Jun 26 ,2023
Synopsis:
Asian markets set for a mixed start to Tuesday trade. ASX and Hang Seng futures pointing to mild gains on the open while Nikkei futures marginally lower. S&P 500 futures edging higher afterhours. Asian bond rally continues with Aussie curve bull steepening. Lackluster price action in FX and commodity markets with Russian situation largely ignored.
Path of least resistance has shifted lower with focus on hawkish central bank rate outlooks, growth slowdown worries, dampened China reopening momentum and lack of meaningful stimulus. At the same time, tight labor markets remain a key pillar of the soft-landing narrative while disinflation trends have been established in several major countries.
Geopolitics continues to dominate headlines. Treasury Secretary Yellen reportedly planning to visit Beijing in July to meet with her Chinese counterpart, Vice Premier He Lifeng. Resumption of high level communications occurs against a backdrop of escalating US curbs on China's technology sector. Biden administration reportedly set to publish executive order late July or August restricting US investment in China.
Pre-open Company News:
6110.HK -- Topsports International Holdings Q1 operational update: total sales up low-twenties y/y
6869.HK -- Yangtze Optical Fibre & Cable subsidiary to invest CNY6.0B in 3rd gen power semiconductor device production project
2128.HK -- China Lesso Group proposes spin-off listing of EDA Cloud Technology on Hong Kong stock exchange
4552.JP -- Japan's MHLW approves JCR Pharmaceuticals's Growject SC injection for short stature due to SHOX deficiency
TRVN -- Trevena announces new topline OLINVYK data highlighting reduced cost per admission from ARTEMIS Real-World Outcomes Study
384.HK -- China Gas Holdings reports FY net income attributable HK$4.29B vs FactSet HK$5.93B [11 est, HK$5.19-7.29B]
2016.HK -- China Zheshang Bank completes A-share rights issue raising CNY9.76B at CNY2.02/sh
CC3.SP -- StarHub to repurchase 51.9M-shares for SG$50M
2196.HK -- NMPA approves trial of Fosun Pharma-controlled Henlius Biopharmaceuticals's HLX13 for liver cancer
600809.CH -- Shanxi Xinghuacun Fen Wine Factory initiated underperform at BofA
096770.KS -- SK Innovation to achieve goal of securing 70% green assets by 2024, ahead of schedule
1093.HK -- CSPC Pharmaceutical's tedizolid phosphate passes NMPA's consistency evaluation for generic drugs
MER.PM -- Manila Electric announces management changes, effective 1-Jul
603986.CH -- Giga Device Semiconductor downgraded to underperform from neutral at BofA
3711.TT -- ASE Technology Holding downgraded to sell from underperform at CLSA
On Deck:
Hong Kong:
Earnings:
Want Want China Holdings (151.HK), Arrail Group (6639.HK), China Water Affairs Group (855.HK)
Australia:
Earnings:
Collins Foods (CKF.AU)
Market Data:
Gold (Aug 23): ($1.80) or (0.09%) to $1932.00
WTI Crude (Aug 23): +$0.04 or +0.06% to $69.41
$-¥: (0.29) or (0.20%) to 143.4030
$-KRW: (6.13) or (0.47%) to 1302.5300
A$-$: +0.00 or +0.02% to 0.6675
$-INR: +0.05 or +0.06% to 82.0066
$-CNY: +0.06 or +0.79% to 7.2366
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