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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.71%), Hang Seng Futures 0.00%, ASX SPI 200 (1.47%), S&P Futures +0.01%

Oct 02 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Tuesday trade. Nikkei and Hang Seng futures pointing to losses on the open. ASX sharply lower in initial trade. Hang Seng resumes trade with Evergrande seeking to lift suspension following news its chairman being investigated for "suspicion of illegal crimes." Mainland China remains offline for Golden Week holiday. Australian and New Zealand yields up sharply after Treasury curve steepened further overnight. Dollar index extended its rally as yen nears one-year year low. Crude pulling back further from highs.

    • Bond yield backup continues to weigh on risk sentiment as discussions turn to the likely drag on economic growth. Rate volatility leading to a tightening of financial conditions as consumers and businesses contend with higher borrowing costs. This as surge in oil prices tilts headline inflation risks further to the upside. Market now pricing in ~45% probability of another Fed rate hike by year-end.

    • RBA expected to leave cash rate unchanged at 4.10% today. Central bank seen retaining comment that some further tightening may be required. Some interest in whether RBA continues to assess recent data as consistent with inflation returning to target over time, particularly after inflation rebounded in August. Some economists sticking with calls for a November hike while markets pricing in ~90% chance of rate hike by Mar-2024.

    • China economic stabilization narrative getting more traction following September PMIs that showed manufacturing sector returning to expansion. Private data also indicated minor recovery in home sales and prices last month. Now signs Golden Week tourism activity is off to a strong start with revenue over holiday weekend more than doubling from a year ago, according to state-run media.

  • Pre-open Company News:

    • 505200.IN -- Eicher Motors reports Sep total motorcycle sales 78,580 vs StreetAccount 81,881 {7 estimates 78,000-88,665}

    • 500188.IN -- Hindustan Zinc reports Q2 mined metal production 252kt, (1%) y/y

    • 500570.IN -- Tata Motors reports Sep domestic and international sales 84,381 units vs StreetAccount 82,372 units {7 estimates 80,100-84,807}

    • 500182.IN -- Hero MotoCorp reports September sales of motorcycles and scooters 536,499 vs StreetAccount 509,997 {7 estimates 490,000-532,980}

    • TCAP.P.TB -- Thanachart Capital Public declares interim DPS THB1.20

    • 175.HK -- Geely Automobile Holdings reports September sales volume 170,472 units, +31% y/y

    • 5214.JP -- Nippon Electric Glass Co. Dutch subsidiary to commence bankruptcy proceedings; claims likely to be uncollectible

    • HLE.GR -- HELLA GmbH & Co. KGaA sells its 50% stake in the joint venture Behr-Hella Thermocontrol to AUO Corporation; expects a book profit of around €100M

    • ^ASIAREADS -- StreetAccount Asia Reads

    • S08.SP -- Singapore Post updates on third partial award in arbitration

    • 500520.IN -- Mahindra & Mahindra reports Sep auto sales 75,604 vs StreetAccount 72,155 {7 estimates 70,500-75,500}

    • 500469.IN -- Federal Bank Ltd (India) reports Q2 gross advances INR1.960T vs year-ago INR1.640T

    • 2409.TT -- AUO Corp board approves acquisition of Behr-Hella Thermocontrol GmbH

    • StreetAccount Scorecard: IPOs September 2023

    • G07.SP -- Great Eastern Holdings subsidiaries to acquire AML and AMT and enter into distribution partnership for ~MYR1.12B (SG$325M)

  • On Deck:

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

        • 11:30 AEST: Building Approvals SA M/M; consensus (3%)

        • 14:30 AEST: RBA Official Cash Rate; consensus +4.1%

  • Market Data:

    • Gold (Dec 23): ($9.00) or (0.49%) to $1838.20

    • WTI Crude (Nov 23): ($0.43) or (0.48%) to $88.39

    • $-¥: +0.47 or +0.31% to 149.8360

    • $-KRW: +0.99 or +0.07% to 1353.9100

    • A$-$: (0.01) or (1.16%) to 0.6361

    • $-INR: +0.18 or +0.22% to 83.3593

    • $-CNY: +0.01 or +0.07% to 7.3005

  • 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:
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