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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.99%, Hang Seng Futures (0.34%), ASX SPI 200 +0.27%, S&P Futures +0.04%

Mar 12 ,2024

  • Synopsis:

    • Asia equities poised to open mostly higher Wednesday. Futures in Japan and Australia traded firmer near session highs while Hong Kong consolidated Tuesday's rally. US contracts steady following solid gains in S&P 500 and Nasdaq. Overnight tech leads positive with Nasdaq outperforming alongside strength in SOX and Golden Dragon China index. Magnificent 7 names all higher, with Nvidia (NVDA) the standout. Japan ADRs mixed. Treasuries weakened across the curve. Dollar index up 0.1%; yen giving back some recent strength on Ueda comments. Gold finished down 1.0%, near worst levels. Bitcoin futures down 1.1%. WTI crude settled down 0.5%.

    • US core CPI was firmer than expected though impact was limited with no meaningful shift in trend and markets already priced out much of the Fed rate cut expectations early in the year with June seen as the likely starting point. Volatility gauges fell in a sign that CPI impact scenarios were expressed in the options market. Sentiment underpinned by underlying optimism toward earnings growth. Oracle (ORCL) was the latest example, jumping 11.75% on the back of positive earnings takeaways and signaled a joint announcement with Nvidia.

    • Asia attention remains largely on BOJ rate hike speculation. Recent press reports indicated signs that board members are leaning towards a March rate hike, though Governor Ueda's remarks in parliament Tuesday toned down his economic assessment to acknowledged recent areas of softness, offering a respite in yen strength. Added that he expects to see additional data this week, alluding to first round of shunto wage hike tallies due Friday. Press suggested a strong aggregate figure may tip the scales in favor of a March move. Despite elevated speculation, latest poll showed April remains the consensus with a large majority anticipating no change at the 18-19 MPM.

    • Elsewhere, China Vanke (2202.HK) saga continued with a Bloomberg report indicating talks in progress with banks on a debt swap worth tens of billions of yuan in principal, coordinated by regulators and Shenzhen local government. ADRs (CHVKY) rallied 7.59%, extending the 10.33% surge in Hong Kong Tuesday. Attention also on US House Republicans proceeding with TikTok ban that would give ByteDance about six months to divest. Other corporate news included Nikkei leaking Nissan (7201.JP) and Honda (7267.JP) planning to cut China auto production capacity by 30% and 20% respectively, though both ADRs were sharply higher. Asia macro calendar remains very light. South Korea unemployment rate unexpectedly declined on strong employment.

  • Pre-open Company News:

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 3309.HK -- C-MER Eye Care Holdings guides FY net income attributable HK$60.0-65.0M vs year-ago (HK$21.9M)

    • 1558.HK -- YiChang HEC ChangJiang Pharmaceutical guides FY net income attributable CNY1.90-2.10B vs year-ago CNY77M

    • 500875.IN -- ITC holder British American Tobacco announces placing up to 436.9M shares via accelerated bookbuild process

    • 000708.CH -- Citic Pacific Special Steel Group reports FY net income attributable CNY5.72B vs FactSet CNY6.22B [5 est, CNY6.06-6.44B]

    • Goldman Sachs upgrades 6622.JP; downgrades 6752.JP

    • 601156.CH -- Eastern Air Logistics initiated buy at HSBC

    • 1339.HK -- People's Insurance Co. (Group) of China reports Jan-Feb P&C premium income CNY101.24B, +1.0% y/y

    • 524804.IN -- Aurobindo Pharma subsidiary Eugia Pharma Specialities starts distribution of aseptic products manufactured at Unit III that was temporarily stopped

    • 3481.TT -- Innolux clarifies media reports of mass layoffs

    • 817.HK -- China Jinmao Holdings Group completes spin-off and separate listing of CAMC-Jinmao Shopping Mall Close-end Infrastructure Securities Investment Fund on Shanghai Stock Exchange

    • 6723.JP -- Renesas Electronics clarifies on report of delaying merit increase and staff reductions

    • 2696.HK -- NMPA approves trial of Shanghai Henlius Biotech's HLX6018

    • 533155.IN -- Jubilant FoodWorks upgraded to reduce from sell at Axis Capital

    • 659.HK -- NWS Holdings resumed buy at HSBC

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Hong Kong:

      • Earnings:

        • 361 Degrees International (1361.HK), Far East Horizon (3360.HK), AIA Group (1299.HK), CITIC Telecom International Holdings (1883.HK), Samsonite International (1910.HK), Cathay Pacific Airways (293.HK), Pou Sheng International (Holdings) (3813.HK), Yue Yuen Industrial (Holdings) (551.HK)

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus 2.9%

    • Australia:

      • Earnings:

        • Myer Holdings (MYR.AU)

    • Philippines:

      • Earnings:

        • Ayala Corp (AC.PM)

  • Market Data:

    • Gold (Apr 24): ($3.80) or (0.18%) to $2162.30

    • WTI Crude (Apr 24): +$0.39 or +0.50% to $77.95

    • $-¥: +0.66 or +0.45% to 147.6090

    • $-KRW: (0.65) or (0.05%) to 1310.9900

    • A$-$: (0.00) or (0.14%) to 0.6604

    • $-INR: +0.08 or +0.10% to 82.8351

    • $-CNY: (0.00) or (0.04%) to 7.1816

  • 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:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
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