Feb 07 ,2024
Synopsis:
Asian markets set for mixed start to Thursday trade. Nikkei futures signaling gains on the open. Hang Seng futures lower after Nasdaq Golden Dragon index fell 1% overnight. ASX building on opening gains. S&P 500 futures flat after indexes finished mostly higher on Wednesday. Australian bond yields higher, tracking earlier Treasury weakness. Yen a touch firmer afterafter dollar index eased from two-month high. Crude steady following third consecutive gain. Gold little changed.
China replaced head of securities regulator following recent market turmoil, though views mixed on likely ramifications. Replacement Wu Qing, known for cracking down on regulatory breaches, seen as aligning with Xi's focus on reducing financial risks. Some analysts also argued shakeup reflects sense of urgency among authorities to arrest market slide, and raises hopes for a meaningful rescue package that delivers on recent pledges of support.
In corporate news, Alibaba fell 6% in US overnight following quarterly revenue miss and sharp drop in profit. Group announced expanded share buyback, though takeaways viewed results as indicative of anemic retail demand in China and loss of market share to rivals. Chairman Joe Tsai flagged exist of non-core businesses, but conceded tough market conditions challenged those plans.
Pre-open Company News:
6098.JP -- StreetAccount Consensus Metrics Preview - Recruit Q3 Earnings
^ASIAREADS -- StreetAccount Asia Reads
2454.TT -- MediaTek reports January revenue NT$44.50B, +98.8% y/y
813.HK -- Shimao Group Holdings reports January contracted sales CNY2.11B; StreetAccount notes year-ago figure was CNY4.51B
532725.IN -- Solar Industries India reports Q3 consolidated EPS INR22.47 vs year-ago INR22.61
036570.KS -- NCsoft reports Q4 operating profit KRW3.85B vs StreetAccount KRW13.30B
5880.TT -- Taiwan Cooperative Financial Holding reports January PBT NT$2.61B
5876.TT -- The Shanghai Commercial & Savings Bank reports January revenue NT$4.06B, +7.5% y/y
543384.IN -- Quick Take - FSN E-Commerce Ventures Q3 Earnings
034730.KS -- CORRECTION: SK reports FY net income (KRW475.02B) vs year-ago KRW3.966T
542602.IN -- Embassy Office Parks REIT downgraded to add from buy at ICICI Securities
2887.TT -- Taishin Financial Holdings reports January net income NT$1.99B; StreetAccount notes year-ago figure was NT$1.42B
2891.TT -- CTBC Financial Holding reports January net income NT$8.81B; StreetAccount notes year-ago NT$2.51B
688390.CH -- Jiangsu Goodwe Power Supply Technology launches CNY5-10M share buyback at up to CNY182.81/share to run for 12 months
688472.CH -- CSI Solar chair proposes CNY500M-1.0B buyback, to run for 12 months
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus +9.2%
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
09:30 CST: PPI NSA Y/Y; consensus (2.6%)
09:30 CST: CPI NSA Y/Y; consensus (0.5%)
Japan:
Economic:
08:50 JST: Bank Loans NSA Y/Y; consensus
Earnings:
Hakuhodo DY Holdings (2433.JP), Alfresa Holdings (2784.JP), NEXON Co. (3659.JP), Kansai Paint (4613.JP), FUJIFILM (4901.JP), Sumitomo Metal Mining (5713.JP), Rinnai (5947.JP), Renesas Electronics (6723.JP), Azbil Corp (6845.JP), Hamamatsu Photonics KK (6965.JP), Nissan Motor (7201.JP), Honda Motor (7267.JP), Subaru (7270.JP), Nikon Corp (7731.JP), Seibu Holdings (9024.JP), TBS Holdings (9401.JP), Nippon Telegraph & Telephone (9432.JP), Kadokawa (9468.JP), SoftBank Group (9984.JP), COMSYS Holdings (1721.JP), TAISEI (1801.JP), Shimizu (1803.JP), Meiji (2269.JP), Toyobo Co. (3101.JP), Teijin (3401.JP), Kuraray (3405.JP), Santen Pharmaceutical (4536.JP), Noevir Holdings (4928.JP), Cosmo Energy Holdings (5021.JP), Taiheiyo Cement (5233.JP), Furukawa Electric Co. (5801.JP), Fujikura (5803.JP), AMADA Co. (6113.JP), Daifuku (6383.JP), Amvis Holdings (7071.JP), Marui Group Co. (8252.JP), Relo Group (8876.JP), Odakyu Electric Railway Co. (9007.JP), SECOM Co. (9735.JP), Nitori Holdings (9843.JP)
South Korea:
Earnings:
KT (030200.KS), Lotte Shopping Co. (023530.KS), KOREA AEROSPACE INDUSTRIES (047810.KS), Shinhan Financial (055550.KS)
Australia:
Earnings:
Boral (BLD.AU)
India:
Earnings:
SKF India (500472.IN), Honeywell Automation India (517174.IN), 3M India (523395.IN), Power Finance (532810.IN), Page Industries (532827.IN), The Ramco Cements (500260.IN), Grasim Industries (500300.IN), Patanjali Foods (500368.IN), Thermax (500411.IN), Apollo Hospitals Enterprise (508869.IN), AARTI Industries (524208.IN), United Breweries (532478.IN), Biocon (532523.IN), Torrent Power (532779.IN), Rail Vikas Nigam (542649.IN), Life Insurance Corp. of India (543526.IN)
Singapore:
Earnings:
Manulife US REIT (BTOU.SP), StarHub (CC3.SP)
Market Data:
Gold (Apr 24): ($0.80) or (0.04%) to $2050.90
WTI Crude (Mar 24): +$0.13 or +0.18% to $73.99
$-¥: +0.10 or +0.07% to 148.0540
$-KRW: +0.36 or +0.03% to 1327.6200
A$-$: (0.00) or (0.02%) to 0.6522
$-INR: (0.10) or (0.12%) to 82.9820
$-CNY: (0.00) or (0.01%) to 7.1790
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