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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.15%, Hang Seng Futures +1.34%, ASX SPI 200 +0.28%, S&P Futures +0.08%

Jun 14 ,2023

  • Synopsis:

    • Asia equities poised to open higher Thursday. Futures in Japan, Hong Kong and South Korea all traded higher. US futures extending cash session gains in S&P 500 and Nasdaq with the latter outperforming. Sharp rise in Nasdaq Golden Dragon China Index added to positive signals for regional tech. Treasuries came under notable pressure at the short end of the curve, with the 2/10 spread hitting its most inverted level since before the banking crisis. Dollar index was down 0.3% with weakness on the major crosses. Gold finished up 0.5%. Bitcoin futures were down 0.2%. WTI crude settled down 1.7% with some focus on a big weekly US inventory build.

    • Fed left funds rate unchanged at 5.00-5.25%, as expected. However, median dot in the SEP jumped 50bp to 5.6% vs the 25bp expected, implying two more rate hikes. Following the decisions, Bloomberg Instant MLIV Pulse survey showed most investors still expect rate hikes to cause recession. Slim majority look for rate cuts to begin 2Q24 and about a third projecting a 4Q23 start. Powell largely dismissed prospects for a rate cut this year and suggested such a move is probably "a couple of years out."

    • Regional focus turns to China today. Latest polls show PBOC widely expected to cut the 1-year MLF rate by 10 bp after similar reductions to 7-day reverse repo and SLF rates earlier this week. Recent attention has been on the rollover size, with CNY200B due to mature. MLF rate cut would point to lower LPRs on 20-Jun. China activity data set to be the main data release, particularly as consensus looks for further softening in IP, retail and FAI, playing into stronger calls for stimulus and subsequent policy announcements.

    • Elsewhere, Australia employment expected to rebound in May following a decline in the previous month and unemployment rate steady at 3.7%. New Zealand Q1 GDP contracted marginally as expected, edging into technical recession. Japan to see customs trade and machinery orders. BOJ meeting begins today with decisions to be announced Friday. While policy expected to remain unchanged, attention shifts to July, seen as the most likely timing of a near-term adjustment.

  • Pre-open Company News:

    • 2318.HK -- Ping An Insurance (Group) Co. of China reports gross premium income from 1-Jan to 31-May

    • 1093.HK -- CSPC Pharmaceutical's paliperidone extended-release tablet passes NMPA's consistency evaluation for generic drugs

    • VOD.LN -- Vodafone UK and Three UK to merge; Vodafone will own 51% of the combined business and CKHGT 49%

    • 1093.HK -- CSPC Pharmaceutical unit's mirabegron extended-release tablet passes NMPA's consistency evaluation for generic drugs

    • 1898.HK -- China Coal Energy reports May commercial coal production 11.1M tonnes, +16.3% y/y

    • BN4.SP -- Keppel Corp.'s 49%-owned JV with Decarb Corp. secures two EaaS contracts in Thailand

    • MIRM -- Mirum Pharmaceuticals announces publication of event-free survival data from Mirum's LIVMARLI Alagille syndrome program

    • 1382.HK -- Pacific Textiles Holdings guides FY net income attributable HK$269M vs year-ago HK$573M

    • 2601.HK -- China Pacific Insurance (Group) reports Jan to May premium income

    • 688396.CH -- China Resources Microelectronics downgraded to sell from buy at Goldman Sachs

    • 1918.HK -- Winding-up petition against Sunac China Holdings withdrawn by Hong Kong court

    • 500770.IN -- Tata Chemicals downgraded to equal-weight from overweight at Morgan Stanley

    • 7203.JP -- Follow-up: Toyota Motor shares close higher after re-electing Akio Toyoda as board chairman

    • 2445.MK -- Kuala Lumpur Kepong reports May crop figures

    • 002371.CH -- NAURA Technology Group upgraded to buy from sell at UBS

  • On Deck:

    • China:

      • Economic:

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

        • 10:00 CST: Industrial Output NSA Y/Y; consensus +3.4%

        • 10:00 CST: Retail Sales NSA Y/Y; consensus +13.7%

    • Hong Kong:

      • Earnings:

        • Café de Coral Holdings (341.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +1.4%

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus (1.1%)

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

        • 11:30 AEST: Unemployment Rate; consensus 3.7%

        • 11:30 AEST: Employment SA; consensus +20K

    • New Zealand:

      • Economic:

        • 10:45 NZST: Real GDP Y/Y; consensus +2.7%

        • 10:45 NZST: GDP NSA Q/Q; consensus +0.2%

  • Market Data:

    • Gold (Aug 23): ($12.20) or (0.62%) to $1956.70

    • WTI Crude (Jul 23): +$0.23 or +0.34% to $68.50

    • $-¥: (0.17) or (0.12%) to 140.0310

    • $-KRW: +5.38 or +0.42% to 1273.3400

    • A$-$: +0.00 or +0.40% to 0.6796

    • $-INR: (0.25) or (0.30%) to 82.0450

    • $-CNY: (0.01) or (0.07%) to 7.1626

  • 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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