Feb 22 ,2024
Synopsis:
Asian markets set for positive start to Friday trade. Futures pointing to gains in Hong Kong. ASX pushing higher in initial trade. Japan closed for Emperor's Birthday. US contracts flat afterhours. Australian yields higher following earlier Treasury curve flattening. FX markets steady after dollar index rebounded following US retail sales beat. Crude also came up from lows. Gold little changed. Bitcoin remains range bound.
NVDA's blowout results the big talking point overnight after company delivered against very elevated expectations. Stock surged 16%, swelling its market cap by almost $280B. Fueled Nasdaq's best session in more than a year and S&P 500's best since Jan-2023. Company's results translated to broader strength in semi space with VanEck semi ETF posting new record high and up 13% month-to-date.
Recent China market selloff drawing more attention to role of quant hedge funds in amplifying volatility before regulators tightened restrictions on share sales. Mainland markets extended positive streak to seven sessions with support tabbed to latest curbs on share sales, suspected state-backed buying and positive takeaways from larger-than-expected cut to 5Y LPR.
Pre-open Company News:
009540.KS -- HD Korea Shipbuilding & Offshore Engineering Co. reports January new orders $5.03B vs year-ago $4.29B
600276.CH -- Jiangsu Hengrui Pharmaceuticals receives NMPA approval for clinical trial of adebelimab injection in treatment of non-small cell lung cancer
6823.HK -- HKT Trust & HKT reports FY net income attributable HK$4.99B vs FactSet HK$4.91B [3 est, HK$4.82-4.98B]
600276.CH -- Jiangsu Hengrui Pharmaceuticals receives US FDA fast track designation for SHR-A1912 injection
315.HK -- SmarTone Telecommunications Holdings reports H1 net income attributable HK$245.8M, (4%) vs year-ago HK$255.8M
601168.CH -- Western Mining initiated outperform at Haitong Securities (timing uncertain)
1766.HK -- CRRC Corp. appoints deputy party committee chief, general manager Ma Yunshuang as president, effective today
688516.CH -- Wuxi Autowell Technology reports preliminary FY net income attributable CNY1.26B vs guidance CNY1.15-1.28B and FactSet CNY1.21B [11 est, CNY1.11-1.37B]
002032.CH -- Zhejiang Supor reports preliminary FY net income attributable CNY2.18B vs guidance CNY2.17-2.19B and FactSet CNY2.18B [19 est, CNY2.13-2.25B]
G13.SP -- Genting Singapore reports FY adjusted EBITDA SG$1.03B vs FactSet SG$1.08B [7 est, SG$1.02-1.14B]
V03.SP -- Venture reports FY net profit attributable SG$270.0M, (27%) vs year-ago SG$369.6M
8AZ.SP -- Aztech Global reports FY net profit SG$100.0M, +49% vs year-ago SG$67.2M
UBS downgrades 002129.CH, 600438.CH (timing uncertain)
600015.CH -- Hua Xia Bank reports preliminary FY net income attributable CNY26.36B vs FactSet CNY25.11B [4 est, CNY23.08-26.02B]
293.HK -- Cathay Pacific Airways reports January traffic +56.7% y/y
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
PCCW Ltd (8.HK)
South Korea:
Earnings:
Korea Electric Power (015760.KS)
Australia:
Earnings:
Anglogold Ashanti (AU), Australian Clinical Labs (ACL.AU), Yancoal Australia (YAL.AU)
Malaysia:
Economic:
23:00 EST: CPI NSA Y/Y; consensus +1.6%
Singapore:
Economic:
08:00 SST: GDP NSA Y/Y (Final); consensus
Thailand:
Earnings:
CP All Public (CPALL.TB)
Market Data:
Gold (Apr 24): +$4.60 or +0.23% to $2035.30
WTI Crude (Apr 24): ($0.34) or (0.43%) to $78.27
$-¥: +0.15 or +0.10% to 150.4590
$-KRW: (7.03) or (0.53%) to 1326.3200
A$-$: +0.00 or +0.17% to 0.6560
$-INR: (0.06) or (0.07%) to 82.8716
$-CNY: +0.00 or +0.06% to 7.1933
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