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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.27%, Hang Seng Futures +1.86%, ASX SPI 200 +0.87%, S&P Futures +0.12%

Jul 12 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Thursday trade. Hang Seng futures pointing to another strong open after Nasdaq Golden Dragon Index rallied 3%. Nikkei and ASX futures also signaling gains on the open. US contracts nudging higher afterhours. Australian and New Zealand yields bull steepening after similar move in Treasuries overnight. Dollar index nursing heavy losses after falling to its lowest since Apr-2022. Yen strongest since May. Commodities steady after crude and metals logged sizable gains.

    • Lower-than-expected US CPI reverberating across markets after inflation fell to a more than two-year low. While data was not enough to budge expectations of a 25 bp Fed rate hike in July, markets are pricing in lower probability of another increase by end-2023. Inflation drop strengthened disinflation narrative while prospect of Fed nearing end to its tightening cycle plays further into expectations of a soft landing.

    • China trade data forecast to show exports shrank at a steeper pace in June. Lead indicators continue to trend down with new export orders contracting in recent months, reflecting deteriorating external demand. Imports also forecast to have shrunk, albeit at a slower pace. Separate data suggests China's slowdown extended into June with manufacturing contracting and deflation pressures picking up, ramping up calls for more policy support. BOK the other focus today though central bank widely expected to leave rates unchanged.

    • China Premier Li Qiang met with big tech executives on Wednesday, pledging more support for the sector after government ended a multi-year crackdown on the sector. Li's meeting comes after NDRC praised leading tech giants on Wednesday while endorsing their participation in projects to enhance technological innovation. Tech stocks have underpinned Hang Seng in recent days with sector up 4% week-to-date.

  • Pre-open Company News:

    • 603688.CH -- Jiangsu Pacific Quartz Co. guides H1 net income attributable CNY2.29-2.50B vs year-ago CNY288.6M

    • 2501.JP -- Sapporo Holdings subsidiary Anchor Brewing resolves to commence assignment for the benefit of creditors process

    • 2727.HK -- Shanghai Electric Group guides H1 CAS net income attributable CNY550-650M vs year-ago (CNY991M)

    • SVOA.TB -- Keppel Corp sells 28.44% stake in SVOA Public Company for THB605.8M (SG$23.2M)

    • 002600.CH -- Lingyi iTech (Guangdong) guides H1 net income attributable CNY1.00-1.30B vs year-ago CNY481.35M

    • 000877.CH -- Xinjiang Tianshan Cement Co. guides H1 net income attributable CNY100.0-150.0M vs year-ago CNY3.48B

    • 600720.CH -- Gansu Qilianshan Cement Group Co. guides H1 net income attributable CNY260.0-280.0M vs year-ago CNY502.33M

    • 1717.HK -- FDA approves Ausnutria Dairy's Kabrita infant formula for marketing, distribution in the US

    • 300316.CH -- Zhejiang Jingsheng Mechanical & Electrical guides H1 net income attributable CNY2.05-2.29B vs year-ago CNY1.21B

    • 600426.CH -- Shandong Hualu-Hengsheng Chemical Co. guides H1 net income attributable CNY1.65-1.75B vs year-ago CNY4.51B

    • 002044.CH -- Meinian Onehealth Healthcare Holdings initiated buy at Huaan Securities (timing uncertain)

    • 1.HK -- PSA International shelves plan to sell its 20% stake in CK Hutchison's ports business - Bloomberg

    • 002624.CH -- Perfect World guides H1 net income attributable CNY360.0-400.0M vs year-ago CNY1.14B

    • 300919.CH -- CNGR Advanced Material to acquire 67% stake in PT Nadesico Nickel Industry with employee shareholding platform

    • 2445.MK -- Kuala Lumpur Kepong reports June crop figures

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Export Y/Y; consensus (10.5%)

        • 08:00 CST: Trade Balance NSA; consensus +$68B

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

        • 08:00 CST: Import Y/Y; consensus (5.5%)

    • Japan:

      • Earnings:

        • Seven & i (3382.JP), Toho Co (9602.JP), FAST RETAILING CO. (9983.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +3.5%

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

    • India:

      • Earnings:

        • The Federal Bank Ltd (India) (500469.IN)

  • Market Data:

    • Gold (Aug 23): +$0.60 or +0.03% to $1962.30

    • WTI Crude (Aug 23): +$0.07 or +0.09% to $75.82

    • $-¥: (2.02) or (1.44%) to 138.3450

    • $-KRW: (17.79) or (1.38%) to 1274.0300

    • A$-$: +0.01 or +1.61% to 0.6791

    • $-INR: (0.44) or (0.53%) to 81.9778

    • $-CNY: (0.04) or (0.62%) to 7.1653

  • 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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