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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.12%), Hang Seng Futures +0.20%, ASX SPI 200 (0.09%), S&P Futures +0.11%

Mar 13 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Thursday trade. Futures pointing mild opening gains in Hong Kong while Nikkei futures lower. ASX touch weaker in initial trade. US contracts gaining slightly afterhours. Australian and New Zealand bonds tracking earlier weakness in Treasuries. Dollar range-bound following post-CPI bounce, yen just off this week's highs. Bitcoin broke through $73K to new record high. Crude flat after rallying towards last week's highs. Gold also steady after rebounding from prior session's pullback.

    • TikTok the latest US-China flashpoint after House overwhelmingly passed bill that would force sale or ban. Prospects little more uncertain in Senate though bill did receive support from two influential senators from intelligence committee. Development seen in context of broader geopolitical tensions with Biden administration signaling stronger efforts to curb China's access to advanced technology, and Trump threatening to escalate his 2018 trade war.

    • BOJ tightening speculation continues to mount with Nikkei reporting board to discuss ending NIRP at next week's meeting. A lot hinges on initial tally from wage talks on Friday though reports already noting big firms have agreed to union pay demands. BOJ also reportedly weighing scrapping YCC alongside NIRP and replacing it with new framework targeting volume of JGBs to manage any spike in yields.

    • China markets tracking for another positive week with equities shrugging off underwhelming NPC takeaways. Some strategists citing support from low valuations, reemergence of foreign inflows, and hopes policy support will facilitate economic bottoming. Rally also inviting usual skepticism with bears pointing to deflation impulse from property market downturn and consumer caution, market distortion from state buying/regulatory clampdowns, negative foreign investor sentiment and geopolitical headwinds.

  • Pre-open Company News:

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 3813.HK -- Pou Sheng International (Holdings) reports FY net income attributable CNY490.4M vs guidance CNY490M

    • 6060.HK -- ZhongAn Online P&C Insurance reports 1-Jan to 29-Feb gross written premiums CNY4.54B

    • 511243.IN -- Cholamandalam Investment and Finance acquires 4.67 acres property in Chennai from DLF for INR7.35B

    • 5880.TT -- Taiwan Cooperative Financial Holding reports FY EPS NT$1.17; StreetAccount notes the year-ago figure was NT$1.45

    • 2207.TT -- Hotai Motor declares FY cash dividend NT$20/share

    • 603198.CH -- Anhui Yingjia Distillery chair proposes FY dividend CNY1.3/share

    • 1996.HK -- Redsun Properties Group receives validation order regarding winding-up petition

    • CHRS -- Coherus Biosciences reports Q4 EPS ($0.71) vs FactSet ($0.21) [10 est, ($0.38)-0.46]: announces workforce reduction of 30%, other items

    • HBM.CN -- Hudbay and Marubeni sign Flin Flon option agreement to advance exploration partnership

    • 500368.IN -- Patanjali Foods declares interim dividend INR6/share; record 21-Mar, payable 11-Apr

    • 541450.IN -- Adani Green Energy announces power purchase agreements with Solar Energy Corporation of India

    • 9759.JP -- NSD Co. completes buyback of 250K shares totaling ¥700.0M

    • 8464.TT -- Nien Made Enterprise Co. reports FY EPS NT$18.73 vs FactSet NT$19.72 [5 est, NT$18.73-22.92]

    • 1811.HK -- CGN New Energy Holdings reports February power generation 1,452.5GWh, +10.4% y/y

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Swire Pacific (19.HK), Swire Properties (1972.HK), Weibo Corporation (9898.HK), China Risun Group (1907.HK), Fosun Tourism Group (1992.HK), SF Real Estate Investment Trust (2191.HK), Beijing Tong Ren Tang Chinese Medicine (3613.HK), Tuhu Car (9690.HK), China Merchants Land (978.HK)

    • Japan:

      • Earnings:

        • Kobe Bussan (3038.JP), Park24 Co. (4666.JP)

    • Taiwan:

      • Earnings:

        • Hon Hai Precision Industry (2317.TT), Pegatron (4938.TT)

  • Market Data:

    • Gold (Apr 24): ($0.40) or (0.02%) to $2180.40

    • WTI Crude (Apr 24): ($0.02) or (0.03%) to $79.70

    • $-¥: (0.07) or (0.05%) to 147.6170

    • $-KRW: (1.56) or (0.12%) to 1310.7900

    • A$-$: +0.00 or +0.30% to 0.6625

    • $-INR: +0.00 or +0.00% to 82.8220

    • $-CNY: +0.00 or +0.06% to 7.1865

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