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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.19%, Hang Seng Futures +0.59%, ASX SPI 200 +0.42%, S&P Futures +0.03%

Oct 10 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Wednesday trade. Futures in Japan and Hong Kong pointing to gains on the open. ASX higher in initial trade. S&P 500 futures flat after US markets extended Monday's rally. Bond market rebound continues with Australian curve bull flattening. FX markets steady with dollar index nearing two-week low. Oil stabilizing as crude remains range-bound following knee-jerk spike on Middle East tensions.

    • Markets finding reprieve from pullback in bond yields after Fed policymakers said this week tighter financial conditions strengthen case for proceeding cautiously on rates. Futures pricing in 60% chance of no further Fed rate hikes this year. However, some strategists warning too early to call end to yield backup, pointing to ongoing pressures from resilient labor market, expanding Treasury issuance and upside risks to inflation.

    • After China market close on Tuesday, Bloomberg reported policymakers weighing raising 2023 budget deficit target and issuing more debt to fund infrastructure projects. Would represent shift in policy stance towards more impactful stimulus following piece meal measures that have not really resonated with investors so far. Nasdaq Golden Dragon index rallied 3% overnight following the report.

    • September FOMC minutes Wednesday's macro highlight. Market looking for color on policymakers' view on rate outlook following hawkish update to 2024 dot plot. While Fed kept rates on hold, Chair Powell put a lot of emphasis on higher-for-longer mantra and played down soft landing as his base case. There is also likely to be interest in disagreements among policymakers about where appropriate level of restrictive policy lies.

  • Pre-open Company News:

    • HANA.TB -- Hana Microelectronics Public upgraded to add from hold at CGS-CIMB

    • EU Commission decides not to extend antitrust block exemption for liner shipping consortia

    • Z74.SP -- EU sets a provisional deadline of 14-Nov to rule on KKR's acquisition of a minority stake in Singtel's regional data centre business

    • 6920.JP -- Lasertec upgraded to equal-weight from underweight at Morgan Stanley

    • 542652.IN -- Polycab India downgraded to add from buy at Axis Capital

    • 1961.MK -- IOI Corp. reports September crop output figures

    • 1336.HK -- New China Life Insurance elects YANG Yucheng as chair, effective date TBA

    • 1177.HK -- Sino Biopharmaceutical sells 84.2% stake in Shanghai Chia Tai Tongyong for CNY290M

    • 600131.CH -- State Grid Information & Communication reports preliminary 9M net income attributable CNY342.2M vs year-ago CNY419.0M

    • 3899.HK -- CIMC Safeway Technologies completes IPO on ChiNext Market

    • 148.HK -- Kingboard Holdings discloses potential impairment loss of HK$1.60B on term loan to Country Garden

    • 6158.HK -- Zhenro Properties Group reports September contracted sales RMB1.09B; StreetAccount notes year-ago CNY1.92B

    • 601231.CH -- Universal Scientific Industrial (Shanghai) reports September consolidated revenue CNY5.71B, (27.3%) y/y

    • 817.HK -- China Jinmao Holdings Group reports September contracted sales CNY12.08B; StreetAccount notes year-ago CNY13.07B

    • HIK.LN -- Hikma Pharmaceuticals and CanariaBio sign exclusive licensing agreement to bring Oregovomab to the Middle East and North Africa

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus

      • Earnings:

        • Pingdingshan Tianan Coal Mining (601666.CH)

    • Japan:

      • Earnings:

        • COSMOS Pharmaceutical (3349.JP), Toho Co (9602.JP)

    • New Zealand:

      • Earnings:

        • Summerset Group Holdings (SUM.NZ)

    • India:

      • Earnings:

        • Tata Consultancy Services (532540.IN)

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus (2.4%)

      • Earnings:

        • Nanya Technology (2408.TT)

  • Market Data:

    • Gold (Dec 23): ($1.60) or (0.09%) to $1873.70

    • WTI Crude (Nov 23): ($0.07) or (0.08%) to $85.90

    • $-¥: +0.08 or +0.06% to 148.5930

    • $-KRW: (5.86) or (0.43%) to 1341.6800

    • A$-$: +0.00 or +0.36% to 0.6433

    • $-INR: (0.13) or (0.16%) to 83.2503

    • $-CNY: +0.00 or +0.04% to 7.2950

  • 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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