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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.66%, Hang Seng Futures +1.85%, ASX SPI 200 +0.34%, S&P Futures +0.08%

Jun 06 ,2023

  • Synopsis:

    • Asia equities are poised to open higher on Wednesday. Hang Seng futures were sharply firmer, followed by Japan and Australia. Nasdaq Golden Dragon China Index rallied 3.77%. Follows moderate bounce in US markets overnight in an uneventful session. Nasdaq strength continues, though more of the attention went to Russell 2000 outperformance. US futures steady after hours. Treasuries were mostly weaker with curve flattening. Dollar index rose 0.1%. Gold finished up 0.4%, Bitcoin futures up 6.1%, and WTI crude declined 0.6%.

    • No major market catalysts with focus on next week's Fed meeting. Discussions continue to revolve around valuations with S&P 500 on the cusp of bull market territory. Developed market concerns over macro vulnerabilities continue with central banks maintaining a tightening stance as inflation remains elevated despite coming off its peak. Asia dynamics remain highlighted by China market weakness and indications global investors are allocating new money elsewhere in the region, particularly Japan. Apple's Vision Pro unveil prompted some encouraging takeaways from Japanese suppliers, though implications boil down to actual demand.

    • In latest headlines, a US official said Secretary of State Blinken will travel to China for talks in coming weeks though no elaboration on timing. World Bank lifted 2023 GDP forecast to acknowledge surprising resilience, though downgraded 2024 -- both projections remain bearish relative to IMF projections. Regional events today largely focused on Australia -- Q1 GDP and speeches by RBA Governor Lowe, Deputy Governor Bullock. China customs trade also slated for release.

  • Pre-open Company News:

    • 6158.HK -- Zhenro Properties Group reports May contracted sales CNY1.57B; StreetAccount notes year-ago CNY2.32B

    • 81.HK -- China Overseas Grand Oceans Group reports May contracted sales CNY3.90B, +6.1% y/y

    • 293.HK -- Cathay Pacific Airways to pay HK$1.52B deferred preference share dividend to HK government

    • 2196.HK -- Fosun Pharma partners with IFC to provide anti-malaria and anti-bacterial medicines in Africa

    • 669.HK -- Techtronic Industries says Jehoshaphat Research's allegations of fraud misleading and unfounded

    • 2772.HK -- Zhongliang Holdings Group reports May contracted sales CNY3.19B; StreetAccount notes year-ago figure was CNY6.0B

    • TECK.B.CN -- Teck provides update on interest in its steelmaking coal business

    • 533273.IN -- Oberoi Realty releases sustainability report

    • 4506.JP -- Sumitomo Pharma resumed underweight at JPMorgan; prior rating was underweight

    • 4768.JP -- OTSUKA CORP upgraded to overweight from neutral at Mitsubishi UFJ Morgan Stanley

    • 1717.HK -- Ausnutria Dairy sells 60% stake in Pure Nutrition to JV partner Westland for NZ$31.1M (HK$147.7M)

    • 2379.TT -- Realtek files lawsuit against MediaTek, IPValue, and Future Link Systems alleging unfair competition

    • STLA.IM -- Stellantis and LG Energy Solution consider offer from Canada to re-start battery plant after construction halted last month

    • 600612.CH -- Lao Feng Xiang Co. downgraded to underweight from neutral at JPMorgan

    • 688.HK -- China Overseas Land & Investment reports May contracted property sales CNY29.35B, +11.2% y/y

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Export Y/Y; consensus +5%

        • 08:00 CST: Import Y/Y; consensus (2.5%)

        • 08:00 CST: Trade Balance NSA; consensus +$98B

        • 16:00 CST: FX Reserves; consensus +$3168B

    • Hong Kong:

      • Earnings:

        • Trip.com Group (9961.HK)

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

    • Australia:

      • Economic:

        • 11:30 AEST: GDP Y/Y; consensus +2.3%

        • 11:30 AEST: GDP SAAR Q/Q; consensus +0.4%

        • 11:30 AEST: GDP SA Q/Q; consensus +0.4%

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus (12.2%)

  • Market Data:

    • Gold (Aug 23): ($1.70) or (0.09%) to $1979.80

    • WTI Crude (Jul 23): +$0.01 or +0.01% to $71.75

    • $-¥: +0.00 or +0.00% to 139.6000

    • $-KRW: (2.71) or (0.21%) to 1298.5500

    • A$-$: +0.01 or +0.87% to 0.6676

    • $-INR: +0.00 or +0.00% to 82.5171

    • $-CNY: +0.01 or +0.19% to 7.1188

  • 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".

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