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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.32%), Hang Seng Futures (0.24%), ASX SPI 200 (1.08%), S&P Futures (0.16%)

Dec 04 ,2023

  • Synopsis:

    • Asian markets set for a negative start to Tuesday trade. Nikkei, Hang Seng and ASX futures all pointing to losses on the open. S&P 500 futures pulling back following lackluster offshore session. Aussie yields tracking Treasury curve bear flattening. Dollar steady on major crosses after extending rebound from last week's low. Crude edging up from overnight lows, gold steady following sharp pullback from record high.

    • RBA expected to leave cash rate unchanged today. Sell-side previews not looking for any significant changes in policy statement with RBA retaining mild tightening bias following Governor Bullock's hawkish remarks in November. Views split on whether RBA will implement another rate hike with February seen as more likely month for an increase. Australian Q4 CPI in late January looms as a deciding factor in whether more tightening is forthcoming.

    • Extent of dovish rate repricing over recent weeks fueling concern markets too optimistic about how far rates will be cut in 2024. Strategists argue amount of rate cuts being priced in is more consistent with hard landing scenario. Attention is on November US payrolls on Friday, where economists will be looking for data to reinforce disinflation narrative that has been a key component of the market rally.

    • More attention on outperformance of Indian equities with benchmark closing in on record $4T valuation. Ruling BJP's win in weekend state elections cited as a positive for risk sentiment and seen encouraging more foreign inflows. Outlook reinforced by expectation India will remain fastest growing economy in 2024 while country also seen benefiting from increased foreign investment as geopolitical tensions prompt more companies to reorient supply chains.

  • Pre-open Company News:

    • 1675.HK -- AsiaInfo Technologies declares special dividend at HK$0.6/sh; Record 21-Dec, payment 5-Jan-24

    • Z25.SP -- Yanlord Land Group reports Nov total contracted pre-sales CNY1.09B, (71.5%) vs year-ago CNY3.82B

    • OMV.AV -- OMV to enter into negotiations with bidders for potential SapuraOMV sale; to continue sales process for OMV NZL separately

    • 601699.CH -- Shanxi Lu'an Environmental Energy controlling shareholder completes issuance of CNY4B exchangeable bonds

    • 1250.HK -- Shandong Hi-Speed New Energy Group obtains Shanxi 200MW photovoltaic project development rights

    • 603077.CH -- Sichuan Hebang Biotechnology acquires 10.5% stake in Avenira via private placement for A$2M

    • 532720.IN -- Mahindra & Mahindra Financial Services reports November total disbursement INR53.00B, +16% y/y

    • 300769.CH -- Shenzhen Dynanonic terminates proposed issuance of CNY3.5B convertible bonds due to market conditions

    • 867.HK -- China Medical System Holdings receives NMPA NDA acceptance for additional RA indication of methotrexate injection

    • VFS -- VinFast Auto and the United States International Development Financial Corporation (DFC) have signed a letter of interest to consider a$500M loan to VinFast

    • 293.HK -- Cathay Pacific Airways completes buyback of 50% of HK government's preference shares

    • 603799.CH -- Zhejiang Huayou Cobalt updates on Pomalaa HPAL project, expects project investment $3.84B (CNY27.40B)

    • KC -- Kingsoft Cloud Holdings enters nto the Loan Facility Framework agreement with Kingsoft Corp (3888.HK) - 6-K

    • 3883.HK -- China Aoyuan Group confirms BVI court's scheme sanction hearing time on 8-Dec, 10:00 BVI time

    • 9698.HK -- GDS Holdings releases 2022 ESG report

  • On Deck:

    • Japan:

      • Economic:

        • 08:30 JST: CPI Tokyo Y/Y; consensus

    • South Korea:

      • Economic:

        • 08:00 KST: GDP NSA Y/Y (Final); consensus +1.4%

        • 08:00 KST: CPI M/M; consensus (0.5%)

        • 08:00 KST: CPI NSA Y/Y; consensus +3.5%

    • Australia:

      • Economic:

        • 11:30 AEST: Current Account Balance SA; consensus +A$5.2B

        • 14:30 AEST: RBA Official Cash Rate; consensus +4.4%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +4.4%

  • Market Data:

    • Gold (Feb 24): +$6.50 or +0.32% to $2048.70

    • WTI Crude (Jan 24): +$0.25 or +0.34% to $73.29

    • $-¥: +0.39 or +0.27% to 147.2070

    • $-KRW: +14.38 or +1.11% to 1309.6500

    • A$-$: (0.01) or (0.95%) to 0.6611

    • $-INR: +0.21 or +0.26% to 83.4365

    • $-CNY: +0.01 or +0.16% to 7.1352

  • 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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