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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.05%), Hang Seng Futures (0.49%), ASX SPI 200 +0.26%, S&P Futures (0.05%)

Jul 25 ,2023

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Hang Seng futures pointing to declines, Nikkei futures flat and ASX futures signaling mild gain on the open. Nasdaq futures lower postmarket with MSFT sliding after detailing slower cloud growth. Crude reached fresh three-month high before pulling back following surprise API inventory build. FX markets steady with dollar index inching lower after rising to two-week high.

    • Australian Q2 CPI could determine RBA rate path over coming months with markets pricing in better-than-even of an August hike. Consensus is for moderation in both headline and trimmed mean inflation, but latter will be the focus given it is RBA's preferred measure. Some thought trimmed mean print below 6.0% may see downgrade to terminal rate forecasts and RBA remining on hold next week.

    • Fed widely expected to raise rates by 25 bp tonight. Market continues to price in one rate hike (July) before an early 2024 pivot. Chari Powell likely to acknowledge some traction behind the disinflation trend, reiterate June SEP remains the base case (two more rate hikes by end-2023) while stressing central bank's data dependency. Some previews have flagged likelihood of a September skip followed by another 25 bp rate hike in November.

  • Pre-open Company News:

    • 600196.CH -- NMPA approves trial of Fosun Pharma-controlled unit's XH-S003 for IgA nephropathy, other complement activation-driven glomerular diseases

    • 500570.IN -- Tata Motors reports Q1 consolidated EPS (ordinary shares) INR8.34 vs year-ago (INR13.07)

    • 500570.IN -- Tata Motors board approves scheme of arrangement for capital reduction by cancelling all A ordinary shares

    • 300750.CH -- Contemporary Amperex Technology reports H1 net income attributable CNY20.72B, +154% vs year-ago CNY8.17B

    • 600916.CH -- China National Gold Group Gold Jewellery appoints Liu Kejun as chairman

    • China reports H1 total gold production 243.996 tons, +5.93% y/y

    • ^ESG -- StreetAccount ESG Headlines (25-Jul)

    • 636.HK -- Kerry Logistics Network sells express delivery business in Asia, Europe to SF Holding for up to HK$250M

    • 600170.CH -- Shanghai Construction's consortium with China Railway 24th Bureau wins bid for CNY5.83B Shanghai East Station project

    • 500820.IN -- Asian Paints chairman Deepak Satwalekar to retire at conclusion of term, effective 30-Sep

    • NTP.VN -- Tien Phong Plastics reports Q2 NPAT VND128.19B, (28%) vs year-ago VND177.01B

    • 1918.HK -- Sunac China provides update on payment for acquisition of 45% stake in JV with Xinxing Group

    • 3383.HK -- Agile Group discloses 2022 loans provided by A-Living to Times China unit and Zhuoya Education

    • J69U.SP -- Frasers Centrepoint Trust reports Q3 retail portfolio committed occupancy 98.7%

    • 532977.IN -- Bajaj Auto reports Q1 (standalone) EPS INR58.9 vs FactSet INR57.55 [8 est, INR46.12-64.39]

  • On Deck:

    • China:

      • Economic:

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

    • Hong Kong:

      • Earnings:

        • ASMPT (522.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

      • Earnings:

        • CyberAgent (4751.JP), Advantest (6857.JP), Nitto Denko (6988.JP), Nissan Motor (7201.JP), JCR Pharmaceuticals (4552.JP), Capcom (9697.JP)

    • South Korea:

      • Earnings:

        • SK Hynix (000660.KS), Hyundai Steel (004020.KS), Hyundai Motor (005380.KS), LG Display (034220.KS), Sk Ie Technology Co. (361610.KS), Samsung Electronics (005930.KS), Samsung SDI (006400.KS), Hyundai Mobis (012330.KS), Doosan Bobcat (241560.KS), LG Energy Solution (373220.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: RBA Trimmed Mean CPI Q/Q; consensus

        • 11:30 AEST: CPI NSA Q/Q; consensus +1%

      • Earnings:

        • Rio Tinto (RIO.AU), Energy Resources of Australia (ERA.AU)

    • India:

      • Earnings:

        • Colgate-Palmolive (India) (500830.IN), REC Ltd (532955.IN), Shree Cement (500387.IN), Bharat Petroleum (500547.IN), Tata Consumer Products (500800.IN)

    • Singapore:

      • Earnings:

        • Parkway Life REIT (C2PU.SP), Suntec Real Estate Investment Trust (T82U.SP), Keppel Infrastructure Trust (A7RU.SP), Keppel Pacific Oak US REIT (CMOU.SP), Mapletree Industrial Trust (ME8U.SP), OUE Commercial REIT (TS0U.SP)

    • Taiwan:

      • Earnings:

        • AUO Corp (2409.TT)

    • Thailand:

      • Earnings:

        • The Siam Cement Public (SCC.TB)

  • Market Data:

    • Gold (Aug 23): +$3.20 or +0.16% to $1966.90

    • WTI Crude (Sep 23): ($0.39) or (0.49%) to $79.24

    • $-¥: (0.56) or (0.40%) to 140.9220

    • $-KRW: (7.32) or (0.57%) to 1273.5200

    • A$-$: +0.00 or +0.62% to 0.6788

    • $-INR: +0.12 or +0.15% to 81.9500

    • $-CNY: (0.05) or (0.71%) to 7.1354

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