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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.17%, Hang Seng Futures +0.10%, ASX SPI 200 +0.62%, S&P Futures +0.03%

Jun 13 ,2023

  • Synopsis:

    • Asia equities poised to open higher Wednesday. Japan futures traded sharply firmer, followed by moderate gains in Australia and Hong Kong. Follows extended gains in US overnight with Nasdaq marginally outperforming S&P 500. Futures steady after hours. Nasdaq Golden Dragon China Index rose 2.20%. Treasuries were weaker with some curve flattening, though 30y auction was well received. Dollar index was down 0.3%. Gold declined 0.6%, Bitcoin futures were up 0.2%. WTI crude settled up 3.4%.

    • Sentiment was supported by moderation in US CPI inflation, supporting expectations the Fed will leave rates unchanged at the upcoming meeting. Furthermore, clarity of easing inflation stimulating more debate about whether this will translate to an extended pause rather than a skip. China stimulus headlines also resonated, though was met with skepticism from economists about the capacity and willingness of policymakers to endorse large-scale support. Similarly, 10 bp reductions in 7-day reverse repo and SLR rates augur for similar MLF/LPR cuts and renewed PBOC easing expectations, though current magnitude not seen offering much growth impetus.

    • China monetary data were broadly softer than expected, adding to recent data disappointments and reinforcing market views that more policy support is needed. After Bloomberg reported China is considering a broad package of stimulus measures, NDRC announced 22 measures to reduce corporate costs such as VAT exemptions for small business. Customs authorities launched 16 initiatives to optimize trade flows. Elsewhere, South Korea unemployment rate unexpectedly fell, while latest consensus polls look for New Zealand Q1 GDP (due Thursday) to have contracted for the second consecutive quarter.

  • Pre-open Company News:

    • 600104.CH -- SAIC Motor launches CNY1.0-2.0B buyback at not more than CNY20.68/share, to run for 12 months from 12-Jun

    • 2727.HK -- Shanghai Electric Group releases carbon action plan outlining emissions reduction targets

    • 1310.HK -- HKBN Ltd. terminates discussions with I Squared Asia Advisors on possible takeover offer

    • 500253.IN -- LIC Housing Finance COO Ashwani Ghai resigns, effective today

    • DERM -- Journey Medical's Phase 1 trial assessing the impact of DFD-29 on Microbial Flora of healthy adult subjects achieves all three primary objectives

    • 352820.KS -- HYBE Co. initiated buy at Goldman Sachs

    • UD1U.SP -- IREIT Global chairman Lim Kok Min John retires, effective 13-Jul

    • 3692.HK -- Hansoh Pharmaceutical Group receives NMPA clinical trial notice for HS-10516 for renal cell carcinoma

    • ^ESG -- StreetAccount ESG Headlines (13-Jun)

    • 137310.KS -- SD Biosensor plans 20M-share placement at KRW15,520/share

    • 1339.HK -- People's Insurance Co. (Group) of China reports Jan-May P&C premium income CNY241.68B, +8.5% y/y

    • 002791.CH -- Guangdong Kinlong Hardware Products proposes up to 48.2M-share private placement to raise up to CNY1.99B

    • Huadian Power International A-shares downgraded to reduce from hold at HSBC

    • 179.HK -- Johnson Electric Holdings releases sustainability report

    • HEXA.B.SS -- Hexagon partners with Sony Semiconductor Solutions to enhance reality capture

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus

    • New Zealand:

      • Economic:

        • 10:45 NZST: Current Account; consensus

  • Market Data:

    • Gold (Aug 23): ($2.10) or (0.11%) to $1956.50

    • WTI Crude (Jul 23): ($0.20) or (0.29%) to $69.22

    • $-¥: +0.55 or +0.40% to 140.2140

    • $-KRW: (18.06) or (1.41%) to 1266.9500

    • A$-$: +0.00 or +0.19% to 0.6766

    • $-INR: (0.08) or (0.10%) to 82.2913

    • $-CNY: +0.02 or +0.29% to 7.1665

  • 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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