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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.65%, Hang Seng Futures +0.98%, ASX SPI 200 +0.54%, S&P Futures (0.06%)

Jul 13 ,2023

  • Synopsis:

    • Asian markets set for positive start to Friday trade. Nikkei, ASX and Hang Seng futures all pointing to gains on the open. US contracts flat after markets rose for fourth-straight session. Australian bond rally continues with yield curve bull steepening in-line with Treasuries. FX markets little changed as dollar's slide continues. Yen at highest since late May. Crude steady near late-Apr highs. Copper had best day in three-months.

    • Disinflation traction and soft landing expectations among main tailwinds over recent days. Accompanied by dovish repricing of Fed rate path with first rate cut now priced for Jan-2024. Risk assets supported by looser financial conditions with dollar index down to its lowest since Apr-2022. China regulatory pivot and lingering stimulus expectations also boosting regional sentiment.

    • Also in the press, Australian Treasurer to announce who will replace RBA Governor Lowe when his term ends in September. Japan media report BOJ likely to raise FY23 inflation forecast to above 2% at July meeting. US-China dialogue remains active after Blinken held talks with China's top diplomat Wang Yi. MOFCOM repeated calls for US to lift sanctions on Chinese companies ahead of possible visit by Commerce Secretary Raimondo.

    • IMF flagged downgrade to China growth forecasts at next WEO on 25-Jul, citing drag from weak investment, exports and domestic demand. China GDP previews also note forecasts for sharp q/q growth slowdown in Q2. Comes as China government officials mount efforts to recruit private sector in strengthening real economy. Ongoing weakness in industrial sector and rising deflation pressures have reinforced calls for meaningful stimulus. Potential policy signals may come from PBOC press conference scheduled for later today.

  • Pre-open Company News:

    • 605358.CH -- Hangzhou Lion Electronics Co. guides H1 net income attributable CNY165.0-185.0M vs year-ago CNY503.2M

    • 1997.HK -- Wharf Real Estate Investment guides positive H1 net income attributable vs year-ago (HK$1.57B)

    • 1385.HK -- Shanghai Fudan Microelectronics Group initiated buy at Soochow Securities (timing uncertain)

    • 600109.CH -- Sinolink Securities guides H1 net income attributable CNY842.0-896.0M vs year-ago CNY542.9M

    • 600426.CH -- Shandong Hualu-Hengsheng Chemical Co. downgraded to cautious recommend from recommend at Dongguan Securities (timing uncertain)

    • Goldman Sachs downgrades 6954.JP and revises focus list(s)

    • 600038.CH -- Avicopter guides H1 net income attributable CNY110.0-132.0M vs year-ago CNY16.9M

    • 688472.CH -- CSI Solar initiated buy at TF Securities (timing uncertain)

    • 241.HK -- Alibaba Health Information Technology releases sustainability report

    • 600549.CH -- Xiamen Tungsten's unit to sell subsidiary Ganzhou Highpower Technology via public auction

    • 600170.CH -- Shanghai Construction Group Co. guides H1 net income attributable CNY600-800M vs year-ago (CNY963M)

    • 1336.HK -- New China Life Insurance reports 1-Jan to 30-Jun premium income of CNY107.85B

    • China June electricity consumption 775.1B kWh, +3.9% y/y

    • 590.HK -- Luk Fook Holdings (International) reports Q1 retail same store sales growth +62% y/y

    • 506401.IN -- Deepak Nitrite releases sustainability report

  • On Deck:

    • China:

      • Economic:

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

    • Hong Kong:

      • Earnings:

        • GOME Retail Holdings (493.HK)

    • Japan:

      • Economic:

        • 13:30 JST: Industrial Production SA M/M (Final); consensus (1.6%)

    • India:

      • Earnings:

        • Bandhan Bank (541153.IN)

    • Singapore:

      • Economic:

        • 08:00 SST: GDP NSA Y/Y (Preliminary); consensus +0.6%

  • Market Data:

    • Gold (Aug 23): +$1.60 or +0.08% to $1965.40

    • WTI Crude (Aug 23): +$0.32 or +0.42% to $77.21

    • $-¥: (0.51) or (0.37%) to 137.9310

    • $-KRW: (7.83) or (0.61%) to 1266.1800

    • A$-$: +0.01 or +1.44% to 0.6885

    • $-INR: +0.00 or +0.00% to 82.0308

    • $-CNY: (0.02) or (0.23%) to 7.1500

  • 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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