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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.38%, Hang Seng Futures +1.14%, ASX SPI 200 +0.22%, S&P Futures +0.21%

Oct 11 ,2023

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Nikkei and Hang Seng futures pointing to more gains on the open as ASX trades higher in initial trade. S&P 500 futures pushing higher after US markets logged a fourth-straight gain. Bond markets rally continues with Aussie and New Zealand curves bull flattening. Dollar pulled back to late-Sept lows. Crude extending overnight drop following unexpectedly large API inventory build.

    • Minutes from September FOMC meeting showed members agreed to proceed carefully on rates while majority said one more hike at a future meeting would be appropriate. Argument for caution has been a feature of recent Fedspeak with multiple officials noting tighter financial conditions lessens need for further rate hikes. Market now pricing in only 10% chance of another rate hike by year-end while 2024 rate cut odds have strengthened.

    • US CPI forecast to show unchanged core inflation that takes annualized rate down to lowest since Sep-2021. Headline inflation forecast to slow from August's fuel-driven rebound. However, analysts have flagged upside risk from hotel prices and airfares on strong travel demand. Comes after US PPI inflation topped consensus, which seemed to renewed doubts about disinflation momentum.

    • Latest China stimulus headlines aiding risk sentiment. Takeaways noted reports authorities weighing higher deficit target indicates central government taking more active role in reviving economy. However, still doubts whether efforts can counter drag from a weak property market. With real estate construction and sales continuing to shrink, Reuters highlighted how developers are struggling to negotiate restructuring agreements with offshore creditors.

  • Pre-open Company News:

    • ^TWDATA -- Taiwan Industry Data reports September export value of electronics components $16.26B vs year-ago $16.99B; (4.3%) y/y

    • 002179.CH -- AVIC Jonhon Optronic Technology initiated outperform at Haitong Securities (timing uncertain)

    • 2382.HK -- Sunny Optical Technology (Group) reports September optical handset lens set shipments 111.7M, +16.9% y/y

    • RIGL -- Rigel Pharmaceuticals Phase 3 trial of fostamatinib meets primary endpoint; provides update on ACTIV-4 Host Tissue trial

    • 2912.TT -- President Chain Store reports September revenue NT$27.12B, +10.0% y/y

    • 2615.TT -- Wan Hai Lines reports September revenue NT$8.24B, (55.7%) y/y

    • 1101.TT -- Taiwan Cement reports September revenue NT$8.74B, (16.1%) y/y

    • 9896.HK -- MINISO Group Holding initiated recommend at Minsheng Securities (timing uncertain)

    • 533398.IN -- Muthoot Finance upgraded to buy from accumulate at Elara Capital (timing uncertain)

    • ^TWDATA -- Taiwan reports September export value of synthetic resin, plastic and rubber $1.66B vs year-ago $1.75B, (4.7%) y/y

    • 1402.TT -- Far Eastern New Century reports September revenue NT$23.16B, +0.3% y/y

    • 2882.TT -- Cathay Financial Holdings reports September net income NT$4.77B; StreetAccount notes year-ago figure was NT$1.12B

    • 601666.CH -- Pingdingshan Tianan Coal Mining upgraded to recommend at Minsheng Securities (timing uncertain)

    • 601628.CH -- China Life Insurance reports Jan-Sep accumulated premium income of CNY578.8B, +4.5% y/y

    • 500300.IN -- Grasim Industries board to consider fundraising proposal on 16-Oct

  • On Deck:

    • China:

      • Economic:

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

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

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +0.6%

      • Earnings:

        • Seven & i (3382.JP), SHIFT Inc (3697.JP), FAST RETAILING CO. (9983.JP)

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

    • Taiwan:

      • Earnings:

        • LARGAN Precision (3008.TT)

  • Market Data:

    • Gold (Dec 23): +$0.90 or +0.05% to $1888.20

    • WTI Crude (Nov 23): ($0.25) or (0.30%) to $83.24

    • $-¥: +0.27 or +0.18% to 148.9860

    • $-KRW: (5.89) or (0.44%) to 1336.9300

    • A$-$: (0.00) or (0.18%) to 0.6416

    • $-INR: (0.02) or (0.03%) to 83.2179

    • $-CNY: +0.00 or +0.05% to 7.2987

  • 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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