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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.03%), Hang Seng Futures +1.00%, ASX SPI 200 +0.25%, S&P Futures +0.02%

Jan 24 ,2024

  • Synopsis:

    • Asia equities poised to open mostly higher Thursday. Futures in Hong Kong and Australia advanced while Japan continued to lag. US contracts marginally firmer after a mixed main session that saw S&P 500 and Nasdaq log their fifth straight gain. Tech leads positive with strength in big tech names translating to Nasdaq outperformance, alongside sharp gains in SOX and Golden Dragon China index. Treasuries were mostly weaker. Dollar index was down 0.3%, with the greenback weakest on the yen cross. Gold finished down 0.5%, off earlier strength. Bitcoin futures were up 1.4% (but still below $40K). WTI crude settled up 1.0%, off best levels despite a big weekly US inventory draw.

    • Latest earnings takeaways leaned positive. In after-hours highlights, Tesla (TSLA) missed on headline metrics and warned of "notably lower" 2024 sales growth while IBM (IBM) beat. Netflix (NLFX) rallied sharply after yesterday's post-close earnings. Attention also went to Microsoft (MSFT) gains taking its market cap to $3T, second to Apple (AAPL). Gains in most of the Magnificent Seven names were highlighted. Some signs of stabilization in the repricing of Fed pivot expectations, which has been the big overhang in early 2024 trading. Confidence in US soft landing scenario underpinning support.

    • PBOC's RRR cut announcement resonated positively overnight, helping to support sentiment. Follows perceptions that China valuations are cheap, though required new catalysts to push the market higher. However, economists debated broader economic impact with some seeing the measure aimed at shoring up liquidity ahead of Lunar New Year holiday. PBOC thought to be relying on announcement effects after Governor Pan unusually delivered the news at a press conference before the statement was published. Macro developments light elsewhere. South Korea Q4 GDP growth came in line with expectations. Next focus on Tokyo inflation data tomorrow.

  • Pre-open Company News:

    • 604.HK -- Shenzhen Investment reports December contracted sales CNY2.76B, (66.5%) y/y

    • ORTX -- Kyowa Kirin competes acquisition of Orchard Therapeutics; deal was announced 5-Oct

    • 8454.TT -- momo.com board approves FY24 capital expenditure of NT$1.28B

    • BofA upgrades 9766.JP; downgrades 3659.JP, we're told

    • 532215.IN -- Axis Bank downgraded to add from buy at HDFC Securities

    • 532755.IN -- Tech Mahindra reports Q3 consolidated EPS INR5.76 vs StreetAccount INR6.77

    • 543237.IN -- Mazagon Dock Shipbuilders receives INR10.70B order for fourteen FPV from Coast Guard

    • 9901.HK -- New Oriental Education & Technology Group reports Q2 non-GAAP EPADS $0.29 vs StreetAccount $0.26

    • India to allow direct listing of securities by public Indian companies on international exchange of GIFT IFSC

    • 533273.IN -- Street Takeaways - Oberoi Realty Q3 Earnings

    • 532505.IN -- UCO Bank reports Q3 standalone EPS INR0.42 vs year-ago INR0.55

    • 293.HK -- Cathay Pacific Airways reports December traffic +89.3% y/y

    • 303.HK -- VTech Holdings acquires assets from Gigaset Communications GmbH for €30.5M cash

    • 297.HK -- Sinofert Holdings chairman Liu Hongsheng resigns; effective today

    • 532538.IN -- UltraTech Cement downgraded to hold from accumulate at KRC Research

  • On Deck:

    • South Korea:

      • Economic:

        • 08:00 KST: GDP NSA Y/Y (Preliminary); consensus +2.1%

      • Earnings:

        • SK Hynix (000660.KS), Hyundai Motor (005380.KS), Hyundai GLOVIS Co. (086280.KS), Hyundai Mobis (012330.KS), SAMSUNG SDS CO. (018260.KS)

    • Australia:

      • Earnings:

        • Santos (STO.AU), Insignia Financial (IFL.AU)

    • India:

      • Earnings:

        • JSW Steel (500228.IN), Vedanta (500295.IN), ACC Ltd (500410.IN), Adani Power (533096.IN), Syngene International (539268.IN), AU Small Finance Bank (540611.IN), SBI Cards & Payment Services (543066.IN), Tata Technologies (544028.IN), Cholamandalam Investment & Finance (511243.IN), Indraprastha Gas (532514.IN), Vedant Fashions (543463.IN)

    • Singapore:

      • Earnings:

        • Mapletree Industrial Trust (ME8U.SP)

  • Market Data:

    • Gold (Feb 24): $0.00 or 0.00% to $2016.00

    • WTI Crude (Mar 24): +$0.33 or +0.44% to $75.42

    • $-¥: (0.86) or (0.58%) to 147.5160

    • $-KRW: (7.07) or (0.53%) to 1332.6900

    • A$-$: (0.00) or (0.06%) to 0.6577

    • $-INR: (0.05) or (0.06%) to 83.1090

    • $-CNY: +0.03 or +0.40% to 7.1748

  • 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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