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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.02%, Hang Seng Futures +1.10%, ASX SPI 200 +0.50%, S&P Futures (0.70%)

Oct 08 ,2023

  • Synopsis:

    • Asian markets set for a mildly positive start to Monday trade. S&P 500 futures pulling lower in pre-market trade as Israel/Hamas conflict drives initial risk-off move. ASX and Hang Seng futures also pulled back from indicated opening. Nikkei closed for Health-Sports Day holiday. Bond markets strengthening with Australian curve bull steepening. Dollar rebounding against other currencies. Crude up 4% while haven flows underpinning gains in precious metals.

    • Big weekend development was Hamas launching surprise attack against Israel that was deadliest since Yom Kippur war 50-years ago. Israeli retaliation comes as country officially declared war and vowed to dismantle Hamas' military infrastructure, setting stage for a potentially long and difficult conflict. Press have highlighted risk of wider conflict after Hezbollah and Israel traded fire at Israel's northern border while separates reports noted Iran helped Hamas plan attacks.

    • Hamas' attack adds fresh uncertainty for markets following weeks of volatility driven by a surge in bond yields. While markets have typically looked past previous geopolitical skirmishes, there are thoughts latest conflict will spur initial rush into haven assets and potentially reignite demand for sovereign bonds. Also risk that a wider conflict draws in major oil producing nations, acting as another upside catalyst for oil prices.

    • Higher rate backdrop continues to loom over markets as bond yields scale fresh peaks. Speed of yield backup spurring concerns about economic impact from tightened financial conditions along with potential for a financial accident. Big US payrolls beat also played further into Fed's higher-for-longer rate approach. Still, some analysts argue Treasury selloff overdone with oil's selloff easing inflationary overhang while tighter financial conditions lessening pressure on Fed to do more.

    • China government data showed strong Golden Week holiday activity and tourism revenue. Data adds to signs economy is bottoming though with spending still below pre-pandemic levels, analysts say more policy support is needed. Property market weakness, real estate developer liquidity constraints, consumer caution, and high youth unemployment remain among the main impediments to a meaningful economic recovery. Flow data showed global investors continue to reduce their exposure to China.

  • Pre-open Company News:

    • GNX.AU -- Genex Power's PPA with Fortescue enables commitment to first solar stage development at BCP at minimum capacity of 450MW

    • 1317.HK -- China Maple Leaf Educational Systems reports H1 (ended 28-Feb) net income attributable CNY15.5M vs year-ago (CNY45.6M)

    • 6660.HK -- AIM Vaccine completes vaccination of subjects in Phase III trial of group's 23-valent pneumococcal polysaccharide vaccine

    • 526371.IN -- NMDC Ltd upgraded to add from hold at InCred Equities

    • 2333.HK -- Great Wall Motor reports September sales volume 121,632 units, +29.9% y/y

    • 603392.CH -- Beijing Wantai Biological Pharmacy Enterprise initiated underperform at BofA

    • 2689.HK -- Nine Dragons Paper Holdings initiated buy at Guosheng Securities

    • CWBU.SP -- Cromwell European REIT completes divestment of Viale Europa 95, Bari, Italy for €94.0M (SG$135.4M)

    • FMG.AU -- Fortescue enters into PPA with Genex Power for 337.5MW of new solar energy

    • ^TTNASIA -- FOMC minutes, US CPI and central bank speeches dot the economic calendar:

    • 6660.HK -- AIM Vaccine plans to list in China

    • HMN.SP -- CapitaLand Ascott Trust enters into purchase agreements for previously announced MoU's to acquire assets in London, Dublin and Jakarta

    • 708.HK -- Evergrande's $500M EV share transaction put on hold, trading set to resume - Reuters

    • 1548.HK -- Genscript Biotech initiated buy at BoCom International

    • 3308.HK -- Golden Eagle Retail Group provides update on privatization proposal

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: M2 NSA Y/Y; consensus +10.8%

        • 08:00 CST: New Yuan Loans; consensus

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

  • Market Data:

    • Gold (Dec 23): +$15.90 or +0.86% to $1861.10

    • WTI Crude (Nov 23): +$2.86 or +3.45% to $85.65

    • $-¥: (0.07) or (0.04%) to 149.1590

    • $-KRW: (0.99) or (0.07%) to 1343.3600

    • A$-$: (0.00) or (0.25%) to 0.6368

    • $-INR: (0.01) or (0.01%) to 83.1046

    • $-CNY: +0.11 or +1.46% 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".

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