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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.38%), Hang Seng Futures +0.34%, ASX SPI 200 +0.03%, S&P Futures (0.29%)

Jul 19 ,2023

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Nikkei futures pointing to mild decline on the open while Hang Seng futures higher and ASX futures flat. US contracts pulling lower afterhours. NFLX (Q2 revenue, Q3 guidance underwhelmed), TSLA (GM miss) and IBM (Q2 revenue slightly below) all down in postmarket trade following earnings. Bond markets under pressure with Australian and New Zealand curves bear flattening. FX market steady after dollar index touched one-week high. Commodities little changed.

    • No change expected to China loan prime rate rates today. Comes after PBOC left MLF rate unchanged this week while rolling over maturing funds. Stimulus calls mounting as China growth continues to slow. CCP Central Committee and State Council issued joint statement Wednesday discussed policy but did not flag new stimulus. Politburo meeting slated for late-July the next opportunity for meaningful policy guidance, though expectations remain modest.

    • Australian economy forecast to have added 15K jobs in June, down from May's outsized 75.9K increase. Unemployment rate projected to have held at 3.6%. Jobs data looms as an important input to August RBA decision, though markets currently pricing in very slim chance of an increase next month. Lead indicators point to some softness for the labor market that is expected to push up jobless rate in coming months.

  • Pre-open Company News:

    • 1157.HK -- Zoomlion Heavy Industry Science & Technology completes up to CNY3.99B A-share buyback

    • 1622.HK -- Redco Properties Group reports Jan-Jun contracted sales CNY7.60B; StreetAccount notes year-ago figure was CNY12.27B

    • M1GU.SP -- Sabana Industrial Real Estate Investment Trust reports H1 income available for distribution SG$17.8M, +4% vs year-ago SG$17.1M

    • 600233.CH -- YTO Express Group Co reports June express delivery revenue CNY4.25B, +3.4% y/y

    • 3877.HK -- CSSC (Hong Kong) Shipping Co Ltd (Hong Kong) guides H1 net income attributable +18-21% vs prior year's HK$873.4M, implying HK$1.03-1.06B

    • China announces up to CNY30K tax break for NEVs for 2024-2025, up to CNY15K for 2026-2027

    • AUPH -- Aurinia Pharmaceuticals long-term Phase III AURORA 2 study data published in Arthritis & Rheumatology; shows LUPKYNIS (voclosporin) preserved kidney function up to three years in lupus nephritis patients with no new or unexpected adverse events

    • 3996.HK -- China Energy Engineering to raise up to CNY14.85B for proposed A-share issuance

    • 300122.CH -- Chongqing Zhifei Biological Products's clinical trial application for Omicron BA.4/5-Delta recombinant Covid-19 vaccine accepted by NMPA

    • 2382.HK -- Sunny Optical Technology (Group) guides H1 net income attributable CNY407.4-475.3M vs FactSet CNY1.09B [5 est, CNY947.0-1.28B]

    • JYEU.SP -- Lendlease Global Commercial REIT chairperson Ng Hsueh Ling steps down, effective 8-Aug

    • +ADVB -- Advanced Biomed files amended S-1; to offer 25M shares in the range of $4-5 per share through Univest Securities

    • 1368.HK -- Xtep International Holdings Q2 Mainland China operational update for core Xtep brand: retail sell-through growth high-teens y/y

    • M1GU.SP -- Sabana Industrial Real Estate Investment Trust manager notes independent auditor's review report includes emphasis of matter relating to going concern

    • 601669.CH -- Power Construction Corporation of China reports Jan-Jun new contract value CNY603.63B, +4.6% y/y

  • On Deck:

    • China:

      • Economic:

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

        • 09:30 CST: 1 Year Loan Prime Rate

    • Hong Kong:

      • Earnings:

        • Vinda International Holdings (3331.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus (¥0.05T)

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus +2.2%

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus (11.3%)

      • Earnings:

        • DISCO Corp (6146.JP), Nidec (6594.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus 3.6%

        • 11:30 AEST: Employment SA; consensus +15K

      • Earnings:

        • Zip Co (ZIP.AU), Michael Hill International (MHJ.AU)

    • India:

      • Earnings:

        • Hindustan Unilever (500696.IN), Coforge (532541.IN), Mphasis (526299.IN), Union Bank of India (532477.IN), Dalmia Bharat (542216.IN)

    • Taiwan:

      • Earnings:

        • Taiwan Semiconductor (2330.TT)

  • Market Data:

    • Gold (Aug 23): ($1.00) or (0.05%) to $1979.80

    • WTI Crude (Aug 23): ($0.15) or (0.20%) to $75.20

    • $-¥: +0.79 or +0.57% to 139.6200

    • $-KRW: (0.27) or (0.02%) to 1265.0900

    • A$-$: (0.00) or (0.65%) to 0.6766

    • $-INR: (0.02) or (0.02%) to 82.0615

    • $-CNY: +0.05 or +0.64% to 7.2260

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