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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.28%, Hang Seng Futures +1.14%, ASX SPI 200 +1.06%, S&P Futures (0.06%)

Jun 04 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Monday trade. Nikkei, Hang Seng and ASX futures all pointing to gains of at least 1% on the open. S&P 500 futures steady while Nasdaq futures have eased. Big bear flattening move in Australian yields ahead of Tuesday's RBA meeting. Dollar strengthening on major crosses. Crude leading commodity market gains as base and precious metals trade lower.

    • Crude rallying after Saudi Arabia announced unilateral crude output cut of 1M bpd in July and flagged an extension if needed. Other OPEC+ nations opted to leave their production unchanged. Comes after group made a surprise decision in April to cut output by 1.6M bpd, which failed to lift crude prices amid broader concerns around slowing global economy and dampened China reopening momentum.

    • Pickup in recession concerns driven in large part by China's weaker growth outlook and lack of meaningful policy response, which have corresponded with a sharp fall in commodities and Chinese equities hurtling into a bear market. However, Bloomberg reported China's regulators working on new round of property market support measures, reigniting hopes for more stimulus to revive the economy.

    • Shangri-La Dialogue underscored still-tense US-China relations after Beijing's defense chief refused to meet US Defense Secretary Austin. Li Shangfu vowed China would not back down on taking Taiwan while Austin criticized Beijing for refusing to resume military dialogue. Comes after FT reported CIA director Bill Burns travelled to China last month in bid to ease tensions, marking highest level visit by US official since Jul-2021. However, no signs from China about a broader restoration of high-level communications.

    • Markets still only pricing in 31% probability of a June Fed rate hike following another hot US payrolls print. While data supports soft landing expectations, the uptick in unemployment rate and weaker hourly wage growth prevented a hawkish repricing of the rate path. However, Fed officials continue to stick with their tightening bias given still-elevated inflation. Markets have largely priced out dovish pivot in 2023 and see greater than even chance of a July rate increase..

  • Pre-open Company News:

    • 600066.CH -- Yutong Bus reports May vehicle sales 3,133 units vs year-ago 2,237 units

    • 880.HK -- SJM Holdings upgraded to buy from outperform at CLSA

    • 530965.IN -- Indian Oil Corp. announces formation of JV company Indianoil NTPC Green Energy Private Limited

    • 1385.HK -- Shanghai Fudan Microelectronics Group declares final dividend CNY1.35 for every 10 shares

    • TIDLOR.TB -- Ngern Tid Lor Public Co. initiated buy at Pi Securities

    • 500034.IN -- Bajaj Finance has no plans to spinoff Payments vertical as a separate entity

    • IMGN -- ImmunoGen announces ELAHERE demonstrates 35% reduction in the risk of disease progression or death versus chemotherapy in FRα PROC

    • SMMT -- Summit Therapeutics announces promising data for investigational innovative bispecific Ivonescimab featured at ASCO 2023

    • BMY -- Bristol Myers Squibb announces four-year outcomes from Phase 3 Checkmate -9LA trial show durable, long-term survival with Opdivo plus Yervoy with two cycles of chemotherapy for patients with metastatic non-small cell lung cancer

    • 543257.IN -- Indian Railway Finance Corp. downgraded to hold from buy at Investec

    • ^TTNASIA -- Central banks, GDP and China inflation among this week's macro highlights:

    • PBYI -- Puma Biotechnology announces presentation of biomarker findings from a Phase II study of alisertib with paclitaxel versus paclitaxel alone in metastatic or locally recurrent breast cancer at the 2023 ASCO annual meeting

    • 1801.HK -- Innovent Biologics updates Phase 1B data of IBI939 (anti-tigit monoclonal antibody) combined with sintilimab in previously untreated PD-L1-selected NSCLC at the 2023 ASCO annual meeting

    • CRPU.SP -- Sasseur REIT initiated buy at Phillip Capital

  • On Deck:

    • China:

      • Economic:

        • 09:45 CST: Markit/ Caixin Services PMI; consensus 55.5

    • Japan:

      • Economic:

        • 09:30 JST: PMI Services; consensus 55

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +4.3%

  • Market Data:

    • Gold (Aug 23): ($4.90) or (0.25%) to $1964.70

    • WTI Crude (Jul 23): +$1.77 or +2.47% to $73.51

    • $-¥: +0.26 or +0.19% to 140.2090

    • $-KRW: (0.97) or (0.07%) to 1305.1100

    • A$-$: (0.00) or (0.36%) to 0.6597

    • $-INR: (0.00) or (0.00%) to 82.4029

    • $-CNY: (0.00) or (0.02%) to 7.0838

  • 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.
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