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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.15%), Hang Seng Futures +2.10%, ASX SPI 200 +0.36%, S&P Futures +0.10%

Jul 09 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Friday trade. Nikkei futures pointing to minor losses while ASX futures higher after index fell to late-March lows. Hang Seng futures sharply higher. US contracts little changed after major indexes reversed lower last week. Australian and New Zealand yields pulling lower. Dollar steady after falling to three-week low following softer US payrolls data. Crude inching lower from one-month high

    • Bond yield backup remains a key taking point with Treasury 2Y rate back to 2007 highs as markets pricing in higher-for-longer Fed. Stocks have been resilient in the face of rising rates, reflecting in part the pickup in soft landing expectations. However, prospect of longer tightening cycle and tightening financial conditions also fueling hard landing fears as yield curves remain inverted.

    • Nasdaq Golden Dragon index rallied 3% on Friday. Alibaba led surge in US-listed Chinese tech stocks after China's regulators ended multi-year probe of Ant Group by levying $1B fine over company's planned IPO in 2020. Tencent and other internet platforms slapped with a smaller fine as part of a broader regulatory crackdown. Decision seen clearing a multi-year regulatory overhang on the sector.

    • China inflation data expected to show CPI inflation unchanged at very low level while PPI deflation forecast to have worsened. Combination of weak domestic and external demand and falling raw material prices continue to weigh on prices. While low inflation has left authorities with scope to expand monetary easing, lack of follow-through on pledges of support have underwhelmed markets.

    • Treasury Secretary Yellen's said US-China ties on a surer footing following her two-day visit to Beijing. Yellen met with top-ranking Chinese finance officials, stressing US did not seek to decouple and urged cooperation on areas of mutual interest. However, there remain doubts recent US efforts to restore senior-level communication will lead to broader easing of tensions given divisions over thorny issues including Taiwan, trade and technology..

  • Pre-open Company News:

    • 207940.KS -- SAMSUNG BIOLOGICS signs KRW511.06B ($390.9M) contract with Novartis, to run until end of 2028

    • 2269.HK -- Wuxi Biologics (Cayman) announces proposed spin-off and separate listing of WUXI XDC Cayman inc. on the Main board of the Stock Exchange of Hong Kong Limited

    • CPAXT.TB -- CP Axtra Public upgraded to neutral from underperform at Credit Suisse

    • DOHOME.TB -- DoHome Public upgraded to hold from reduce at CGS-CIMB

    • IFT.NZ -- Infratil, to acquire 80% stake in Console Connect from HKT for $160M (~A$258M)

    • 1638.HK -- Kaisa Group Holdings notes winding-up petition filed by Broad Peak Investment Pte. Advisers

    • 002841.CH -- Guangzhou Shiyuan Electronic Technology initiated buy at Changjiang Securities

    • 539437.IN -- IDFC First Bank initiated buy at Emkay Research

    • BOB Capital Markets downgrades 532281.IN, 532541.IN, 533179.IN

    • 511243.IN -- Cholamandalam Investment & Finance downgraded to hold from buy at B & K Securities

    • 500114.IN -- Titan downgraded to equal-weight from overweight at Morgan Stanley

    • 688777.CH -- Zhejiang Supcon Technology Co. initiated outperform at Macquarie

    • BABA -- Ant Group announces share buyback under which shareholders can repurchase up to 7.6% of the company's equity at a valuation of $78.54B

    • 000792.CH -- Qinghai Salt Lake Industry Co. downgraded to sell from buy at Goldman Sachs

    • 6506.JP -- YASKAWA Electric downgraded to neutral from outperform at Macquarie

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus +11.3%

        • 08:00 CST: New Yuan Loans; consensus

        • 09:30 CST: CPI NSA Y/Y; consensus +0.2%

        • 09:30 CST: PPI NSA Y/Y; consensus (5%)

    • Hong Kong:

      • Earnings:

        • CGN Power (1816.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

    • New Zealand:

      • Earnings:

        • Summerset Group Holdings (SUM.NZ)

    • Taiwan:

      • Earnings:

        • Nanya Technology (2408.TT)

  • Market Data:

    • Gold (Aug 23): ($2.80) or (0.14%) to $1929.70

    • WTI Crude (Aug 23): ($0.35) or (0.47%) to $73.51

    • $-¥: +0.17 or +0.12% to 142.2690

    • $-KRW: (0.85) or (0.07%) to 1297.6600

    • A$-$: +0.00 or +0.19% to 0.6686

    • $-INR: (0.00) or (0.00%) to 82.6597

    • $-CNY: (0.00) or (0.01%) to 7.2202

  • 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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