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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.68%, Hang Seng Futures +0.66%, ASX SPI 200 +1.22%, S&P Futures +0.09%

Sep 14 ,2023

  • Synopsis:

    • Asian markets tracking for a bullish start to Friday trade. Nikkei, Hang Seng and ASX futures all pointing to gains on the open. S&P 500 futures steady following a broadly positive offshore session. Australian bonds little changed after Treasury curve bear steepened overnight. Dollar index hit fresh six-month high, strongest against euro. Crude highest in 10-months, tracking for third straight weekly gain.

    • China activity data forecast to show pickup in industrial production and retail sales growth and unchanged fixed asset investment growth (ytd). Data expected to confirm trade, manufacturing, credit and inflation figures indicating economic activity stabilized in August. Attention will also be on property data amid forecasts for steeper contraction in real estate investment.

    • China authorities stepping up policy support after cutting RRR by 25 bp late Thursday, unleashing estimated CNY500B in liquidity. RRR cut had been foreshadowed in mainland press and analysts expect more policy support in Q4. Goldman Sachs eyeing additional RRR cut, 10bp interest rate reduction and additional CNY500B of local government special bond issuance. Others see more aggressive fiscal policy response.

    • ECB hiked by 25 bp but most of the focus was on policy statement signaling rates have reached sufficiently restrictive levels. Peak policy expectations also supported by US CPI takeaways that noted print unlikely to sway Fed from keeping rates unchanged next week. According to CME's FedWatch, odds of another Fed rate hike by year-end receded after core PPI inflation continued its downtrend.

    • Also making news, Japan press report government considering extending gas subsidy beyond 2023. Moody's cut China property sector outlook to negative from stable, forecasting continued fall in contracted sales. Arm settled 25% higher than IPO price in first day of trade. House Republicans ramping up calls to intensify sanctions on Huawei and SMIC following release of Huawei's new smartphone.

  • Pre-open Company News:

    • 1898.HK -- China Coal Energy reports August commercial coal production 11.7M tonnes, +7.5% y/y

    • 600170.CH -- Shanghai Construction Group to auction 100% stake in Jiangxi Jianhao Real Estate on Shanghai Assets Exchange

    • 1799.HK -- Xinte Energy initiated overweight at Guosen Securities (timing uncertain)

    • 9961.HK -- Trip.com Group SEC filing: SC 13D/A (Filed by Baidu, Inc.)

    • 000963.CH -- Huadong Medicine receives NMPA approval for clinical trial of HDM1002 tablet in weight management

    • 600745.CH -- Wingtech Technology initiated buy at Sealand Securities (timing uncertain)

    • 1516.HK -- Sunac Services Holdings declares special dividend of HK$0.235/share

    • 500493.IN -- Paramount to increase production of armored vehicles through Bharat Forge partnership for export market

    • 002422.CH -- Sichuan Kelun Pharmaceutical in-licenses exclusive rights of TBM-001 from Southwest Medical University Hospital

    • Cummins, Daimler Truck and PACCAR form JV for US battery cell production

    • +ARM -- ARM Holdings IPO opens at $56.10 on the Nasdaq

    • 300496.CH -- Thunder Software Technology downgraded to neutral from buy at UBS

    • 558.HK -- L.K. Technology's unit Shenzhen LK places 9.5-12% stake to Future Industry Investment Fund to raise CNY1.50B

    • RHC.AU -- Ramsay Health Care provides update on sale of Ramsay Sime Darby JV, to announce outcome before AGM

    • 1060.HK -- Alibaba Pictures Group upgraded to overweight from equal-weight at Morgan Stanley

  • On Deck:

    • China:

      • Economic:

        • 10:00 CST: Fixed Asset Investment YTD; consensus +3.4%

        • 10:00 CST: Industrial Output NSA Y/Y; consensus +3.8%

        • 10:00 CST: Retail Sales NSA Y/Y; consensus +3.1%

    • Japan:

      • Economic:

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus +5.4%

  • Market Data:

    • Gold (Dec 23): ($1.10) or (0.06%) to $1931.70

    • WTI Crude (Oct 23): +$0.33 or +0.37% to $90.49

    • $-¥: (0.00) or (0.00%) to 147.4660

    • $-KRW: (1.35) or (0.10%) to 1327.0600

    • A$-$: +0.00 or +0.23% to 0.6435

    • $-INR: +0.06 or +0.07% to 83.0521

    • $-CNY: +0.01 or +0.08% to 7.2759

  • 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.
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