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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.99%, Hang Seng Futures (0.15%), ASX SPI 200 +0.18%, S&P Futures +0.07%

Dec 10 ,2023

  • Synopsis:

    • Asian markets set for a mixed start to Monday trade. Nikkei futures signaling gains on the open while Hang Seng Futures marginally lower. ASX opens with slight gains. US contracts inching higher after S&P 500 extended run of weekly gains. Australian curve bear flattening, tracking Friday's rebound in Treasury yields following US jobs data. Dollar index snapped weekly losing streak, though remains lower against yen. Gold and crude nursing heavy weekly losses

    • China deflation pressures intensified in November. Weak demand an ongoing factor, though consumer prices also weighed down by volatile food category. Factory-gate prices shrank for a 14th straight month. Figures add to signs economy struggling to gain traction after manufacturing and trade data similarly underwhelmed. Last week's Politburo meeting fed speculation of stepped up policy measures to support an ambitious 2024 GDP growth target.

    • BOJ normalization speculation set to continue until next week's meeting. Outsized move in yen and JGB yields comes as markets moved to price in greater likelihood of NIRP exit next week. However, commentators and ex-BOJ officials argue market reaction to Governor Ueda and Deputy Governor Himino's remarks was overdone. Slight consensus remains for a rate hike around April, coinciding with outcome of spring wage talks.

    • Soft landing, disinflation and Peak Fed narratives continue to drive market sentiment, though rate 2024 rate cut odds scaled back somewhat following solid US payrolls data. Markets now pricing in ~100 bp of rate cuts in 2024 (vs ~125 bp prior to data). Fed expected to leave rates unchanged this week, though also thoughts updated dot plot may not meet market's rate cut expectations for 2024.

  • Pre-open Company News:

    • 500570.IN -- Tata Motors to increase price of its commercial vehicles from January 2024

    • PFE -- Pfizer's marstacimab Phase 3 data presented at ASH 2023 demonstrate significant bleed reduction in Hemophilia A and B

    • APS.CN -- Aptose tuspetinib clinical data featured in oral presentation at ASH

    • CLSA downgrades Pharmaron Beijing & Hangzhou Tigermed; sees China CRO entering transition cycle in 24/25

    • 4568.JP -- Daiichi Sankyo's EZHARMIA showed clinically meaningful and durable responses in patients with relapsed or refractory peripheral T-cell lymphoma in VALENTINE-PTCL01 phase 2 trial

    • 000800.CH -- Faw Jiefang Group reports November total vehicle production 16,550 units vs year-ago 7,669 units

    • 7004.JP -- Hitachi Zosen initiated buy at SBI Securities Japan (8-Dec, timing uncertain)

    • 853.HK -- MicroPort Scientific comments on recent share price fluctuation; notes major businesses are maintaining steady growth

    • 2331.HK -- Li Ning announces disclosable transaction in relation to the acquisition of the target company

    • IPH.FP -- innate Pharma presents positive results from TELLOMAK Phase 2 study with lacutamab in patients with Szaryy Syndrome at ASH

    • 17.HK -- New World Development resumed reduce at HSBC; prior rating was reduce

    • ^TTNASIA -- Central banks, US CPI, China activity data headline big week on the economic calendar:

    • 4503.JP -- EC approves Astellas Pharma's VEOZA 45 mg once daily for treatment of vasomotor symptoms associated with menopause

    • 2269.HK -- Wuxi Biologics (Cayman) provides update on the spin-off and separate listing of WuXi XDC Cayman

    • 533273.IN -- Oberoi Realty downgraded to underweight from equal-weight at Morgan Stanley

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: New Yuan Loans; consensus

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

  • Market Data:

    • Gold (Feb 24): +$7.80 or +0.39% to $2022.30

    • WTI Crude (Jan 24): ($0.10) or (0.14%) to $71.13

    • $-¥: +0.06 or +0.04% to 145.0020

    • $-KRW: (1.00) or (0.08%) to 1316.8000

    • A$-$: (0.00) or (0.01%) to 0.6578

    • $-INR: +0.03 or +0.03% to 83.4396

    • $-CNY: +0.00 or +0.03% to 7.1651

  • 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
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