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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.75%, Hang Seng Futures +0.71%, ASX SPI 200 +0.40%, S&P Futures (0.02%)

Jul 02 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Monday trade. Nikkei, Hang Seng and ASX futures all pointing to gains on the open. S&P 500 futures flat after US equities capped off a positive week. Australian yields down 1-2 bp as curve continues to flatten. FX markets steady after dollar pulled back on major crosses. Crude backing off recent highs while metals little changed.

    • Path of least resistance remains higher as disinflation traction and soft landing hopes overshadow concerns about a longer tightening cycle. Treasury yields back to March highs as deeply inverted curve continues to give off recession signals. Some thought equity markets have run too high with strategists pointing to risk of policy-induced hard landing, corporate profit warnings and a worsening global macro backdrop.

    • High local government debt, softening external demand, record high youth unemployment rate, ongoing consumer caution, property market malaise, and lack of stimulus remain ongoing drags on China's economy. Chinese stocks have erased early-year gains, driven in part by deteriorating investor sentiment after markets saw quarterly outflow over Q2. Near-term attention is on July Politburo meeting and whether policymakers meet calls for meaningful policy support.

    • In other China developments, FX regulatory head Pan Gongsheng reportedly chosen as next CCP chief and governor of PBOC. Pan's appointment and insider status widely seen as a desire for policy continuity. China home prices contracted again in June, falling at fastest yearly pace since Aug-2015. PBOC reportedly queried foreign banks about their dollar deposits as offshore yuan trades near lowest since early Nov-2022.

  • Pre-open Company News:

    • 293.HK -- Cathay Pacific Airways upgraded to buy from outperform at Daiwa

    • 068270.KS -- Celltrion submits application to FDA for product approval of CT-P43 (Stelara biosimilar)

    • 6326.JP -- Kubota downgraded to outperform from buy at CLSA

    • 6702.JP -- Fujitsu downgraded to outperform from buy at CLSA

    • 3883.HK -- China Aoyuan Group reports FY22 net income attributable (CNY7.84B) vs year-ago (CNY33.07B)

    • Jefferies upgrades 688012.CH, ACMR

    • 3998.HK -- Bosideng International Holdings upgraded to outperform from neutral at ICBC International

    • 532424.IN -- Godrej Consumer Products initiated buy at Emkay Research

    • 5NG.SP -- OUE Healthcare launches conditional exit offer for the proposed voluntary delisting of Healthway Medical at SG$0.048/sh in cash

    • 9922.HK -- Jiumaojiu International Holdings initiated buy at UBS (30-Jun, timing uncertain)

    • 1119.HK -- iDreamSky Technology Holdings initiated buy at Guotai Junan

    • 3808.HK -- Sinotruk Hong Kong guides H1 profit attributable increase of +80-100% vs year-ago CNY1.28B

    • 3883.HK -- China Aoyuan Group reports 1H22 net income attributable (CNY2.92B) vs year-ago CNY2.09B

    • 500877.IN -- Apollo Tyres downgraded to equal-weight from overweight at Morgan Stanley

    • SCB.TB -- SCB X Public Co. upgraded to buy from hold at Thanachart Securities

  • On Deck:

    • China:

      • Economic:

        • 09:45 CST: Markit/Caixin PMI Manufacturing SA; consensus 50

    • Japan:

      • Economic:

        • 08:50 JST: Tankan Large Non-Manufacturing Index NSA; consensus

        • 08:50 JST: Tankan Large Manufacturing Index NSA; consensus

        • 09:30 JST: Markit/JMMA PMI Manufacturing SA (Final); consensus 49.8

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

        • 11:30 AEST: Building Approvals SA M/M; consensus

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +3.7%

  • Market Data:

    • Gold (Aug 23): ($3.20) or (0.17%) to $1926.20

    • WTI Crude (Aug 23): ($0.36) or (0.51%) to $70.28

    • $-¥: +0.03 or +0.02% to 144.3470

    • $-KRW: (1.00) or (0.08%) to 1315.3000

    • A$-$: (0.00) or (0.09%) to 0.6657

    • $-INR: (0.00) or (0.00%) to 82.0960

    • $-CNY: (0.00) or (0.03%) to 7.2513

  • 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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