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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.78%, Hang Seng Futures (0.88%), ASX SPI 200 (1.02%), S&P Futures (0.06%)

Feb 04 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Nikkei futures pointing to gains on the open while futures pointing to opening losses in Hong Kong. ASX deepening losses in initial trade. US contracts little changed after indexes staged late week recovery. Australian and New Zealand bonds under pressure, tracking Treasury curve bear flattening in the wake of hot US payrolls data. Dollar index near two-month high as AUD eases. Crude recovering from biggest weekly loss since early October. Gold fluctuating after logging best week since early December.

    • Hotter-than-expected US payrolls report have led markets to all-but rule out March rate cut, strengthening expectations of first cut occurring in May or June. Futures now pricing in ~115 bp of easing in 2024 from 140 bp day prior and well down on peak ~175 bp last month. Hawkish developments haven't really dented broader Fed pivot narrative, with disinflation on track and Chair Powell downplaying need for softer labor market before rate cuts.

    • No letup to China equity market selloff with CSI 300 index skidding another 5% last week to five-year low. CSRC on Sunday made another vow to stabilize markets, though again short on specifics. Prior pledges to boost markets failed to spark turnaround in risk sentiment with stocks continuing to experience outflows. Bloomberg also highlighted how Chinese funds flowing to foreign ETFs amid loss of confidence in the economy.

    • Also making weekend headlines, Trump confirmed reports he is weighing China tariffs of at least 60%. FT highlighted BOJ signaling increased confidence of hitting 2% inflation target, paving way for near-term rate hike. Reuters reported Alibaba weighing sale of consumer sector businesses. Middle East tensions remain elevated with US vowing sustained response against Iran-backed militants.

  • Pre-open Company News:

    • 4689.JP -- StreetAccount Consensus Metrics Preview - LY Corp. Q3 Earnings

    • 2802.JP -- StreetAccount Consensus Metrics Preview - Ajinomoto Co. Q3 Earnings

    • 7203.JP -- StreetAccount Consensus Metrics Preview - Toyota Motor Q3 Earnings

    • 59.HK -- Skyfame Realty (Holdings) winding-up hearing in Bermuda adjourned to 7-Jun-24

    • ^TTNASIA -- Central bank meetings, China inflation data, and Asian tech earnings among this week's highlights:

    • CY6U.SP -- CapitaLand India Trust to acquire three industrial facilities at at OneHub Chennai, India from Casa Grande Group for INR2.68B (SG$43.2M)

    • 543396.IN -- One 97 Communications (Paytm) denies the company or its CEO are being investigated for anti-money laundering activities

    • Deutsche Bank initiates 1038.HK, 1193.HK, 2638.HK, others

    • 532424.IN -- Godrej Consumer Products downgraded to hold from buy at BOB Capital Markets

    • 017670.KS -- SK Telecom guides FY revenue KRW17.609T vs FactSet KRW17.544T [22 est, KRW17.397-17.632T]

    • 543330.IN -- Devyani International downgraded to sell from reduce at Dolat Capital Markets

    • 688779.CH -- Hunan Changyuan Lico downgraded to overweight from buy at Citic Securities

    • 361610.KS -- Sk Ie Technology Co. downgraded to equal-weight from overweight at Morgan Stanley

    • 2379.TT -- Realtek Semiconductor upgraded to buy from sell at CLSA

    • 6473.JP -- JTEKT Corp upgraded to buy from outperform at CLSA

  • On Deck:

    • Japan:

      • Earnings:

        • JSR Corp (4185.JP), Ube (4208.JP), Astellas Pharma (4503.JP), Medipal Holdings (7459.JP), Nifco Inc (7988.JP), Sumitomo (8053.JP), Mitsubishi UFJ Financial (8306.JP), Keio Corp (9008.JP), Yamato Holdings Co. (9064.JP), Maruha Nichiro (1333.JP), Obayashi (1802.JP), Kikkoman (2801.JP), Oji (3861.JP), Tosoh Corp (4042.JP), Nippon Electric Glass Co. (5214.JP), Sumitomo Electric Industries (5802.JP), DMG MORI (6141.JP), Mitsubishi Electric (6503.JP), OMRON (6645.JP), Hitachi Zosen (7004.JP), Concordia Financial Group (7186.JP), ITOCHU (8001.JP), Nippon Yusen (9101.JP), Square Enix Holdings (9684.JP)

    • South Korea:

      • Earnings:

        • SK Innovation (096770.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$10.5B

      • Earnings:

        • Nick Scali (NCK.AU), Region Group (RGN.AU)

    • India:

      • Earnings:

        • Varun Beverages (540180.IN), Linde India (523457.IN), Kansai Nerolac Paints (500165.IN), Ashok Leyland (500477.IN), Bharti Airtel (532454.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: GDP NSA Y/Y; consensus +5%

    • Singapore:

      • Earnings:

        • CapitaLand Integrated Commercial Trust (C38U.SP), PARAGON REIT (SK6U.SP)

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus (1%)

  • Market Data:

    • Gold (Apr 24): +$4.70 or +0.23% to $2058.40

    • WTI Crude (Mar 24): +$0.53 or +0.73% to $72.81

    • $-¥: +0.17 or +0.11% to 148.5600

    • $-KRW: (0.75) or (0.06%) to 1337.7400

    • A$-$: (0.00) or (0.12%) to 0.6502

    • $-INR: (0.00) or (0.00%) to 82.9978

    • $-CNY: (0.00) or (0.02%) to 7.1905

  • 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:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE