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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.32%, Hang Seng Futures (0.01%), ASX SPI 200 0.00%, S&P Futures +0.06%

Jan 07 ,2024

  • Synopsis:

    • Asia equities poised to open flat Monday. Futures in Japan traded firmer though markets closed for public holiday, while Hong Kong and Australia were little changed. Follows mostly higher US equities Friday in a choppy session that left S&P and Nasdaq both snapping nine-week winning streaks. US futures slightly firmer in early trading. Tech leads mixed with SOX slightly higher though Golden Dragon China index fell sharply. Treasuries were on the soft side with curve steepening. Dollar index flat, though up 1% for the week. Gold finished fractionally lower. Bitcoin futures off 1%. WTI crude settled up 2.2%.

    • US payrolls came in better than expected, but economists said the data didn't do much to shift Fed calculus. Still, ISM report supported soft landing and rate cut narratives given cooling labor market and price trends. Fed fund futures on Friday priced in 66.4% probability of rate cuts from March. Press noted US bond resilience in the face of payrolls strength reflected bullish market bias underpinned by confidence in cooling labor market and Fed rate cut dynamics. Eurozone inflation accelerated in line with expectations, eroding some market expectations on ECB rate cuts.

    • Latest regional news saw China announcing new sanctions of five US defense companies in response to recent arms deals to Taiwan but impacts unclear. India revised up FY23/24 GDP growth to 7.3%, extending run of upgrades and would top 7% for the third straight year. Japan markets continue to fathom earthquake effects as regional manufacturing operations start to resume. Estimated insured losses could reach $6.4B. PM Kishida vowed budget constraints would not stall recovery efforts, as government moves to add to existing JPY500B ($3.5B) in FY24 general reserves to be funded by new JGB issuance.

    • In the week ahead, US CPI Thursday set to be the main global focus. Inflation also a key regional theme with China CPI and PPI (Fri), Tokyo core CPI (Tues) and Australia monthly CPI (Wed), though direct monetary policy implications apt to be limited. BOK expected to leave rates unchanged Thursday as Governor Rhee last week acknowledged burdens from cumulative tightening. China trade (tentative Friday) and credit data (tentatively later this week), Japan wages (Wed) round out key macro events.

  • Pre-open Company News:

    • 543384.IN -- FSN E-Commerce Ventures provides performance update for Q3 FY2024

    • Emkay Research downgrades 500302.IN, 511243.IN, 524000.IN

    • B & K Securities upgrades 540180.IN; downgrades 500830.IN

    • CGS-CIMB upgrades PTTGC.TB, SCC.TB, TOP.TB

    • 665.HK -- Haitong International Securities Group privatisation scheme expected to become effective 9-Jan (Bermuda time)

    • Daiwa upgrades 2318.HK, 2601.HK; downgrades PRU.LN

    • 002007.CH -- Hualan Biological Engineering initiated buy at BofA

    • 2160.HK -- MicroPort CardioFlow Medtech announces NMPA approval for registration application of anchorman LAAC system

    • 6929.HK -- OrbusNeich Medical Group Holdings initiated outperform at CICC

    • 8227.JP -- SHIMAMURA downgraded to outperform from buy at Daiwa

    • 539448.IN -- InterGlobe Aviation downgraded to accumulate from buy at Prabhudas Lilladher

    • 532978.IN -- Bajaj Finserv initiated buy at Nuvama Institutional Equities

    • B & K Securities upgrades 500034.IN; downgrades 533398.IN

    • Morgan Stanley upgrades 034220.KS, 2409.TT, 3481.TT

    • 526371.IN -- NMDC Ltd upgraded to buy from accumulate at Prabhudas Lilladher

  • On Deck:

    • No economic data

  • Market Data:

    • Gold (Feb 24): +$1.40 or +0.07% to $2051.20

    • WTI Crude (Feb 24): +$0.07 or +0.09% to $73.88

    • $-¥: +0.22 or +0.15% to 144.8570

    • $-KRW: +1.63 or +0.12% to 1313.2100

    • A$-$: (0.00) or (0.06%) to 0.6710

    • $-INR: (0.10) or (0.12%) to 83.1353

    • $-CNY: (0.00) or (0.01%) to 7.1289

  • 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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