Dec 27 ,2023
Synopsis:
Asian markets set for a mixed start to Thursday trade. Nikkei and Hang Seng futures pointing to declines on the open as ASX extends recent gains in initial trade. S&P 500 futures flat afterhours. Australian and New Zealand bonds tracking overnight rally in Treasuries following strong 5Y auction. Yen at two-week high as dollar index trades near five-month low. Crude pulling back further following surprise API inventory build. Metals little changed after gold broke through to early December highs.
BOJ Summary of Opinions reinforced expectations of a NIRP exit around April depending on outcome of spring wage talks. BOJ voicing optimism about achieving virtuous cycle between wages and prices and Nikkei survey of major business leaders showed expectation of around 5% increase in wages next spring, up on the ~3% pay hike bosses were eyeing a year ago.
Quiet session expected as activity and newsflow winds down ahead of New Year. Interim report on China's five-year plan released on Wednesday noted China will aim to boost domestic demand while also resolving debt risks. RBI responded to liquidity tightness with INR500B repo injection on Wednesday that saw strong demand. Rice futures hit 15-year high after Indian exporters revealed exports of basmati rice have fallen amid Red Sea tensions.
Pre-open Company News:
002555.CH -- 37 Interactive Entertainment Network Tech Gp to launch CNY100-200B buyback at up to CNY33.9/sh
500257.IN -- Lupin Ltd receives US FDA approval for ANDA for Loteprednol Etabonate Ophthalmic Suspension 0.2%
600233.CH -- YTO Express Group completes buyback of 2.7M shares for CNY378.6M; deal announced 27-Jun
1873.HK -- Viva Biotech completes sale of 2.33% stake in VIVA Shanghai; deal was announced 15-Dec
2328.HK -- PICC Property & Casualty initiated buy at Northeast Securities (timing uncertain)
^ESG -- StreetAccount ESG Headlines (27-Dec)
2015.HK -- Li Auto initiated buy at SWS Research (timing uncertain)
012330.KS -- Hyundai Mobis co-CEO Bae Hyung-keun to step down due to the expiration of term of office; effective immediately
512.HK -- China NMPA accepts investigational new drug application for Grand Pharmaceutical Group's ophthalmic drug GPN00884 for the delay of progression of myopia in children
6169.HK -- China YuHua Education releases sustainability report
1177.HK -- NMPA approves trial of Sino Biopharmaceutical's TRD205 Tablet to treat neuropathic pain
500247.IN -- Kotak Mahindra Bank part-time chairman Prakash Apte to retire when term ends 31-Dec
601998.CH -- China CITIC Bank initiated buy at Kaiyuan Securities (timing uncertain)
3996.HK -- China Energy Engineering controlling holder to purchase shares for at least CNY50M, to run for 12 months from 28-Dec
2883.HK -- China Oilfield Services initiated overweight at Guotai Junan (timing uncertain)
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
08:50 JST: Retail Sales NSA Y/Y (Preliminary); consensus +5%
08:50 JST: Industrial Production SA M/M (Preliminary); consensus (1.8%)
Market Data:
Gold (Feb 24): ($4.10) or (0.20%) to $2089.00
WTI Crude (Feb 24): ($0.16) or (0.22%) to $73.95
$-¥: (0.81) or (0.57%) to 141.5840
$-KRW: (1.65) or (0.13%) to 1294.6600
A$-$: +0.00 or +0.31% to 0.6847
$-INR: +0.04 or +0.05% to 83.2667
$-CNY: (0.00) or (0.04%) to 7.1405
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