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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.54%, Hang Seng Futures (0.69%), ASX SPI 200 (0.23%), S&P Futures +0.13%

Mar 21 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Friday trade. Nikkei futures pointing to gains on the open while Hang Seng futures lower. ASX down in initial trade. US contracts touch higher after S&P 500 and Nasdaq touched fresh record closing highs overnight. Australian yields reversing lower after Thursday's bear flattening that followed hot jobs data. New Zealand rates higher. Dollar index recouped post-Fed losses, Swiss franc a notable decliner following SNB's surprise rate cut. Yen back near four-month low. Crude pulled back further. Gold retreated from record high. Bitcoin settled lower.

    • Dovish Fed takeaways continue to underpin risk sentiment. Takeaways focused on unchanged median dot for three rate cuts in 2024 and Chair Powell's comments suggesting recent inflation data has not changed Fed's view on broader disinflation trend. While consensus still focused on first rate cut in June, some takeaways noted Powell did not explicitly rule out a May move.

    • BOJ policy outlook remains a key discussion point after central bank scrapped several easing measures this week. Governor Ueda reiterated financial conditions to remain accommodative with BOJ managing JGB purchases to prevent spike in yields. Sell-side firms discussed likelihood of follow-up rate hike amid yen weakness and risk of inflation acceleration. February Japan core inflation rebounded in-line with forecasts following recent run of declines.

  • Pre-open Company News:

    • AIR.FP -- Korean Air Lines to invest KRW18.466T (€12.76B) in new mid-to-large passenger aircraft until 2032

    • 2696.HK -- Shanghai Henlius Biotech reports FY net income attributable CNY546.0M vs guidance CNY500M and FactSet CNY511.3M [3 est, CNY501-518.8M]

    • 600039.CH -- Sichuan Road & Bridge terminates GDR issuance on SIX Swiss Exchange

    • 9955.HK -- ClouDr reports FY net income attributable (CNY323.1M) vs year-ago (CNY1.69B)

    • 7113.MK -- Top Glove Corp. upgraded to buy from hold at UOB Kay Hian Securities

    • 272.HK -- Shui On Land reports FY net income attributable CNY810M vs year-ago CNY906M

    • 941.HK -- China Mobile reports FY net income attributable CNY131.77B vs StreetAccount CNY135.63B

    • 883.HK -- CNOOC reports FY net income attributable CNY123.84B vs StreetAccount CNY130.55B

    • 1821.HK -- ESR Group reports FY adjusted PATMI $400.3M vs FactSet $423.1M [7 est, $342.1-482M]

    • CPTN -- Cepton has been notified of series production award from trucking OEM for near-range lidar - 8-K

    • 856.HK -- VSTECS Holdings reports FY net income attributable HK$922.0M, +12% vs year-ago HK$823.1M

    • 009540.KS -- HD Korea Shipbuilding & Offshore Engineering Co. reports February new orders $7.40B vs year-ago $6.86B

    • 533398.IN -- Muthoot Finance completes acquisition of additional 4.48% stake in Belstar Microfinance; deal announced 14-Feb

    • 2282.HK -- MGM China Holdings reports FY IFRS net income HK$2.64B vs FactSet HK$2.72B [6 est, HK$2.15-3.28B]

    • 1628.HK -- Holders of 90.6% of Yuzhou Group's existing notes, 90.5% of additional debt instruments have acceded to RSA as of today

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Shanghai Fudan Microelectronics Group (1385.HK), Jinchuan Group International Resources (2362.HK), Meituan (3690.HK), Sinopec (China Petroleum & Chemical) (386.HK), Shenzhen Expressway Corp. (548.HK), Datang International Power Generation (991.HK), Sinotrans (598.HK), Sinopharm Group (1099.HK), Chow Sang Sang Holdings International (116.HK), China Hongqiao Group (1378.HK), Fu Shou Yuan International Group (1448.HK), J&T Global Express (1519.HK), China Everbright (165.HK), Zhaojin Mining Industry (1818.HK), BAIC Motor (1958.HK), Brii Biosciences Ltd. (China) (2137.HK), Onewo, Inc. (2602.HK), ENN Energy Holdings (2688.HK), Zijin Mining Group (2899.HK), Greentown China Holdings (3900.HK), Tongdao Liepin Group (6100.HK), Shangri-La Asia (69.HK), Antengene (6996.HK), Longfor Group Holdings (960.HK), Jiumaojiu International Holdings (9922.HK), Archosaur Games (9990.HK)

  • Market Data:

    • Gold (Apr 24): ($1.30) or (0.06%) to $2183.40

    • WTI Crude (May 24): ($0.16) or (0.20%) to $80.91

    • $-¥: +0.42 or +0.28% to 151.6740

    • $-KRW: +1.61 or +0.12% to 1332.3000

    • A$-$: (0.00) or (0.27%) to 0.6569

    • $-INR: +0.13 or +0.16% to 83.2190

    • $-CNY: (0.00) or (0.01%) to 7.1984

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