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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.51%), Hang Seng Futures +0.35%, ASX SPI 200 (0.31%), S&P Futures (0.10%)

Dec 07 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Friday trade. Nikkei futures pointing to more losses while Hang Seng futures signaling mild open. ASX slightly weaker in initial trade. US contracts steady following tech-led rally overnight. Australian yields lower across the curve, contrasting with earlier Treasury bear steepening. Yen pulling back after rallying to four-month high against dollar. Greenback nursing losses against other currencies. Crude holding below $70, similarly muted moves in metals and Bitcoin futures.

    • Yen rally the big story overnight with markets now pricing in almost even chance of December policy change. Lot of attention to remarks from Governor Ueda and Deputy Governor Himino this week, stoking speculation central laying groundwork for NIRP exit as soon as this month. However, normalization dynamic not new and some thoughts outsized yen move a function of positioning and heightened Fed pivot expectations

    • November US nonfarm payrolls forecast to show slight increase in headline jobs growth, unchanged unemployment rate and downtick in annualized wage growth to lowest since Jul-2021. Previews expect data to reflect cooling but still resilient labor market. Markets factoring in at least 125 bp of Fed rate cuts in 2024, widening disparity with Fed's September dot plot median and prompting concern dovish pricing has gone too far.

    • Soft China trade data adds to signs economy failed to gain traction last month. With manufacturing also stuck in contraction, CPI and PPI data on Saturday expected to show deflation pressures persisted in November. Focus has already moved to upcoming Politburo meeting and Central Economic Work Conference, where leaders will outline policy outlook for 2024. Expectations are policymakers will signal loose fiscal and monetary policy stance to support next year's growth ambitions.

    • RBI expected to leave repo rate unchanged at today's meeting. Stronger-than-expected Q3 GDP growth, positive 2024 economic outlook, ad upside inflation risks from elevated food prices likely to see RBI retaining its hawkish stance of "withdrawal of accommodation." Economists have pushed back expected rate cuts further in 2024 and conditional on Fed moving first. Liquidity discussions another focus after RBI in October flagged possible bond sales.

  • Pre-open Company News:

    • 2890.TT -- SinoPac Financial Holdings Co. reports November net income NT$1.81B; StreetAccount notes year-ago figure NT$1.12B

    • 603606.CH -- Ningbo Orient Wires & Cable initiated buy at Huaan Securities (timing uncertain)

    • China reports Jan-Nov rare earth and products export $716.4M, (28.4%) y/y

    • GEHI -- All regulatory approvals for Gravitas Education-NetDragon merger received

    • 13.HK -- Hutchmed sells consumer products businesses to CK Hutchison subsidiary for HK$39.8M

    • 813.HK -- Shimao Group reports November contracted sales CNY2.43B; provides restructuring update

    • 1478.HK -- Q Technology (Group) reports November camera module sales 38.0M units, +8.1% m/m, +5.7% y/y

    • 511218.IN -- Shriram Finance signs agreement with SIDBI for co-lending of loans to MSMEs

    • ^TTNASIA -- Spotlight on big gains for Japanese yen and JGB yields:

    • ^TTNASIA -- China's FX reserves reach 4-month high amid weaker US dollar, easier Treasury yields:

    • ISOFOL.SS -- Isofol Medical receives first results from laboratory tests of arfolitixorin

    • ^ESG -- StreetAccount ESG Headlines (7-Dec)

    • 531344.IN -- Container Corp. of India signs MOU with NTPC Vidyut Vyapar Nigam for PV solar projects

    • 7182.JP -- Japan Post Bank upgraded to overweight from equal-weight at Morgan Stanley MUFG

    • 6525.JP -- Kokusai Electric initiated equal-weight at Morgan Stanley MUFG

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: M2 NSA Y/Y; consensus

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 08:30 JST: Real Household Consumption Expenditure Y/Y; consensus

        • 08:30 JST: Real Household Income Y/Y; consensus

        • 08:50 JST: GDP SA Q/Q (Final); consensus (0.5%)

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: GDP SAAR Q/Q (Final); consensus (2.1%)

        • 08:50 JST: GDP Y/Y (Final); consensus +1.3%

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus +4.7%

  • Market Data:

    • Gold (Feb 24): ($2.50) or (0.12%) to $2043.90

    • WTI Crude (Jan 24): +$0.52 or +0.75% to $69.86

    • $-¥: (3.23) or (2.19%) to 144.1080

    • $-KRW: +1.69 or +0.13% to 1316.8400

    • A$-$: +0.00 or +0.64% to 0.6594

    • $-INR: (0.02) or (0.02%) to 83.3545

    • $-CNY: +0.00 or +0.05% to 7.1489

  • 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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