Aug 03 ,2023
Synopsis:
Asian markets set for mixed start to Friday trade. Nikkei futures pointing to losses on the open. Hang Seng futures higher and ASX futures little changed. Nasdaq futures advancing with AMZN +9% following revenue guidance beat and AWS stabilization. AAPL weaker after reporting sluggish iPhone demand. Bond market selloff continues with Australian and New Zealand curves steepening. Yen backing above lows against dollar. Aussie drifting up from lows ahead of RBA economic forecasts. Oil holding gains that followed Saudi output cut extension. Copper also higher.
RBA to detail updated economic forecasts in Statement on Monetary Policy. Focus will be CPI projections after central bank said it forecasts inflation returning to within target in late 2025 (vs mid-2025 timeframe it projected in May). Commentary on wage growth and forecasts may also convey strength of RBA's tightening bias. Markets and economists have lowered peak rate forecasts following Tuesday's hold decision, eyeing only one more rate increase by year-end.
US nonfarm payrolls forecast to smallest monthly gain since Dec-2020, unchanged unemployment rate and deceleration in average hourly earnings growth. While data follows a much stronger-than-expected ADP payrolls report, leading indicators suggest some labor market loosening is underway. Most of the focus will be on whether the print validates soft landing and disinflation narratives that have led markets to price out further Fed rate hikes.
Pre-open Company News:
C07.SP -- Insider Transaction: Jardine Cycle & Carriage Group MD Benjamin Birks discloses purchase of 19K shares -- Form 1
500480.IN -- Cummins India reports Q1 standalone EPS INR11.39 vs FactSet INR12.68 [4 est, INR11.10-14.63]
1992.HK -- Fosun Tourism Group guides H1 profit attributable of no less than CNY430M vs year-ago (CNY197M)
1177.HK -- Sino Biopharmaceutical enters into exclusive license with Inventisbio for D-1553 in cancers
1963.HK -- The Bank of Chongqing appoints Gao Song as executive director, president
Z74.SP -- Singtel issues clarification on broker report
002271.CH -- Beijing Oriental Yuhong Waterproof Technology initiated buy at Essence Securities (timing uncertain)
UD1U.SP -- IREIT Global reports H1 income to be distributed to unitholders €12.4M, (24%) vs year-ago €16.4M
300014.CH -- EVE Energy guides H1 net income attributable CNY2.04-2.24B vs year-ago CNY1.36B
2192.HK -- Medlive Technology guides H1 net profit attributable at least CNY90M vs year-ago CNY27.0M
732.HK -- Truly International Holdings reports July revenue HK$1.24B, (24.6%) y/y
512599.IN -- Adani Enterprises reports Q1 consolidated EPS INR5.91 vs year-ago INR4.18
3396.HK -- Legend Holdings to acquire 60% equity interest in CAS (Shandong) Advanced Materials Technology for CNY31.7M
500253.IN -- LIC Housing Finance appoints T Adhikari as CEO, effective today
500096.IN -- Dabur India reports Q1 consolidated EPS INR2.61 vs year-ago INR2.48
On Deck:
China:
Earnings:
3peak Inc (688536.CH)
Japan:
Earnings:
Ajinomoto Co. (2802.JP), Kubota (6326.JP), Minebea Mitsumi (6479.JP), Mitsubishi Heavy Industries (7011.JP), Suzuki Motor (7269.JP), ORIX (8591.JP), SoftBank Corp (9434.JP), Nissui (1332.JP), Kikkoman (2801.JP), Mitsui Chemicals (4183.JP), Ube (4208.JP), JustSystems (4686.JP), Fujimi (5384.JP), NIPPON STEEL (5401.JP), Sharp Corp (6753.JP), Shimadzu (7701.JP), ITOCHU (8001.JP), Marubeni (8002.JP), Unicharm (8113.JP), The Chiba Bank (8331.JP), Fukuoka Financial Group (8354.JP), Mitsui Fudosan Co. (8801.JP), Square Enix Holdings (9684.JP)
Australia:
Earnings:
Dicker Data (DDR.AU)
India:
Earnings:
Bharat Heavy Electricals (500103.IN), State Bank of India (500112.IN), Britannia Industries (500825.IN), Aditya Birla Fashion & Retail (535755.IN)
Singapore:
Earnings:
Oversea-Chinese Banking Corp. (O39.SP), Frasers Hospitality Trust (ACV.SP), Fraser & Neave (F99.SP), Venture (V03.SP)
Taiwan:
Earnings:
Realtek Semiconductor (2379.TT), Taiwan Mobile (3045.TT)
Philippines:
Economic:
09:00 SST: CPI Y/Y; consensus +5%
Earnings:
Universal Robina (URC.PM)
Market Data:
Gold (Dec 23): +$1.60 or +0.08% to $1970.40
WTI Crude (Sep 23): +$0.25 or +0.31% to $81.80
$-¥: (0.70) or (0.49%) to 142.6270
$-KRW: (3.32) or (0.26%) to 1296.4700
A$-$: +0.00 or +0.28% to 0.6560
$-INR: +0.07 or +0.09% to 82.7969
$-CNY: (0.03) or (0.40%) to 7.1629
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