Jul 20 ,2023
Synopsis:
Asian markets set for a mixed start to Friday trade. Nikkei futures slightly lower while Hang Seng and ASX futures little changed. US futures flat following tech-led declines overnight. Bond markets under pressure with Australian and New Zealand curves bear steepening. FX markets unchanged after dollar rebounded on major crosses. Commodities steady with crude, copper and gold trading just below recent highs.
Japan core inflation rose in-line with forecasts while ex-food and energy fell slightly. Comes amid expectations BOJ will revise up near-term CPI forecasts next week. While there had been lingering speculation of a corresponding policy adjustment, expectations been pushed back to October. Japan's former FX head also downplayed prospect of YCC tweak next week, saying September likely the earliest for change.
Markets remain underwhelmed by latest China government vows to boost consumption and revive private sector. Focus is on upcoming Politburo meeting following ramp in calls for a more meaningful policy response. Hoped for measures include direct relief to consumers, spur homebuying activity, and boost infrastructure spending. However, markets also bracing for disappointment following recent discussion about local government debt burdens acting as a constraint on policy.
Pre-open Company News:
603858.CH -- Shandong Buchang Pharmaceuticals's new indication clinical trial application for quadrivalent influenza virus split vaccine accepted by NMPA
Chinese education trade association denies rumors of China to resume issuing licenses for afterschool tutoring
1477.HK -- Ocumension Therapeutics receives CDE clinical trial authorization for initiating Phase III clinical trial of OT-101-S in China
688111.CH -- Beijing Kingsoft Office Software controlling shareholder Kingsoft WPS, concerted parties complete sale of 21.8M shares
3692.HK -- NMPA accepts Hansoh Pharmaceutical Group's new drug application for ibrexafungerp tablets in vulvovaginal candidiasis
517334.IN -- EU clears Samvardhana Motherson's acquisition of SAS Autosystemtechnik GmbH
1810.HK -- Xiaomi upgraded to buy from hold at HSBC
Daiwa initiates 600258.CH, 600754.CH, ATAT (pre-US open)
9CI.SP -- CapitaLand Investment furthers partnership with GSTC in support of Singapore's hotel sustainability roadmap
OSE.FP -- FDA grants orphan drug designation to OSE Immunotherapeutics for lusvertikimab to treat ALL
541179.IN -- ICICI Securities upgraded to outperform from underperform at CLSA
526299.IN -- Mphasis guides FY24 EBIT margin 15.25-16.25% in investment presentation
151.HK -- Want Want China Holdings releases sustainability report
1339.HK -- People's Insurance Co. (Group) of China's board approves appointment of Zhao Pang as president
542216.IN -- Dalmia Bharat reports Q1 consolidated EPS (cont ops) INR6.95 vs year-ago INR10.44
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Earnings:
Tokyo Steel Manufacturing (5423.JP)
Australia:
Earnings:
Atlas Arteria (ALX.AU)
India:
Earnings:
Hindustan Zinc (500188.IN), JSW Steel (500228.IN), Reliance Industries (500325.IN), UltraTech Cement (532538.IN), Ashok Leyland (500477.IN), DLF Ltd (532868.IN)
Singapore:
Earnings:
Aztech Global (8AZ.SP)
Thailand:
Earnings:
SCB X Public Co. (SCB.TB)
Market Data:
Gold (Aug 23): +$2.90 or +0.15% to $1973.80
WTI Crude (Aug 23): $0.00 or 0.00% to $75.63
$-¥: +0.20 or +0.15% to 139.8800
$-KRW: +9.69 or +0.76% to 1277.6100
A$-$: +0.00 or +0.08% to 0.6777
$-INR: +0.01 or +0.01% to 82.0826
$-CNY: (0.05) or (0.70%) to 7.1766
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