Feb 14 ,2024
Synopsis:
Asian markets set for positive start to Thursday trade. Nikkei futures pointing to gains on the open while Hang Seng futures flat. ASX higher in initial trade. S&P 500 futures unchanged afterhours. Australian and New Zealand bonds strengthening following Wednesday's bear flattening. FX markets steady after dollar index eased from three-month high. Crude pulled back following huge US inventory build. Gold flat near two-month low. Bitcoin little changed near Dec-2021 high.
Post-CPI selloff reversed overnight with takeaways downplaying above-consensus print, pointing to one-off seasonal price adjustments. Fed officials voiced confidence inflation on right track while stressing need for to proceed carefully on rate cuts. Disinflation narrative still intact albeit markets have wound back projected Fed rate cuts to 3-4, bringing them more into line with Fed's dot plot.
On the economic front, Japan GDP forecast to show economy returned to modest growth in Q4 following prior quarter's contraction. Australian jobs data expected to show rebound in headline employment and uptick in unemployment rate to highest since Mar-2022. RBA Governor Bullock appearing before Senate committee, reiterated economy well-placed but services inflation persistent.
Yen continues to gravitate around 150-per dollar handle after Japan's FX chief vowed readiness to act if needed. Bloomberg highlighted options traders positioning for further yen declines with open interest at 17-year high. Yen depreciation stoked BOJ rate hike timing debate with some suggesting risk of March move while others stuck with April call amid thoughts central bank will be keen to avoid giving impression it is responding to yen volatility.
Pre-open Company News:
3769.JP -- Quick Take - GMO Payment Gateway Q1 Earnings
5019.JP -- Idemitsu Kosan completes buyback of 96.7M shares for ¥60.00B
500520.IN -- Follow-up: Mahindra & Mahindra reports Q3 standalone EBITDA INR35.90B vs StreetAccount INR32.21B
544.SP -- CSE Global reports Q4 new orders SG$300.3M vs year-ago SG$242.8M
3132.JP -- Macnica Holdings completes ¥4.09B buyback, total shares repurchased 499K
500103.IN -- Bharat Heavy Electricals wins EPC contract for first 800MW ultra-supercritical thermal power plant in Haryana
Y92.SP -- Thai Beverage Public reports Q1 EBITDA THB13.79B, +1.9% y/y
TOP.TB -- Thai Oil Public proposes final dividend THB2.75/share
2412.JP -- M3 further extends tender offer for Benefit One shares to 29-Feb
505537.IN -- Zee Entertainment Enterprises downgraded to sell from hold at B & K Securities (timing uncertain)
533398.IN -- Muthoot Finance reports Q3 standalone EPS INR25.59 vs FactSet INR25.50 [3 est, INR25.00-26.40]
TOP.TB -- Thai Oil Public reports Q4 NPAT THB2.94B vs FactSet THB2.17B [11 est, THB716-4.28B]
543245.IN -- Gland Pharma reports Q3 consolidated EPS INR11.65 vs year-ago INR14.08
6060.HK -- ZhongAn Online P&C Insurance reports January gross written premiums CNY2.44B
HKSFC suspends dealings in shares of LET Group and Summit Ascent, citing regulatory concerns
On Deck:
Japan:
Earnings:
Trend Micro (4704.JP), Suntory Beverage & Food (2587.JP)
South Korea:
Earnings:
Kakao (035720.KS), Samsung Securities Co. (016360.KS)
Australia:
Earnings:
Data#3 (DTL.AU), Magellan Financial Group (MFG.AU), ASX (ASX.AU), HomeCo Daily Needs REIT (HDN.AU), Abacus Storage King REIT (ASK.AU), A2B Australia (A2B.AU), Bell Financial Group (BFG.AU), Centuria Office REIT (COF.AU), Charter Hall Retail REIT (CQR.AU), Cleanaway Waste Management (CWY.AU), Deterra Royalties (DRR.AU), EVT Ltd. (EVT.AU), GQG Partners (GQG.AU), Insurance Australia Group (IAG.AU), Inghams Group (ING.AU), QBE Insurance Group (QBE.AU), RPMGlobal Holdings (RUL.AU)
Singapore:
Earnings:
Keppel Pacific Oak US REIT (CMOU.SP)
Thailand:
Earnings:
i-Tail Corp. Public Co. (ITC.TB)
Market Data:
Gold (Apr 24): +$0.30 or +0.01% to $2004.60
WTI Crude (Mar 24): ($0.12) or (0.16%) to $76.52
$-¥: (0.40) or (0.27%) to 150.4570
$-KRW: (13.33) or (0.99%) to 1327.8000
A$-$: +0.00 or +0.64% to 0.6494
$-INR: (0.08) or (0.09%) to 83.0431
$-CNY: (0.01) or (0.19%) to 7.1764
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