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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.70%, Hang Seng Futures +0.14%, ASX SPI 200 (0.25%), S&P Futures +0.07%

Mar 17 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Nikkei futures pointing to firm opening gains, while ASX touch lower in initial trade. Hang Seng futures signaling mild gains at beginning of trade. US contracts flat after S&P 500 after posted consecutive weekly declines for first time since October. Australian curve bear flattening after Treasury yields extended higher amid hawkish US inflation takeaways. FX markets steady after dollar index settled near one-week high. Bitcoin staged weekend rebound. Gold snapped run of weekly gains while crude near early-Nov highs.

    • China Jan-Feb activity data expected to show subdued industrial production and retail sales growth, and slightly firmer reads on fixed asset investment and real estate investment. Comes after separate data showed further weakness in manufacturing activity, home prices and credit growth last month, while rebound in consumer prices was seen as only temporary amid broader economic weakness.

    • Strong pay hike agreements between unions and large firms at Japan 'shunto' wage talks have cemented expectations BOJ will end NIRP this week. Alongside NIRP, YCC also expected to be scrapped and new purchases of ETFs and J-REITs likely to be ceased. Attention now centers on policy path beyond March, though BOJ officials have already stated financial conditions to remain accommodative.

    • Fed meeting the other focus this week. FOMC expected to hold with most of the attention on updated dot plot. Consensus looking for no change to media projection for three rate cuts in 2024 though also talk of hawkish shift following recent upside inflation surprises. Markets scaling back easing expectations, now pricing in only ~70 bp of easing in 2024 with 60% chance of a June cut.

  • Pre-open Company News:

    • 2891.TT -- CTBC Financial Holding upgraded to buy from neutral at Cathay Financial (timing uncertain)

    • Avendus Spark initiates 542602.IN, 543217.IN, 543261.IN

    • UBS initiates Page Industries at buy; Trent Ltd at neutral

    • 2317.TT -- Hon Hai Precision Industry upgraded to overweight from equal-weight at Morgan Stanley

    • A7RU.SP -- Keppel Infrastructure Trust completes second of four closings for acquisition of 45% stake in Enpal B.V.'s solar portfolio

    • 4.HK -- The Wharf (Holdings) downgraded to reduce from hold at HSBC

    • UBS initiates Indian consumer sector; 500800.IN, 532478.IN, 540180.IN, others

    • 551.HK -- Yue Yuen Industrial (Holdings) upgraded to buy from hold at HSBC

    • 2891.TT -- CTBC Financial Holding upgraded to buy from hold-outperform at Yuanta Research

    • 2386.HK -- SINOPEC Engineering (Group) Co. reports FY net income attributable CNY2.34B vs year-ago CNY2.28B

    • 861.HK -- Digital China Holdings guides FY profit from principal business to record ~30% increase y/y

    • 539524.IN -- Dr. Lal PathLabs appoints Shankha Banerjee as CEO; effective 21-May-24

    • 2603.TT -- Evergreen Marine downgraded to underperform from neutral at BofA

    • 1044.HK -- StreetAccount Consensus Metrics Preview - Hengan International Group FY Earnings

    • SPALI.TB -- Supalai Public downgraded to hold from buy at Tisco Securities

  • On Deck:

    • China:

      • Economic:

        • 10:00 CST: Retail Sales NSA Y/Y; consensus +5.2%

      • Earnings:

        • WuXi AppTec (603259.CH)

    • Hong Kong:

      • Earnings:

        • China Lilang (1234.HK), Xtep International Holdings (1368.HK), OneConnect Financial Technology (6638.HK), China Literature (772.HK), Kingboard Holdings (148.HK), AsiaInfo Technologies (1675.HK), Haitian International Holdings (1882.HK), Kingboard Laminates Holdings (1888.HK), West China Cement (2233.HK), Kingdee International Software Group (268.HK), China Resources Beer (Holdings) (291.HK), Smoore International Holdings (6969.HK), China Tower (788.HK), Akeso Inc (9926.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus (0.7%)

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus +2.3%

    • Australia:

      • Earnings:

        • Jervois Global (JRV.AU)

    • New Zealand:

      • Earnings:

        • KMD Brands (KMD.NZ)

    • Philippines:

      • Earnings:

        • LT Group (LTG.PM)

  • Market Data:

    • Gold (Apr 24): ($3.90) or (0.18%) to $2157.60

    • WTI Crude (Apr 24): +$0.02 or +0.02% to $81.06

    • $-¥: (0.09) or (0.06%) to 148.9690

    • $-KRW: (2.24) or (0.17%) to 1328.7000

    • A$-$: (0.00) or (0.02%) to 0.6558

    • $-INR: (0.04) or (0.05%) to 82.8888

    • $-CNY: (0.00) or (0.01%) to 7.1949

  • 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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