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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.17%, Hang Seng Futures 0.00%, ASX SPI 200 +0.43%, S&P Futures (0.08%)

Sep 03 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Monday trade. Nikkei and ASX futures pointing to modest gains on the open. S&P 500 futures little changed (US markets closed Monday for Labor Day). Hang Seng set to resume after Friday's session canceled due to typhoon. Australian and New Zealand curves bear steepening, tracking Treasuries following US nonfarm payrolls data. FX markets steady after dollar logged widespread gains on Friday. Crude inching higher after managing its biggest weekly advance since March.

    • Bullish market sentiment underpinned by sharp pullback in bond yields after a run of softer-than-expected US data strengthened soft landing expectations. In response markets dialed back year-end fed rate forecast and back to predicting faster pace of cuts next year. At the same, weakening macro data and China's economic troubles are fueling growth concerns while Fed's higher-for-longer messaging may suggest market is too optimistic in pricing in rate cuts.

    • China market rebound tabbed to better-than-feared manufacturing data and latest efforts by authorities to revive housing demand. Still, China's growth outlook largely unchanged following last week's developments. Also remains to be seen whether the piecemeal support measures announced so far will revive aggregate demand given high youth unemployment and deep-seated inertia among households. Local government debt overhang and liquidity pressures among property developers also playing into the bearish China narrative.

  • Pre-open Company News:

    • 5347.MK -- Tenaga Nasional upgraded to buy from neutral at UBS

    • 600383.CH -- Gemdale Corp. downgraded to sell from buy at Goldman Sachs

    • 601066.CH -- CSC Financial initiated recommend at Founder Securities

    • GLO.PM -- Globe Telecom initiated buy at China Bank Securities

    • 175.HK -- Geely Automobile Holdings reports August sales volume 152,626 units, +24% y/y

    • CHG.TB -- Chularat Hospital PCL upgraded to buy from neutral at Nomura

    • 005490.KS -- POSCO initiated buy at SK Securities

    • 8801.JP -- Mitsui Fudosan Co. upgraded to overweight from equal-weight at Morgan Stanley MUFG

    • PTT.TB -- PTT Public Co. downgraded to hold from buy at Tisco Securities

    • 600760.CH -- AVIC Shenyang Aircraft upgraded to buy at Everbright Securities

    • 517334.IN -- Samvardhana Motherson International initiated buy at BofA

    • 315.HK -- SmarTone Telecommunications Holdings downgraded to hold from buy at HSBC

    • 601688.CH -- Huatai Securities upgraded to strong recommend at Founder Securities

    • Hong Leong Investment Bank cuts Malaysian banking sector view to neutral from overweight; cites lack of catalysts and recent strong price performance

    • 688363.CH -- Bloomage Biotechnology downgraded to overweight from buy at Cinda Securities

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Trip.com Group (9961.HK)

    • Australia:

      • Economic:

        • 11:00 AEST: MI Inflation Gauge

        • 11:30 AEST: Job Advertisements

        • 11:30 AEST: Company Operating Profits, Business Inventories

  • Market Data:

    • Gold (Dec 23): ($1.30) or (0.07%) to $1965.80

    • WTI Crude (Oct 23): +$0.31 or +0.36% to $85.86

    • $-¥: (0.11) or (0.07%) to 146.0710

    • $-KRW: (6.49) or (0.49%) to 1317.4500

    • A$-$: (0.00) or (0.18%) to 0.6447

    • $-INR: +0.00 or +0.00% to 82.7237

    • $-CNY: (0.00) or (0.01%) to 7.2606

  • 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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