Mar 25 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Nikkei futures pointing to mild gain on the open, while Hang Seng futures flat. ASX weaker in initial trade. S&P 500 futures little changed after US equities weakened slightly overnight. Australian and New Zealand bonds under pressure, tracking earlier Treasury yield backup. FX markets unchanged with dollar weakest against yuan. Crude steady after earlier gains attributed to Russia production cut headlines. Bitcoin pulling back after staging 10% rally.
Yuan seeing pickup in volatility with currency's rebound on Monday chalked up to stronger-than-expected PBOC fixing. However, Friday's price action breakdown viewed as a sign Beijing loosening grip on yuan. Downside pressure also attributed to wider-for-longer US-China yield gap with PBOC expected to cut rates further. Capital outflow pressures also seen weighing on yuan with strategists pointing to continued net dollar purchasing.
Reuters sources reported Chinese regulators urging banks to speed up loan approvals for "whitelist" development projects. Banks given end-June deadline for issuance of all loans. While banks have been issued with similar directives previously, reluctance to lend stems from expected margin pressure from loss-making loans. Latest data showed China's property slump has deepened in early 2024 with home prices, sales, and construction starts all down sharply.
Pre-open Company News:
601878.CH -- Zheshang Securities reports preliminary FY net income attributable CNY1.75B vs FactSet CNY1.75B [2 est, CNY1.71-1.78B]
2145.HK -- Shanghai Chicmax Cosmetics initiated buy at Huatai Securities (timing uncertain)
1766.HK -- StreetAccount Consensus Metrics Preview - CRRC Corp. FY Earnings
3968.HK -- China Merchants Bank reports FY net income attributable CNY146.60B, unchanged vs prelim.; FactSet CNY144.71B [28 est, CNY139.84-154.08B]
603568.CH -- Zhejiang Weiming Environment Protection sets initial conversion price at CNY18.28/share for proposed CNY285.0M 6Y CB
600486.CH -- Jiangsu Yangnong Chemical reports FY API production 91Kt, sales CNY7.38B; StreetAccount notes year-ago 93Kt, CNY9.49B
3899.HK -- CIMC Enric Holdings reports FY net income attributable CNY1.11B vs FactSet CNY1.15B [4 est, CNY1.13-1.16B]
1541.HK -- ImmuneOnco Biopharmaceuticals (Shanghai) Co. reports FY adjusted net income (CNY281.8M) vs year-ago (CNY225.8M)
7936.JP -- ASICS Corp completes 2.4M-share buyback for ¥15.00B
966.HK -- China Taiping Insurance Holdings reports FY net income attributable HK$6.19B vs FactSet HK$7.32B [4 est, HK$5.05-12.38B]
601077.CH -- Chongqing Rural Commercial Bank initiated recommend at Minsheng Securities (timing uncertain)
2772.HK -- Zhongliang Holdings Group's winding-up petition filed on 22-Nov-22 dismissed by High Court
PTT.TB -- PTT Public Co. to invest with Electricity Generating Authority of Thailand to operate LMPT2
600486.CH -- Jiangsu Yangnong Chemical reports FY net income attributable CNY1.57B vs FactSet CNY1.58B [6 est, CNY1.55-1.61B]
9706.JP -- Japan Airport Terminal upgraded to outperform from neutral at Daiwa
On Deck:
China:
Earnings:
Guangzhou Tinci Materials Technology (002709.CH), Perfect World (002624.CH)
Hong Kong:
Earnings:
China Resources Land (1109.HK), Health & Happiness (H&H) International Holdings (1112.HK), Nexteer Automotive Group (1316.HK), People's Insurance Co. (Group) of China (1339.HK), Canvest Environmental Protection Group (1381.HK), Tsingtao Brewery (168.HK), SenseTime Group (20.HK), Fosun Pharma (2196.HK), Zhihu, Inc. (2390.HK), China Oilfield Services (2883.HK), China CRSC (3969.HK), CITIC Securities (6030.HK), ZhongAn Online P&C Insurance (6060.HK), Flat Glass Group (6865.HK), China Suntien Green Energy (956.HK), Shandong Weigao Group Medical Polymer (1066.HK), Hong Kong Technology Venture (1137.HK), BYD Co. Ltd. (1211.HK), Yuexiu Property (123.HK), Shandong Hi-Speed New Energy Group (1250.HK), China Cinda Asset Management (1359.HK), Guolian Securities (1456.HK), Nissin Foods (1475.HK), Yihai International Holding (1579.HK), Yuzhou Group Holdings (1628.HK), Guotai Junan International Holdings (1788.HK), AK Medical Holdings (1789.HK), China Datang Corp. Renewable Power (1798.HK), Xinte Energy (1799.HK), CGN New Energy Holdings (1811.HK), Dongyue Group (189.HK), ANTA Sports Products (2020.HK), Keymed Biosciences (2162.HK), CARsgen Therapeutics Holdings (2171.HK), Clover Biopharmaceuticals (2197.HK), Haichang Ocean Park Holdings (2255.HK), Wuxi Biologics (Cayman) (2269.HK), Shenzhou International Group Holdings (2313.HK), China Mengniu Dairy (2319.HK), PICC Property & Casualty (2328.HK), Shun Tak Holdings (242.HK), Beijing UBOX Online Technology (2429.HK), China Overseas Property Holdings (2669.HK), BYD Electronic (International) (285.HK), Greentown Service Group (2869.HK), WH Group (288.HK), China Travel International Investment Hong Kong (308.HK), Tingyi (Cayman Islands) Holding (322.HK), C-MER Eye Care Holdings (3309.HK), China Resources Pharmaceutical Group (3320.HK), Huabao International Holdings (336.HK), China Yongda Automobiles Services Holdings (3669.HK), Hansoh Pharmaceutical Group (3692.HK), Beijing Enterprises Water Group (371.HK), CSSC (Hong Kong) Shipping Co Ltd (Hong Kong) (3877.HK), KWG Living Group Holdings (3913.HK), CALB Group Co. (3931.HK), United Laboratories International Holdings (3933.HK), Minth Group (425.HK), Poly Property Services (6049.HK), Hygeia Healthcare Holdings (6078.HK), Kerry Logistics Network (636.HK), Haidilao International Holding (6862.HK), Blue Moon Group Holdings (6993.HK), Truly International Holdings (732.HK), Skyworth Group (751.HK), Jinmao Property Services (816.HK), Nongfu Spring (9633.HK), Super Hi International Holding (9658.HK), Hangzhou SF Intra-city Industrial (9699.HK), Powerlong Commercial Management Holdings (9909.HK), Times Neighborhood Holdings (9928.HK), ANE (Cayman) (9956.HK), Linklogis (9959.HK)
New Zealand:
Earnings:
New Zealand King Salmon Investments (NZK.NZ)
Market Data:
Gold (Apr 24): ($3.70) or (0.17%) to $2172.70
WTI Crude (May 24): +$0.08 or +0.10% to $82.03
$-¥: (0.01) or (0.00%) to 151.3780
$-KRW: (7.97) or (0.59%) to 1336.5600
A$-$: +0.00 or +0.36% to 0.6537
$-INR: (0.19) or (0.23%) to 83.4174
$-CNY: (0.02) or (0.29%) to 7.2084
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