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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.06%, Hang Seng Futures 0.00%, ASX SPI 200 (0.28%), S&P Futures (0.08%)

Jul 17 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Tuesday trade. ASX futures pointing to mild declines on the open. Hang Seng set to resume trade after typhoon resulted in cancelation of Monday's session. Nikkei resumes following Marine Day holiday. S&P 500 futures little changed afterhours. Asian bond markets steady after Treasuries firmed overnight. Muted price action in FX and commodity markets.

    • Sell-side firms lowered China GDP growth forecasts following underwhelming Q2 GDP and June activity data. Takeaways noted downside risks from deterioration in consumer confidence, structural weakness from high youth unemployment, and mounting deflation. While data spurred more calls for stimulus, economists noted risk that any policy guidance from Politburo meeting will underwhelm given constraints from local government debt burdens.

    • Speaking on sidelines of G20 finance ministers meeting, Treasury Secretary Yellen said Biden administration's planned curbs on American investment in China will be "narrowly targeted." She also downplayed hopes of removing Trump-era tariffs, saying underlying US concerns have not been addressed. Comes as Semiconductor Industry Association urged Biden administration against imposing curbs on US chip exports to China.

  • Pre-open Company News:

    • 003670.KS -- POSCO Future M Co. releases sustainability report

    • 135.HK -- Kunlun Energy initiated buy at TF Securities (timing uncertain)

    • 009540.KS -- HD Korea Shipbuilding & Offshore Engineering Co. reports Jan-Jun new orders $15.58 vs year-ago $16.03B

    • 532478.IN -- United Breweries releases business responsibility and sustainability report

    • 603456.CH -- NMPA approves marketing of Jiuzhou Pharmaceutical's sitagliptin phosphate as active pharmaceutical ingredient

    • 540376.IN -- Avenue Supermarts downgraded to reduce from add at IIFL Securities (timing uncertain)

    • 1478.HK -- Q Technology (Group) guides H1 net income attributable to decline (60%) to (80%) y/y

    • LLY -- Follow-up: Lilly announces presentation of full results from phase 3 TRAILBLAZER-ALZ 2 trial of donanemab at AAIC and publication in JAMA

    • 603596.CH -- Bethel Automotive Safety Systems holder Wuhu Chery Technology to sell up to 12.4M shares within 180 days

    • 601058.CH -- Sailun Group Co. completes up to CNY800M share buyback announced on 13-Mar

    • 6198.HK -- Qingdao Port International sells phase I Dongjiakou port logistics yard to Qingdao Port Engineering for CNY103.1M cash

    • 300529.CH -- Jafron Biomedical launches CNY250-500M on-market share buyback for up to CNY36.11/sh within 12 months

    • 000977.CH -- Inspur Electronic Information Industry chairman Wang Endong resigns, effective immediately

    • 688008.CH -- Montage Technology largest holder and party acting in concert cut stake from 11.2% to 8.4%

    • 500368.IN -- Patanjali Foods promoter Patanjali Ayurved completes 25.3M-share secondary offering

  • On Deck:

    • China:

      • Economic:

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

    • Japan:

      • Economic:

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus

    • India:

      • Earnings:

        • IndusInd Bank (532187.IN), ICICI Prudential Life Insurance (540133.IN), Polycab India (542652.IN)

  • Market Data:

    • Gold (Aug 23): +$2.70 or +0.14% to $1959.10

    • WTI Crude (Aug 23): ($0.03) or (0.04%) to $74.12

    • $-¥: (0.07) or (0.05%) to 138.6960

    • $-KRW: (4.58) or (0.36%) to 1264.7100

    • A$-$: (0.00) or (0.45%) to 0.6815

    • $-INR: (0.07) or (0.08%) to 82.0683

    • $-CNY: +0.03 or +0.41% to 7.1706

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