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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.34%), Hang Seng Futures (1.23%), ASX SPI 200 (0.41%), S&P Futures +0.19%

Aug 13 ,2023

  • Synopsis:

    • Asia equities poised for a softer open Monday. Futures in Japan, Hong Kong and Australia finished weaker around session lows. US contracts started trading on a positive note, following mostly lower benchmarks as S&P 500 finished mildly lower and Nasdaq underperformed. Treasuries were mostly weaker Friday as belly of the curve trailed the wings. Dollar narrowly mixed with euro softer and yen firmer. Ongoing attention on USD/JPY near 145, a level that continues to stimulate potential intervention discussions. Futures in crude oil and gold also little changed, Bitcoin traded mildly higher, recovering earlier losses.

    • Latest US data had little bearing on the Fed policy outlook as July CPI underpinned the disinflation narrative, though slight beat in PPI was cited as an overhang for the stock market. Press reported Goldman Sachs has penciled in rate cuts from 2Q24, but a growing number of economists forecasting the US will escape recession notwithstanding high uncertainty over the near term.

    • Country Garden (2007.JP) debt woes now back in the macro spotlight as a potential source of systematic risk. Company suspended trading in several onshore bonds from Monday, shortly after guiding a H1 loss and Moody's downgrade to 'Caa1' from 'B1' with a negative outlook, citing heightened liquidity and refinancing risk after the company missed bond payments. Concerns heightened after $22.5M in missed dollar bond coupon payments 6-Aug, triggering 30-day grace period. The event reverberated into China junk dollar bonds.

    • Quiet start to the week in Asia, though markets await several meaningful macro events. Main focus will be on July China activity data Tuesday against the backdrop of growing growth concerns, underscored by latest disappointment in lending. PBOC expected to keep the 1y MLF rate unchanged while rolling over CNY400B of maturing loans, with attention likely to remain high amid economists' calls for some easing this year. Japan Q2 GDP predicted to expand by more than 2% for the second straight quarter with attention on export/private consumption contribution to gauge balance between Covid reopening/slowing global demand dynamics. Nationwide CPI to be monitored -- recall Tokyo core inflation eased though ex-food & energy series continued to strengthen. RBNZ expected to remain on hold, but greater attention will be on the updated OCR projections. Australia employment data to attract attention after last month's surprising strength.

  • Pre-open Company News:

    • 500400.IN -- Tata Power Co. upgraded to hold from reduce at HSBC

    • 6929.HK -- OrbusNeich Medical Group Holdings upgraded to outperform from neutral at CCB International

    • CWBU.SP -- Cromwell European REIT subsidiary enters into €157.5M sustainability-linked term loan facility with maturity of two years

    • BTOU.SP -- Manulife US REIT reports H1 distributable income $37.9M, (17%) vs year-ago $46.0M

    • ^TTNASIA -- Meaningful week ahead for Asia macro:

    • E5H.SP -- Golden Agri-Resources reports H1 EBITDA $477.6M, (41%) vs year-ago $807.4M

    • E28.SP -- Frencken Group reports H1 net income attributable SG$12.1M vs year-ago SG$26.1M

    • TLS.AU -- Telstra Group will not appeal Australian Competition Tribunal determination over network sharing agreement with TPG

    • 7518.JP -- Net One Systems downgraded to neutral from buy at Citi

    • 6185.HK -- CanSino Biologics announces initiation of phase III clinical trial and completion of first patient enrollment for DTcP infant

    • 688301.CH -- iRay Technology initiated buy at Western Securities

    • 2772.HK -- Zhongliang Holdings Group guides H1 net income attributable range CNY50M-(CNY50M) vs year-ago CNY438.3M

    • 2007.HK -- Country Garden Holdings suspends trading in corporate bonds starting 14-Aug

    • 2197.HK -- Clover Biopharmaceuticals guides H1 net profit not less than CNY500M vs year-ago CNY1.14B

    • CWBU.SP -- Cromwell European REIT reports Q2 distributable income €43.8M, (10%) vs year-ago €48.9M

  • On Deck:

    • China:

      • Economic:

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

      • Earnings:

        • Hubei Jumpcan Pharmaceutical (600566.CH)

    • Japan:

      • Earnings:

        • Dentsu Group (4324.JP), Ebara Corp (6361.JP), Citizen Watch Co. (7762.JP), Open House Group (3288.JP), Toppan (7911.JP), Hikari Tsushin (9435.JP)

    • South Korea:

      • Earnings:

        • Samsung Fire & Marine Insurance Co. (000810.KS), Samsung Life Insurance (032830.KS)

    • Australia:

      • Earnings:

        • Beach Energy (BPT.AU), GPT Group (GPT.AU), Stanmore Resources (SMR.AU), Deterra Royalties (DRR.AU), GUD Holdings (GUD.AU), Treasury Wine Estates (TWE.AU), Cochlear (COH.AU), Charter Hall Retail REIT (CQR.AU), HealthCo Healthcare & Wellness REIT (HCW.AU), Pro Medicus (PME.AU), Region Group (RGN.AU), SEEK (SEK.AU), Solvar (SVR.AU)

    • New Zealand:

      • Earnings:

        • PGG Wrightson (PGW.NZ)

    • India:

      • Earnings:

        • ITC Ltd (500875.IN), Divi's Laboratories (532488.IN)

    • Singapore:

      • Earnings:

        • Manulife US REIT (BTOU.SP), Golden Agri-Resources (E5H.SP), Frencken Group (E28.SP), SBS Transit (S61.SP), ComfortDelGro Corp. (C52.SP), China Sunsine Chemical Holdings (QES.SP)

    • Philippines:

      • Earnings:

        • Globe Telecom (GLO.PM), Alliance Global Group (AGI.PM), International Container Terminal Services (ICT.PM), Metro Pacific Investments (MPI.PM)

  • Market Data:

    • Gold (Dec 23): ($0.40) or (0.02%) to $1946.20

    • WTI Crude (Sep 23): ($0.42) or (0.50%) to $82.77

    • $-¥: (0.03) or (0.02%) to 144.8880

    • $-KRW: (1.01) or (0.08%) to 1329.6000

    • A$-$: (0.00) or (0.06%) to 0.6495

    • $-INR: (0.03) or (0.04%) to 82.9573

    • $-CNY: (0.04) or (0.50%) to 7.2012

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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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