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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.15%, Hang Seng Futures (0.69%), ASX SPI 200 (0.04%), S&P Futures +0.08%

Jun 18 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Monday trade. Nikkei and ASX futures pointing to a flat open while Hang Seng futures trading lower. S&P 500 futures marginally higher (US markets closed Monday for Juneteenth holiday). Asian bond markets firming with Australian and New Zealand yields 1-2 bp lower. FX markets steady after dollar index fell back to early May lows. weakest against dollar since early Nov-2022. Crude and copper pulling back from Friday's highs.

    • Disinflation and soft-landing themes remain a notable part of the bullish narrative. However, policy mistake concerns in focus again with yield curves inverting further following last week's Fed meeting. Comes on the back of hawkish takeaways from other central bank meetings, fitting with concerns of a longer central bank tightening cycle.

    • Market pricing now reflects expectations for a 25bp Fed rate hike in July, then a pause through end of the year. There were hawkish takeaways from 50bp increase in Fed's median dot, leading traders to price out rate cuts in 2023. Market will await further clarity on Fed's tightening intensions with Chair Powell delivering his semiannual testimony to Congress this week and other policymakers slated to remark.

    • China growth expectations continue to soften following mostly weaker May activity data. China's State Council on Friday said it is considering a fresh round of policy support, though did not go into specifics. Last week's cuts to 7-day reverse repo and MLF rates were seen as likely marking the start of a new round of stimulus with economists forecasting 25 bp RRR reduction in Q3 2023.

    • Secretary of State Blinken held talks with China counterpart Qin Gang in Beijing over weekend. Expectations were low going into the talks, which were described as 'candid' and 'constructive' (though some differences remain intractable, including Taiwan). Aim was largely to reestablish top-level lines of communication with Biden hopeful of meeting Xi in next several months.

  • Pre-open Company News:

    • 1787.HK -- Shandong Gold Mining initiated outperform at CCB International

    • 522.HK -- ASMPT downgraded to neutral from outperform at Haitong International

    • 007070.KS -- GS Retail Co. initiated buy at KB Securities

    • TLX.AU -- Telix Pharmaceuticals notes first patient dosed in Phase II STARBURST study exploring indication expansion

    • 2015.HK -- Li Auto announces progress and plans in electrification and intelligentization during family tech day

    • 2048.HK -- E-House (China) Enterprise Holdings further extends RSA deadline from 16-Jun to 30-Jun

    • 601138.CH -- Foxconn Industrial Internet initiated buy at CLSA (timing uncertain)

    • 836.HK -- China Resources Power Holdings proceeds with proposed spin-off and separate listing of China Resources New Energy on Shenzen Stock Exchange and closure of register of members

    • CCB International initiates 241.HK, 6618.HK

    • 500825.IN -- Britannia Industries initiated buy at Emkay Research

  • On Deck:

    • China:

      • Economic:

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

  • Market Data:

    • Gold (Aug 23): ($1.60) or (0.08%) to $1969.60

    • WTI Crude (Jul 23): ($0.46) or (0.64%) to $71.32

    • $-¥: +0.05 or +0.03% to 141.8810

    • $-KRW: (0.81) or (0.06%) to 1276.3000

    • A$-$: +0.00 or +0.01% to 0.6871

    • $-INR: (0.00) or (0.01%) to 81.9066

    • $-CNY: (0.00) or (0.01%) to 7.1256

  • 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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