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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.19%, Hang Seng Futures (0.03%), ASX SPI 200 (0.41%), S&P Futures +0.14%

Jun 11 ,2023

  • Synopsis:

    • Asia equities poised to open mixed Monday. Futures in Japan were higher while Australia (closed for public holiday) and Hong Kong traded lower. Nasdaq Golden Dragon China Index declined 0.13% as small payback for Friday's sharp gains. US futures firmer, adding to mild gains on Friday. Treasuries were mostly weaker, extending curve inversion. Dollar index little changed after rising 0.3% Friday. Crude oil futures mixed, gold futures slightly softer, Bitcoin moderately higher.

    • US markets remained quiet Friday with focus on this week's CPI and FOMC meeting. Fed expected to leave policy unchanged as Fed funds futures imply 71.2% probability of no change, but fears of a hike remain considerable. In addition, SEP seen supporting current expectations for a July rate hike. Powell also expected to signal June meeting a skip and not a pause as Fed wants to avoid an easing of financial conditions. US rate market pressures compounded by ongoing concerns about liquidity due to TGA replenishment. Equity market sentiment remains cautious despite recent run of gains.

    • Press takeaways from BofA Global Fund Manager Survey highlighted inflows to cash remain at a record pace ahead of this week's central bank meetings. Bond inflows outpaced equities, the latter seen largely a reflection of FOMO on the back of recent strength. But tech logged the first weekly outflow in eight weeks. IIF survey found foreign investors were net sellers of Chinese bonds for the third straight month with equity inflows marginal, supplemented by greater interest in other EM Asia fixed income and equities.

    • PBOC posted a speech Friday by Governor Yi Gang reaffirming monetary policy will be targeted and ensure stable credit growth. Remains confident economic growth will meet the government target of around 5% and expects inflation to rebound gradually in H2. This week's focus primarily on central banks as ECB and BOJ due to follow Fed meeting Only ECB expected to move with a 25 bp hike this round. For BOJ, recent polls indicated calls for a June tweak have been pushed back mostly into July, which now stands as the clear modal estimate. PBOC MLF operation also set for Thursday. Main data releases to come from China (activity and monetary aggregates). Japan to release customs trade, machinery orders. Australia spotlight on employment report.

  • Pre-open Company News:

    • ITC.TB -- i-Tail Corp. Public Co. downgraded to hold from buy at HSBC

    • 522.HK -- ASMPT upgraded to overweight from equal-weight at Morgan Stanley

    • 1093.HK -- CSPC Pharmaceutical Group reports CPO301 granted Fast Track Designation by the FDA

    • 4503.JP -- Astellas confirms unfavorable District Court decision in Myrbetriq U.S. patent trial

    • 361610.KS -- Sk Ie Technology Co. initiated neutral at Macquarie

    • HSBC downgrades 1686.HK, VNET; resumes GDS

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: M2 NSA Y/Y; consensus +12.2%

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

  • Market Data:

    • Gold (Aug 23): ($2.50) or (0.13%) to $1974.70

    • WTI Crude (Jul 23): ($0.25) or (0.36%) to $69.92

    • $-¥: (0.02) or (0.02%) to 139.3810

    • $-KRW: (1.00) or (0.08%) to 1286.6800

    • A$-$: +0.00 or +0.04% to 0.6744

    • $-INR: (0.00) or (0.00%) to 82.4246

    • $-CNY: (0.00) or (0.01%) to 7.1276

  • 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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