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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.40%, Hang Seng Futures +0.21%, ASX SPI 200 +0.69%, S&P Futures +0.02%

Dec 05 ,2023

  • Synopsis:

    • Asian markets set for positive start to Wednesday trade. Nikkei and Hang Seng futures pointing to gains on the open. ASX higher in initial trade. US contracts flat following tech-led pullback overnight. Bonds rallying with Australian and New Zealand yields seeing double-digit declines. FX markets steady after dollar index neared two-week high. Crude extending losses following unexpected API inventory build.

    • Bond yields back under pressure following soft US labor data, which provided further support to soft landing, disinflation and peak Fed narratives that have been a key component of the risk rally. However, there have also been a pickup in discussion about potential dot plot pushback against ~125 bp+ of Fed rate cuts priced in for 2024. Also plays into concerns markets in overbought territory.

    • China markets facing fresh scrutiny after stocks fell to lowest levels since 2019. Usual headwinds in focus (property market woes, slow recovery, weak demand and foreign outflows), Late Tuesday Moody's lowered China credit outlook from "stable" to "negative, citing risks from government support to stressed local governments. China growth concerns also flagged in some sell-side conference presentations.

    • Australian GDP forecast to show uptick in quarterly growth with positive contributions from government spending and investment offsetting drag from net exports. Attention will be on consumption growth after RBA cited household resilience in November's rate hike. Details on productivity and labour cost growth will also be eyed given central bank has discussed their influential role in inflation.

  • Pre-open Company News:

    • 19.HK -- Swire Pacific to conduct up-to-HK$6B A, B share buyback; to run between 6-Dec and May 2025 AGM

    • S51.SP -- Seatrium appoints Adrian Teng as CFO, effective 1-Jan

    • 1928.HK -- Sands China controlling shareholder Las Vegas Sands to buy up to HK$1.95B of shares

    • 600160.CH -- Zhejiang Juhua to acquire 51% stake in Zibo Feiyuan Chemical Industry for total consideration of CNY1.39B cash

    • BYD Co. initiated outperform at Macquarie

    • 19.HK -- Swire Pacific upgraded to buy from neutral at BofA

    • 2269.HK -- Wuxi Biologics (Cayman) downgraded to sell from hold at UOB Kay Hian Securities

    • 880.HK -- SJM Holdings CFO Toh Hup Hock re-designated as COO of SJM Resorts; effective tomorrow

    • 1313.HK -- China Resources Cement Holdings completes name change to China Resources Building Materials Technology

    • 532149.IN -- CORRECTION: Bank of India approves QIP with floor price of INR105.42/share

    • Goldman Sachs upgrades Sino Land; reinstates coverage of New World Development

    • 992.HK -- Lenovo Group upgraded to buy from outperform at CLSA

    • ^PMREADS -- StreetAccount US Evening Reads

    • 6888.MK -- Axiata Group appoints Nik Rizal Kamil Nik Ibrahim Kamil as CFO, effective 1-Jan

    • 435.HK -- Sunlight Real Estate Investment Trust to change FY end date to 30-Jun from 31-Dec

  • On Deck:

    • Australia:

      • Economic:

        • 11:30 AEST: GDP Y/Y; consensus +1.8%

        • 11:30 AEST: GDP SAAR Q/Q; consensus +1%

        • 11:30 AEST: GDP SA Q/Q; consensus +0.4%

        • 11:30 AEST: Current Account Balance SA; consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +3%

  • Market Data:

    • Gold (Feb 24): +$0.50 or +0.02% to $2036.80

    • WTI Crude (Jan 24): ($0.18) or (0.25%) to $72.14

    • $-¥: (0.02) or (0.01%) to 147.1770

    • $-KRW: +0.62 or +0.05% to 1311.2900

    • A$-$: (0.01) or (0.99%) to 0.6554

    • $-INR: (0.16) or (0.20%) to 83.2952

    • $-CNY: +0.01 or +0.13% to 7.1456

  • 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:
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