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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.52%), Hang Seng Futures (0.08%), ASX SPI 200 +0.69%, S&P Futures (0.03%)

Mar 24 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Monday trade. Futures signaling declines in Japan as ASX builds on opening gains. S&P 500 futures little changed after index posted best weekly performance of the year. Bond rally continues with Australian and New Zealand yield curves flattening. Yen edging higher after falling to cusp of its lowest against dollar since mid-1990. Bitcoin extending weekend rebound. Crude and gold inching higher.

    • Last week's central bank meetings provided tailwind for risk assets with most of the attention on Fed's unchanged 2024 projection for three rate cuts. BOJ's stimulus exit went relatively smoothly with decision widely telegraphed and Governor Ueda stressing gradualist approach to tightening. Dovish takeaways from RBA, SNB and BOE decisions strengthened rate cut narrative, contributing to yield curve bull steepening.

    • At the same time there remains risks to the dovish narrative after Fed revised up 2025 and 2026 dots while 2024 dot looking shakier after one policymaker revised down their projection. Inflation acceleration and yen weakness prompting thoughts BOJwill follow-up with another rate hike as soon as July. Latest PMIs also revealed input cost pressures, underlining potential for bumpy inflation path and risk that quantum of rate cuts being priced in fail to materalize.

  • Pre-open Company News:

    • 2007.HK -- Country Garden Holdings announces cooperation agreement in relation to development of Guangzhou property

    • CPAXT.TB -- CP Axtra Public downgraded to neutral from buy at BofA

    • 832.HK -- Central China Real Estate guides FY net loss attributable (CNY2.8-3.8B) vs year-ago (CNY7.56B)

    • 1585.HK -- Yadea Group Holdings initiated buy at Huaxi Securities

    • 2362.HK -- Jinchuan Group International Resources reports FY net income attributable ($11.56M) vs year-ago $1.0M

    • 1813.HK -- KWG Group Holdings guides FY net loss attributable to not exceed (CNY19B) vs year-ago (CNY9.24B)

    • 3690.HK -- Meituan upgraded to overweight from neutral at JPMorgan

    • 3064.JP -- MonotaRO to launch up-to-¥130.2M on-market buyback, to run from 26-Mar through 29-Mar

    • 1113.HK -- CK Asset Holdings downgraded to underperform from outperform at CLSA

    • PLS.AU -- Pilbara Minerals and Ganfeng to complete joint feasibility study on downstream lithium conversion plant

    • ^TTNASIA -- China blocks Intel and AMD chips from government PCs and servers:

    • 1099.HK -- Sinopharm Group reports FY net income attributable CNY9.05B vs StreetAccount CNY8.93B

    • China Ministry of Agriculture: weekly wholesale livestock and poultry prices (15-Mar to 21-Mar)

    • 3333.HK -- China Evergrande Group withdraws filing of Chapter 15 in US

    • 2588.HK -- BOC Aviation recovers possession of two Boeing 747-8F aircraft previously detained in Russia

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Vesync (2148.HK), CIMC Enric Holdings (3899.HK), Zhejiang Leapmotor Technology (9863.HK), China Resources Land (1109.HK), China Modern Dairy Holdings (1117.HK), Realord Group Holdings (1196.HK), China Resources Mixc Lifestyle Services (1209.HK), Kunlun Energy (135.HK), Q Technology (Group) (1478.HK), Sunac Services Holdings (1516.HK), ImmuneOnco Biopharmaceuticals (Shanghai) Co. (1541.HK), Medlive Technology (2192.HK), Weichai Power (2338.HK), Giant Biogene Holding (2367.HK), Gaush Meditech (2407.HK), Texhong International Group (2678.HK), Guangdong Investment (270.HK), Sinofert Holdings (297.HK), A-Living Smart City Services (3319.HK), EEKA Fashion Holdings (3709.HK), Vobile Group (3738.HK), Sinotruk Hong Kong (3808.HK), China Merchants Bank (3968.HK), Zhejiang Expressway (576.HK), China Conch Venture Holdings (586.HK), Cheerwin Group (6601.HK), Bairong (6608.HK), Shandong Boan Biotechnology (6955.HK), ZJLD Group (6979.HK), Sichuan Kelun-Biotech Biopharmaceutical (6990.HK), China Overseas Grand Oceans Group (81.HK), Tiangong International (826.HK), China Taiping Insurance Holdings (966.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

    • New Zealand:

      • Earnings:

        • Synlait Milk (SML.NZ)

    • Malaysia:

      • Economic:

        • 00:00 EST: CPI NSA Y/Y; consensus +1.5%

  • Market Data:

    • Gold (Apr 24): +$8.10 or +0.38% to $2168.10

    • WTI Crude (May 24): +$0.23 or +0.29% to $80.86

    • $-¥: (0.14) or (0.10%) to 151.2390

    • $-KRW: (1.24) or (0.09%) to 1343.2900

    • A$-$: +0.00 or +0.02% to 0.6515

    • $-INR: (0.01) or (0.02%) to 83.5936

    • $-CNY: (0.00) or (0.02%) to 7.2276

  • 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:
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