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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.57%, Hang Seng Futures 0.00%, ASX SPI 200 (0.07%), S&P Futures (0.12%)

Feb 12 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Tuesday trade. Nikkei futures pointing to solid opening gains as Japan resumes trade following Monday's public holiday. ASX flat in initial trade. China and other markets remain offline for LNY. S&P 500 futures lower afterhours. Australian and New Zealand bond yields a touch lower after Treasuries firmed overnight. FX markets steady with dollar index range-bound. Gold and crude little changed. Bitcoin touched $50K for first time since Dec-2021.

    • US CPI forecast to show core step down in annualized headline and core inflation to lowest since Mar-2021. Analysts see data giving Fed additional confidence on disinflation, though policymakers also looking for signs that disinflation broadening as well as better traction in services. Cautious Fed pivot messaging has led markets to dial back 2024 rate cut expectations with 4-5 now being priced in.

    • India December inflation fell to three-month low, driven by fall in volatile food category. Core inflation dropped to lowest in more than four years and below RBI's 4% target. Comes after RBI retained its hawkish policy bias (withdrawal of accommodation) at last week's meeting with Governor Das stressing need to remain vigilant. Economists still expect an RBI pivot, though not until H2 after Fed has begun easing.

    • In other developments, RBA's Kohler reiterated warning that services inflation remains high. Australian consumer confidence recovered following tax cut announcement. Corporate calendar busy with ASX, Japan and India earnings in full swing. Geopolitics in the news with EU reportedly targeting Chinese firms for trade restrictions over aiding Russia. More discussion about economic and trade fallout from Trump tariffs if he wins election.

  • Pre-open Company News:

    • 533098.IN -- NHPC Ltd reports Q3 standalone EPS (incl. reg def bal) INR0.54 vs year-ago INR0.78

    • 524804.IN -- FDA grants final approval to Aurobindo Pharma's Deflazacort tablets, 6 mg, 18 mg, 30 mg, and 36 mg

    • 500124.IN -- FDA's inspection at Dr. Reddy's Laboratories's R&D centre in Bachupally classified as Voluntary Action Indicated

    • 517334.IN -- Samvardhana Motherson International reports Q3 consolidated EPS INR0.80 vs FactSet INR1.17 [4 est, INR1.00-1.30]

    • 543237.IN -- Mazagon Dock Shipbuilders reports Q3 consolidated EPS INR31.08 vs year-ago INR17.56

    • AOT.TB -- Airports of Thailand Public Co. reports Q1 net income attributable THB4.56B vs FactSet THB5.07B [7 est, THB4.73-5.29B]

    • PTTGC.TB -- PTT Global Chemical reports Q4 net income attributable THB5.08B vs FactSet THB3.76B [6 est, (THB422.8)-5.13B]

    • 543261.IN -- Brookfield India Real Estate Trust reports Q3 standalone EPS INR2.06 vs year-ago INR2.30

    • 500660.IN -- GlaxoSmithKline Pharmaceuticals reports Q3 consolidated net profit INR457.2M vs year-ago INR1.65B

    • India Jan CPI 5.1% y/y vs consensus 5.09% y/y and 5.69% y/y in Dec

    • India Dec Index of Industrial Production +3.8% y/y vs consensus +2.4% y/y and +2.4% y/y in Nov

    • India Oct-Dec Unemployment Rate 6.5% vs year-ago 7.2%

    • 500440.IN -- Novelis reports Q3 net income attributable $121M vs year-ago $12M

    • 505790.IN -- Schaeffler India COO Sameer Mathur to remain with the company

    • 4502.JP -- FDA approves Takeda Pharmaceutical's EOHILIA (budesonide oral suspension) for Eosinophilic Esophagitis

  • On Deck:

    • Japan:

      • Earnings:

        • INPEX Corp (1605.JP), Kajima (1812.JP), Asahi Group Holdings (2502.JP), Japan Tobacco (2914.JP), GMO Payment Gateway (3769.JP), TOKYO OHKA KOGYO (4186.JP), Mercari (4385.JP), Idemitsu Kosan (5019.JP), ULVAC, Inc. (6728.JP), Citizen Watch Co. (7762.JP), Tokyo Tatemono Co. (8804.JP), GMO Internet Group (9449.JP), Nissin Foods Holdings (2897.JP), DIC (4631.JP), Tokai Carbon (5301.JP), The Japan Steel Works (5631.JP), Rakuten Bank (5838.JP), Nabtesco (6268.JP), SMC Corp (6273.JP), HOSHIZAKI (6465.JP), Shimano (7309.JP), Pan Pacific International Holdings (7532.JP), Credit Saison Co. (8253.JP), Keikyu (9006.JP), Nagoya Railroad (9048.JP), Hikari Tsushin (9435.JP)

    • South Korea:

      • Earnings:

        • CJ CheilJedang (097950.KS)

    • Australia:

      • Earnings:

        • Ridley Corp. (RIC.AU), Seven Group Holdings (SVW.AU), AMP (AMP.AU), CBA (CBA.AU), Domain Holdings Australia (DHG.AU), Dexus Property Group (DXS.AU), Evolution Mining (EVN.AU), GUD Holdings (GUD.AU)

    • New Zealand:

      • Earnings:

        • Fletcher Building (FBU.NZ)

    • India:

      • Earnings:

        • Bharat Heavy Electricals (500103.IN), Siemens (500550.IN), Eicher Motors (505200.IN), National Aluminium (532234.IN), Info Edge India (532777.IN), Prestige Estates Projects (533274.IN), Deepak Nitrite (506401.IN), Oil India (533106.IN), Gujarat Gas (539336.IN), Indian Railway Catering & Tourism (542830.IN)

    • Thailand:

      • Earnings:

        • IRPC Public Co. (IRPC.TB)

  • Market Data:

    • Gold (Apr 24): ($0.20) or (0.01%) to $2032.80

    • WTI Crude (Mar 24): +$0.01 or +0.01% to $76.93

    • $-¥: (0.02) or (0.01%) to 149.3360

    • $-KRW: (3.18) or (0.24%) to 1328.3500

    • A$-$: +0.00 or +0.06% to 0.6528

    • $-INR: (0.01) or (0.01%) to 83.0076

    • $-CNY: +0.01 or +0.17% to 7.1922

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