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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.83%), Hang Seng Futures +0.21%, ASX SPI 200 (1.35%), S&P Futures (0.09%)

Mar 10 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Nikkei futures pointing to steep decline on the open. ASX selling off in initial trade. Hang Seng futures marginally higher. US contracts continuing to pull back following tech-led retreat on Friday. Dollar index near two-month low as yen extends gains amid BOJ tightening speculation. Gold steady near all-time high. Crude edging lower. Bitcoin pulling back a touch after nearing $70K for first time.

    • China CPI inflation turned positive for first time since August with February's rise the largest in 11 months. While volatile food costs drove much of the increase, prices also underpinned by LNY travel spending with core inflation hitting more than two year high. However, producer prices fell by more than expected, underlining pervasiveness of deflation in upstream sectors. China set CPI inflation target of ~3% in 2024, though domestic demand and policy support measures considered insufficient to drive a meaningful rebound.

    • BOJ tightening speculation continues to mount with Reuters sources noting growing number of policymakers warming to idea of March rate hike amid encouraging signs on wage talks. Separately, Jiji Press noted BOJ weighing scrapping YCC in addition to NIRP at March's meeting, in favor of new quantitative framework targeting volume of JGB purchases than the 10Y yield.

    • Mixed US nonfarm payrolls data provided further support to soft landing/disinflation narrative as headline jobs beat balanced with hourly earnings growth slowing to lowest since Feb-2022. Markets back to pricing in four Fed rate cuts in 2024 with first occurring in June. However, there remains risk of further volatility in rate pricing following this week's US CPI print, particularly after Fed officials voiced caution on extent of rate cuts and emphasized data dependency.

  • Pre-open Company News:

    • INCY -- Incyte announces new data from Phase 2 study evaluating ruxolitinib cream (Opzelura) in patients with mild-to-moderate hidradenitis suppurativa

    • 032830.KS -- Samsung Life Insurance Co. downgraded to neutral from buy at Goldman Sachs

    • ^TTNASIA -- China CPI logs surprising rebound on LNY effects, but PPI deflation deepens:

    • CKA.AU -- Cokal Ltd enters infrastructure development and coal transport MOU with PT Petrindo Jaya Kreasi

    • ^TTNASIA -- China lending data seen softening from record high:

    • U96.SP -- SembCorp Industries awarded 440MW wind-solar hybrid power project in India

    • 7518.JP -- Net One Systems upgraded to buy from neutral at Mizuho Securities

    • 5232.JP -- Sumitomo Osaka Cement Co. upgraded to 1-outperform from 2-neutral at SMBC Nikko

    • 3319.HK -- A-Living Smart City Services guides FY net income attributable CNY320M-CNY500M vs year-ago CNY1.84B

    • 1548.HK -- Genscript Biotech reports FY adjusted net loss ($298.2M) vs year-ago ($359.4M)

    • 4528.JP -- Ono Pharmaceutical upgraded to hold from underperform at Jefferies

    • ^TTNASIA -- US CPI, Japan wage results, China home prices and MLF decision among this week's highlights:

    • 003410.KS -- SSANGYONG C&E.Co.'s largest holder to acquire another 34.7M shares at KRW7,000/share

    • 4208.JP -- Ube upgraded to 2-neutral from 3-underperform at SMBC Nikko

    • 2096.HK -- Simcere Pharmaceutical Group announces FDA approval of SIM0500

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus +8.8%

    • Japan:

      • Economic:

        • 08:50 JST: GDP SAAR Q/Q (Final); consensus +0.3%

        • 08:50 JST: GDP SA Q/Q (Final); consensus 0%

        • 08:50 JST: GDP Y/Y (Final); consensus +1.05%

    • Australia:

      • Earnings:

        • Anson Resources (ASN.AU)

  • Market Data:

    • Gold (Apr 24): +$3.70 or +0.17% to $2189.20

    • WTI Crude (Apr 24): ($0.28) or (0.36%) to $77.73

    • $-¥: (0.31) or (0.21%) to 146.7600

    • $-KRW: (1.25) or (0.10%) to 1315.9800

    • A$-$: (0.00) or (0.11%) to 0.6619

    • $-INR: +0.00 or +0.00% to 82.7542

    • $-CNY: (0.00) or (0.02%) to 7.1850

  • 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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