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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.71%, Hang Seng Futures +0.66%, ASX SPI 200 +0.41%, S&P Futures (0.06%)

Jun 08 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Friday trade. Nikkei, Hang Seng and ASX futures pointing to gains of ~0.5% on the open. S&P 500 futures steady after index reentered bull market. Australian and New Zealand bonds rebounding following recent bear flattening. Dollar index has pulled back to its lowest since late May as yen hits one-week high. Crude peeling lower following volatile overnight session.

    • Bond yields have risen sharply over past week as surprise rate hikes in Australia and Canada add to risks of a longer global tightening cycle. Fed rate hike expectations also rising following run of strong US macro data. Futures pricing in a July rate hike following a June pause, while odds of a 2023 dovish pivot have faded. ECB expected to hike in June and July following a flurry of hawkish speeches by ECB officials.

    • China CPI inflation forecast to have inched up from very low levels in May, though PPI deflation expected to have worsened. China pricing pressures have evaporated amid sluggish domestic demand and falling raw material prices. Low inflation backdrop prompting calls for stepped up policy support with some economists predicting MLF rate cut next week and further reduction in RRR.

    • US-China tensions remain elevated after White House denied report Cuba to host a secret China spy base. Comes after Biden officials criticized China for recently engaging in dangerous military maneuvers in South China Sea. China's defense minister also refused to meet US Defense Secretary Austin at recent Shangri-La Dialogue. White House has attempted to restart communications over recent weeks, but there are doubts whether it will lead to broader rapprochement. .

  • Pre-open Company News:

    • 136.HK -- China Ruyi Holdings initiated buy at TF Securities (timing uncertain)

    • 1288.HK -- National Administration of Financial Regulation approves ABC Wealth Managment's JV with BNP Paribas

    • 532523.IN -- Biocon's API facility in Bangalore receives EU GMP compliance certificate

    • 1137.HK -- Hong Kong Technology Venture reports May GMV HK$717M, +17.0% m/m, +10.5% y/y

    • 1093.HK -- CSPC Pharmaceutical Group reports clinical trial approval from Health Canada for CPO301 in advanced solid tumors

    • 300014.CH -- EVE Energy to invest CNY9.97B in EV cylindrical battery production project in Hungary

    • 002812.CH -- Yunnan Energy New Material completes 85.4M share private placement at CNY87.8/share to raise CNY7.5B

    • 532321.IN -- FDA grants final approval for Zydus's esomeprazole magnesium for delayed-release oral suspension, 20 mg, 40 mg

    • Trip.com Group upgraded to buy from outperform at Daiwa (pre-US open)

    • 500253.IN -- LIC Housing Finance establishes ESG Committee

    • 002146.CH -- RiseSun Real Estate Development proposes private placement at CNY1.36/sh to fund acquisition of RiseSun MGL New Energy

    • 600048.CH -- Poly Developments & Holdings Group reports May contracted sales CNY40.84B, +7.5% y/y

    • 956.HK -- China Suntien Green Energy reports May power generation 1,242.9GWh, (6.9%%) y/y

    • CPCA issues May China national passenger vehicle market analysis

    • TWLO -- Twilio selling ValueFirst business to Tanla Platforms (532790.IN) -- company blog

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: M2 NSA Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

        • 09:30 CST: CPI NSA Y/Y; consensus +0.2%

        • 09:30 CST: PPI NSA Y/Y; consensus (4.3%)

  • Market Data:

    • Gold (Aug 23): +$1.70 or +0.09% to $1980.30

    • WTI Crude (Jul 23): ($0.31) or (0.43%) to $70.98

    • $-¥: (1.24) or (0.88%) to 138.8620

    • $-KRW: (13.11) or (1.00%) to 1295.6800

    • A$-$: +0.01 or +0.93% to 0.6717

    • $-INR: (0.12) or (0.15%) to 82.4883

    • $-CNY: (0.02) or (0.26%) to 7.1113

  • 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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