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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.05%, Hang Seng Futures (0.59%), ASX SPI 200 (0.32%), S&P Futures +0.03%

Aug 20 ,2023

  • Synopsis:

    • Asian markets tracking for a mostly negative start to Monday trade. Hang Seng and ASX futures lower while Nikkei futures flat. S&P 500 futures little changed after US indexes logged a third straight weekly decline. Australian and New Zealand bonds steady relative to recent volatility. WTI crude flat after suffering its first weekly drop in eight. Copper near one-week high. Bitcoin nursing heavy losses after falling 11% last week to mid-June lows.

    • Bond yield backup remains a notable influence on markets as stronger macro data bolsters soft landing expectations but also provides support for higher-for-longer Fed narrative. Near-term attention is on Fed Chair's speech at Jackson Hole this week and whether he pushes back harder against 2024 rate cut expectations. Comes after some Fed officials recently warned of significant upside risk to inflation, which could require further tightening.

    • China expected to cut 1Y and 5Y LPRs by 15 bp today, representing largest reduction in over a year. Comes after PBOC unexpectedly reduced MLF rate last week. Authorities stepping up efforts to boost growth, urging banks to increase lending and support mortgages. Caixin reported some highly leveraged local governments authorized to raise CNY1.5T in special bonds to repay debt. CSRC also announced reforms aimed at encouraging share buybacks.

    • Still a high degree of skepticism whether latest China efforts will spur lending given underlying problem is weak credit demand. Additionally, economists warning of systemic risks from China's property crisis as Country Garden faces less than a month to avoid default. Several firms have downgraded China growth forecasts over recent days, citing soft internal and external demand, property weakness and contagion risks, high local government debt, high youth unemployment and absence of large-scale policy support.

  • Pre-open Company News:

    • K71U.SP -- Keppel REIT upgraded to outperform from hold at Daiwa

    • 600703.CH -- Sanan Optoelectronics downgraded to underweight from equal-weight at Morgan Stanley

    • 1548.HK -- Genscript Biotech reports H1 adjusted net loss ($162.0M) vs year-ago ($134.8M)

    • CPF.TB -- Charoen Pokphand Foods Public upgraded to accumulate from neutral at Phillip Capital

    • 354.HK -- Chinasoft International downgraded to outperform from buy at CLSA

    • Z74.SP -- Singtel reports Q1 underlying NPAT SG$571M, +14% vs year-ago SG$499M

    • T82U.SP -- Suntec Real Estate Investment Trust upgraded to outperform from hold at Daiwa

    • 603658.CH -- Autobio Diagnostics downgraded to recommend from strong recommend at Founder Securities

    • 600392.CH -- Shenghe Resources Holding initiated outperform at Haitong International (17-Aug)

    • 6965.JP -- Hamamatsu Photonics KK initiated overweight at Morgan Stanley MUFG

    • 5201.JP -- AGC upgraded to buy from hold at Daiwa

    • SGR.AU -- Star Entertainment Group notes DBC JV served with originating process in Supreme Court of Queensland; delays FY23 results date

    • 9CI.SP -- CapitaLand Investment upgraded to buy from accumulate at Phillip Capital

    • 2096.HK -- Simcere Pharmaceutical Group announces business cooperation agreement with Mabpharm in relation to CMAB009

    • 291.HK -- China Resources Beer (Holdings) downgraded to outperform from buy at CLSA

  • On Deck:

    • China:

      • Economic:

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

        • 09:30 CST: 1 and 5-Year Loan Prime Rate

      • Earnings:

        • Offshore Oil Engineering (600583.CH)

    • Hong Kong:

      • Earnings:

        • SJM Holdings (880.HK), Sunny Optical Technology (Group) (2382.HK), China Overseas Property Holdings (2669.HK), China Conch Environment Protection Holdings (587.HK), GDS Holdings (9698.HK)

    • Australia:

      • Earnings:

        • AVJennings (AVJ.AU), Charter Hall Group (CHC.AU), GDI Property Group (GDI.AU), IRESS (IRE.AU), McGrath (MEA.AU), Scentre Group (SCG.AU), AUB Group (AUB.AU), Coles Group (COL.AU), Helia Group (HLI.AU), Service Stream (SSM.AU), Winton Land (WTN.AU), Australian Clinical Labs (ACL.AU), ARB Corp. (ARB.AU), Data#3 (DTL.AU), Elanor Commercial Property Fund (ECF.AU), Estia Health (EHE.AU), EnviroSuite (EVS.AU), G8 Education (GEM.AU), HUB24 (HUB.AU), Ingenia Communities (INA.AU), Kogan.com (KGN.AU), Lycopodium (LYL.AU), Macmahon Holdings (MAH.AU), Megaport (MP1.AU), Nanosonics (NAN.AU), Peter Warren Automotive Holdings (PWR.AU), Shaver Shop Group (SSG.AU), Viva Energy Group (VEA.AU)

    • New Zealand:

      • Economic:

        • 10:45 NZST: Trade Balance Goods; consensus

      • Earnings:

        • Comvita (CVT.NZ), Property for Industry (PFI.NZ)

    • Singapore:

      • Earnings:

        • Singtel (Z74.SP)

    • Thailand:

      • Economic:

        • 09:30 SAST: GDP NSA Y/Y; consensus +2.1%

  • Market Data:

    • Gold (Dec 23): +$1.90 or +0.10% to $1918.40

    • WTI Crude (Sep 23): ($0.03) or (0.04%) to $81.22

    • $-¥: (0.08) or (0.06%) to 145.3380

    • $-KRW: (1.00) or (0.07%) to 1339.1600

    • A$-$: +0.00 or +0.03% to 0.6409

    • $-INR: (0.00) or (0.00%) to 83.1568

    • $-CNY: (0.00) or (0.01%) to 7.2807

  • 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".

DEPOSITARY RECEIPTS:
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