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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.67%), Hang Seng Futures (1.01%), ASX SPI 200 (1.32%), S&P Futures (0.12%)

Mar 14 ,2024

  • Synopsis:

    • Asian markets set for negative start to Friday trade. Futures pointing to opening declines in Japan and Hong Kong. ASX selling off in initial trade. US contracts retreating further following negative offshore session where small caps sold off. Australian bonds under pressure, tracking earlier Treasury weakness that followed US PPI report. Dollar index strengthened to one-week high. Bitcoin clawing back earlier sell off. Gold finished down while crude rose to highest close since Nov-2023.

    • Hotter-than-expected US PPI report had wide reverberations with bond yields surging and futures paring Fed rate cut expectations. PPI tallies with this week's hotter-than-expected US core CPI inflation, reducing market-implied odds of a June rate cut to 63% and heightening risk of a hawkish change in March dot plot after December's median projected three rate cuts in 2024.

    • PBOC expected to leave MLF rate unchanged today while rolling over CNY481B in maturing loans. Economists have maintained calls for additional easing following NPC and authorities have signaled more is coming after PBOC Governor Pan noted "ample room" for further RRR cuts. However, some also see limited scope for near-term easing given associated yuan depreciation risk before Fed rate cut. China February new home prices also due out today after pace of declines quickened in January.

    • BOJ tightening expectations coalescing around March rate hike with Jiji Press reporting Thursday central bank has begun preparations to exit NIRP next week. Final decision to come after reviewing first round tallies of wage talks due today. However, there have already been a flurry of reports highlighting companies agreeing to union demands on pay hikes. Source reports have also noted BOJ weighing scrapping YCC next week and ending other ETF purchases.

  • Pre-open Company News:

    • 2317.TT -- Hon Hai Precision Industry declares FY dividend NT$5.40; StreetAccount notes year-ago dividend was NT$5.30

    • 541450.IN -- Adani Green Energy operationalizes 126MW wind power capacity in Gujarat

    • 688690.CH -- NanoMicro Technology completes acquisition of 44.8% Fuli Instruments stake; deal was announced on 7-Jun

    • 532343.IN -- TVS Motor increases stake in Ion Mobility to 25.6% with $5.5M investment

    • 978.HK -- China Merchants Land reports FY net income attributable CNY133.4M vs year-ago CNY329.7M

    • 354.HK -- Chinasoft International and iFlytek signs cooperation agreement to jointly develop AI products

    • China February railway passenger turnover 158.54B passengers/km, +43.2% y/y

    • 2338.HK -- Weichai Power initiated buy at BoCom International (timing uncertain)

    • 000001.CH -- Ping An Bank reports FY net income attributable CNY46.46B vs FactSet CNY47.91B [22 est, CNY44.08-50.29B]

    • 300748.CH -- JL MAG Rare-Earth controlling holder proposes FY dividend of CNY0.26/share

    • FDA grants orphan drug designation to AnHeart Therapeutics for safusidenib erbumine to treat malignant glioma

    • 2885.TT -- Yuanta Financial Holding reports FY EPS NT$2.09, as reported on 8-Jan

    • 3808.HK -- Sinotruk Hong Kong initiated buy at BoCom International (timing uncertain)

    • 544.SP -- CSE Global proposes placement of 60M shares at SG$0.40/share

    • 2202.HK -- China Vanke reports February contracted sales CNY14.02B;StreetAccount notes year-ago CNY30.12B

  • On Deck:

    • China:

      • Earnings:

        • Fuyao Glass Industry Group (600660.CH)

    • Hong Kong:

      • Earnings:

        • China Resources Building Materials Technology Holdings (1313.HK), Meitu Inc (1357.HK), Mobvista (1860.HK), SINOPEC Engineering (Group) (2386.HK), GCL Technology Holdings (3800.HK), Guangzhou Baiyunshan Pharmaceutical Holdings (874.HK), China Everbright Greentech (1257.HK), AviChina Industry & Technology (2357.HK)

    • Australia:

      • Earnings:

        • Liontown Resources (LTR.AU)

    • Taiwan:

      • Earnings:

        • ASUSTek Computer (2357.TT), Cathay Financial Holdings (2882.TT)

  • Market Data:

    • Gold (Apr 24): ($1.80) or (0.08%) to $2165.70

    • WTI Crude (Apr 24): ($0.24) or (0.30%) to $81.02

    • $-¥: +0.55 or +0.37% to 148.3080

    • $-KRW: +7.53 or +0.57% to 1321.5800

    • A$-$: (0.00) or (0.72%) to 0.6574

    • $-INR: +0.12 or +0.14% to 82.9643

    • $-CNY: +0.00 or +0.07% to 7.1921

  • 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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