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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.20%), Hang Seng Futures +0.26%, ASX SPI 200 +0.03%, S&P Futures (0.13%)

Jan 14 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Nikkei futures pointing to small decline, Hang Seng futures marginally higher and ASX opens flat. S&P 500 futures down slightly (US markets closed Monday for MLK Jr holiday). Australian and New Zealand curves bull steepening after Treasury yields fell on Friday. Crude saw late week rebound on geopolitical tensions. Gold little changed over the week. Bitcoin remains sharply lower following SEC's ETF approval. Muted price action in FX markets.

    • Taiwan election the big weekend news story after ruling DPP won third term but failed to secure parliamentary majority. Lai Ching-te won presidency albeit with less than 50% of the vote. While Beijing criticized election and repeated unification threats, analysts noted its relatively restrained reaction amid thoughts DPP's loss of parliamentary majority will curtail Lai's agenda.

    • PBOC expected to cut MLF rate by 10 bp at today's operation, marking first cut since August. Central bank also expected to make net liquidity injection of CNY121B following record injection in December. Rate cut and liquidity expectations have gained traction amid deflation pressures, credit softness/funding tightness, and ongoing weakness in key growth indicators. RRR cut also remains an option going into Q1.

    • Markets maintaining aggressive rate cut expectations with at least six Fed cuts being priced in following unexpected fall in US PPI and benign CPI read. However, Fed officials are pushing back against extent of easing being priced in. Services inflation stickiness and supply chain pressures from Red Sea disruptions also seen as risks to the disinflation narrative.

  • Pre-open Company News:

    • 2331.HK -- Li Ning downgraded to underweight from overweight at JPMorgan

    • 500209.IN -- Infosys upgraded to reduce from sell at Dolat Capital Markets

    • 532281.IN -- HCL Technologies upgraded to buy from neutral at Phillip Capital

    • JPMorgan downgrades 3908.HK, 600837.CH

    • 762.HK -- China Unicom (Hong Kong) upgraded to buy from neutral at Nomura

    • PLS.AU -- Pilbara Minerals expands existing offtake agreement with Ganfeng Lithium; total allocation of up to 310ktpa spodumene concentrate over 3 years

    • 7211.JP -- Mitsubishi Motors downgraded to underperform from neutral at BofA

    • Daiwa upgrades Flat Glass Group A&H

    • ARQT -- Arcutis Biotherapeutics oresents new individual patient response data from Phase 3 studies of roflumilast cream 0.15%

    • 1347.HK -- Hua Hong Semiconductor upgraded to hold from sell at China Renaissance (HK)

    • ARQT -- Arcutis Biotherapeutics presents new subgroup analysis from STRATUM study of ZORYFE foam

    • 540699.IN -- Dixon Technologies downgraded to sell from neutral at Goldman Sachs

    • 507685.IN -- Wipro upgraded to buy from hold at IDBI Capital Markets

    • 504966.IN -- The Tinplate Co. of India Scheme of Amalgamation with Tata Steel effective as of 15-Jan

    • 600009.CH -- Shanghai International Airport reports December operational statistics: Pudong takeoffs and landings 40,922, +135.0% y/y

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Japan:

      • Earnings:

        • Toho Co (9602.JP)

    • India:

      • Earnings:

        • Jio Financial Services (543940.IN)

  • Market Data:

    • Gold (Feb 24): ($0.80) or (0.04%) to $2050.80

    • WTI Crude (Feb 24): ($0.29) or (0.40%) to $72.39

    • $-¥: +0.17 or +0.12% to 145.0310

    • $-KRW: (1.18) or (0.09%) to 1312.1700

    • A$-$: +0.00 or +0.01% to 0.6689

    • $-INR: (0.01) or (0.01%) to 82.8628

    • $-CNY: (0.00) or (0.01%) to 7.1611

  • 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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MAY LOSE VALUE
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