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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.05%), Hang Seng Futures (0.18%), ASX SPI 200 (0.18%), S&P Futures (0.02%)

Jun 07 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Thursday trade. Nikkei, Hang Seng and ASX futures all pointing to mild declines on the open. US contracts unchanged afterhours. Bond markets under pressure amid double-digit increases in Australian and New Zealand yields. FX and commodity markets little changed following a lackluster offshore session.

    • RBA's rate hike and hawkish comments from Governor Lowe continue to reverberate as more economists revise up terminal rate forecasts. Goldman Sachs and Capital Economics among the more hawkish, predicting peak rate of 4.85%. Markets now pricing in another rate hike by September and have priced out rate cuts until H2 2024. At the same time, recession concerns have picked up following underwhelming Q1 GDP and likely bigger drag on consumption from higher rates.

    • Some traction behind the disinflation narrative, but surprise BOC and RBA rate hikes this week also seem to play into concerns of a longer tightening cycle given still-elevated inflation. Yield curves remain inverted, and the hawkish developments have led markets to price in more than 50% chance of a Fed increase in July. Market now firmly in waiting mode ahead of May US CPI next week.

    • Expectations of further China policy easing continue after underwhelming trade figures added to a series of disappointing economic data. Rate cut expectations have increased following reports China's major banks were asked to cut deposit rates, a move seen as a potential prelude to an interest rate cut. Some economists predicting PBOC will lower MLF rate as soon as next week.

  • Pre-open Company News:

    • 601966.CH -- Shandong Linglong Tyre CFO Li Wei resigns due to a job change, effective today

    • 1966.HK -- China SCE Group Holdings reports May contracted sales CNY3.10B, (35%) y/y

    • BTOU.SP -- Manulife US REIT notes early termination of lease at 500 Plaza; expects proforma DPU before retention from 4.97c to 4.62c

    • 600763.CH -- Topchoice Medical completes CNY100-200M on-market share buyback announced on 7-Sep-22

    • 916.HK -- China Longyuan Power Group reports May power generation (MWh) 7.1M vs year-ago 6.0M

    • 1725.HK -- Hong Kong Aerospace Technology terminates Aspace Satellite share placement on mutual agreement

    • 688.HK -- China Overseas Land & Investment initiated buy at Guosen Securities (timing uncertain)

    • 2255.HK -- Haichang Ocean Park chairman Qu Naijie to buy up to HK$50M shares in open market within next 12 months

    • 8802.JP -- Mitsubishi Estate downgraded to underperform from outperform at CLSA

    • ^ESG -- StreetAccount ESG Headlines (7-Jun)

    • 543396.IN -- One 97 Communications upgraded to buy from neutral at BofA

    • 532779.IN -- Torrent Power downgraded to sell from add at Axis Capital

    • 207940.KS -- SAMSUNG BIOLOGICS signs KRW535.00B ($411.4M) contract with Pfizer Ireland

    • +PSE -- Prime Skyline files amended F-1; to offer 1.8M shares on a firm commitment basis plus 0.7M for holder Focus Point through Kingswood

    • 2238.HK -- Guangzhou Automobile Group reports May vehicle production 224K, +16.6% vs year-ago 192K

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: M2 NSA Y/Y; consensus +12.3%

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: Loan Growth Y/Y; consensus

    • Hong Kong:

      • Earnings:

        • Chow Tai Fook Jewellery Group (1929.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: GDP SAAR Q/Q (Final); consensus +1.6%

        • 08:50 JST: GDP SA Q/Q (Final); consensus +0.4%

        • 08:50 JST: GDP Y/Y (Final); consensus +1.3%

      • Earnings:

        • Sekisui House (1928.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Balance on Goods & Services; consensus +A$12.5B

  • Market Data:

    • Gold (Aug 23): ($1.40) or (0.07%) to $1957.00

    • WTI Crude (Jul 23): ($0.08) or (0.11%) to $72.45

    • $-¥: +0.32 or +0.23% to 139.9820

    • $-KRW: +8.11 or +0.62% to 1307.6700

    • A$-$: (0.00) or (0.25%) to 0.6655

    • $-INR: +0.10 or +0.12% to 82.6179

    • $-CNY: +0.01 or +0.12% to 7.1288

  • 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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