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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.22%, Hang Seng Futures (0.02%), ASX SPI 200 +0.30%, S&P Futures +0.03%

Jan 10 ,2024

  • Synopsis:

    • Asia equities poised to open mostly higher Thursday. Futures in Japan and Australia traded higher, while Hong Kong was flat. US contracts steady after hours, following positive US session with Nasdaq outperforming S&P 500 as big tech names were mostly firmer. Other tech leads were bearish with declines in SOX and Golden Dragon China index. Treasuries were mostly weaker with some curve steepening. Dollar was mostly softer, though yen lagged on combination of hawkish Fed comments and diminishing speculation of a BOJ rate hike this month. Gold finished down 0.3%. Bitcoin futures were down 2.3% amid SEC headline volatility. WTI crude ended down 1.2% in choppy trading.

    • Market attention now squarely on upcoming US CPI which has been broadly cited for restraining risk appetite this week. Moderation in Fed rate cut expectations further supported by comments from NY Fed President Williams, who said that restrictive policy would likely need to continue for some time to fully achieve hit the Fed's inflation target. But stressed the outlook remains uncertain and policymakers would continue to evaluate the totality of the incoming data. Also talk of some support from QT tapering speculation. Markets also looking further ahead to earnings season starting with major banks on Friday.

    • Regional developments were very light. Japan bullish narrative continues to dominate after Nikkei 225 closed at its highest since Feb 1990, further stoked by TSE figures showing foreign investors turned net buyers of Japan equities for the first time in two years in 2023. Adds to tailwinds from buybacks and optimism toward retail inflows after NISA program enhancements took effect this year. BOJ policy normalization assumptions largely baked into outlook scenarios, though speculation of a January move has faded since the Noto Peninsula earthquake and reinforced by soft wage growth. In contrast, China sentiment remains on the defensive amid ongoing caution on economic growth momentum and subdued foreign inflows.

    • Asia headline activity set to remain quiet. Main event will be the BOK meeting, widely expected to keep rates on hold. Some thoughts statement may temper hawkish messaging on the margins, though maintaining a restrictive stance, and rate cuts not expected to commence until H2. Attention turns to China credit data slated for release in coming days against the backdrop of economic growth concerns and market expectations for an RRR cut in Q1. China inflation and trade data Friday to cap off key regional data releases this week.

  • Pre-open Company News:

    • 813.HK -- Shimao Group Holdings reports December contracted sales CNY2.81B; StreetAccount notes year-ago figure was CNY7.03B

    • 2454.TT -- MediaTek reports December revenue NT$43.68B, +12.9% y/y

    • 2882.TT -- Cathay Financial Holdings reports December net income (NT$4.82B); StreetAccount notes year-ago (NT$11.22B)

    • 2603.TT -- Evergreen Marine reports December revenue NT$23.63B, (19.3%) y/y

    • 000800.CH -- Faw Jiefang Group reports FY total vehicle production 250,640 units vs year-ago 150,812 units

    • 1610.HK -- COFCO Joycome Foods reports December hog production 753K heads, fresh pork sales 24.5Kt

    • 688111.CH -- Beijing Kingsoft Office Software upgraded to outperform at Bernstein (timing uncertain)

    • 6837.HK -- Haitong Securities completes privatisation of Haitong International Securities; shares to be delisted tomorrow

    • 6818.HK -- China Everbright Bank president Wang Zhiheng appointed as party committee chief

    • 3045.TT -- Taiwan Mobile reports December EPS NT$0.61; StreetAccount notes year-ago figure was NT$0.27

    • 600741.CH -- Huayu Automotive Systems general manager Wang Jun resigns due to work arrangements

    • 2196.HK -- NMPA accepts Fosun Pharma's drug registration for famotidine injection

    • 1877.HK -- Coherus BioSciences terminates partnership with Shanghai Junshi Biosciences on recombinant humanized anti-TIGIT monoclonal antibody JS006

    • Bernstein initiates 002371.CH, 1347.HK, 6415.TT, others (timing uncertain)

    • 1101.TT -- Taiwan Cement reports December revenue NT$9.51B, (24.4%) y/y

  • On Deck:

    • China:

      • Economic:

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

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

        • 08:00 CST: New Yuan Loans; consensus

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

      • Earnings:

        • Seven & i (3382.JP), DISCO Corp (6146.JP), FAST RETAILING CO. (9983.JP)

    • South Korea:

      • Economic:

        • 11:10 KST: BoK Repo Rate; consensus +3.5%

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$7.3B

    • New Zealand:

      • Earnings:

        • Summerset Group Holdings (SUM.NZ)

    • India:

      • Earnings:

        • Tata Consultancy Services (532540.IN)

  • Market Data:

    • Gold (Feb 24): +$2.30 or +0.11% to $2030.10

    • WTI Crude (Feb 24): ($0.09) or (0.13%) to $71.28

    • $-¥: +1.26 or +0.87% to 145.7440

    • $-KRW: (2.20) or (0.17%) to 1318.3900

    • A$-$: +0.00 or +0.21% to 0.6699

    • $-INR: (0.11) or (0.13%) to 83.0061

    • $-CNY: +0.01 or +0.18% to 7.1705

  • 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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