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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.40%, Hang Seng Futures +2.75%, ASX SPI 200 +0.56%, S&P Futures +0.04%

Jul 24 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Tuesday trade. Hang Seng futures up strongly after Nasdaq Golden Dragon index rallied 4% in the wake of Monday's Politburo meeting. Nikkei and ASX futures also pointing to solid gains on the open. S&P 500 futures little changed afterhours. Australian yields up marginally following Treasury curve bear flattening. FX markets steady after dollar index hit two-week high. Crude rallied to its strongest in three-months.

    • China Politburo takeaways leaned dovish with attention mostly on removal of phrase 'housing is for living in, not speculation." Authorities pledged support for housing market and reaffirmed efforts to implement counter-cyclical policy. As expected, there was no meaningful loosening of fiscal policy as authorities focus on resolving local government debt risks. Statement hinted at targeted liquidity support though overall monetary policy stance unchanged.

    • China market reprieve comes after stocks fell sharply on Monday amid a sell-off in property developers. Concerns around sector's debt and liquidity have intensified as an ongoing property market slump shrinks contracted home sales. While China's growth slowdown and property market weakness have been widely attributed for equity downturn, some analysts see Politburo's support pledges as a positive for risk assets with market valuations at multi-year lows.

  • Pre-open Company News:

    • AJBU.SP -- Keppel DC REIT reports H1 distributable income to unitholders SG$91.3M vs year-ago SG$91.2M

    • 5183.MK -- PETRONAS Chemicals Group completes divestment of 25% interest in PETRONAS Chemicals Fertiliser Sabah; deal announced on 9-Jan

    • 600872.CH -- Jonjee Hi-Tech Industrial & Commercial Holding board recalls 4 directors, elects 4 non-independent directors - The Paper

    • ^ESG -- Thematic earnings preview week of 24-July-23

    • 3711.TT -- ASE Technology Holding upgraded to neutral from reduce at Nomura

    • 4151.JP -- Kyowa Kirin applies for partial change of approved indication of G-Lasta

    • 532343.IN -- TVS Motor reports Q1 EPS INR9.84 vs FactSet INR9.39 [8 est, INR8.29-10.60]

    • 603568.CH -- Weiming Environment Protection cuts proposed convertible bond to CNY285.0M from CNY2.35B

    • 600655.CH -- Shanghai Yuyuan Tourist Mart Group to sell 25.4M shares in Jinhui Liquor for CNY598.8M

    • 1797.HK -- East Buy Holding upgraded to buy at Huatai Securities (timing uncertain)

    • 1208.HK -- MMG Ltd reports Q2 copper production 81,516 tonnes, +153% y/y

    • 6060.HK -- ZhongAn Online P&C Insurance chairman Ou Yaping resigns due to personal work arrangements

    • SCB.TB -- SCB X Public Co. downgraded to hold from buy at HSBC

    • 503806.IN -- SRF Ltd reports Q1 EPS INR12.12 vs FactSet INR15.33 [9 est, INR12.60-18.98]

    • 009150.KS -- StreetAccount Consensus Metrics Preview - Samsung Electro-Mechanics Co. Q2 Earnings

  • On Deck:

    • China:

      • Economic:

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

      • Earnings:

        • Kunshan Dongwei Technology Co. (688700.CH)

    • Japan:

      • Earnings:

        • OBIC Co. (4684.JP), Shimano (7309.JP)

    • South Korea:

      • Earnings:

        • KB Financial (105560.KS)

    • Australia:

      • Earnings:

        • Ansarada Group (AND.AU)

    • India:

      • Earnings:

        • Tata Motors (500570.IN), Asian Paints (500820.IN), Bajaj Auto (532977.IN), Jubilant FoodWorks (533155.IN), SBI Life Insurance (540719.IN)

    • Singapore:

      • Earnings:

        • iFAST Corp. (AIY.SP), Frasers Centrepoint Trust (J69U.SP), Mapletree Logistics Trust (M44U.SP), Hutchison Port Holdings Trust (NS8U.SP)

    • Thailand:

      • Earnings:

        • SCG Packaging Public Co. (SCGP.TB)

    • Philippines:

      • Earnings:

        • Puregold Price Club (PGOLD.PM)

  • Market Data:

    • Gold (Aug 23): ($6.70) or (0.34%) to $1955.50

    • WTI Crude (Sep 23): +$0.14 or +0.18% to $78.88

    • $-¥: (0.23) or (0.17%) to 141.5690

    • $-KRW: (8.95) or (0.70%) to 1277.6900

    • A$-$: (0.00) or (0.04%) to 0.6732

    • $-INR: (0.18) or (0.22%) to 81.8140

    • $-CNY: (0.00) or (0.03%) to 7.1853

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