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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.28%, Hang Seng Futures 0.00%, ASX SPI 200 +0.06%, S&P Futures +0.08%

Sep 10 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Monday trade. Nikkei futures pointing to mild gains on the open and ASX futures flat. Hang Seng futures weaker after markets were shut Friday due to severe weather. S&P 500 futures little changed following tech-led retreat on US markets last week. Yen strengthening after BOJ Governor flagged possible to end to NIRP if 2% inflation target is in sight. Dollar weaker on other crosses. Crude under a bit of pressure after hitting 10-month high.

    • China deflation pressures eased slightly in August with consumer prices steadying and factory-date prices shrinking at a slower pace. Figures adds to signs economic activity stabilized somewhat last month following improvement in manufacturing and trade data. Passenger car sales also returned to growth. Authorities continue efforts to revive markets, moving to relax rules on insurers investing in domestic stocks. Some Chinese cities also scrapped restrictions on home purchases and offered subsidies for purchasers.

    • Strong US macro data, surging oil prices driving "good news is bad news" narrative and spurring more talk about waning disinflation momentum. Markets still not pricing in additional Fed rate hikes this year even as US August CPI previews note expectations for a pickup in headline inflation. Press reports have highlighted shift in policymaker thinking towards more balanced stance on rates though some are still concerned about prematurely ending tightening.

    • Geopolitics a weekend focus with G20 summit in India. Nothing significant from communique but some developments on sidelines with Biden meeting China Premier Li Qiang. Biden stressed US not trying to contain China, adding he doubted Beijing had ability to invade Taiwan given its economic problems. Technology has emerged as latest flashpoint in US-China relations after China widened iPhone ban and Commerce Department began probe into purported 7nm processor powering Huawei's new phone.

  • Pre-open Company News:

    • MLYS -- Mineralys Therapeutics presents Target-HTN Phase 2 trial results in late-breaking science session at 2023 AHA Hypertension Scientific Sessions

    • LCAAU -- Lotus Robotics designated to license its intelligent driving solutions

    • ^TTNASIA -- China deflation pressures ease:

    • 2291.HK -- Lepu ScienTech Medical Technology's MemoSorb Biodegradable Patent Foramen Ovale Occluder Product obtains medical device registration certificate

    • CRNX -- Crinetics' once-daily oral paltusotine achieved the primary and all secondary endpoints in the Phase 3 PATHFNDR-1 study evaluating treatment of patients with acromegaly

    • 9969.HK -- InnoCare Pharma downgraded to equal-weight from overweight at Morgan Stanley

    • VC2.SP -- Olam Group request for trading halt pending announcement

    • 2588.HK -- BOC Aviation reports disclosable transaction in relation to the finance leases of five Airbus A321NEO and five Airbus A220-300 aircraft

    • 2137.HK -- Brii Biosciences Ltd. (China) downgraded to equal-weight from overweight at Morgan Stanley

    • 030200.KS -- KT downgraded to neutral from buy at Hana Financial Investment

    • 1813.HK -- KWG Group Holdings downgraded to underweight from equal-weight at Morgan Stanley

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: M2 NSA Y/Y; consensus +10.5%

        • 08:00 CST: New Yuan Loans; consensus

    • Australia:

      • Earnings:

        • Syrah Resources (SYR.AU)

  • Market Data:

    • Gold (Dec 23): ($0.90) or (0.05%) to $1941.80

    • WTI Crude (Oct 23): ($0.51) or (0.58%) to $87.00

    • $-¥: (0.63) or (0.43%) to 147.1510

    • $-KRW: (0.98) or (0.07%) to 1335.3600

    • A$-$: +0.00 or +0.38% to 0.6402

    • $-INR: +0.08 or +0.09% to 83.1001

    • $-CNY: (0.00) or (0.01%) to 7.3430

  • 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
MAY LOSE VALUE
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