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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.37%, Hang Seng Futures (0.47%), ASX SPI 200 (0.32%), S&P Futures (0.07%)

Jan 09 ,2024

  • Synopsis:

    • Asia equities poised to open mixed Wednesday. Futures in Japan traded higher, while Hong Kong and Australia were lower. US contracts marginally lower after hours. Follows mostly lower cash session performance in fairly listless trading following prior strength. Tech leads remain mixed. While Nasdaq outperformed S&P 500, big tech names varied, SOX edged higher and Golden Dragon China index fell sharply. Treasuries were mixed with some curve steepening following Monday's rally. Dollar index was up 0.3%. Gold finished little changed. Bitcoin futures volatile after SEC said it had not granted approval of spot-Bitcoin ETFs, its X account was compromised and dismissed a post flagging approval as fake. WTI crude settled up 2.1% after a 4%+ selloff on Monday.

    • Lack of clear directionality prompted more debate about upside prospects for equities with market's Fed rate cut expectations closely scrutinized, reinforcing attention on Thursday's US CPI report. Earnings coming into focus with big banks set to report Friday. Asia sentiment remains mixed as Shanghai Composite recently plumbed new post-2022 lows while Nikkei 225 closed Tuesday at 33-year highs. Bullish Japan rhetoric highlights contrast in domestic dynamics (regulatory push to improve shareholder returns, foreign inflows, geopolitics, inflation momentum) even with both subject to global growth headwinds and modest economic growth expectations. Samsung's (005930.KS) disappointing earnings pre-announcement posed near-term setback in South Korea, though takeaways remained sanguine on hopes for a turnaround in chip demand.

    • Overnight regional developments were light. Japan media reported government planning to double FY24 budget disaster reserves to JPY1T. Focus looking ahead to upcoming risk events. Australia November CPI seen moderating gradually in year-ago terms, though remaining well above the RBA's 2~3% target range. Japan November wages also on the radar for BOJ policy implications, though economy-wide wage growth has remained sluggish following last year's wage hikes among large firms. Attention also on China December credit data due in coming days with consensus looking for CNY1.40T ($195.55B) in new loans vs CNY1.09T in October, taking 2023 aggregate to a record high.

  • Pre-open Company News:

    • 600039.CH -- Sichuan Road & Bridge Co. reports FY23 bid wins CNY168.52B vs year-ago CNY140.34B

    • 874.HK -- Guangzhou Baiyunshan Pharmaceutical's gliclazide tablets passes NMPA's consistency evaluation for generic drugs

    • 1387.HK -- China Dili Group discloses two ligation claims totalling CNY3.54B brought against two subsidiaries by bank

    • 603156.CH -- Hebei Yangyuan Zhihui Beverage initiated overweight at Great Wall Securities (timing uncertain)

    • 2005.HK -- SSY Group's chlorphenamine maleate passes NMPA's consistency evaluation for generic drugs

    • 884.HK -- CIFI Holdings (Group) reports December contracted sales CNY5.34B; StreetAccount notes year-ago CNY6.44B

    • ^TTNEURO -- EU semiconductor names lower on read-across from Samsung and Microchip Technology:

    • 300601.CH -- Shenzhen Kangtai Biological Products guides FY net income attributable CNY850.0-950.0M vs FactSet CNY1.03B [9 est, CNY828.8-1.31B]

    • M1GU.SP -- Sabana Industrial REIT trustee provides update; proposed trust deed amendments subject to unitholders' approval at EGM

    • AIR.FP -- EVA Air finalizes firm order for 18 A350-1000s, 15 A321neos with Airbus (seemingly around 10:00 CET/17:00 TT)

    • 1387.HK -- China Dili Group ordered to pay judgment debt of CNY1.17B borrowed by controlling shareholder and guaranteed by Dili subsidiaries

    • BofA downgrades 9866.HK, NIO, NIO.SP

    • 2880.TT -- Hua Nan Financial Holdings reports December PBT NT$1.90B; StreetAccount notes year-ago figure NT$1.46B

    • 600674.CH -- Sichuan Chuantou Energy reports FY electricity generation 5.23B kWh, +9.4% y/y

    • Goldman Sachs upgrades BBCA.IJ; downgrades BBL.TB, D05.SP, U11.SP

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: New Yuan Loans; consensus

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

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

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 3%

    • Taiwan:

      • Earnings:

        • Nanya Technology (2408.TT)

  • Market Data:

    • Gold (Feb 24): +$2.40 or +0.12% to $2035.40

    • WTI Crude (Feb 24): ($0.10) or (0.14%) to $72.14

    • $-¥: +0.17 or +0.12% to 144.4020

    • $-KRW: +4.13 or +0.31% to 1318.1300

    • A$-$: (0.00) or (0.57%) to 0.6678

    • $-INR: +0.08 or +0.10% to 83.1253

    • $-CNY: (0.00) or (0.01%) to 7.1569

  • 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:
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