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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.12%, Hang Seng Futures +0.71%, ASX SPI 200 +0.41%, S&P Futures (0.13%)

Jun 15 ,2023

  • Synopsis:

    • Asia equities poised to open firmer Friday. Futures in Japan, Hong Kong and Australia traded moderately higher. US futures marginally lower following sharp gains in cash session. Nasdaq Golden Dragon China Index rose 2.10%. Treasuries strengthened across the curve, supporting growth stocks. Dollar was better vs yen but notably weaker on euro and sterling crosses. Gold finished up 0.1%. Bitcoin futures were down 1.8%. WTI crude settled up 3.4%, near best levels.

    • Better sentiment generally attributed to follow-through optimism from moderating US inflation and subsequent data releases reinforcing views the Fed is near the end of its tightening cycle, supporting prospects for a soft landing. Market tailwind feeding into ongoing FOMO/pain trade dynamics with benchmarks at 14-month highs, and S&P 500 posting sixth straight gain (longest run since November 2021) adding to milestones.

    • ECB raised its key rates by 25 bp as expected. Lagarde said July hike likely after inflation projections were revised up. Hawkish leaning takeaways fit with Fed, while relatively dovish BOJ/PBOC remain key outliers. Latest PBOC measures and broader stimulus headlines resonated globally, adding support to sentiment as China markets shrugged off softer activity data, despite tilting growth risks to the downside. State Council could discuss stimulus as soon as Friday, parts of which have already been reported. However, optimism running into usual doubts about the scale of measures given fiscal constraints.

    • Attention turns to BOJ meeting -- while widely expected to keep policy unchanged, takeaways may affect implications for a July move, seen as the last holdout for the sizable cohort looking for a near-term YCC amendment. Key development in the interim has been market functioning, where the latest BOJ Bond Market Survey showed notable improvement for the first time in five quarters. Heading into the weekend, Secretary of State Blinken departs for China Friday for a two-day visit, though US officials have downplayed prospects for a breakthrough as bilateral issues continue to flare up.

  • Pre-open Company News:

    • C6L.SP -- Singapore Airlines reports May traffic +50.5% y/y

    • 604.HK -- Shenzhen Investment reports May contracted sales CNY1.22B, +261.4% y/y

    • 4938.TT -- Pegatron CFO Louise Wu steps down due to job adjustment, effective 15-Jun

    • 1963.JP -- JGC Holdings downgraded to neutral from buy at Nomura

    • VC3.VN -- Nam Mekong Group proposes stock dividend in the ratio of 115-shares for every 1000-shares

    • 1368.HK -- Xtep International Holdings initiated buy at Western Securities (timing uncertain)

    • 532343.IN -- TVS Motor sells 43.5% stake in Emerald Haven Realty to TVS Holdings for INR896.3M

    • Goldman Sachs upgrades 6305.JP, 6471.JP

    • 512.HK -- Grand Pharmaceutical Group's phase Ib clinical trial of STC3141 for treatment of sepsis in Australia and Belgium reaches clinical research endpoint

    • 600104.CH -- SAIC Motor launches CNY1-2B on-market share buyback at up to CNY20.68/share

    • 1088.HK -- China Shenhua Energy reports May coal production 26.9Mt vs year-ago 25.0Mt

    • F99.SP -- Fraser & Neave commences groundbreaking of integrated dairy farm in Gemas, Negeri Sembilan, Malaysia

    • 1055.HK -- China Southern Airlines reports May traffic +248.04% y/y

    • 1725.HK -- Hong Kong Aerospace Technology Group announces successful launch of 'Golden Bauhinia Constellation project satellites

    • 823.HK -- Link REIT releases sustainability report

  • On Deck:

    • China:

      • Economic:

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

    • Japan:

      • Economic:

        • 12:00 JST: Japan Policy Rate; consensus (0.1%)

    • Malaysia:

      • Earnings:

        • Top Glove Corp. (7113.MK)

  • Market Data:

    • Gold (Aug 23): +$0.20 or +0.01% to $1970.90

    • WTI Crude (Jul 23): +$0.01 or +0.01% to $70.63

    • $-¥: +0.09 or +0.06% to 140.1520

    • $-KRW: (5.11) or (0.40%) to 1269.2500

    • A$-$: +0.01 or +1.15% to 0.6881

    • $-INR: (0.13) or (0.16%) to 81.9127

    • $-CNY: (0.04) or (0.61%) to 7.1200

  • 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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