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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.21%), Hang Seng Futures (0.58%), ASX SPI 200 (0.23%), S&P Futures +0.20%

Jun 25 ,2023

  • Synopsis:

    • Asian markets set for a weaker start to Monday trade. Nikkei, ASX and Hang Seng futures all pointing to losses on the open. S&P 500 futures turning higher after index broke a five-week stretch of gains. Bond markets rebounding with Australian curve bull steepening. Dollar backing off highs against major currencies. Crude gapped up following weekend turbulence in major exporter Russia.

    • Geopolitics dominated weekend press after Wagner Group boss Yevgeniy Prigozhin halted an advance on Moscow in what was biggest challenge to Putin's rule since he became president. Some thought insurrection could prove fatal to Putin's grip on power though Prigozhin's abrupt withdrawal has avoided potential bloodshed scenario that was cited a negative risk factor for markets.

    • Mixed reads on China tourism activity over three-day Dragon Boat Festival. Data showed rebound in number of tourism trips to above pre-pandemic highs while tourism revenue rose strongly. However, not as pronounced as the tourism rebound over Golden Week holiday in May. Takeaways noted data underscores consumer-led growth rebound from lockdowns is fading, reinforcing need for additional policy support.

    • Higher-for-longer Fed policy remains a key piece of the bearish narrative after Chair Powell reiterated two more rate hikes expected this year. Markets have responded to hawkish Fed messaging with projected rate cuts pushed out to 2024. Fed's rate stance aligns with more aggressive global tightening cycle as central banks either resume or reaccelerate rate hikes. Also some press focus on yield curve and recession signaling.

  • Pre-open Company News:

    • 4502.JP -- Takeda Pharmaceutical announces pivotal Phase 3 data for TAK-755 prophylaxis for patients with cTTP presented at ISTH

    • BS6.SP -- Yangzijiang Shipbuilding (Holdings) announces repeat orders from KCC for three fuel-efficient CABU vessels

    • 1548.HK -- Genscript Biotech announces completion of BSJ capital increase

    • 868.HK -- Xinyi Glass Holdings upgraded to buy from hold at HSBC

    • Citi initiates HANA.TB, KCE.TB

    • 500547.IN -- Bharat Petroleum upgraded to buy from add at HDFC Securities

    • 500800.IN -- Tata Consumer Products initiated buy at Citi

    • 543066.IN -- SBI Cards & Payment Services downgraded to reduce from buy at Nomura

    • 152.HK -- Shenzhen International Holdings announces acquisition of land use rights of the Pinghunan Land Parcel for CNY1,187M

    • 6185.HK -- CanSino Biologics announces Tdcp vaccines for adolescents and adults obtains clinical trial approval

    • 604.HK -- Shenzhen Investment announces proposed spin-off and separate listing of a subsidiary on the SZSE

    • 002129.CH -- TCL Zhonghuan Renewable Energy Technology initiated underperform at Daiwa

    • 3377.HK -- Sino-Ocean Group announces change in composition of board committees

    • 000720.KS -- HYUNDAI ENGINEERING & CONSTRUCTION CO. awarded KRW6.554T contract from ARAMCO

    • 4507.JP -- Shionogi Inc. to acquire Qpex Biopharma, Inc for $100M plus earnout of up to $40M

  • On Deck:

    • Hong Kong:

      • Earnings:

        • China Gas Holdings (384.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

    • Australia:

      • Earnings:

        • Collins Foods (CKF.AU)

  • Market Data:

    • Gold (Aug 23): +$5.00 or +0.26% to $1934.60

    • WTI Crude (Aug 23): +$0.83 or +1.20% to $69.99

    • $-¥: (0.17) or (0.12%) to 143.5230

    • $-KRW: (1.14) or (0.09%) to 1307.5200

    • A$-$: +0.00 or +0.08% to 0.6679

    • $-INR: (0.00) or (0.00%) to 81.9576

    • $-CNY: (0.00) or (0.02%) to 7.1785

  • 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".

DEPOSITARY RECEIPTS:
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MAY LOSE VALUE
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