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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.02%), Hang Seng Futures +0.50%, ASX SPI 200 +0.04%, S&P Futures (0.09%)

Oct 05 ,2023

  • Synopsis:

    • Asian markets set for a cautious start to Friday trade. Nikkei futures pointing to a flat open as ASX inches higher initial trade. Hang Seng futures signaling positive open. S&P 500 futures unchanged following an uneventful Thursday session. Asian bond markets mixed early with long-dated Aussie yields turning higher. FX markets flat after dollar extended pullback and yen inched further above 150-handle. Crude drifting higher after falling to late August low.

    • Rate backup being seen as potential obstacle to a soft landing as financial conditions tighten, and consumers and businesses face higher borrowing costs. Also discussions around risk of a policy mistake given lagged effect of past rate hikes. At the same time, rising yields seen aiding Fed in its efforts to tame inflation by diminishing need for further action. CME's FedWatch shows odds by another rate hike by year-end at just 22%.

    • US nonfarm payrolls forecast to show drop in both headline employment growth and unemployment rate. Average hourly earnings expected to have ticked up. Follows mixed labor indicators this week that showed fall in job openings, ADP payrolls dropping to lowest since Jan-2021 and initial claims beating consensus. Commentators have highlighted potential for more bond volatility following payrolls given how sensitive markets have become to macro headlines.

    • RBI expected to leave interest rates unchanged at today's meeting. However, economists anticipate RBI will retain hawkish bias with inflation still well above target amid upside pressures from oil and agricultural commodities. Central bank may raise CPI forecast. Previews also on the lookout for changes to liquidity after RBI temporarily mandated 10% reserve ratio for banks in August that has since put banking system liquidity into deficit.

  • Pre-open Company News:

    • 543458.IN -- Adani Wilmar Q2 trading update: total revenue falls by (13%) y/y

    • Bernstein initiates 7832.JP, 7974.JP, 9697.JP

    • 500034.IN -- Bajaj Finance proposes up to INR88.00B QIP, INR12.00B preferential issue

    • 532424.IN -- Godrej Consumer Products provides Q2 update; guides mid-single digit volume growth

    • 1381.HK -- Shanghai Industrial Holdings subscribes for HK$1.64B exchangeable bonds in Canvest Environmental Protection Group

    • 500483.IN -- Tata Communications completes acquisition of Kaleyra; deal was announced 28-Jun

    • 1918.HK -- Sunac China announces fulfilment of all restructuring conditions; scheme becomes effective

    • Goldman Sachs upgrades 3933.HK, 867.HK; downgrades 9989.HK

    • 500103.IN -- Bharat Heavy Electricals provides update on arbitration proceedings against Jaiprakash Power Ventures

    • 524715.IN -- Sun Pharmaceutical Industries acquires ~37.76% equity in Ezerx Health Tech for INR286.9M; increases Agatsa stake to ~30%

    • 000270.KS -- Kia to adopt North American Charging Standard in Q4 2024

    • CLSA upgrades Korean Banking sector stance to overweight from neutral; sees macro recovery occuring over next year

    • 2801.TT -- Chang Hwa Commercial Bank reports September pre-tax income NT$1.25B

    • VFS -- VinFast Auto reports Q3 net income (VND15.004T) vs year-ago (VND11.223T) - 6-K

    • 500570.IN -- JLR reports Q2 retail sales 106,561 units, +21% y/y

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus 109

      • Earnings:

        • YASKAWA Electric (6506.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus

  • Market Data:

    • Gold (Dec 23): +$4.40 or +0.24% to $1836.20

    • WTI Crude (Nov 23): +$0.48 or +0.58% to $82.79

    • $-¥: (0.66) or (0.44%) to 148.4580

    • $-KRW: (10.06) or (0.74%) to 1343.1400

    • A$-$: +0.00 or +0.77% to 0.6372

    • $-INR: (0.23) or (0.27%) to 83.2249

    • $-CNY: +0.00 or +0.02% to 7.1991

  • 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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