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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.21%), Hang Seng Futures 0.00%, ASX SPI 200 (1.28%), S&P Futures +0.04%

Feb 13 ,2024

  • Synopsis:

    • Asian markets set for negative start to Wednesday trade. Futures pointing to opening decline of at least 1% in Japan and Hong Kong (latter resumes trade following LNY break). ASX sharply lower in initial trade. S&P 500 futures flat after index logged biggest post-CPI drop since Sep-2022. Australian and New Zealand bonds under pressure following Treasury sell-off. Dollar steady after breaking through mid-Nov high. Gold down to two-month low. Crude steady after extending run of gains. Bitcoin back below $50K.

    • Widespread fallout from hotter-than-expected US CPI print. Large backup in bond yields as markets pushed out expected first Fed rate cut to July. Futures now pricing in ~90 bp of easing in 2024 (vs ~115 earlier this week). Bear flattening corresponded with underperformance of tech/growth. Dollar saw widespread gains with DXY hitting three-month high (strongest against yen).

    • Dollar rally heightening attention on yen weakness with latter moving below 150 handle that has long been eyed as a potential intervention trigger (though last physical intervention was back in Oct-2022). Yen depreciation also attributed to dovish-leaning BOJ speak after Deputy Governor Uchida and Governor Ueda recently stressed financial conditions to remain accommodative post-NIRP exit.

    • China bounce sustainability continues to face skepticism after flow data suggested outsized influence of state-backed support. Foreign flows remain comparatively weaker, underlining tenuous nature of pre-LNY market rebound. Also inviting more comparison to outperformance of Indian equities after MSCI raised India's weighing in Global Standard index to record high, narrowing gap with China's weighing.

  • Pre-open Company News:

    • 532777.IN -- Info Edge India reports Q3 standalone EPS INR16.49 vs FactSet INR16.26 [7 est, INR13.42-17.66]

    • 505200.IN -- Eicher Motors reports Q3 consolidated EPS INR36.31 vs StreetAccount INR35.7

    • 500103.IN -- Bharat Heavy Electricals reports Q3 standalone net profit (INR1.63B) vs StreetAccount INR201.6M

    • 541153.IN -- Bandhan Bank downgraded to accumulate from buy at KRC Research

    • 539523.IN -- Alkem Laboratories upgraded to buy from hold at B & K Securities

    • 500411.IN -- Thermax downgraded to reduce from hold at Prabhudas Lilladher

    • 500530.IN -- Bosch Ltd reports Q3 standalone EPS INR175.69 vs year-ago INR108.12

    • 1.HK -- CK Hutchison Holdings terminates establishment of wholesale mobile fixed communications company in Italy

    • KCE.TB -- KCE Electronics Public Co. reports FY net income attributable THB1.72B vs FactSet THB1.76B [14 est, THB1.62-1.83B]

    • IRPC.TB -- IRPC Public Co. reports Q4 net income attributable (THB3.42B) vs FactSet (THB2.39B) [4 est, (THB3.24)-53.4M]

    • 533106.IN -- Oil India reports Q3 consolidated EPS INR21.65 vs FactSet INR19.29 [3 est, INR14.30-25.28]

    • STTK -- Shattuck Labs announces license agreement and collaboration with Ono Pharmaceutical

    • OR.TB -- PTT Oil & Retail Business Public Co. reports Q4 EPS THB0.02 vs FactSet THB0.03 [3 est, THB0.02-0.05]

    • +UBXG -- U-BX Technology files amended F-1; replaces Prime Number Capital with EF Hutton as lead underwriter on IPO

    • 020560.KS -- EU conditionally clears Korean Air's acquisition of Asiana Airlines

  • On Deck:

    • Japan:

      • Earnings:

        • Sumitomo Forestry (1911.JP), PERSOL Holdings (2181.JP), Sapporo Holdings (2501.JP), Skylark Holdings (3197.JP), SUMCO (3436.JP), Resonac Holdings (4004.JP), Dentsu Group (4324.JP), PeptiDream (4587.JP), Nippon Paint Holdings (4612.JP), Rakuten Group (4755.JP), Lion Corp. (4912.JP), KOSE Corp (4922.JP), Takara Bio (4974.JP), Sumitomo Rubber Industries (5110.JP), Toho Zinc Co. (5707.JP), Kubota (6326.JP), Ebara Corp (6361.JP), Sony (6758.JP), Horiba (6856.JP), JAPAN POST INSURANCE (7181.JP), Japan Post Bank (7182.JP), Yamaha Motor Co. (7272.JP), Olympus (7733.JP), Asahi Intecc Co. (7747.JP), BANDAI NAMCO Holdings (7832.JP), Kintetsu Group Holdings (9041.JP), Kirin (2503.JP), Takara Holdings (2531.JP), MatsukiyoCocokara & Co. (3088.JP), Open House Group (3288.JP), GungHo Online Entertainment (3765.JP), Otsuka Holdings (4578.JP), Dentsu Soken (4812.JP), Japan Post Holdings (6178.JP), Sumitomo Heavy Industries (6302.JP), THK CO. (6481.JP), MITSUI E&S Co. (7003.JP), TOPPAN Holdings (7911.JP), Sanrio (8136.JP), Sompo (8630.JP), MS&AD Insurance (8725.JP), Dai-ichi Life (8750.JP), T&D Holdings (8795.JP), Nippon Express Holdings (9147.JP), Sundrug (9989.JP)

    • South Korea:

      • Earnings:

        • Hanon Systems (018880.KS), Kakao (035720.KS)

    • Australia:

      • Earnings:

        • Pro Medicus (PME.AU), Treasury Wine Estates (TWE.AU), Arena REIT (ARF.AU), Data#3 (DTL.AU), Goodman Group (GMG.AU), Magellan Financial Group (MFG.AU), MAAS Group (MGH.AU), NRW Holdings (NWH.AU), Origin Energy (ORG.AU), Telstra Group (TLS.AU), Vicinity Centres (VCX.AU), Viva Leisure (VVA.AU), Wesfarmers (WES.AU), Whitehaven Coal (WHC.AU)

    • New Zealand:

      • Earnings:

        • Vital Healthcare Property Trust (VHP.NZ)

    • India:

      • Earnings:

        • Mahindra & Mahindra (500520.IN), Sun TV Network (532733.IN), Muthoot Finance (533398.IN), Ipca Laboratories (524494.IN), NMDC Ltd (526371.IN), Glenmark Pharmaceuticals (532296.IN), Aditya Birla Fashion & Retail (535755.IN), Crompton Greaves Consumer Electricals (539876.IN)

  • Market Data:

    • Gold (Apr 24): ($2.90) or (0.14%) to $2004.30

    • WTI Crude (Mar 24): ($0.12) or (0.15%) to $77.75

    • $-¥: +1.39 or +0.93% to 150.7300

    • $-KRW: +10.79 or +0.81% to 1340.1500

    • A$-$: (0.01) or (1.21%) to 0.6451

    • $-INR: +0.09 or +0.11% to 83.0801

    • $-CNY: (0.00) or (0.07%) to 7.1887

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