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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.25%, Hang Seng Futures +0.61%, ASX SPI 200 +0.50%, S&P Futures (0.02%)

Jul 11 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Wednesday trade. Nikkei, Hang Seng and ASX futures all pointing to gains on the open. S&P 500 futures flat after US indexes logged another positive session. New Zealand bond yields pulling lower ahead of RBNZ meeting. FX markets steady with dollar index at its lowest since mid-May ahead of US CPI. Yen at one-month high. Crude led commodity market gains, rising towards highest since early May.

    • RBNZ expected to leave OCR unchanged today. Central bank delivered a 25 bp rate hike in May that was accompanied by guidance signaling no further rate hikes. Developments since then have bolstered the case for a hold decision, including disinflation traction and inflation expectations falling back to late 2021 lows. Also some interest in RBA Governor Lowe's speech today, which may serve as an important sign post for the August meeting.

    • Later tonight, US June CPI forecast to show inflation falling to lowest since Mar-2021 (headline) and Nov-2021 (core). Data could show sizable drag from lower used vehicle prices, rental price deceleration and labor market rebalancing. While bar remains high to push Fed off July rate hike, softer-than-expected inflation could see markets pare back odds of another rate hike by end-2023. Elsewhere, BOC expected to hike by 25 bp though several economists anticipate no further change beyond July.

  • Pre-open Company News:

    • 601155.CH -- Seazen Holdings reports June contracted sales CNY6.70B, (52.1%) y/y

    • 000800.CH -- Faw Jiefang Group Co. reports June total vehicle production 22,277 units vs year-ago 11,835 units

    • TISCO.TB -- StreetAccount Consensus Metrics Preview - TISCO Financial Group Public Q2 Earnings

    • 600380.CH -- Joincare Pharmaceutical Group Industry Co. receives NMPA drug registration approval for Formoterol Fumarate Inhalation Solution

    • 1877.HK -- Shanghai Junshi Biosciences' marketing application for new indication of toripalimab combined with axitinib accepted by NMPA

    • 600176.CH -- China Jushi guides H1 net income attributable CNY1.89B vs year-ago CNY4.21B

    • 960.HK -- Longfor Group Holdings reports June contracted sales attributable CNY11.37B; StreetAccount notes year-ago CNY16.02B

    • 600900.CH -- China Yangtze Power reports Q2 electricity generation 47.62B kWh, (38.3%) y/y

    • Citi resumes 9866.HK, NIO

    • 000963.CH -- Huadong Medicine and ImmunoGen's ELAHERE (mirvetuximab soravtansine) included in NMPA priority review list

    • 1478.HK -- Q Technology (Group) reports June camera module sales 25.2M units, (14.8%) m/m, (16.2%) y/y

    • 601021.CH -- Spring Airlines initiated overweight at Northeast Securities (timing uncertain)

    • AUE.SP -- Golden Energy & Resources provides updates on exit offer price, acceptances in regards voluntary delisting and exit offer of PT Golden Energy Mines

    • Z59.SP -- Yoma Strategic Holdings releases 2023 annual report, including ESG review

    • 3883.HK -- China Aoyuan Group's ad hoc group signs restructuring support agreement; restructuring can be approved by majority

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus (0.2%)

      • Earnings:

        • AEON Co. (8267.JP)

  • Market Data:

    • Gold (Aug 23): +$1.30 or +0.07% to $1938.40

    • WTI Crude (Aug 23): ($0.02) or (0.03%) to $74.81

    • $-¥: (1.15) or (0.82%) to 140.1780

    • $-KRW: (8.20) or (0.63%) to 1290.9600

    • A$-$: +0.00 or +0.32% to 0.6693

    • $-INR: (0.18) or (0.22%) to 82.3999

    • $-CNY: (0.02) or (0.31%) to 7.2092

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