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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.03%, Hang Seng Futures +0.19%, ASX SPI 200 (0.54%), S&P Futures (0.03%)

Jan 17 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Nikkei signaling mild losses on the open while Hang Seng futures little changed. ASX under pressure in early trade. S&P 500 futures flat after US indexes logged back-to-back declines. Bond yield backup continues with Aussie and New Zealand curves flattening. Muted price action in FX markets after dollar extended its run of gains (though also came off highs). Crude steady after rebounding from lows following bullish OPEC demand forecast. Gold near one-month low.

    • Recent risk-off move in equities attributed in part to markets dialing back rate cut expectations. Yields have rebounded after Fed and ECB policymakers tempered expectations of aggressive easing. Data (US CPI and retail sales) has surprised higher while Red Sea tensions playing into concerns of stickier inflation. Odds of Fed rate cut in March have fallen to ~50% while futures pricing in ~140 bp of easing in 2024, compared to ~175 bp being priced in recently.

    • Pickup in China GDP growth failed to dispel mounting concerns over its economy after December activity data came in soft and property metrics deteriorated further. While data prompted more calls for stimulus, Premier Li downplayed prospect of large-scale easing in his remarks at Davos overnight. Policy measures announced or discussed in press have also been met with skepticism, giving further rise to thoughts foreigners see China as 'un-investable.'

  • Pre-open Company News:

    • A50.SP -- SGX-ST grants Thomson Medical Group further 3-month extension until 10-Apr to restore public float

    • +NCI -- Neo-Concept International Group files amended F-1; to offer 2.32M shares (vs prior 2.0M) in the range of $4-5 per share through Revere Securities

    • 002756.CH -- Yongxing Special Materials Technology upgraded to outperform from hold at Daiwa

    • 390.HK -- China Railway Group reports Q4 total value of new contracts CNY1.298T; StreetAccount notes year-ago CNY1.049T

    • 500469.IN -- Federal Bank Ltd (India) upgraded to buy from hold at B & K Securities

    • 500820.IN -- Asian Paints reports Q3 net income attributable INR14.48B vs StreetAccount INR13.66B

    • 002008.CH -- Han's Laser Technology to sell 65.4% stake in Shenzhen Han's Scanner S&T for CNY1.05B

    • 600566.CH -- Hubei Jumpcan Pharmaceutical initiated overweight at Northeast Securities (timing uncertain)

    • MNOV -- MediciNova receives notification of approval from Chinese Patent Office for its patent covering treatment using MN-166 therapy

    • 300866.CH -- Anker Innovations Technology initiated buy at Huaan Securities (timing uncertain)

    • 241.HK -- Alibaba Health completes acquisition of healthcare business from Taobao; deal was announced on 28-Nov

    • 9690.HK -- Tuhu Car initiated buy at Kaiyuan Securities (timing uncertain)

    • 500049.IN -- Bharat Electronics receives INR6.95B order from Mazagon Dock Shipbuilders for missile systems spares

    • 601117.CH -- China National Chemical Engineering reports Jan-Dec new contracts CNY326.75B; StreetAccount notes year-ago CNY296.92B

    • 1622.HK -- Redco Properties Group reports Jan-Dec contracted sales CNY9.40B; StreetAccount notes year-ago CNY27.55B

  • On Deck:

    • China:

      • Economic:

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

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus (4.2%)

        • 13:30 JST: Industrial Production SA M/M (Final); consensus (1.5%)

    • Australia:

      • Economic:

        • 11:00 AEST: Consumer Inflation Expectation; consensus

        • 11:30 AEST: Unemployment Rate; consensus 3.9%

        • 11:30 AEST: Employment SA; consensus +15K

    • India:

      • Earnings:

        • Poonawalla Fincorp (524000.IN), Polycab India (542652.IN), Jindal Stainless (532508.IN), Metro Brands (543426.IN)

    • Taiwan:

      • Earnings:

        • Taiwan Semiconductor (2330.TT)

  • Market Data:

    • Gold (Feb 24): +$4.30 or +0.21% to $2010.80

    • WTI Crude (Feb 24): +$0.21 or +0.29% to $72.77

    • $-¥: +0.96 or +0.65% to 148.1480

    • $-KRW: +6.30 or +0.47% to 1345.2000

    • A$-$: (0.00) or (0.57%) to 0.6549

    • $-INR: +0.17 or +0.20% to 83.2181

    • $-CNY: +0.01 or +0.09% to 7.1772

  • 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".

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