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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.65%, Hang Seng Futures +0.13%, ASX SPI 200 +0.58%, S&P Futures (0.01%)

Mar 06 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Nikkei futures pointing to a positive open. ASX higher in initial trade. Hang Seng futures flat. S&P 500 futures unchanged after US indexes reversed higher overnight. Australian yields lower after Treasury curve bull flattened. Bitcoin clawed back prior session's losses though remains below record high. Dollar nursing losses following Powell's remarks. Gold steady near record high. Crude extending pullback.

    • Nothing incremental from Fed Chair Powell's House Financial Services testimony on Wednesday. Reiterated likelihood of rate cuts this year though also wants to see more evidence inflation trending towards 2% target, echoing other policymakers in emphasizing need for patience. Market still eyeing first rate cut in June with 3-4 cuts in total being priced in for 2024. Powell will appear before Senate Banking Committee Thursday, though likely to hew closely to his House remarks.

    • Late Wednesday China policymakers sought to allay disappointment at insufficient policy support measures from NPC. Heads of China's main financial bodies held unusual joint press briefing in which they voiced confidence in achieving 2024 growth target. PBOC Governor Pan signaled room for additional RRR cuts, while NDRC head Zheng said CNY1T special bond issuance to boost investment and consumption.

    • China trade data forecast to show exports up 1.9% y/y over Jan-Feb according to Reuters poll, down on December's 2.3% increase (NDRC's Zheng revealed Jan-Feb exports up 10% y/y, though unclear whether in dollar or yuan terms). Imports forecasts to have risen 1.5% vs December's 0.2% increase. Lead indicators soft with new orders stuck in contraction and export orders shrinking at a quicker pace. South Korean exports to China also fell over February.

  • Pre-open Company News:

    • 2607.HK -- Shanghai Pharmaceuticals Holding CFO proposes to distribute 40% of FY23 net income attributable as dividend

    • HSAI -- Hesai Group selected by Li Auto (LI) as LiDAR supplier for MPV Li MEGA

    • 6481.JP -- THK CO. upgraded to overweight from equal-weight at Morgan Stanley MUFG

    • 688.HK -- China Overseas Land & Investment reports February contracted property sales CNY8.49B, (69.0%) y/y

    • 1301.TT -- Formosa Plastics declares FY dividend NT$1/share; StreetAccount notes year-ago dividend NT$4.2/share

    • Daiwa initiates 2145.HK, 300957.CH, 603605.CH

    • 8001.JP -- ITOCHU reaches agreement to rebuild Bigmotor (post Nikkei close on 6-Mar)

    • +PGHL -- Primega Group Holdings files IPO to offer 1.75M shares (including 250K for holders) in the range of $4-6 per share through Eddid Securities USA - F-1

    • Kyocera downgraded to neutral from buy at BofA (timing uncertain)

    • +VIIV -- ViiV Healthcare announces interim data at CROI indicating superior efficacy of long-acting Injectable HIV treatment Cabenuva (Cabotegravir + Rilpivirine) compared to daily oral therapy in individuals living with HIV who have adherence challenges

    • 1378.HK -- China Hongqiao Group initiated buy at BofA

    • 669.HK -- Techtronic Industries reports FY net income attributable $976.3M vs FactSet $979.5M [12 est, $939-1.05B]

    • 9926.HK -- Akeso Inc doses first patient in phase III trial of Cadonilimab combination for treatment of NSCLC

    • 189.HK -- Dongyue Group's completes off-market buyback of Marcrolink's shareholding and disposal as proposed in Oct 2023

    • Morgan Stanley upgrades 601689.CH; downgrades 002920.CH, 601799.CH

  • On Deck:

    • China:

      • Economic:

        • 16:00 CST: FX Reserves; consensus +$3221B

    • Hong Kong:

      • Earnings:

        • FIH Mobile (2038.HK), SITC International Holdings (1308.HK), Prada (1913.HK), Wharf Real Estate Investment (1997.HK), Yuexiu Real Estate Investment Trust (405.HK), MTR Corp. (66.HK), OrbusNeich Medical Group Holdings (6929.HK)

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

      • Earnings:

        • Sekisui House (1928.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

        • 11:30 AEST: Trade Balance on Goods; consensus +A$11.1B

    • Malaysia:

      • Economic:

        • 02:00 EST: BN Overnight Policy Rate; consensus +3%

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.6%

    • Philippines:

      • Earnings:

        • PLDT Inc (TEL.PM)

  • Market Data:

    • Gold (Apr 24): ($1.80) or (0.08%) to $2156.40

    • WTI Crude (Apr 24): ($0.08) or (0.10%) to $79.05

    • $-¥: (0.76) or (0.50%) to 149.2810

    • $-KRW: (8.92) or (0.67%) to 1327.6800

    • A$-$: +0.01 or +0.95% to 0.6564

    • $-INR: (0.09) or (0.11%) to 82.8199

    • $-CNY: (0.00) or (0.01%) to 7.1966

  • 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".

DEPOSITARY RECEIPTS:
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