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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.99%, Hang Seng Futures +1.17%, ASX SPI 200 +0.89%, S&P Futures +0.01%

Oct 16 ,2023

  • Synopsis:

    • Asia equities poised to open higher Tuesday. Futures in Japan, Hong Kong and Australia traded notably firmer with all but Japan recouping prior cash losses. US contracts steady following sharp gains in the main session. Tech leads positive as Nasdaq outperformed alongside solid gains in SOX while Nasdaq Golden Dragon China Index recovered moderately. Treasuries were notably weaker with some curve steepening. Dollar mostly weaker early Tuesday, though flat vs yen. WTI crude settled down 1.2% after Venezuela sanctions update. Gold finished down 0.4%. Bitcoin futures were up 6.5%, but off best levels after a spike on erroneous headlines SEC had approved a bitcoin ETF.

    • Overnight market strength was mostly attributed to optimism toward upcoming earnings season -- particularly on big tech names, dovetailing with recent dovish shift in Fedspeak. Diplomatic efforts to prevent escalation of Israeli-Hamas conflict also offered a reprieve, though Israeli ground assault still looms and bombardment of Gaza continued as cease-fire arrangements to open a humanitarian corridor through Egypt stalled. Israel warned of a protracted war against Hamas as Secretary of State Blinken returned to Israel for further talks. Russian President Putin spoke with leaders of Egypt, Syria, Iran and PLA, concluding with unanimous support for urgent ceasefire. Calls echoed by China in a meeting with Russian delegation in Beijing ahead of Putin's visit.

    • In regional developments, Japan FX chief Kanda acknowledged complexity of the current environment, though reiterated appropriate action would be taken, based on fundamentals and an eye on rates, in accordance with G7/G20 agreements. China market themes continued with CSRC announcing tighter short-selling rules yesterday effective 30-Oct. Country Garden on watch as a dollar bond coupon reaches the end of its grace period on Oct 17-18. China Beige Book highlighted weakness in corporate borrowing as major stimulus remains doubtful. New Zealand Q3 CPI was slightly softer than expected, returning to a two-year low. Attention turns to China GDP and activity data Wednesday as the main macro event this week.

  • Pre-open Company News:

    • 753.HK -- Air China reports September traffic +234.2% y/y

    • AWX.SP -- AEM Holdings COO Juha Matias Arola to step down, effective 18-Nov

    • 500180.IN -- HDFC Bank reports Q2 standalone EPS INR21.02 vs FactSet INR19.20 [6 est, INR18.60-20.70]

    • 688396.CH -- Actual controller China Resources to increase stake in China Resources Microelectronics by minimum CNY100M

    • 1898.HK -- Controlling shareholder China National Coal Group to increase stake in China Coal Energy by up-to-50.0M shares

    • MYTIL.GA -- Mytilineos and SK E&S sign MoU in order to explore means of cooperation in the energy sector

    • 600905.CH -- China Three Gorges Renewables (Group) controlling shareholder to purchase CNY300-500M of shares at up to CNY6/share

    • 1177.HK -- NMPA accepts Sino Biopharmaceutical's application for Phase Ib/II clinical trial of GMA106 for adult overweight and obese patients

    • 600383.CH -- Gemdale Corp. chairman Ling Ke resigns due to health reasons, effective immediately

    • 506401.IN -- Deepak Nitrite initiated buy at Axis Capital

    • W05.SP -- Wing Tai Holdings releases sustainability report 2023

    • 902.HK -- Huaneng Power International reports Q3 total electricity sold (within China) 126.23B kWh, +2.1% y/y

    • 532525.IN -- Bank of Maharashtra reports Q2 standalone EPS INR1.30 vs year-ago INR0.79

    • BN4.SP -- Keppel Corp. completes divestment of Sedona Hotel Yangon in Myanmar; deal announced 6-Mar

    • 1638.HK -- Kaisa Group Holdings' winding-up, strike-out petitions further adjourned to 6-Feb-24

  • On Deck:

    • China:

      • Economic:

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

      • Earnings:

        • Meihua Holdings Group (600873.CH)

    • Australia:

      • Earnings:

        • Challenger (CGF.AU)

    • India:

      • Earnings:

        • Bajaj Finance (500034.IN), ICICI Prudential Life Insurance (540133.IN), Syngene International (539268.IN)

    • Singapore:

      • Earnings:

        • Keppel REIT (K71U.SP)

  • Market Data:

    • Gold (Dec 23): ($1.30) or (0.07%) to $1933.00

    • WTI Crude (Nov 23): +$0.17 or +0.20% to $86.83

    • $-¥: +0.02 or +0.01% to 149.5730

    • $-KRW: (5.97) or (0.44%) to 1347.1800

    • A$-$: +0.00 or +0.70% to 0.6339

    • $-INR: (0.23) or (0.28%) to 83.2017

    • $-CNY: +0.00 or +0.06% to 7.3095

  • 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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