Nov 22 ,2023
Synopsis:
Asian markets set for weaker start to Thursday trade. Quiet session ahead with US and Japan markets closed for Thanksgiving holidays. ASX lower initial trade and Hang Seng futures also pointing to losses on the open. US contracts steady afterhours. Bond markets back under pressure with Aussie and New Zealand curves flattening. FX markets flat after dollar index pushed towards one-week high. Crude pulling lower following volatile session in the wake of OPEC+ delaying November meeting.
China mounting efforts to spur property recovery with authorities urging banks to boost lending to developers. Country Garden said to be in list of developers eligible for cheap loans. Shenzhen unveiled new measures to strengthen home buying. Analysts still harbor doubts whether measures will prove effective given core problem of falling home sales. Contagion risk linger after Bloomberg reported shadow bank Zhongzhi told investors it is "severely insolvent."
RBA Governor Bullock's speech on Wednesday evening leaned hawkish after she warned Australia's inflation problem is increasingly domestic, and demand driven. Her remarks underscored RBA's low tolerance for slower progress on returning inflation to target. Also emphasizes importance of upcoming monthly and Q4 CPI prints in determining whether cash rate is increased again in February.
Pre-open Company News:
9991.HK -- Baozun reports Q3 non-GAAP EPADS CNY1.28 vs StreetAccount (CNY3.74)
3818.HK -- China Dongxiang (Group) reports H1 net income attributable (CNY409.7M) vs year-ago (CNY346.0M)
600079.CH -- Humanwell Healthcare (Group) launches phase IIa clinical trial of HWH486 capsule in adult patients with chronic spontaneous urticaria
4911.JP -- Shiseido downgraded to underperform from neutral at Daiwa
2445.MK -- Kuala Lumpur Kepong reports Q4 EPS 10.8sen vs year-ago 42.9sen
9995.HK -- RemeGen receives full approval from NMPA for telitacicept to treat SLE
002252.CH -- Shanghai RAAS Blood Products completes acquisition of 95% stake in Guangxi Guanfeng Biology Products for CNY481.3M
2175.JP -- SMS Co. upgraded to buy from neutral at Goldman Sachs
9698.HK -- GDS Holdings reports Q3 adjusted EBITDA CNY1.13B vs StreetAccount CNY1.10B
Y92.SP -- Thai Beverage Public reports FY net income attributable THB27.43B vs FactSet THB29.76B [11 est, THB27.97-31.96B]
185.HK -- Zensun Enterprises discloses default of 2024 notes
5CP.SP -- Silverlake Axis subsidiary completes acquisition of 38.05% stake in Ancileo Pte. Ltd.
UOB Kay Hian cuts China Industrial Automation sector view to market weight from overweight; visibilty remains limited
E28.SP -- Frencken Group business update; reports Q3 net profit attributable SG$7.1M, (35%) vs year-ago SG$11.0M
590.HK -- Luk Fook Holdings (International) guides H1 revenue, net income to increase by over 30% and 40% y/y
On Deck:
Hong Kong:
Earnings:
Chow Tai Fook Jewellery Group (1929.HK), Pacific Textiles Holdings (1382.HK), Tianli International Holdings (1773.HK)
Australia:
Earnings:
Select Harvests (SHV.AU)
Malaysia:
Earnings:
Petronas Dagangan (5681.MK)
Market Data:
Gold (Dec 23): ($0.60) or (0.03%) to $1992.20
WTI Crude (Jan 24): ($0.39) or (0.51%) to $76.71
$-¥: +1.09 or +0.73% to 149.4770
$-KRW: +3.97 or +0.31% to 1299.8900
A$-$: (0.00) or (0.24%) to 0.6539
$-INR: +0.13 or +0.15% to 83.4683
$-CNY: +0.05 or +0.65% to 7.1543
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".
DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE