthea Lee Meng Hoon to step down to pursue other interests, effective 28-Jul

    • 806.HK -- Value Partners Group enters agreement to sell up to 369.0M shares at HK$3/share

    • 500570.IN -- Tata Motors reports May domestic and international sales 74,973 vehicles vs year-ago 76,210 units

    • China reports May lithium carbonate (battery grade) average price CNY262.1K/ton, +CNY55.1K from last month

    • 500477.IN -- Ashok Leyland reports May vehicle sales 13,134, (1%) y/y

    • 532777.IN -- Info Edge India initiates forensic audit against 4B Networks in relation to its INR2.88B investment

    • UBS initiates 4543.JP, 7733.JP (1-Jun, timing uncertain)

    • 1548.HK -- Genscript Biotech initiated buy at Daiwa

    • SoftBank Group upgraded to buy from hold at Jefferies (timing uncertain)

    • 1082.MK -- Hong Leong Financial Group downgraded to hold from buy at UOB Kay Hian Securities

    • 603087.CH -- FDA accepts submission of Gan & Lee Pharmaceuticals's BLA for insulin lispro biosimilar

  • On Deck:

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

  • Market Data:

    • Gold (Aug 23): ($2.10) or (0.11%) to $1993.40

    • WTI Crude (Jul 23): $0.00 or 0.00% to $70.10

    • $-¥: (0.57) or (0.41%) to 138.8000

    • $-KRW: (8.77) or (0.66%) to 1312.1800

    • A$-$: +0.01 or +1.14% to 0.6573

    • $-INR: (0.41) or (0.49%) to 82.2767

    • $-CNY: (0.02) or (0.26%) to 7.0935

  • If you would like to receive the Asian Market Preview daily, please click here.

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".

DEPOSITARY RECEIPTS:
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MAY LOSE VALUE
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