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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.18%, Hang Seng Futures +0.27%, ASX SPI 200 +1.23%, S&P Futures (0.04%)

Dec 03 ,2023

  • Synopsis:

    • Asian markets set for a positive start to Monday trade. Nikkei and Hang Seng futures pointing to early morning gains as ASX rallies in initial trade. S&P 500 futures steady after US markets capped fifth straight weekly gain. Bond rally continues with Australian and New Zealand curves flattening. Yen strengthening vs other currencies, as dollar extends drop following Powell's remarks Friday. Crude turning higher after enduring sixth straight weekly loss.

    • Risk-on sentiment in full swing following remarks from top Fed officials that led markets to price in multiple rate cuts in 2024. Still some concerns rate-cut expectations have moved far ahead of Fed signaling and officials still largely hewing to 'higher for longer' mantra. However, with inflation tracking towards target, debate increasingly shifting towards timing and extent of next year's pivot.

    • Flurry of Evergrande headlines highlighting last-ditch efforts to compile restructuring proposal. Comes ahead of court hearing slated for today, which could rule on liquidation. SCMP noted key offshore note holder backed allowing Evergrande's onshore unit to maintain operations, though Reuters sources said creditors unlikely to support latest proposal given low prospects of recovery.

    • In other developments India PM Modi's BJP won three out of four state elections, seen as a positive for local market sentiment. BOJ's Noguchi backed continued stimulus, noting need for inflation to be supported by sustained wage growth. RBA previews of Tuesday's meeting see central bank adopting hawkish hold. With China expected to maintain accommodative policy stance in 2024, ex-PBOC official saw scope for further RRR cut.

  • Pre-open Company News:

    • 6185.HK -- CanSino Biologics announces that recombinant COVID-19 XBB.1.5 variant vaccine for inhalation (adenovirus type 5 vector) has been included for emergency use

    • 6976.JP -- Taiyo Yuden Co. upgraded to buy from underperform at CLSA

    • 1513.HK -- Livzon Pharmaceutical Group announces the inclusion of Recombinant SARS-COV-2 Bivalent (Original/Omicron XBB) Fusion Protein Vaccine (CHO Cell) for emergency use

    • 6990.HK -- Sichuan Kelun-Biotech Biopharmaceutical Co. initiated outperform at Industrial Securities

    • China Ministry of Agriculture: weekly wholesale livestock and poultry prices (24-Nov to 30-Nov)

    • ^TTNASIA -- Central bank meetings, inflation and other data headline this week's calendar:

    • 300751.CH -- Suzhou Maxwell Technologies initiated underweight at JPMorgan

    • 600380.CH -- Joincare Pharmaceutical Group announces the inclusion of recombinant coronavirus fusion protein bivalent (Prototype/Omicron XBB Variant) vaccine (CHO cells) for emergency use

    • BofA upgrades 601328.CH; downgrades 002142.CH, 1658.HK, 601838.CH, others

    • 500469.IN -- Federal Bank Ltd (India) initiated buy at Nomura

    • 1121.HK -- Golden Solar New Energy Technology Holdings notes business running normally and smoothly

    • 016360.KS -- Samsung Securities Co. CEO Chang Seok Hoon steps down, effective 1-Dec

    • ^TTNASIA -- BOJ bond market survey shows market dysfunction easing again:

    • 600276.CH -- Hengrui Pharmaceuticals receives acceptance of drug marketing authorization application for rheumatoid arthritis treatment SHR0392

    • 603833.CH -- Oppein Home Group downgraded to sell from neutral at UBS

  • On Deck:

    • Hong Kong:

      • Earnings:

        • NIO Inc (9866.HK)

    • Australia:

      • Economic:

        • 11:30 AEDT: Retail Sales SA M/M (Final); consensus

        • 11:30 AEDT: Housing Finance SA M/M; consensus

  • Market Data:

    • Gold (Feb 24): +$47.50 or +2.27% to $2137.20

    • WTI Crude (Jan 24): +$0.90 or +1.22% to $74.97

    • $-¥: (0.37) or (0.25%) to 146.4460

    • $-KRW: (1.42) or (0.11%) to 1293.8600

    • A$-$: +0.00 or +0.18% to 0.6686

    • $-INR: (0.05) or (0.06%) to 83.1773

    • $-CNY: (0.00) or (0.01%) to 7.1230

  • 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
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