Feb 19 ,2024
Synopsis:
Asian markets set for a mixed start to Tuesday trade. Nikkei futures flat. Hang Seng futures signaling mild gain on the open. ASX unchanged in initial trade. US contracts little changed after European stocks ended mixed overnight. Australian bond yields edging higher ahead of RBA minutes. Muted FX price action with dollar trading in a narrow range. Crude hovering near one-month high. Gold faded from earlier highs.
China expected to leave 1Y LPR unchanged today while lowering 5Y LPR by 15 bp, according to Reuters poll. While PBOC left MLF rate unchanged Sunday, mainland press had recently foreshadowed imminent rate cuts and economists continue to stress need for additional support amid persistent deflation pressures. Focus on 5y LPR also stems from ongoing calls for property market support.
Some attention to underwhelming China market response to holiday spending data. While LNY spending topping pre-pandemic levels, cautious takes argued consumption remains weak with this year's activity inflated by longer holiday, while tourism revenue per head and mall traffic numbers were soft. Press also highlighted suspected intervention by state-backed funds on Monday, reinforcing soft underpinning of China's market.
Pre-open Company News:
^ASIAREADS -- StreetAccount Asia Reads
1055.HK -- China Southern Airlines reports January traffic +56.47% y/y
010130.KS -- Korea Zinc proposes year-end dividend KRW5,000/share; StreetAccount notes year-ago figure was KRW20,000/share
670.HK -- China Eastern Airlines reports January traffic +87.97% y/y
2601.HK -- China Pacific Insurance (Group) reports Jan premium income
2390.HK -- Zhihu, Inc. CFO Henry Dachuan Sha reassigned as CIO, effective immediately
753.HK -- Air China reports January traffic +69.1% y/y
601117.CH -- China National Chemical Engineering controlling shareholder to acquire CNY200-400M shares in open market in next 12 months
2145.HK -- Shanghai Chicmax Cosmetics initiated recommend at Minsheng Securities (timing uncertain)
1066.MK -- Public Bank to acquire RHB Securities Vietnam from RHB Bank for VND374.00B (MYR72.55M)
603885.CH -- Juneyao Airlines launches CNY100.0-200.0M buyback at not more than CNY15/share, to run for six months from today
002821.CH -- Asymchem Laboratories (Tianjin) initiated overweight at China Merchants Securities (China) (timing uncertain)
PTT.TB -- PTT Public Co. declares final DPS THB1.20
603606.CH -- Ningbo Orient Wires & Cable initiated outperform at Haitong Securities (timing uncertain)
603596.CH -- Bethel Automotive Safety Systems initiated buy at Northeast Securities (timing uncertain)
On Deck:
China:
Economic:
09:30 CST: 1 Year Loan Prime Rate; consensus
Australia:
Earnings:
Centuria Capital (CNI.AU), Ingenia Communities (INA.AU), Santos (STO.AU), The Lottery Corp. (TLC.AU), Ventia Services Group (VNT.AU), Codan (CDA.AU), Charter Hall Group (CHC.AU), Corporate Travel Management (CTD.AU), Hansen Technologies (HSN.AU), IRESS (IRE.AU), Lycopodium (LYL.AU), Propel Funeral Partners (PFP.AU), PSC Insurance Group (PSI.AU), Peter Warren Automotive Holdings (PWR.AU), Scentre Group (SCG.AU), Stockland (SGP.AU), Star Entertainment Group (SGR.AU), Smartgroup (SIQ.AU), Viva Energy Group (VEA.AU)
New Zealand:
Earnings:
Comvita (CVT.NZ), Ebos Group (EBO.NZ), NZME (NZM.NZ)
India:
Earnings:
ABB India (500002.IN)
Malaysia:
Earnings:
CelcomDigi (6947.MK)
Singapore:
Earnings:
SembCorp Industries (U96.SP), Singapore Airlines (C6L.SP)
Philippines:
Earnings:
Ayala Land (ALI.PM)
Market Data:
Gold (Apr 24): +$4.20 or +0.21% to $2028.30
WTI Crude (Mar 24): +$0.01 or +0.01% to $79.20
$-¥: +0.04 or +0.02% to 150.2470
$-KRW: +1.48 or +0.11% to 1334.0700
A$-$: (0.00) or (0.03%) to 0.6530
$-INR: +0.01 or +0.01% to 83.0222
$-CNY: +0.08 or +1.09% to 7.1972
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