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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.46%, Hang Seng Futures (0.02%), ASX SPI 200 +0.21%, S&P Futures +0.13%

Dec 12 ,2023

  • Synopsis:

    • Asian markets set for a mixed start Wednesday. Nikkei futures pointing to gains on the open and Hang Seng futures flat. ASX little changed in initial trade. S&P 500 futures nudging higher afterhours. Australian and New Zealand bonds tracking earlier Treasury curve bull flattening. Dollar index pulled back following knee-jerk bounce on CPI. Crude steady near six-month low following larger-than-expected API inventory draw. Bitcoin pushing higher from overnight low.

    • Fed expected to leave funds rate unchanged, though main attention will be on updated SEP and guidance. Policy statement tweaks to reflect more dovish bias though Chair Powell expected to retain hawkish-leaning messaging. SEP expected to show median year-end funds rate 50 bp lower than September's projection, which would still be higher than what markets are pricing in. Some thought officials want to deter markets from pricing in too much easing.

    • China economic work conference wrapped up Tuesday with leaders pledging to maintain proactive fiscal policy and prudent monetary policy. However, observers saw very few signs of stronger stimulus to spur demand with read-out championing efforts on structural reform and technological innovation. Bloomberg highlighted how Chinese stocks have historically underperformed in days following conclusion of CEWC.

    • In other developments, Bloomberg sources said Country Garden note holders opted against demanding repayment on yuan bond this week, averting potential default. Wanda also struck creditor deal to avoid default. Indian inflation rose by less than forecast, driven by widely discussed food price spike. Quiet day on the Asian economic calendar with BOJ Tankan expected to show manufacturers and non-manufacturer indexes remaining at positive levels similar to prior quarter.

  • Pre-open Company News:

    • U96.SP -- SembCorp Industries subsidiary awarded solar power project in Singapore with contract capacity of 117MWp (80MW)

    • 1405.HK -- DPC Dash initiated buy at Soochow Securities (timing uncertain)

    • 2696.HK -- NMPA accepts Shanghai Henlius Biotech's NDA new indication for HANSIZHUANG injection

    • ADCT -- ADC Therapeutics presents initial results from Phase 2 trial of ZYNLONTA at ASH

    • 777.HK -- NetDragon Websoft completes divestiture of eLMTree to Gravitas Education

    • 002459.CH -- JA Solar Technology proposes infrastructure REIT issuance

    • Biosergen's partner Alkem Labs submits clinical trial application for first patient study with BSG005 in invasive fungal infections in India

    • NWL.IM -- Newlat Food confirms its participation (very advanced stage) in the competitive process for the sale of Princes Limited

    • 6967.JP -- Fujitsu agrees to sell 50.0% stake in Shinko Electric Industries to JIP-led consortium for ¥285.1B

    • CPF.TB -- CP Food Investment to sell four integrated broiler companies in China to Chia Tai CP for CNY432M (THB2.15B)

    • CNTB -- Connect Biopharma announces rademikibart global Phase 2B topline results in adult patients with moderate-to-severe persistent asthma

    • ALK.B.DC -- ALK and Torii in Japan expand their collaboration and entered into an additional license agreement

    • 512.HK -- Grand Pharmaceutical Group acquires 27% stake in Duoputai Pharmaceutical Technology for CNY189.5M

    • 2518.HK -- Autohome CEO & Chairman Quan Long steps down as CEO; to remain as Chairman

    • 9698.HK -- GDS Holdings SEC filing: SC 13D/A (Filed by SINGAPORE TECHNOLOGIES TELEMEDIA PTE LTD)

  • On Deck:

    • China:

      • Economic:

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

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

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

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 08:50 JST: Tankan Large Non-Manufacturing Index NSA; consensus

        • 08:50 JST: Tankan Large Manufacturing Index NSA; consensus

      • Earnings:

        • Mitsui High-tec (6966.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.6%

  • Market Data:

    • Gold (Feb 24): +$3.10 or +0.16% to $1996.30

    • WTI Crude (Jan 24): +$0.12 or +0.17% to $68.73

    • $-¥: (0.89) or (0.61%) to 145.2710

    • $-KRW: (6.59) or (0.50%) to 1310.1400

    • A$-$: (0.00) or (0.06%) to 0.6562

    • $-INR: +0.04 or +0.05% to 83.3945

    • $-CNY: (0.00) or (0.00%) to 7.1758

  • 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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