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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.23%), Hang Seng Futures (1.11%), ASX SPI 200 (1.53%), S&P Futures (0.01%)

Oct 18 ,2023

  • Synopsis:

    • Asia equities poised to open lower Thursday. Futures in Japan, Hong Kong and Australia all fell sharply. Mirrored declines in US equities attributed broadly to re-elevated risk aversion, though latest moves in futures were steady. Tech lagged again with Nasdaq underperformance, alongside sharp declines in SOX and Nasdaq Golden Dragon China Index. Treasuries were mostly weaker with the curve steepening. Major currencies little changed, though yen regained some ground after printing overnight low 149.99 vs dollar. Gold finished up 1.7%. Bitcoin futures were down 0.9%. WTI crude settled up 2.1%, ending off best levels.

    • Renewed market attention on geopolitical concerns was cited for overnight risk aversion. US President Biden met with Israeli PM Netanyahu and pledged solidarity, though trip was generally seen to only reinforce the schism between Israel and Arab nations. Market impact (ex-haven) still mostly confined to crude oil. OPEC reportedly not planning a special meeting or take any immediate action after Iran foreign minister called on OIC to impose an oil embargo and other sanctions on Israel. Focus of corporate earnings looked to marquee after-hours reports. NFLX beat with strong subs and guidance. TSLA missed though negative reactions were offset by confirmation its long-delayed Cybertruck will launch next month. Attention shifts to upcoming flurry of Fed speeches including Powell's address in New York.

    • Regional markets brace for fallout from a Country Garden default after reiterating that it won't be able to meet all of its offshore payment obligations as the grace period on its $15.4M coupon expired. Latest anecdotal evidence also indicated no payments made to bondholders. Xi-Putin meeting reaffirmed close ties, though no major takeaways. On the macro calendar, focus turns to China house prices after real estate investment remained the main sore spot out of yesterday's activity data releases. BOK widely expected to remain on hold. Australia employment report maintains elevated importance after RBA has indicated they await more new information to deliberate on the next rate hike. Japan customs trade also set for pre-open release.

  • Pre-open Company News:

    • 806.HK -- Value Partners Group reports unaudited AUM of $5.7B as at 30-Sep

    • CMOU.SP -- Keppel Pacific Oak US REIT reports Q3 income available for distribution $13.1M vs year-ago $14.6M

    • 3969.HK -- China CRSC controlling shareholder to purchase CNY50-100M of A shares in open market in next six months

    • China Jan-Sep consumer goods retail sales CNY34.211T, +6.8% y/y (18-Oct 10:00 HKT)

    • 002594.CH -- BYD Co. Ltd. upgraded to buy from outperform at CLSA (timing uncertain)

    • 603893.CH -- Rockchip Electronics reports 9M net income attributable CNY77.3M vs year-ago CNY276.0M

    • BN4.SP -- Keppel Corp. shareholders approve proposed change of name to Keppel Ltd at EGM today

    • 507685.IN -- Follow-up: Wipro reports Q2 consolidated EPS INR5.04 vs StreetAccount INR5.42

    • 543396.IN -- One 97 Communications initiated buy at Jefferies

    • China Q3 industrial capacity utilization 75.6%, unchanged y/y (18-Oct 10:00 HKT)

    • 4568.JP -- ESMO publishes late-breaking abstracts on TROPION-Breast01 and TROPION-Lung01 phase 3 trials (yesterday 17-Oct)

    • 539524.IN -- Dr. Lal PathLabs downgraded to sell from neutral at Goldman Sachs

    • CPN.TB -- Central Pattana Public initiated buy at Maybank Investment Bank

    • GEHI -- Gravitas Education Holdings extends outside date of merger with Bright Sunlight to 18-Jan

    • 777.HK -- NetDragon Websoft extends outside date for merger with Gravitas Education to 18-Jan-24 from 18-Oct-23

  • On Deck:

    • China:

      • Economic:

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

      • Earnings:

        • Iflytek (002230.CH)

    • Hong Kong:

      • Earnings:

        • Sands China (1928.HK), China Tower (788.HK), China Overseas Grand Oceans Group (81.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus +4.5%

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus

      • Earnings:

        • DISCO Corp (6146.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +3.5%

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus 3.8%

        • 11:30 AEST: Employment SA; consensus +20K

    • India:

      • Earnings:

        • Voltas (500575.IN), Nestle India (500790.IN), ITC Ltd (500875.IN), Jindal Stainless (532508.IN), Tata Communications (500483.IN), Mphasis (526299.IN), United Breweries (532478.IN), Metro Brands (543426.IN)

    • Singapore:

      • Earnings:

        • Keppel Ltd (BN4.SP)

    • Taiwan:

      • Earnings:

        • Taiwan Semiconductor (2330.TT)

    • Thailand:

      • Earnings:

        • TMBThanachart Bank Public Co. (TTB.TB)

  • Market Data:

    • Gold (Dec 23): ($6.50) or (0.33%) to $1961.80

    • WTI Crude (Nov 23): ($0.05) or (0.06%) to $88.27

    • $-¥: +0.04 or +0.03% to 149.8610

    • $-KRW: +0.53 or +0.04% to 1354.0700

    • A$-$: (0.00) or (0.53%) to 0.6330

    • $-INR: (0.04) or (0.04%) to 83.2676

    • $-CNY: +0.00 or +0.01% to 7.3136

  • 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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