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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.47%), Hang Seng Futures (0.37%), ASX SPI 200 (0.17%), S&P Futures (0.08%)

Jul 04 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Wednesday trade. Nikkei, Hang Seng and ASX futures all pointing to losses on the open. S&P 500 futures little changed after quiet offshore session where US was closed for Independence Day and European markets finished narrowly mixed. Aussie yields marginally lower while New Zealand bonds weakening. Offshore yuan dropped to one-week low following latest move by China state banks to lower dollar deposit rates. Crude steady near overnight highs in the wake of Saudi and Russian production cut announcement.

    • July FOMC minutes out later tonight, expected to parallel Chair Powell's recent hawkish-leaning comments foreshadowing two more rate hikes in H2 2023. Market will be eyeing color around likely disagreements in discussion to slow pace of hikes, as well intent on maintaining optionality on rate path. Since July meeting futures pricing in at least one more rate increase by end-2023.

    • RBA takeaways downplayed significance of Tuesday's hold decision with economists making no change to their rate hike forecasts. RBA maintained its tightening bias and most noted similarities to April's hold that was followed by two rate increases after inflation surprised higher. Markets still pricing 1-2 more rate hikes by end-2023, though a lot hinges on outcome of Q2 CPI later in July.

    • Geopolitical fallout continues from China's move to restrict exports of two critical minerals. Some thought China's decision will have only temporary impact as other exporters fill the gap. However, some industry suppliers worried curbs on rare earth exports could follow. China commerce ministry set to meet major producers of the metals on Thursday.

  • Pre-open Company News:

    • 2007.HK -- Country Garden Holdings reports June contracted sales CNY16.00B; StreetAccount notes year-ago CNY34.52B

    • 541153.IN -- Bandhan Bank CFO Sunil Samdani resigns, last working day 30-Sep

    • 1778.HK -- Colour Life Services Group expects to publish FY21, FY22, 1H22 results on 5-Jul

    • 601018.CH -- Ningbo Zhoushan Port reports June container throughput 3.8M units, (2.0%) y/y

    • 002049.CH -- Unigroup Guoxin Microelectronics completes CNY300-600M share buyback announced on 6-Apr

    • 2015.HK -- Li Auto chairman Li Xiang says maximum weekly production to increase to 8K vehicles from 7.5K vehicles (15:25 HKT/03:25 ET)

    • 000963.CH -- Huadong Medicine receives NMPA drug registration approval for liraglutide injection for glycemic control

    • 1918.HK -- Sunac China to seek Hong Kong High Court order on 26-Jul to convene scheme meeting

    • StreetAccount China Healthcare Sector Update: China updates renewal and pricing rules for 2023 National Reimbursement List

    • 2186.HK -- Luye Pharma Group receives NMPA marketing registration approval of goserelin microspheres for injection

    • 1167.HK -- Jacobio Pharmaceuticals Group, AbbVie terminate license and collaboration agreement for SHP2 inhibitors

    • 1167.HK -- Jacobio Pharmaceuticals Group receives NMPA approval for pivotal clinical trial of glecirasib in pancreatic cancer

    • 002422.CH -- Sichuan Kelun Pharmaceutical guides H1 net income attributable CNY1.36-1.44B vs year-ago CNY868.1M

    • HO.FP -- UK's CMA publishes ORR response to possible remedies in connection with Hitachi Rail's acquisition of Thales' Ground Transportation Systems business

    • 688111.CH -- Beijing Kingsoft Office Software upgraded to buy from sell at Goldman Sachs

  • On Deck:

    • China:

      • Economic:

        • 09:45 CST: Markit/ Caixin Services PMI; consensus 55.4

    • Japan:

      • Economic:

        • 09:30 JST: PMI Services; consensus 55.2

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +0.4%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +5.3%

  • Market Data:

    • Gold (Aug 23): +$4.20 or +0.22% to $1933.70

    • WTI Crude (Aug 23): +$1.18 or +1.69% to $70.97

    • $-¥: (0.25) or (0.17%) to 144.4350

    • $-KRW: (9.06) or (0.69%) to 1295.6000

    • A$-$: +0.00 or +0.30% to 0.6691

    • $-INR: +0.01 or +0.02% to 82.0071

    • $-CNY: (0.03) or (0.38%) to 7.2135

  • 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
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE