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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.26%), Hang Seng Futures (1.04%), ASX SPI 200 +0.10%, S&P Futures +0.01%

Sep 07 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Friday trade. Nikkei, Hang Seng and ASX futures all pointing to losses on the open. S&P 500 futures flat following another tech-led retreat on US markets. Asian bonds rebounding with Aussie yield curve bull flattening following recent backup. Dollar extended advance, rising to highest since early March. Yuan neared fresh 10-month low while yen ticked up. Commodity markets steady after crude snapped its run of gains.

    • Fallout continues from reports China widening its iPhone ban. AAPL down 6% week-to-date with weakness extending to its main suppliers. Development coincides with much-hyped release of new Huawei smartphone that prompted debate over China's advances in developing advanced semiconductors. Concerns it could lead to escalation in US-China tech war after lawmakers suggesting SMIC violated US sanctions in providing Huawei advanced components without approval from Washington.

    • Cautious market sentiment also attributed to latest backup in bond yields, dollar's relentless climb, oil's surge to a six-month high and waning disinflation momentum. Latest Fedspeak points to a September pause and markets pricing in only slim chance of further tightening by year-end. However, 2024 rate cut odds have wound back a little as upside inflation risks and resilient macro data reinforce Fed's higher-for-longer mantra.

    • China's major banks followed through with mortgage rate cuts on Thursday, which will take effect on 25-Sep. Rate cuts part of a slew of measures aimed at reviving property market, which has contributed to big rebound in Hang Seng-listed real estate stocks. However, still a lot of skepticism whether measures will revive housing demand. Sector also continues to face liquidity pressures with Country Garden bondholders expressing doubts about its ability to meet repayments due later in 2023.

  • Pre-open Company News:

    • 543498.IN -- Motherson Sumi Wiring India initiated buy at Asian Markets Securities

    • 2886.TT -- Mega Financial Holding reports August net income NT$3.01B; StreetAccount notes year-ago figure was NT$3.09B

    • 2315.HK -- Biocytogen Pharmaceuticals signs antibody evaluation, option and license agreement with Myricx

    • 2884.TT -- E.SUN Financial Holding reports August PBT NT$1.96B

    • 002601.CH -- LB Group initiated buy at Great Wall Securities (timing uncertain)

    • ^INDATA -- Life Insurance Council reports August new business premium INR267.89B vs year-ago INR328.56B

    • 9910.TT -- Feng Tay Enterprise reports August consolidated revenue NT$8.55B, (2.6%) y/y

    • 16.HK -- Sun Hung Kai Properties reports FY underlying net income HK$23.89B vs StreetAccount HK$26.83B

    • 5802.JP -- Sumitomo Electric Industries downgraded to neutral from buy at Mizuho Securities

    • 7267.JP -- Honda Motor upgraded to overweight from equal-weight at Morgan Stanley MUFG

    • 3863.JP -- Nippon Paper Industries Co. initiated neutral at SMBC Nikko

    • 576.HK -- Zhejiang Expressway general manager Yuan Yingjie resigns; effective 9-Sep

    • 601155.CH -- Seazen Holdings reports August contracted sales CNY6.05B, (36.3%) y/y

    • 2186.HK -- Luye Pharma Group receives NMPA approval for Baituowei injection to treat breast cancer

    • 8046.TT -- Nan Ya Printed Circuit board reports August revenue NT$3.37B, (41.4%) y/y

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus +10.6%

    • Japan:

      • Economic:

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: GDP SA Q/Q (Final); consensus +1.5%

        • 08:50 JST: GDP SAAR Q/Q (Final); consensus +6%

        • 08:50 JST: GDP Y/Y (Final); consensus +2%

    • Australia:

      • Earnings:

        • 88 Energy (88E.AU), Capricorn Metals (CMM.AU)

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus (7.7%)

  • Market Data:

    • Gold (Dec 23): +$1.50 or +0.08% to $1944.00

    • WTI Crude (Oct 23): ($0.18) or (0.21%) to $86.69

    • $-¥: (0.35) or (0.24%) to 147.3040

    • $-KRW: (0.52) or (0.04%) to 1334.0200

    • A$-$: (0.00) or (0.12%) to 0.6374

    • $-INR: (0.07) or (0.09%) to 83.2417

    • $-CNY: +0.01 or +0.15% to 7.3278

  • 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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