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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.46%), Hang Seng Futures (0.59%), ASX SPI 200 +0.20%, S&P Futures (0.18%)

Jan 25 ,2024

  • Synopsis:

    • Asia equities poised for a softer open Friday. Futures in Japan and Hong Kong traded lower. Australia closed for public holiday. US contracts also retreated (mainly Nasdaq) following overnight gains. Tech leads broadly negative with Nasdaq underperforming S&P alongside declines in SOX and Golden Dragon China index. Treasuries were firmer with a bit of curve steepening after some pressure yesterday from a weak 5Y note auction; today's $41B 7Y auction saw very slight tail. Dollar index was up 0.3%, better on the major crosses. Gold finished up 0.1%. Bitcoin futures up 0.4%; still lower for the week. WTI crude settled up 3.0%.

    • Positive overnight sentiment broadly attributed to stronger than expected Q4 US GDP, increasing confidence in the soft-landing scenario. Also, core PCE price index came in line at the Fed's 2% target for the second straight quarter. ECB delivered no surprises, keeping rates unchanged and maintained a hawkish stance. Earnings takeaways mixed. Notable positive surprises include IBM (IBM), Comcast (CMCSA) and American Airlines (AAL). However, major selloff in Telsa (TSLA) in the wake of yesterday's post-close release attracted most of the attention and headline effects extended to other EV makers. In latest after-hours highlights, Intel (INTC) better than expected on Q4 headline metrics, though Q1 guidance was weak. Visa (V) also beat with better FY guidance.

    • Regionally, China stimulus remains the theme of the week though latest developments were light. Some attention on Thursday's sharp rally in mainland China real estate sector after authorities eased guidelines for commercial property loans. However, analysts' doubts dovetailed with broader skepticism that current policy support trajectory will be enough. Stock market optimism continues to be based largely on cheap valuations and hopes for more policy measures. Yet, remarks at the Asian Financial Forum in Hong Kong reflected persistent concerns about geopolitical risks, uncertainty about Beijing's policy strategy, as well as the US presidential election this year. Macro calendar remains light with Tokyo CPI and BOJ minutes in Asia while global attention turns to US PCE.

  • Pre-open Company News:

    • 539268.IN -- Syngene International reports Q3 consolidated EPS INR2.77 vs year-ago INR2.71

    • 300142.CH -- Walvax Biotechnology guides FY net income attributable CNY400-460M vs FactSet CNY880.7M [2 est, CNY845.4-916M]

    • 9996.HK -- Peijia Medical guides FY revenue CNY430.0-450.0M vs year-ago CNY250.8M

    • 600256.CH -- Guanghui Energy GM Yan Jun steps down due to work rearrangements, effective immediately

    • 500295.IN -- CORRECTION: Vedanta reports Q3 consolidated revenue from operations INR349.68B vs FactSet INR345.16B

    • ACMR -- ACM Research subsidiary ACM Research (Shanghai) announces private offering for up to 43.6M ordinary shares, or gross proceeds of up to CNY4.5B ($625M)

    • ^ESGREADS -- StreetAccount ESG Reads

    • 603236.CH -- Quectel Wireless Solutions guides FY net income attributable CNY85.0M vs FactSet CNY128.9M [8 est, CNY17.3-180M]

    • ME8U.SP -- Mapletree Industrial Trust reports Q3 distribution to unitholders SG$95.2M, +3% vs year-ago SG$92.3M

    • 3333.HK -- China Evergrande Group sells 65% stake in Shantou Jinbi Bay project to Shantou Hengyao Property for CNY137.6M

    • 532321.IN -- Zydus Lifesciences receives USFDA final approval for generic Gabapentin Tablets

    • 533096.IN -- Adani Power CFO Shailesh Sawa resigns, effective 31-Mar

    • SCC.TB -- The Siam Cement Public upgraded to neutral from underperform at Asia Plus Securities

    • 3436.JP -- SUMCO downgraded to underperform from outperform at CLSA

    • 600521.CH -- Zhejiang Huahai Pharmaceutical guides FY net income attributable CNY876-993M vs FactSet CNY1.09B [3 est, CNY974.6-1.19B]

  • On Deck:

    • Japan:

      • Economic:

        • 08:30 JST: CPI Tokyo Y/Y; consensus

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

      • Earnings:

        • Matsui Securities Co. (8628.JP), Shin-Etsu Chemical (4063.JP), FANUC Corp (6954.JP), Nitto Denko (6988.JP), SG Holdings (9143.JP), MISUMI Group (9962.JP), JCR Pharmaceuticals (4552.JP), Hitachi Construction Machinery Co. (6305.JP)

    • New Zealand:

      • Earnings:

        • Manawa Energy (MNW.NZ)

    • Singapore:

      • Earnings:

        • Keppel DC REIT (AJBU.SP)

  • Market Data:

    • Gold (Feb 24): +$2.70 or +0.13% to $2020.50

    • WTI Crude (Mar 24): ($0.31) or (0.40%) to $77.05

    • $-¥: +0.11 or +0.08% to 147.6190

    • $-KRW: +1.58 or +0.12% to 1335.2400

    • A$-$: +0.00 or +0.09% to 0.6583

    • $-INR: +0.01 or +0.01% to 83.1533

    • $-CNY: (0.04) or (0.53%) to 7.1380

  • 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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