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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.25%), Hang Seng Futures (0.29%), ASX SPI 200 (0.18%), S&P Futures +0.15%

Sep 27 ,2023

  • Synopsis:

    • Asian markets tracking for more losses in Thursday trade. Nikkei, Hang Seng and ASX futures all pointing to another negative start. S&P 500 futures inching higher afterhours. Bond yield backup continues with Australian and New Zealand rates sharply higher following Wednesday's reprieve. Dollar extending its advance against majors. Yen near 12-month low and 150-per handle traders eyeing as potential intervention trigger. Crude at 13-month high after logging biggest gain since March.

    • Risk sentiment remains hamstrung by relentless backup in bold yields and markets dialing back 2024 rate cut expectations. Bearish bond market narrative driven largely by higher-for-longer Fed messaging, resilient labor markets, upside risk to inflation from surging oil prices, and ramp in bond issuance compounded by QT. Higher rate backdrop putting more scrutiny on equity market valuations, particularly high growth/tech pockets.

    • China property developers continue to face heavy selling, sinking to 12-year lows on Wednesday amid persistent concerns over repayment difficulties and rising default risk. Reports of company personnel being detained by police adding to sense of unease. While recent signs of economic stabilization have prompted modest upgrades to China GDP growth estimates, drag from the property market crunch expected to persist until housing sales bottom.

  • Pre-open Company News:

    • 000301.CH -- Jiangsu Eastern Shenghong signs strategic partnership framework agreement with Saudi Aramco Asia

    • 603568.CH -- Zhejiang Weiming Environment Protection Co. reports Jan-Aug electricity generation 2.50B kWh

    • MNOV -- MediciNova announces study results of MN 166 (ibudilast) as a medical countermeasure against chlorine gas-induced lung injury

    • S68.SP -- Singapore Exchange adjusts conversion price for €240M zero coupon convertible-bonds due 2024 to SG$12.0532; effective 16-Oct

    • 601985.CH -- China National Nuclear Power acquires two 50GW solar power plants from East Group for CNY550.6M cash

    • 524804.IN -- Aurobindo Pharma enters license agreement with Hilleman Laboratories for pentavalent vaccine candidate used in children

    • 051910.KS -- Ningbo Shanshan units to buy LG Chem's mainland China, South Korea, Vietnam OLED and automotive LCD polarizer businesses for initial price of CNY1.41B (KRW260.40B)

    • ^ESG -- StreetAccount ESG Headlines (27-Sep)

    • 688700.CH -- Kunshan Dongwei Technology Co. initiated overweight at Morgan Stanley

    • 005380.KS -- Hyundai Motor and Kia recall 3.3M vehicles due to fire risk

    • 6758.JP -- Sony Interactive Entertainment CEO Jim Ryan to retire in March 2024

    • 688331.CH -- RemeGen initiated outperform at Haitong International

    • 002007.CH -- Hualan Biological Engineering resumed outperform at CICC

    • 532343.IN -- PI Opportunities Fund completes INR4.80B investment in TVS Credit Services; deal was announced 09-Jun

    • CE -- Celanese completes the formation of Nutrinova, a food ingredients joint venture with Mitsui (8031.JP)

  • On Deck:

    • Japan:

      • Economic:

        • 09:30 JST: Import NSA Y/Y (Final); consensus

        • 09:30 JST: Export NSA Y/Y (Final); consensus

        • 09:30 JST: Trade Balance NSA (Final); consensus

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Preliminary); consensus +0.1%

      • Earnings:

        • Develop Global (DVP.AU), Premier Investments (PMV.AU)

  • Market Data:

    • Gold (Dec 23): +$3.70 or +0.20% to $1894.60

    • WTI Crude (Nov 23): +$0.14 or +0.15% to $93.82

    • $-¥: +0.44 or +0.30% to 149.4660

    • $-KRW: (0.83) or (0.06%) to 1353.3100

    • A$-$: (0.00) or (0.76%) to 0.6349

    • $-INR: (0.11) or (0.14%) to 83.2360

    • $-CNY: (0.00) or (0.04%) to 7.3084

  • 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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