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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.24%), Hang Seng Futures (1.35%), ASX SPI 200 (0.32%), S&P Futures (0.03%)

Aug 16 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Thursday trade. Nikkei, Hang Seng and ASX futures pointing to more declines on the open. US contracts flat after another downbeat session that saw Nasdaq hit late June lows. Australian and New Zealand yield curves steepening after Treasury 10Y rate hit highest since October. Dollar index near two-month high as yen trades at lowest since Nov-2022. Crude continuing to pull back after falling to two-week low.

    • Higher rate backdrop in focus after FOMC minutes showed most members remained concerned about upside risks to inflation. Markets continue to price in no further tightening, but odds have fallen to 55% from 64% a week ago according to CME's FedWatch. Attention now centers on Fed Chair Powell's speech at next week's Jackson Hole Symposium, though there is skepticism he will explicitly signal rates have peaked.

    • China State Council pledged further efforts to boost domestic demand at a meeting on Wednesday. However, statement again lacked specifics markets are looking for, reinforcing skepticism policymakers can combat myriad headwinds facing China's economy. Recent sell-side downgrades of China GDP forecasts based in part on absence of a meaningful policy response to weakening growth.

    • Focus is also on spillover risks from liquidity issues plaguing CHina real estate developers. Country Garden nearing default after noting "major uncertainties" in relation to bond redemptions. Meanwhile, Bloomberg reported Chinese authorities have asked some funds to avoid net equity sales amid declining stockmarkets. Comes amid resurfacing of shadow banking risks after Zhongrong missed payments on several high yield products.

  • Pre-open Company News:

    • 688516.CH -- Wuxi Autowell Technology acquires Polar-pv for CNY270.0M in cash

    • 6638.HK -- OneConnect Financial Technology reports Q2 EPADS (CNY2.25) vs year-ago (CNY6.70)

    • 700.HK -- Tencent Holdings reports Q2 non-IFRS net income attributable CNY37.55B vs FactSet CNY35.79B [23 est, CNY31.21-38.64B]

    • 002920.CH -- Huizhou Desay SV Automotive reports H1 net income attributable CNY607.1M vs year-ago CNY521.2M

    • 1055.HK -- China Southern Airlines reports July traffic +75.39% y/y

    • AOT.TB -- Airports of Thailand Public Co. reports July total aircraft movement 55,444, +38.1% y/y

    • YAL.AU -- Yancoal Australia reports H1 NPAT A$973M, (44%) vs year-ago A$1.74B

    • 532555.IN -- NTPC Ltd initiated outperform at Bernstein

    • 3308.HK -- Golden Eagle Retail Group reports H1 net income attributable CNY577.7M, +25% vs year-ago CNY460.8M

    • 603707.CH -- FDA approves registration of Nanjing King-friend Biochemical Pharmaceutical's palonosetron hydrochloride injection

    • EYEN -- Eyenovia acquires U.S. commercial rights to APP13007 from Formosa Pharmaceuticals

    • 500257.IN -- FDA approves Lupin Ltd's ANDA for Metoprolol Succinate Extended-Release Tablets USP

    • SQNS -- Sequans Communications board recommends that shareholders accept Renesas tender offer

    • 603501.CH -- Will Semiconductor Co Ltd Shanghai to launch CNY500M-1B on-market share buyback at up to CNY100/sh

    • 500875.IN -- ITC Ltd upgraded to add from neutral at YES Securities

  • On Deck:

    • China:

      • Economic:

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

      • Earnings:

        • Intchains (ICG)

    • Hong Kong:

      • Earnings:

        • Galaxy Entertainment Group (27.HK), Yixin Group (2858.HK), OrbusNeich Medical Group Holdings (6929.HK), CNOOC (883.HK), Lenovo Group (992.HK), Maoyan Entertainment (1896.HK), SF Real Estate Investment Trust (2191.HK), Kingdee International Software Group (268.HK), PAX Global Technology (327.HK), Chinasoft International (354.HK), SOHO China (410.HK), SciClone Pharmaceuticals (Holdings) (6600.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus (1%)

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus (0.2%)

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus +¥0.03T

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +4.5%

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus 3.6%

        • 11:30 AEST: Employment SA; consensus +5K

      • Earnings:

        • Centuria Office REIT (COF.AU), Domain Holdings Australia (DHG.AU), Growthpoint Properties Australia (GOZ.AU), Hotel Property Investments (HPI.AU), NRW Holdings (NWH.AU), Nuix (NXL.AU), Sonic Healthcare (SHL.AU), Bell Financial Group (BFG.AU), Blackmores (BKL.AU), CogState (CGS.AU), 3P Learning (3PL.AU), Allkem (AKE.AU), Centuria Capital (CNI.AU), Enero Group (EGG.AU), IRESS (IRE.AU), Magellan Financial Group (MFG.AU), MyState (MYS.AU), PWR Holdings (PWH.AU)

    • New Zealand:

      • Earnings:

        • Spark New Zealand (SPK.NZ)

    • Singapore:

      • Earnings:

        • Singapore Exchange (S68.SP), NetLink NBN Trust (CJLU.SP)

    • Taiwan:

      • Earnings:

        • SinoPac Financial Holdings Co. (2890.TT)

  • Market Data:

    • Gold (Dec 23): ($6.10) or (0.32%) to $1922.20

    • WTI Crude (Sep 23): ($0.21) or (0.26%) to $79.17

    • $-¥: +0.74 or +0.51% to 146.3200

    • $-KRW: +5.32 or +0.40% to 1342.6800

    • A$-$: (0.00) or (0.69%) to 0.6415

    • $-INR: (0.14) or (0.17%) to 83.2362

    • $-CNY: +0.01 or +0.19% to 7.2968

  • 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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