Feb 08 ,2024
Synopsis:
Asian markets set for a mixed start to Friday trade. Nikkei futures pointing to gains on the open while Hang Seng futures lower. ASX flat in initial trade. S&P 500 futures little changed following lackluster Thursday session. Australian and New Zealand bonds weaker after Treasury yields rose following 30Y auction. FX markets steady after yen weakened to late-Nov low against greenback. Crude inching upward after logging fourth straight gain to one-week high. Gold flat.
This week's rebound on China markets attributed to latest attempts by policymakers to halt volatility, including replacing head of CSRC, curbing short sales, and state-backed intervention. Flow data showed foreign equity purchases turned positive this week for first time this year. However, also healthy dose of skepticism rescue efforts will prove successful absent comprehensive policies to revive confidence in the economy - measures that authorities have so far resisted.
Nothing new from PBOC Q4 monetary policy report, which reaffirmed prudent policy stance with aim of supporting consumption and demand. Comes after China deflation pressures intensified in January, reinforcing calls for additional policy support to prevent deflationary spiral. Central bank cut RRR by 25 bp in January, though economists continue to see more easing steps this year via additional rate and RRR reductions.
Pre-open Company News:
4543.JP -- Quick Take - Terumo Q3/9M Earnings
^ASIAREADS -- StreetAccount Asia Reads
2412.JP -- Benefit One board recommends ¥2173/sh tender offer from Dai-ichi Life Holdings; updates FY guidance
532321.IN -- Zydus Lifesciences receives final FDA approval for Dexamethasone tablets
512.HK -- Grand Pharmaceutical Group's new drug application for Ryaltris Compound Nasal Spray for treatment of allergic rhinitis accepted by NMPA
508869.IN -- Apollo Hospitals Enterprise reports Q3 consolidated profit attributable INR2.45B vs StreetAccount INR2.47B
1675.HK -- AsiaInfo Technologies guides FY profit (37%) to (47%) y/y, operating revenue +0.5% to +2.5% y/y
533278.IN -- Coal India appoints Mukesh Agarwal as director (finance), effective today
6968.HK -- Ganglong China Property reports Jan contracted sales CNY705.8M; StreetAccount notes year-ago figure was CNY803.3M
2777.HK -- Guangzhou R&F Properties reports January total contracted sales CNY980M; StreetAccount notes year-ago CNY1.35B
532827.IN -- Page Industries reports Q3 EPS INR136.59 vs FactSet INR144.13 [8 est, INR130.60-171.45]
6069.HK -- SY Holdings Group guides FY profit +17% y/y
532827.IN -- Page Industries declares interim DPS INR100; record 16-Feb, payable 8-Mar
500495.IN -- Escorts Kubota reports Q3 standalone net income attributable INR2.77B vs FactSet INR2.75B [13 est, INR2.38-3.04B]
CC3.SP -- StarHub reports FY net income attributable SG$149.6M vs FactSet SG$140.0M [11 est, SG$115.7-156M]
On Deck:
China:
Economic:
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
Japan:
Earnings:
JGC Holdings (1963.JP), Yakult Honsha (2267.JP), Iida Group Holdings (3291.JP), Nissan Chemical (4021.JP), Air Water (4088.JP), Mitsubishi Gas Chemical (4182.JP), Nippon Shinyaku (4516.JP), Rohto Pharmaceutical (4527.JP), Shiseido (4911.JP), Kobayashi Pharmaceutical (4967.JP), ENEOS (5020.JP), INFRONEER Holdings (5076.JP), Nippon Sheet Glass Co. (5202.JP), DOWA HOLDINGS Co. (5714.JP), Japan Material (6055.JP), Recruit (6098.JP), Sysmex (6869.JP), IHI (7013.JP), Mazda Motor (7261.JP), Zensho Holdings (7550.JP), Mitsubishi HC Capital (8593.JP), Kamigumi (9364.JP), HASEKO (1808.JP), Daiwa House Industry Co. (1925.JP), Food & Life Companies (3563.JP), Nippon Paper Industries Co. (3863.JP), JustSystems (4686.JP), Sumitomo Osaka Cement Co. (5232.JP), Kobe Steel (5406.JP), Pacific Metals Co. (5541.JP), Mitsubishi Materials (5711.JP), Kurita Water Industries (6370.JP), Sega Sammy Holdings (6460.JP), Kokusai Electric (6525.JP), Isuzu Motors (7202.JP), Dai Nippon Printing Co. (7912.JP), ASICS Corp (7936.JP), Tokyo Electron (8035.JP), Fukuoka Financial Group (8354.JP), Mitsui Fudosan Co. (8801.JP), Mitsubishi Estate (8802.JP), Sumitomo Realty & Development Co. (8830.JP), Tokyu Corp (9005.JP)
India:
Earnings:
Finolex Cables (500144.IN), MRF Ltd (500290.IN), Emami Ltd (531162.IN), Zydus Lifesciences (532321.IN), Bandhan Bank (541153.IN), Indian Railway Finance (543257.IN), Hero MotoCorp (500182.IN), PI Industries (523642.IN)
Market Data:
Gold (Apr 24): +$0.90 or +0.04% to $2048.80
WTI Crude (Mar 24): +$0.17 or +0.22% to $76.39
$-¥: +1.09 or +0.74% to 149.2760
$-KRW: +2.70 or +0.20% to 1331.3600
A$-$: (0.00) or (0.44%) to 0.6491
$-INR: (0.01) or (0.02%) to 82.9791
$-CNY: (0.00) or (0.01%) to 7.1790
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