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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.04%, Hang Seng Futures +0.98%, ASX SPI 200 +0.26%, S&P Futures +0.16%

Jul 30 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Monday trade. Nikkei, Hang Seng and ASX futures all pointing to gains on the open. S&P 500 futures pushing higher after capping off another weekly gain. Bond markets rallying with Australian and New Zealand curves flattening. Yen strengthening against other currencies, dollar also weaker against Aussie. Mutes moves in commodity markets as crude trades near mid-April highs.

    • China PMIs forecast to show manufacturing sector remained in contraction and further slowdown in non-manufacturing activity this month. Early indicators suggest economic slowdown continued in July after Beige Book revealed drop in consumer spending while manufacturing orders slowed. Authorities beginning to rollout of measures to boost economy with NDRC to hold press conference today outlining new policies to revive consumption.

    • Bond markets in grip of two-volatility after Fed and ECB signaled end to their tightening cycles. However, downward pressure on yields offset by reports that foreshadowed BOJ's YCC tweak (and speculation around its next move). Some thought also markets too optimistic in pricing Fed rate cuts next year as resilient economic data strengthen soft landing expectations. Resurgent commodity prices also pose risk to disinflation momentum.

    • Flurry of central bank meetings signal global tightening cycle is nearing an end. While Fed left door open for September hike, markets of the view cycle has peaked. Markets less convinced about September ECB rate hike following emphasis on data dependence. BOJ tweaked YCC though takeaways did not view it is a significant policy change. Focus turns to BOE this week and an expected 25 bp rate hike, though markets have dialed back peak rate forecast. Tuesday's RBA decision seen as line ball, though only more rate hike forecast by year-end.

  • Pre-open Company News:

    • 2138.HK -- EC Healthcare reports unaudited Q1 sales volume +23% y/y

    • 2454.TT -- MediaTek upgraded to outperform from neutral at KGI Securities

    • Trip.com Group upgraded to overweight from neutral at JPMorgan

    • 603288.CH -- Foshan Haitian Flavouring & Food downgraded to neutral from buy at Goldman Sachs

    • 500547.IN -- Bharat Petroleum downgraded to reduce from accumulate at Elara Capital

    • 500002.IN -- ABB India downgraded to neutral from buy at BofA

    • 509930.IN -- Supreme Industries Ltd. downgraded to hold from buy at Investec

    • BSL.SP -- Raffles Medical Group reports H1 PATMI SG$59.9M vs year-ago SG$59.5M

    • 543300.IN -- Sona BLW Precision Forgings downgraded to sell from underperform at CLSA

    • 9658.HK -- Super Hi International Holding reports preliminary H1 net profit of no less than CNY2,200M vs year-ago CNY72M

    • 008770.KS -- HOTEL SHILLA Co. upgraded to buy from neutral at Nomura

    • 540767.IN -- Nippon Life India Asset Management downgraded to outperform from buy at CLSA

    • 008770.KS -- HOTEL SHILLA Co. upgraded to outperform from sell at CLSA

    • TRUE.TB -- True Corp. Public Co. downgraded to hold from buy at Maybank Investment Bank

    • 2454.TT -- MediaTek upgraded to buy from sell at Goldman Sachs

  • On Deck:

    • China:

      • Economic:

        • 09:30 CST: CFLP PMI Manufacturing; consensus 49

        • 09:30 CST: CFLP Non Manufacturing PMI; consensus 52.5

        • 09:30 CST: CFLP Services PMI; consensus

      • Earnings:

        • WuXi AppTec (603259.CH), SKSHU Paint (603737.CH)

    • Hong Kong:

      • Earnings:

        • Hang Lung Group (10.HK), Hang Lung Properties (101.HK), Pacific Basin Shipping (2343.HK), Xinyi Energy Holdings (3868.HK), Xinyi Glass Holdings (868.HK), Xinyi Solar Holdings (968.HK), Greentown Management Holdings (9979.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Industrial Production SA M/M (Preliminary); consensus +2.1%

        • 08:50 JST: Retail Sales NSA Y/Y (Preliminary); consensus +5.9%

        • 14:00 JST: Housing Starts NSA Y/Y; consensus +1.5%

      • Earnings:

        • Japan Tobacco (2914.JP), Sumitomo Pharma (4506.JP), Shionogi & Co. (4507.JP), Ono Pharmaceutical (4528.JP), Nippon Electric Glass Co. (5214.JP), NSK Ltd (6471.JP), Kyocera (6971.JP), Murata Manufacturing (6981.JP), Sumitomo Mitsui Financial (8316.JP), Mizuho Financial (8411.JP), Daiwa Securities (8601.JP), NSD Co. (9759.JP), Macnica Holdings (3132.JP), Daiichi Sankyo (4568.JP), Otsuka Holdings (4578.JP), Information Services International-Dentsu (4812.JP), TOTO Ltd (5332.JP), NGK Insulators (5333.JP), Nippon Light Metal Holdings Co. (5703.JP), Okuma Corp (6103.JP), Mitsubishi Electric (6503.JP), Makita (6586.JP), Panasonic (6752.JP), HOYA Corp (7741.JP), Resona (8308.JP), Keisei Electric Railway Co. (9009.JP), Mitsui O.S.K. Lines (9104.JP), Mitsubishi Logistics (9301.JP), Osaka Gas (9532.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Private Sector Credit M/M; consensus

      • Earnings:

        • Ecofibre (EOF.AU), Lynas Rare Earths (LYC.AU), BCI Minerals (BCI.AU)

    • India:

      • Earnings:

        • GAIL (India) (532155.IN), Petronet LNG (532522.IN), Power Grid Corp. of India (532898.IN), Oberoi Realty (533273.IN), Adani Energy Solutions (539254.IN), Bosch Ltd (500530.IN), Adani Green Energy (541450.IN)

    • Singapore:

      • Earnings:

        • Raffles Medical Group (BSL.SP), CapitaLand India Trust (CY6U.SP), Indofood Agri Resources (5JS.SP), CapitaLand Ascendas REIT (A17U.SP), CapitaLand Integrated Commercial Trust (C38U.SP)

    • Philippines:

      • Earnings:

        • Manila Electric (MER.PM)

  • Market Data:

    • Gold (Aug 23): ($2.20) or (0.11%) to $1958.20

    • WTI Crude (Sep 23): ($0.12) or (0.15%) to $80.46

    • $-¥: (0.30) or (0.21%) to 140.8600

    • $-KRW: (0.90) or (0.07%) to 1272.3800

    • A$-$: +0.00 or +0.08% to 0.6658

    • $-INR: (0.03) or (0.04%) to 82.2595

    • $-CNY: (0.04) or (0.52%) to 7.1117

  • If you would like to receive the Asian Market Preview daily, please click here.

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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