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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.58%), Hang Seng Futures (1.05%), ASX SPI 200 (1.04%), S&P Futures +0.02%

Jan 02 ,2024

  • Synopsis:

    • Asian markets set for a negative start to Wednesday trade. Hang Seng futures pointing to weakness on the open ASX losses deepen in initial trade. Nikkei futures lower with Japan remaining offline for NY holiday break. S&P 500 futures flat following downbeat US session where big tech led declines. Australian and New Zealand bond yields pushing higher after Treasuries came under pressure overnight. FX markets steady after dollar managed widespread gains. Crude swung back towards three-week low. Bitcoin also retreated from earlier highs.

    • FOMC minutes out later Wednesday with previews looking for more color on rate cut discussions. Among key takeaways from December's meeting was SEP showing forecasts for three 25 bp rate cuts in 2024 (vs two at September's meeting), prompting markets to price in as much as six cuts. Some policymakers have since sought to temper market's aggressive expectations for rate cuts.

    • China made largest injection of funds via Pledged Supplemental Lending program since Nov-2022, seen as part of push to boost financing for housing projects. Reinforced perceptions sizable liquidity injections would lower chances of an RRR cut. Signs China's economic malaise deepened in December have supported calls for additional stimulus with headwinds seen persisting in 2024.

    • Geopolitical tensions remain elevated with Hezbollah, Hamas and Houthi rebels vowing retaliation after Israel allegedly killed senior Hamas leader in Beirut. Comes as Red Sea tensions intensified this week after US Navy sunk Houthi boats attempting ship hijack and Iran sent destroyer to the waters. Maersk said will continue to avoid Red Sea route after pausing shipping for 48 hours in response to Houthi hijack attempt.

  • Pre-open Company News:

    • 600340.CH -- China Fortune Land Development adjusts consideration for disposal of Langfang Ronghua Construction to CNY165.6M

    • 603858.CH -- Shandong Buchang Pharmaceuticals receives NMPA drug registration approval for dapoxetine hydrochloride tablets

    • 600487.CH -- Guokai Manufacturing Transformation to invest CNY1.00B in Hengtong Optic-Electric unit for 5.4% stake

    • 500182.IN -- Hero MotoCorp reports December sales of motorcycles and scooters 393,952 vs StreetAccount 439,497 {7 estimates 395,000-460,000}

    • 603156.CH -- Hebei Yangyuan Zhihui Beverage launches CNY5.0M-10.0M buyback at not more than CNY25/share, to run for 12 months from 2-Jan

    • 3990.HK -- Midea Real Estate reports Jan-Dec contracted sales CNY65.85B; StreetAccount notes year-ago CNY79.24B

    • 2382.TT -- Quanta Computer initiated buy at Aletheia Capital

    • HSBC initiates COSCO SHIPPING Energy Transportation

    • 1777.HK -- Fantasia Holdings Group extends restructuring support agreement's long stop date to 31-Jan-24

    • Spain (ANFAC) Dec new passenger car registrations 81,772 units, +10.6% y/y (earlier)

    • 1055.HK -- Shanghai Stock Exchange accepts submission of China Southern Airlines unit China Southern Air Logistics's IPO filing

    • 329180.KS -- CORRECTION: HD Hyundai Heavy Industries Co. guides FY new orders $9.53B

    • 6158.HK -- Zhenro Properties Group enters into RSA with members of the AHG representing 27.0% of its outstanding debt

    • China reports Dec lithium carbonate (battery grade) average price CNY111.9K/ton, (CNY39.2K) from last month

    • 941.HK -- China Mobile's controlling shareholder completes CNY3.00B shares purchase for 42.4M shares

  • On Deck:

  • Market Data:

    • Gold (Feb 24): ($5.70) or (0.27%) to $2067.70

    • WTI Crude (Feb 24): +$0.08 or +0.11% to $70.46

    • $-¥: +1.07 or +0.76% to 142.0990

    • $-KRW: +16.52 or +1.28% to 1311.0500

    • A$-$: (0.01) or (0.79%) to 0.6761

    • $-INR: +0.07 or +0.09% to 83.2581

    • $-CNY: +0.03 or +0.42% to 7.1428

  • 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
MAY LOSE VALUE
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