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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.40%), Hang Seng Futures +0.25%, ASX SPI 200 (0.52%), S&P Futures +0.05%

Aug 31 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Friday trade. Nikkei and ASX futures lower while Hang Seng futures marginally higher. S&P 500 futures flat after US equities were little changed overnight. Australian and New Zealand yields tracking earlier strength in Treasuries. FX markets steady after dollar index extended rebound from two-week low. Crude hovering near three-week high. Bitcoin erased previous day's rally.

    • As foreshadowed in press, China authorities lowered downpayment requirement and urged banks to reduce lending rates. Goldman Sachs saw measures providing modest growth impulse to property market if widely adopted. Citi flagged potential boost to home sales though Evercore skeptical, noting many existing mortgages already on floor rate. Developers also facing uncertainty with Country Garden delaying onshore bond repayment deadline as it seeks longer grace period for payments. Group's credit rating cut three notches to Ca by Moody's.

    • Markets looking ahead to US nonfarm payrolls later tonight. Forecast to show smallest jobs growth in 32 months though unemployment rate and annualized earnings growth expected to remain unchanged. Previews have noted risk of downside surprise following ADP payrolls and JOLTS miss this week. Even then, an in-line to softer print seen strengthening soft landing narrative and further eroding odds of another Fed rate hike.

    • FT reported China President Xi Jinping set to skip next week's G20 in India amid elevated tensions between two nations. Xi's absence would also be a blow to hopes for meeting with Biden at the summit. Comes as US and China continue efforts to restore communications following Commerce Secretary Raimondo's visit to Beijing. US-China defense officials also held rare direct engagement this month after Beijing halted ties last year in response to former House Speaker Pelosi's visit to Taiwan.

  • Pre-open Company News:

    • 180640.KS -- HANJIN KAL releases 2023 sustainability report

    • 6988.HK -- Joy Spreader Interactive Technology reports H1 net income attributable (HK$194.8M) vs year-ago HK$75.5M

    • 003550.KS -- LG Corp releases ESG report

    • 3613.HK -- Beijing Tong Ren Tang Chinese Medicine chairman Ding Yong Ling retires, effective 31-Aug

    • 9996.HK -- Peijia Medical reports H1 net income attributable (CNY212.1M) vs year-ago (CNY92.0M)

    • 1558.HK -- YiChang HEC ChangJiang Pharmaceutical reports H1 net income attributable CNY1.03B vs year-ago (CNY32.8M)

    • 59.HK -- Skyfame Realty (Holdings) reports H1 net income attributable (CNY991.9M) vs year-ago (CNY1.62B)

    • 3377.HK -- Bondholders of Sino-Ocean Group unit approve extension of $2B onshore bonds due 2-Aug

    • FRSX -- Foresight Autonomous subsidiary Eye-Net Mobile signs agreement for a paid proof of concept (POC) project with SoftBank Corp. (9434.JP)

    • China confirms reduction of existing first-home mortgage rates; set national minimum down-payment ratios; reduces minimum rate on second homes

    • 000596.CH -- Anhui Gujing Distillery upgraded to buy from overweight at Western Securities (timing uncertain)

    • 3396.HK -- Legend Holdings reports H1 net income attributable CNY668.0M vs guidance not higher than CNY800M and year-ago CNY2.13B

    • 990.HK -- Theme International Holdings reports H1 net income attributable HK$830.0M, +24% vs year-ago HK$667.0M

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 6888.MK -- Axiata Group downgraded to hold from buy at HSBC

  • On Deck:

    • China:

      • Economic:

        • 09:45 CST: Markit/Caixin PMI Manufacturing SA; consensus 49.3

    • Hong Kong:

      • Earnings:

        • SmarTone Telecommunications Holdings (315.HK)

    • Japan:

      • Economic:

        • 09:30 JST: Markit/JMMA PMI Manufacturing SA (Final); consensus

      • Earnings:

        • ITO EN (2593.JP)

    • South Korea:

      • Economic:

        • 11:00 KST: Trade Balance NSA; consensus

        • 11:00 KST: Import NSA Y/Y; consensus

        • 11:00 KST: Export NSA Y/Y; consensus (19.6%)

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus +0.4%

        • 11:30 AEST: Housing Finance SA M/M; consensus

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus

  • Market Data:

    • Gold (Dec 23): +$0.40 or +0.02% to $1966.30

    • WTI Crude (Oct 23): ($0.08) or (0.10%) to $83.55

    • $-¥: (0.74) or (0.50%) to 145.5070

    • $-KRW: +6.42 or +0.48% to 1330.2100

    • A$-$: +0.00 or +0.09% to 0.6483

    • $-INR: (0.08) or (0.09%) to 82.6822

    • $-CNY: (0.03) or (0.38%) to 7.2569

  • 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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