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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.33%), Hang Seng Futures (0.44%), ASX SPI 200 (0.22%), S&P Futures (0.17%)

Feb 28 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Futures signaling mild opening declines in Japan and Hong Kong. ASX lower in initial trade. US contracts extending losses afterhours. Bond markets mixed with Australian yield curve bull steepening and New Zealand rates up slightly following dovish RBNZ takeaways. FX markets steady after dollar index pulled back from earlier high. Bitcoin extended week-to-date rally to ~20%, highest since Nov-2021. Crude and gold mixed in quiet trade.

    • No real surprises from overnight Fedspeak, which continued to emphasize data dependent stance though also voiced support for Fed's December projections for three rate cuts this year. Fed's ongoing attempts to massage expectations has now aligned markets with dot plot median for 75 bp of easing. Still some risk of further swing in rate pricing with US core PCE index out tonight and forecast show 3M and 6M annualized inflation back above Fed's 2% target.

    • China markets back in risk off mode with Wednesday selling attributed to CSRC directing quant funds to phase out DMA products blamed for fueling volatility. Regulators coupled that with warning of "severe crackdown" on illegal market activities. Continues regulatory efforts to curb influence of quant funds and restrict share sales, though also concerns interventions will worsen risk sentiment amid doubts around bounce sustainability in absence of meaningful stimulus.

  • Pre-open Company News:

    • H22.SP -- Hong Leong Asia reports FY net income attributable SG$64.9M, +19% vs year-ago SG$54.5M

    • YF8.SP -- Yangzijiang Financial Holding reports FY net income attributable SG$201.8M vs year-ago SG$162.0M

    • BYD.R.TB -- Beyond Securities Public reports FY net income attributable (THB491.5M) vs year-ago (THB161.7M)

    • 600219.CH -- Shandong Nanshan Aluminum reports FY net income attributable CNY3.47B vs year-ago CNY3.52B

    • 300413.CH -- Mango Excellent Media reports preliminary FY net income attributable CNY3.56B vs prior guidance CNY3.28-3.88B and FactSet CNY2.72B [22 est, CNY1.77-3.77B]

    • OSP.TB -- Osotspa Public reports Q4 net income attributable THB433M vs FactSet THB498.5M [7 est, THB314-716.4M]

    • NOU.CN -- Nouveau Monde Graphite announces closing of the $50M tranche 1 investment by GM and Panasonic

    • 2160.HK -- MicroPort CardioFlow Medtech guides FY revenue CNY330-340M vs year-ago CNY251M

    • EGCO.TB -- Electricity Generating Public reports Q4 net income (THB14.24B) vs year-ago (THB263M)

    • 1515.HK -- China Resources Medical Holdings guides FY net income attributable CNY250M vs restated year-ago CNY270M

    • 868.HK -- Xinyi Glass Holdings reports FY net income attributable HK$5.37B vs StreetAccount HK$4.82B

    • C38U.SP -- CapitaLand Integrated Commercial Trust upgraded to overweight from neutral at JPMorgan

    • AWC.TB -- Asset World Corp Pcl reports Q4 net income attributable THB1.36B, (6%) vs year-ago THB1.44B

    • ^ASIAREADS -- StreetAccount Asia Reads

    • GUNKUL.TB -- Gunkul Engineering Public reports FY net income attributable THB1.47B vs FactSet THB1.72B [4 est, THB1.66-1.84B]

  • On Deck:

    • China:

      • Earnings:

        • Intchains (ICG)

    • Hong Kong:

      • Earnings:

        • Budweiser Brewing Co. APAC (1876.HK), Pacific Basin Shipping (2343.HK), Hong Kong Exchanges & Clearing (388.HK), New World Development (17.HK), Yixin Group (2858.HK), Cloud Music (9899.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Retail Sales NSA Y/Y (Preliminary); consensus +1.5%

        • 08:50 JST: Industrial Production SA M/M (Preliminary); consensus (6.8%)

        • 14:00 JST: Housing Starts NSA Y/Y; consensus (7.8%)

    • Australia:

      • Economic:

        • 11:30 AEST: Capital Expenditure Q/Q; consensus

        • 11:30 AEST: Private Sector Credit M/M; consensus +0.4%

        • 11:30 AEST: Retail Sales SA M/M (Preliminary); consensus +1.5%

      • Earnings:

        • Bathurst Resources (BRL.AU), Nickel Industries (NIC.AU), RAM Essential Services Property Fund (REP.AU), Rhythm Biosciences (RHY.AU), WOTSO Property (WOT.AU), Life360 (360.AU), Platinum Asset Management (PTM.AU)

    • New Zealand:

      • Earnings:

        • New Zealand Oil & Gas (NZO.NZ)

    • India:

      • Economic:

        • 05:30 IST: GDP NSA Y/Y; consensus +6.9%

    • Singapore:

      • Earnings:

        • SATS Ltd. (S58.SP), First Resources (Singapore) (EB5.SP), China Aviation Oil (G92.SP), ComfortDelGro Corp. (C52.SP), China Sunsine Chemical Holdings (QES.SP)

    • Taiwan:

      • Economic:

        • 16:00 TST: GDP NSA Y/Y (Final); consensus +5.1%

      • Earnings:

        • Yageo (2327.TT), CTBC Financial Holding (2891.TT), Delta Electronics (2308.TT)

  • Market Data:

    • Gold (Apr 24): +$0.50 or +0.02% to $2043.20

    • WTI Crude (Apr 24): ($0.34) or (0.43%) to $78.20

    • $-¥: +0.11 or +0.07% to 150.6200

    • $-KRW: +2.07 or +0.15% to 1334.3900

    • A$-$: (0.01) or (0.79%) to 0.6492

    • $-INR: +0.02 or +0.02% to 82.9117

    • $-CNY: (0.00) or (0.02%) to 7.1965

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