Aug 01 ,2023
Synopsis:
Asian markets set for a negative start to Wednesday trade. Nikkei, Hang Seng and ASX futures all pointing to losses on the open. S&P 500 futures have pulled back after Fitch downgraded US credit rating to AA+ from AAA (coming after agency put US on Watch Negative in May). Bonds under some pressure with Aussie and New Zealand curves steepening. Yen rebounding from a one-month low against dollar. Crude extending gains following much larger-than-expected API inventory draw.
China policy announcements roll on after authorities on Tuesday pledged to boost credit to private firms and provide financial support to smaller firms. Banks will also be guided to lower mortgage rates and downpayment ratios. Adds to a slew of measures announced over the past week, though authorities have so far stopped short of providing more direct fiscal or monetary stimulus.
RBA takeaways leaned dovish after central bank left cash rate unchanged for a second month on Tuesday. Goldman Sachs downgraded its terminal rate forecast and others highlighted downside risks to their peak projections. Markets pricing in roughly even chance of another increase by year-end, with November seen as the more likely month for a rate hike depending on outlook for growth, inflation and labour market.
Pre-open Company News:
3868.HK -- Xinyi Energy Holdings downgraded to neutral from outperform at ICBC International (timing uncertain)
Spain Jul new passenger car registrations 81,205 units +10.7% y/y -- ANFAC
532500.IN -- Maruti Suzuki India reports July production (vehicles) 186,654 vs year-ago 184,890
2015.HK -- Li Auto delivers 34,134 vehicles in July, +227.5% y/y
9866.HK -- NIO reports July deliveries 20,462 vehicles, +104% y/y
Italy Jul new passenger car registrations 119,207 units, +8.8% y/y -- UNRAE
6655.HK -- Huaxin Cement reports preliminary H1 net income attributable CNY1.19B, (25%) vs year-ago CNY1.59B
500520.IN -- Mahindra & Mahindra reports July auto sales 66,124, +18% y/y
1211.HK -- BYD Co. Ltd. reports July vehicle production volume 272,414 units vs year-ago 163,358 units
532500.IN -- Maruti Suzuki India reports July sales 181,630 units vs year-ago 175,916 units
505537.IN -- Zee Entertainment Enterprises notes IDBI Bank has appealed against NCLT dismissal of its insolvency plea against Zee
DL1.VN -- Alpha Seven Group reports Q2 net income VND1.64B vs year-ago (VND2.15B)
532648.IN -- YES BANK issues clarification regarding news article on Spandana Sphoorthy acquisition
L18.VN -- Construction & Investment JSC No 18 reports Q2 net income attributable VND8.46B, +7% vs year-ago VND7.92B
600079.CH -- NMPA approves drug registration of Humanwell Healthcare-controlled unit's metoprolol succinate for hypertension, angina, heart failure
On Deck:
Hong Kong:
Earnings:
HKT Trust & HKT (6823.HK), Ferretti (9638.HK), CK Infrastructure Holdings (1038.HK), AsiaInfo Technologies (1675.HK), Budweiser Brewing Co. APAC (1876.HK), Power Assets Holdings (6.HK)
Japan:
Earnings:
Sumitomo Chemical (4005.JP), Mitsubishi Chemical (4188.JP), Eisai (4523.JP), AGC (5201.JP), Sumitomo Electric Industries (5802.JP), NTN Corp (6472.JP), TDK (6762.JP), Subaru (7270.JP), Keio Corp (9008.JP), TIS Inc. (3626.JP), Yamaha (7951.JP), Sanrio (8136.JP), Aozora Bank (8304.JP), Tobu Railway Co. (9001.JP), Kawasaki Kisen Kaisha (9107.JP), Tokyo Electric Power Co. Holdings (9501.JP)
South Korea:
Earnings:
KakaoBank (323410.KS), Kakao (035720.KS)
Australia:
Earnings:
Pinnacle Investment Management Group (PNI.AU)
India:
Earnings:
Hindustan Petroleum (500104.IN), Titan (500114.IN), Ambuja Cements (500425.IN), Godrej Properties (533150.IN), Gujarat Gas (539336.IN), InterGlobe Aviation (539448.IN), Aditya Birla Capital (540691.IN), Adani Wilmar (543458.IN)
Singapore:
Earnings:
DBS Group Holdings (D05.SP)
Philippines:
Earnings:
Ayala Land (ALI.PM)
Market Data:
Gold (Dec 23): +$10.90 or +0.55% to $1989.70
WTI Crude (Sep 23): +$0.93 or +1.14% to $82.30
$-¥: +0.60 or +0.42% to 142.8670
$-KRW: +10.53 or +0.82% to 1288.4000
A$-$: (0.01) or (1.57%) to 0.6617
$-INR: +0.04 or +0.05% to 82.3074
$-CNY: +0.03 or +0.46% to 7.1765
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