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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.29%, Hang Seng Futures +0.06%, ASX SPI 200 (0.25%), S&P Futures (0.01%)

Sep 05 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Wednesday trade. Nikkei futures pointing to mild gains on the open, Hang Seng futures flat and ASX futures signaling declines at the start of trade. US contracts flat following a quiet Tuesday session. Asian bond market weakness continues with Australian and New Zealand yield curves steepening. Yen turning up from lows, dollar steady elsewhere after hitting six-month high. Crude settled below best levels following Saudi/Moscow output cut extension. Iron ore futures highest since April following Beijing's latest property support measures

    • Crude traded towards 10-month high after Saudi Arabia and Russia extended output cuts through year-end. Goldman Sachs noted production cuts have returned oil market to deficit. Development plays into broader concerns disinflation momentum may have peaked, complicating central bank efforts and potentially leaving rates higher for longer. CME's FedWatch shows market still pricing in no further Fed rate hikes, but odds of another increase by year-end have risen.

    • Mixed takeaways from RBA's hold decision Tuesday. Some economists still expect 1-2 rate hikes by-year end though others pointed to RBA's assessment that macro trends are consistent with its projections. No further rate hikes being priced in by markets. Attention turns to Australian Q2 GDP today and forecasts for a pickup in growth. Details on consumption and unit labor costs may receive closer scrutiny than headline figure after RBA elevated their importance in determining policy decisions.

  • Pre-open Company News:

    • 1211.HK -- BYD initiated outperform at Bernstein (timing uncertain)

    • 2408.TT -- Nanya Technology reports August revenue NT$2.57B, (24.7%) y/y

    • +ARM -- ARM Holdings files amended F-1; to offer 95.5M ADSs for selling shareholder in the range of $47-51 per ADS through Barclays, Goldman Sachs, J.P. Morgan, and Mizuho

    • 1813.HK -- KWG Group Holdings reports August pre-sales value CNY880M, (77.2%) y/y

    • 2333.HK -- Great Wall Motor reports August sales volume 114,096 units, +29.3% y/y

    • 123.HK -- Yuexiu Property reports August contracted sales CNY9.86B, +21.3% y/y

    • 533398.IN -- Muthoot Finance initiated buy at Dolat Capital Markets (timing uncertain)

    • 2202.HK -- China Vanke reports August contract sales CNY22.61B; StreetAccount notes year-ago figure was CNY30.97B

    • 002714.CH -- Muyuan Foods sold 5.7M pigs (including 77K piglets) in August vs year-ago 4.9M

    • UD1U.SP -- IREIT Global completes acquisition of 17 retail properties in France

    • 2633.TT -- Taiwan High Speed Rail reports August consolidated revenue NT$4.20B, +24.9% y/y

    • 3383.HK -- Agile Group Holdings reports August aggregated pre-sale value of CNY2.54B; StreetAccount notes year-ago figure was CNY5.05B

    • 540699.IN -- Dixon Technologies releases Business Responsibility and Sustainability report

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 000961.CH -- Jiangsu Zhongnan Construction Group reports August contract sales CNY2.56B, sales area 197K sq m

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Sunlight Real Estate Investment Trust (435.HK)

    • Australia:

      • Economic:

        • 11:30 AEST: GDP Y/Y; consensus +1.6%

        • 11:30 AEST: GDP SA Q/Q; consensus +0.3%

        • 11:30 AEST: GDP SAAR Q/Q; consensus +1.5%

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.01%

  • Market Data:

    • Gold (Dec 23): ($1.00) or (0.05%) to $1951.60

    • WTI Crude (Oct 23): +$0.12 or +0.14% to $86.81

    • $-¥: +1.24 or +0.85% to 147.4190

    • $-KRW: +7.14 or +0.54% to 1331.0800

    • A$-$: (0.01) or (1.29%) to 0.6375

    • $-INR: +0.39 or +0.47% to 83.1110

    • $-CNY: +0.04 or +0.58% to 7.3034

  • 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:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
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