Feb 21 ,2024
Synopsis:
Asian markets set for mixed start to Thursday trade. Nikkei futures pointing to mild gain on the open while Hang Seng futures marginally weaker. ASX lower in initial trade. US contracts advancing afterhours on NVDA's post-earnings rally. Australian and New Zealand yield curves bear steepening, tracking Treasury weakness following poorly received auction. FX markets steady following lackluster offshore session. Crude clawed back earlier decline. Gold little changed. Bitcoin remains range bound.
NVDA reported Q4 top and bottom line beat with Data Center revenue exceeding lofty expectations. Q1 revenue and GM guidance also came in ahead, sending stock up 7% afterhours. Management struck bullish tone on GenAI, noting already strong demand is continuing to accelerate worldwide. Huge interest going into company's results with options positioning implying more than 10% swing post-earnings.
January FOMC minutes somewhat uneventful with policymakers stressing need for more confidence inflation tracking to 2% target. Minutes echoed recent Fedspeak sounding cautious note on magnitude of projected rate cuts, which has contributed to hawkish repricing of the rate path (June rate cut now seen as even money bet). Market pricing in 3-4 rate cuts in 2024, bringing them closer to Fed's projections from December.
China market support headlines continue with Bloomberg sources noting CSRC banned major institutional investors from selling positions at beginning and end trading days. Marks step up in efforts to restrict share sales after authorities put major quant funds on notice for this practice. Some thought restricting sales will strengthen effectiveness of 'National Team' purchases, though interventions also raising concern about distorted market signaling.
Pre-open Company News:
688036.CH -- Shenzhen Transsion Holding reports preliminary FY net income attributable CNY5.50B vs prior guidance CNY5.49B and FactSet CNY5.40B [3 est, CNY5.22-5.49B]
3969.HK -- China CRSC appoints Lou Qiliang as chairman, effective today
2.HK -- StreetAccount Consensus Metrics Preview - CLP Holdings FY Earnings
2328.HK -- PICC Property & Casualty reports January total premium income CNY62.83B, +2.7% y/y
F34.SP -- Wilmar International reports FY core net income $1.57B vs FactSet $1.31B
603517.CH -- Juewei Food proposes CNY200-300M on-market buyback; max price CNY35/share, to run for 12 months
S59.SP -- SIA Engineering signs 12-year deal to provide component support coverage for Air India's Airbus A320 fleet
2633.TT -- Taiwan High Speed Rail reports FY EPS NT$1.39; StreetAccount notes year-ago NT$0.67
2015.HK -- StreetAccount Consensus Metrics Preview - Li Auto Q4 Earnings
U14.SP -- UOL Group JV awarded tender by URA for residential site with commercial component on first storey at Orchard Boulevard for SG$428.3M
WJP.SP -- Vicom reports FY net income attributable SG$27.6M vs year-ago SG$26.2M
YES Securities upgrades 500312.IN, 532155.IN, 532522.IN, and 533106.IN (timing uncertain)
China January railway passenger turnover 122.94B passengers/km, +19.2% y/y
601117.CH -- China National Chemical Engineering reports Jan new contracts CNY50.66B; StreetAccount notes year-ago figure was CNY33.14B
China January air passenger traffic 57.3M, +44.1% y/y
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Hysan Development (14.HK), HKT Trust & HKT (6823.HK), SmarTone Telecommunications Holdings (315.HK), Sino Land (83.HK)
South Korea:
Economic:
11:10 KST: BoK Repo Rate; consensus +3.5%
Australia:
Earnings:
Chrysos (C79.AU), Clinuvel Pharmaceuticals (CUV.AU), Elanor Commercial Property Fund (ECF.AU), Elanor Investors Group (ENN.AU), Earlypay (EPY.AU), EQT Holdings (EQT.AU), Fortescue (FMG.AU), Peet (PPC.AU), Regal Partners (RPL.AU), Bapcor (BAP.AU), 29Metals (29M.AU), Aussie Broadband (ABB.AU), Australian Unity Office Fund (AOF.AU), Austal (ASB.AU), Accent Group (AX1.AU), Brambles (BXB.AU), Coast Entertainment Holdings (CEH.AU), Duratec (DUR.AU), Ecofibre (EOF.AU), GTN (GTN.AU), Latitude Group Holdings (LFS.AU), Arcadium Lithium (LTM.AU), Pacific Current Group (PAC.AU), PEXA Group (PXA.AU), Rural Funds Group (RFF.AU), Sandfire Resources (SFR.AU), Shine Justice (SHJ.AU), Telix Pharmaceuticals (TLX.AU)
New Zealand:
Earnings:
NZX (NZX.NZ)
Singapore:
Earnings:
United Overseas Bank Ltd. (Singapore) (U11.SP), ARA US Hospitality Trust (XZL.SP), Aztech Global (8AZ.SP), Genting Singapore (G13.SP), IREIT Global (UD1U.SP), Venture (V03.SP)
Taiwan:
Earnings:
ChipMOS Technologies (8150.TT)
Market Data:
Gold (Apr 24): +$1.60 or +0.08% to $2035.90
WTI Crude (Apr 24): +$0.15 or +0.19% to $78.06
$-¥: +0.33 or +0.22% to 150.3400
$-KRW: (1.88) or (0.14%) to 1332.2700
A$-$: +0.00 or +0.01% to 0.6550
$-INR: +0.05 or +0.06% to 82.9435
$-CNY: (0.00) or (0.05%) to 7.1879
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