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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.04%, Hang Seng Futures +0.16%, ASX SPI 200 +0.08%, S&P Futures (0.04%)

Feb 27 ,2024

  • Synopsis:

    • Asian markets set for a mixed start to Wednesday trade. Hang Seng and signaling mild gains on the open. Nikkei futures flat. ASX unchanged in initial trade. S&P 500 futures unchanged afterhours following another quiet session. Australian and New Zealand yields tracking earlier Treasury curve bear steepening. FX markets steady with dollar index remaining range bound. Crude inching back following much larger-than-expected API inventory build. Gold little changed. Bitcoin rally stalled near Nov-2021 high.

    • RBNZ expected to leave official cash rate unchanged today. Policy statement expected to lean hawkish (retention of tightening bias), and some economists predict surprise rate hike with New Zealand continuing to experience sticky inflation pressures. Previews note restrictive policy stance to be conveyed in an OCR curve that indicates scope for another rate hike and no rate cuts until H2 2025.

    • Markets awaiting US core PCE index on Thursday amid expectations of a pickup in annualized rate of inflation. Fed policymakers' caution on rate cuts and sticky inflation concerns a driver of recent hawkish rate repricing. Markets now pricing in 75 bp of easing in 2024, in-line with Fed. However, spotlight also on how equity markets have rallied through the repricing amid thoughts hawkish shift may be overdone.

  • Pre-open Company News:

    • U14.SP -- UOL Group reports FY PATMI SG$707.7M, +44% vs year-ago SG$491.9M

    • 300498.CH -- Wen's Foodstuff Group reports preliminary FY net income attributable (CNY6.33B) vs prior guidance (CNY6.00-6.50B) and FactSet (CNY4.24B) [16 est, (CNY6.40)-(937.1M)]

    • P34.SP -- Delfi reports FY PATMI $46.3M vs FactSet $45.9M [3 est, $45-47M]

    • MU -- Micron announces Samsung has incorporated its LPDDR5X memory and UFS 4.0 mobile flash storage into select devices in Galaxy S24 series (earlier, ~3:00ET)

    • EA.TB -- Energy Absolute Public upgraded to hold from fully valued at DBS Group

    • ^ASIAREADS -- StreetAccount Asia Reads

    • S61.SP -- SBS Transit reports FY net income attributable SG$69.1M, +2% vs year-ago SG$68.0M

    • 500144.IN -- Finolex Cables confirms delisting of GDR's from Luxembourg Stock Exchange effective on 15-Apr

    • BS6.SP -- Yangzijiang Shipbuilding (Holdings) reports FY net income attributable CNY4.10B vs FactSet CNY3.83B [5 est, CNY3.48-4.30B]

    • 4707.MK -- Nestle (Malaysia) reports Q4 EPS 63.2sen vs year-ago 56.7sen

    • RATCH.TB -- Ratch Group Public proposes final dividend THB0.80/share; total dividend THB1.60/share

    • 9923.HK -- Yeahka downgraded to hold from buy at Daiwa

    • Morgan Stanley upgrades Tsingtao Brewery to overweight (H-shares) and equal-weight (A-Shares)

    • 6033.MK -- Petronas Gas reports Q4 EPS 22.3sen vs year-ago 20.9sen

    • 002709.CH -- Guangzhou Tinci Materials Technology reports preliminary FY net income attributable CNY1.91B vs prior guidance CNY1.80-2.00B and FactSet CNY2.18B [11 est, CNY1.82-2.73B]

  • On Deck:

    • Hong Kong:

      • Earnings:

        • ASMPT (522.HK), Sun Hung Kai Properties (16.HK), Galaxy Entertainment Group (27.HK), Xinyi Energy Holdings (3868.HK), Xinyi Glass Holdings (868.HK), Xinyi Solar Holdings (968.HK)

    • Japan:

      • Economic:

        • 09:30 JST: Trade Balance NSA (Final); consensus (¥1937.09T)

        • 09:30 JST: Export NSA Y/Y (Final); consensus +10.7%

        • 09:30 JST: Import NSA Y/Y (Final); consensus (9%)

        • 14:00 JST: Leading Index (Final); consensus

    • Australia:

      • Earnings:

        • Immutep (IMM.AU), APM Human Services International (APM.AU), Betmakers Technology Group (BET.AU), EML Payments (EML.AU), Kina Securities (KSL.AU), Starpharma Holdings (SPL.AU), Worley (WOR.AU), Australian Finance Group (AFG.AU), Ainsworth Game Technology (AGI.AU), Mesoblast (MSB.AU), Omni Bridgeway (OBL.AU), Ramsay Health Care (RHC.AU), Atlas Arteria (ALX.AU), Capitol Health (CAJ.AU), Cromwell Property Group (CMW.AU), Generation Development Group (GDG.AU), Midway (MWY.AU), Nickel Industries (NIC.AU), Pro-Pac Packaging (PPG.AU), Pepper Money (PPM.AU), Qualitas Real Estate Income Fund (QRI.AU), RAM Essential Services Property Fund (REP.AU), Star Entertainment Group (SGR.AU), Southern Cross Media Group (SXL.AU)

    • Singapore:

      • Earnings:

        • CapitaLand Investment (9CI.SP), City Developments (C09.SP), Golden Agri-Resources (E5H.SP), Oversea-Chinese Banking Corp. (O39.SP), Olam Group (VC2.SP), Daiwa House Logistics Trust (DHLU.SP), Singapore Technologies Engineering (S63.SP)

    • Thailand:

      • Earnings:

        • Electricity Generating Public (EGCO.TB)

    • Philippines:

      • Earnings:

        • SM Investments (SM.PM)

  • Market Data:

    • Gold (Apr 24): ($4.50) or (0.22%) to $2039.60

    • WTI Crude (Apr 24): ($0.45) or (0.57%) to $78.42

    • $-¥: (0.23) or (0.15%) to 150.4900

    • $-KRW: (1.87) or (0.14%) to 1330.5200

    • A$-$: +0.00 or +0.04% to 0.6546

    • $-INR: +0.04 or +0.05% to 82.9050

    • $-CNY: (0.00) or (0.00%) to 7.1973

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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