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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.15%), Hang Seng Futures (0.36%), ASX SPI 200 (0.20%), S&P Futures +0.20%

Oct 15 ,2023

  • Synopsis:

    • Asia equities poised to open lower Monday. Futures in Japan and Hong Kong traded lower, while Australia opened softer. US contracts recovering some ground after Friday's cash session losses. Tech underperformance was highlighted by sharp Nasdaq declines, alongside SOX. Nasdaq Golden Dragon China Index also fell. Treasuries strengthened Friday with curve flattening. Major currencies little changed in early Monday trading. Gold finished Friday up 3.1%, marking its best session of the year. Bitcoin futures up 0.2%. WTI crude settled up 5.8% amid worries about Middle East escalation.

    • Weekend headlines mainly dominated by geopolitical risks revolving around the Israeli-Hamas war. Israel PM Netanyahu vowed on Sunday to "demolish Hamas" as military prepares ground assault. Israel estimated some 600K Gazans have evacuated the northern region. Potential for broader regional escalation remains a key focus. National security adviser Sullivan said US held back-channel talks with Iran to warn against broader conflict. Officials at Morocco IMF and World Bank meetings warned of fresh global economic threat from a wider Middle East conflict. Still, market impact has so far been largely confined to Israeli shekel and more recently crude oil. Traditional haven markets have been choppy aside from Friday's gold rally. USD/JPY off Friday's highs, though underlying dynamics have been long discussed.

    • Elsewhere, established market themes continue to percolate with attention on more dovish recent Fedspeak arguing the recent big Treasury yield backup might make it less urgent for the Fed to hike further. Mixed CPI report and disappointing Treasury auction were headwinds on the Peak Fed narrative. Japan Finance Minister Suzuki flagged potential FX intervention to G20 peers in Morocco. Asia geopolitical attention turns to Xi-Putin summit this week to see if they reaffirm a 'no-limits' partnership. NZD firmer after Labour Party conceded defeat in the general election and Luxon's National Party to form coalition government with ACT.

    • Regional macro calendar begins with PBOC MLF operation today, though rate expected to remain unchanged as markets continue to monitor additional easing signals. NZ CPI and RBA minutes due Tuesday. Main event will be China Q3 GDP and September activity data, after series of forecast downgrades left consensus in the low 4% range. Thursday brings BOK meeting, expected to stay on hold, as well as Japan trade, Australia employment reports. China LPR fixings set for Friday, though no change to MLF rate would pose limited implications. Japan nationwide CPI also scheduled for Friday after preceding Tokyo figures showed further ease in core inflation.

  • Pre-open Company News:

    • 12.HK -- Henderson Land Development downgraded to outperform from buy at CLSA

    • 2379.TT -- Realtek Semiconductor initiated underperform at Macquarie

    • Choice Equity upgrades 532281.IN, 532540.IN

    • 601888.CH -- China Tourism Group Duty Free Chairman Li Gang passed away due to illness

    • 018880.KS -- Hanon Systems downgraded to underperform from outperform at CLSA

    • 4503.JP -- Astellas to presents new data across hard-to-treat cancers during ESMO congress 2023

    • 5183.MK -- PETRONAS Chemicals Group upgraded to buy from neutral at MIDF Investment Research

    • 13.HK -- Hutchmed initiated outperform at Haitong International

    • 207940.KS -- SAMSUNG BIOLOGICS publishes clinical data for SB16 at ASBMR; confirming bioequivalence in terms of pharmacokinetics

    • 2181.JP -- PERSOL Holdings upgraded to outperform from underperform at CLSA

    • JMT.TB -- JMT Network Services Public downgraded to underperform from buy at BofA

    • AREIT.PM -- AREIT Inc upgraded to outperform from neutral at PNB Research

    • BofA initiates 532149.IN, 532461.IN, 532477.IN, and 532483.IN; downgrades 532134.IN

    • 010950.KS -- S-Oil Corp downgraded to market perform from buy at Hyundai Motor Securities

    • 9983.JP -- Street Takeaways - FAST RETAILING CO. FY earnings

  • On Deck:

    • China:

      • Economic:

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

    • Hong Kong:

      • Earnings:

        • CLP Holdings (2.HK), Zhejiang Leapmotor Technology (9863.HK)

    • Japan:

      • Economic:

        • 13:30 JST: Industrial Production SA M/M (Final); consensus

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus

    • New Zealand:

      • Earnings:

        • Manawa Energy (MNW.NZ)

    • India:

      • Earnings:

        • Federal Bank Ltd (India) (500469.IN), Jio Financial Services (543940.IN)

    • Singapore:

      • Earnings:

        • Aztech Global (8AZ.SP), Keppel DC REIT (AJBU.SP)

  • Market Data:

    • Gold (Dec 23): ($6.00) or (0.31%) to $1935.50

    • WTI Crude (Nov 23): ($0.01) or (0.01%) to $87.68

    • $-¥: +0.04 or +0.02% to 149.5910

    • $-KRW: (1.07) or (0.08%) to 1352.0800

    • A$-$: +0.00 or +0.20% to 0.6307

    • $-INR: (0.15) or (0.18%) to 83.2793

    • $-CNY: (0.13) or (1.75%) to 7.1770

  • 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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