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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.14%, Hang Seng Futures (0.41%), ASX SPI 200 +0.29%, S&P Futures (0.16%)

Feb 29 ,2024

  • Synopsis:

    • Asian markets set for mixed start to mixed start to Friday trade. Nikkei signaling mildly positive open. ASX gaining in initial trade. Hang Seng futures weaker. US contracts a touch lower afterhours. Australian bond yields lower after Treasury curve bull steepened in the wake of in-line US PCE index. Yen continuing to pull lower from highs that followed hawkish-leaning remarks from BOJ's Takata. Gold steady after breaking through one-month high. Bitcoin rallied stalled just above $60K.

    • China manufacturing PMI forecast to have contracted again in January while separate Caixin gauge estimated to have expanded at similarly pace to last month. Non-manufacturing PMI expected to have risen a slightly quicker pace. Another subdued PMI print likely to reinforce narrative of slow growth, spurring more calls for meaningful stimulus. On Thursday President Xi chaired Politburo meeting, but language on fiscal and monetary policy similar to December.

    • Limited market fallout from in-line US PCE index, which showed annualized inflation back down to early 2021 levels. Absence of an upside surprise was viewed as a positive and Fed policymakers also appeared to downplay rise in Fed's preferred core PCE index. Market-implied odds of a June rate cut little changed following the data and futures still pricing in ~75 bp of easing in 2024 - in-line with Fed.

  • Pre-open Company News:

    • 1023.MK -- CIMB Group Holdings reports Q4 EPS 16.0sen vs FactSet 16.2sen [3 est, 14.6sen-17.0sen]

    • 3034.TT -- Novatek Microelectronics approves capex budget of NT$2.36B

    • 546.SP -- Medtecs International reports FY net income attributable ($21.0M) vs year-ago ($28.6M)

    • 2308.TT -- Delta Electronics reports FY EPS NT$12.86 vs FactSet NT$12.79 [20 est, NT$12.04-13.13]

    • SK6U.SP -- PARAGON REIT declines right of first refusal granted by sponsor to acquire The Seletar Mall at property value of SG$550M

    • 4715.MK -- Genting Malaysia reports Q4 EPS 4.2sen vs year-ago (7.0sen)

    • CK.TB -- CH. Karnchang Public proposes DPS THB0.15

    • 9658.HK -- Super Hi International Holding guides FY net income attributable $24M vs year-ago ($41M)

    • CPAXT.TB -- CP Axtra Public to merge with Ek-Chai Distribution System as part of group's internal business restructuring

    • 2362.HK -- Jinchuan Group International Resources reports FY revenue $635.6M vs year-ago $881.6M

    • 9922.HK -- Jiumaojiu International Holdings chairman Guan Yihong resigns as CEO, effective 1-Mar

    • TS0U.SP -- OUE REIT releases ESG strategy; commits to reduce GHG emissions 40% by 2030

    • CK.TB -- CH. Karnchang Public reports FY net income attributable THB1.50B vs FactSet THB1.54B [13 est, THB1.34-1.64B]

    • M44U.SP -- Mapletree Logistics Trust proposes acquisitions of 3 logistics properties in Malaysia, Vietnam totaling SG$226.3M

    • 2327.TT -- Yageo declares dividend NT$20/share, 1-for-5 bonus share issuance

  • On Deck:

    • China:

      • Economic:

        • 09:30 CST: CFLP Manufacturing PMI; consensus 49.2

        • 09:30 CST: CFLP Non Manufacturing PMI; consensus 50.8

        • 09:45 CST: Caixin Manufacturing PMI

    • Japan:

      • Earnings:

        • ITO EN (2593.JP)

    • South Korea:

      • Economic:

        • 11:00 KST: Trade Balance NSA; consensus +$3.4B

        • 11:00 KST: Import NSA Y/Y; consensus

        • 11:00 KST: Export NSA Y/Y; consensus +2.9%

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +2.7%

    • Philippines:

      • Earnings:

        • International Container Terminal Services (ICT.PM)

  • Market Data:

    • Gold (Apr 24): ($2.90) or (0.14%) to $2051.80

    • WTI Crude (Apr 24): ($0.01) or (0.01%) to $78.25

    • $-¥: (0.58) or (0.38%) to 150.1140

    • $-KRW: (2.54) or (0.19%) to 1332.8400

    • A$-$: (0.00) or (0.02%) to 0.6494

    • $-INR: (0.00) or (0.00%) to 82.9119

    • $-CNY: (0.01) or (0.15%) to 7.1870

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