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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.10%), Hang Seng Futures (1.05%), ASX SPI 200 (0.12%), S&P Futures (0.10%)

Mar 04 ,2024

  • Synopsis:

    • Asian markets set for negative start to Tuesday trade. Nikkei futures pointing to flat open. ASX posting slight decline in initial trade. Hang Seng futures lower after Nasdaq Golden Dragon index dropped 4% overnight. S&P 500 futures touch lower afterhours. Australian and New Zealand yields tracking earlier Treasury curve bear steepening that followed hawkish remarks by Atlanta Fed's Bostic. Lackluster FX market price action continues with dollar range bound. Gold hovering near record high. Bitcoin extending gains towards all-time high. Crude flat after reversing Friday's gain.

    • China NPC kicks off today with leaders expected to unveil 2024 growth target of around 5%. Policy support will receive most of the attention though expectations of big bang stimulus already scaled back with fiscal measures geared towards new economy sectors. Reports also highlighted measures such as trade-in programs and incentives to upgrade equipment. PBOC seen continuing with gradual easing with authorities leaning on PSL to support property lending.

    • BOJ Governor Ueda slated to remark later today, his comments being closely scrutinized ahead of 18-19-Mar policy meeting. NIRP exit in April remains consensus though recent events have fanned speculation of a March rate hike, including Ueda's acknowledgement of positive developments around wage agreements at company-level, and Takata's hawkish speech last week. JGB yields have backed up sharply with 2Y rate recently hitting highest since mid-2011.

    • Economic data another focus. Tokyo core inflation rebounded above BOJ's 2% target last month. China Caixin services PMI forecast to show slight uptick in activity. Final set of Australian GDP inputs due out with net exports and government spending seen making positive contributions to growth. Comes after shock slump in business inventories was seen as a material downside risk to Australian GDP ahead of data's release on Wednesday.

  • Pre-open Company News:

    • 1766.HK -- CRRC Corp. reports Dec-Mar new contracts CNY34.89B, representing 15.7% of FY22 revenue

    • 3383.HK -- Agile Group Holdings reports February aggregated pre-sale value of CNY1.54B; StreetAccount notes year-ago CNY6.12B

    • DLR -- Digital Realty and Mitsubishi Corporation form data center development JV for two data centers in the Dallas metro area

    • IMMR -- Immersion renews license agreement with Nintendo

    • ESSITY.B.SS -- Regulatory approvals granted for the public offer in Essity's subsidiary Vinda

    • 002352.CH -- S.F. Holding Co. initiated buy at UOB Kay Hian Securities

    • 500103.IN -- Bharat Heavy Electricals clarifies media report: Has not received any order from NTPC related to Singrauli Super Thermal project

    • 2696.HK -- Shanghai Henlius Biotech guides FY net income CNY500M vs FactSet CNY511.3M [3 est, CNY501-518.8M]

    • FL.CN -- Frontier Lithium and Mitsubishi Corporation form joint venture to advance integrated lithium operation in Ontario, Canada

    • 728.HK -- China Telecom reports prelim FY CAS net income attributable CNY30.45B vs FactSet CNY30.57B [23 est, CNY29.10-31.45B]

    • 300782.CH -- Maxscend Microelectronics initiated buy at CLSA

    • GSK.LN -- GSK notes ViiV Healthcare presents phase I clinical trial findings of cabotegravir long-acting injectable investigational formulation allowing at least four months between doses

    • C07.SP -- Jardine Cycle & Carriage upgraded to neutral from underperform at Macquarie

    • 3391.JP -- TSURUHA Holdings upgraded to buy from neutral at Goldman Sachs

    • SAWAD.TB -- Srisawad Corp. Public upgraded to hold from sell at UOB Kay Hian Securities

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Yuexiu Transport Infrastructure (1052.HK), MMG Ltd (1208.HK), Hutchison Telecommunications Hong Kong Holdings (215.HK), Fortune Real Estate Investment Trust (778.HK)

    • South Korea:

      • Economic:

        • 08:00 KST: GDP NSA Y/Y (Final); consensus +2.2%

    • Australia:

      • Economic:

        • 11:30 AEST: Current Account Balance SA; consensus +A$18.3B

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus (0.9%)

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +3%

  • Market Data:

    • Gold (Apr 24): ($3.40) or (0.16%) to $2122.90

    • WTI Crude (Apr 24): +$0.10 or +0.13% to $78.84

    • $-¥: +0.31 or +0.21% to 150.4280

    • $-KRW: (2.22) or (0.17%) to 1329.7100

    • A$-$: (0.00) or (0.31%) to 0.6507

    • $-INR: +0.06 or +0.08% to 82.9109

    • $-CNY: +0.00 or +0.03% to 7.1989

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

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
Please refer to "Terms Of Use".

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