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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.15%, Hang Seng Futures (0.61%), ASX SPI 200 (0.03%), S&P Futures +0.17%

Mar 26 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Hang Seng futures signaling declines on the open while Nikkei futures slightly higher. ASX flat in initial trade. US contracts edging higher afterhours following uneventful Tuesday session. Australian and New Zealand yields up marginally after Treasuries firmed overnight. Muted price action in FX markets. Crude pulling back further from earlier highs following unexpectedly large API inventory build. Bitcoin extended rebound from last week's lows.

    • Not much in the way of economic releases. Australian monthly CPI forecast to show first rise in inflation since Sep-2023, driven by jump in fuel prices. Print will include updates on many services categories absent from January. Previews anticipate underlying stickiness in housing components, which is likely to reinforce cautious RBA messaging on not ruling anything or out with respect to rates. Markets pricing in ~45 bp of easing by year-end with first RBA rate cut occurring in September.

    • No changes to main narratives around Japan and China. Still a lot of conjecture around BOJ policy outlook with expectations of follow-up rate hike coalescing around July or October, underpinned in part by yen depreciation pressures stemming from US-Japan rate gap. Economists harbor expectations of additional PBOC rate cuts. However, also concerns around waning policy effectiveness amid pervasive domestic and external weakness, necessitating stronger fiscal measures to boost demand.

    • Geopolitics continues to feature prominently in newsflow with Politico reporting US FTC probing TikTok over data practices, potentially paving way for lawsuit. Tensions bubbling on multiple fronts after US and UK China accused of orchestrating cyberespionage campaign. US also weighing more efforts to curb China's access to advanced tech. Trump also talking tough on China. Markets taking geopolitical developments in their stride, though BofA FMS still showed geopolitics second biggest tail risk behind high inflation.

  • Pre-open Company News:

    • 2328.HK -- PICC Property & Casualty reports FY net income attributable CNY24.59B vs StreetAccount CNY25.03B

    • 002352.CH -- S.F. Holding Co. releases sustainability report 2023

    • 3877.HK -- CSSC (Hong Kong) Shipping Co Ltd (Hong Kong) reports FY net income attributable HK$1.90B vs FactSet HK$2.00B [1 est]

    • 2162.HK -- Keymed Biosciences reports FY adjusted net income (CNY317.7M) vs year-ago (CNY255.0M)

    • 1798.HK -- China Datang Corp. Renewable Power reports FY net income attributable CNY2.75B vs StreetAccount CNY2.89B

    • 1628.HK -- Yuzhou Group Holdings reports FY net income attributable (CNY10.52B) vs guidance CNY10.00-11.00B); year-ago (CNY12.01B)

    • 23.HK -- The Bank of East Asia releases ESR report

    • 603236.CH -- Quectel Wireless Solutions completes buyback programme for 2.5M shares totaling CNY85.0M

    • +NTCL -- Netclass Technology files to withdraw IPO from 28-Mar-23; files IPO for 1.8M in range of $5-6/sh through Revere - F-1

    • 600941.CH -- China Mobile initiated buy at Western Securities (timing uncertain)

    • 1250.HK -- Shandong Hi-Speed New Energy Group reports FY net income attributable HK$378.2M, +46% vs year-ago HK$258.2M

    • 9698.HK -- GDS Holdings COO Jamie Khoo steps down to assume GDS International CEO role

    • 2269.HK -- Wuxi Biologics (Cayman) reports FY adjusted net income CNY4.70B vs FactSet CNY4.01B

    • 6078.HK -- Hygeia Healthcare Holdings reports FY adjusted net income CNY713.4M vs FactSet CNY661.7M

    • 6660.HK -- AIM Vaccine submitted clinical trial application for novel-process highly-effective human diploid rabies vaccine in China

  • On Deck:

    • China:

      • Earnings:

        • Walvax Biotechnology (300142.CH), Pharmaron Beijing (300759.CH), China Life Insurance (601628.CH), Everbright Securities (601788.CH), Haier Smart Home (600690.CH), Orient Securities (600958.CH), China Tourism Group Duty Free (601888.CH)

    • Hong Kong:

      • Earnings:

        • Huadian Power International (1071.HK), China Railway Construction (1186.HK), Industrial & Commercial Bank of China (1398.HK), DPC Dash (1405.HK), China Reinsurance (Group) (1508.HK), CGN Power (1816.HK), The Bank of Chongqing (1963.HK), Nayuki Holdings (2150.HK), Aluminum Corp. of China (2600.HK), China Oriental Group (581.HK), CanSino Biologics (6185.HK), Sany Heavy Equipment International Holdings (631.HK), China Everbright Bank (6818.HK), TravelSky Technology (696.HK), China Longyuan Power Group (916.HK), RemeGen (9995.HK), iDreamSky Technology Holdings (1119.HK), CMBC Capital Holdings (1141.HK), Times China Holdings (1233.HK), Powerlong Real Estate Holdings (1238.HK), China MeiDong Auto Holdings (1268.HK), New China Life Insurance (1336.HK), First Pacific (142.HK), Zhou Hei Ya International Holdings (1458.HK), VPower Group International Holdings (1608.HK), Ausnutria Dairy (1717.HK), USPACE Technology Group (1725.HK), KWG Group Holdings (1813.HK), Zensun Enterprises (185.HK), Sunac China Holdings (1918.HK), Jinxin Fertility Group (1951.HK), Everest Medicines (1952.HK), Cathay Media & Education Group (1981.HK), CIFI Ever Sunshine Services Group (1995.HK), SSY Group (2005.HK), China International Marine Containers (Group) (2039.HK), Lepu Biopharma (2157.HK), MicroPort CardioFlow Medtech (2160.HK), Canggang Railway (2169.HK), MicroPort NeuroTech (2172.HK), Luye Pharma Group (2186.HK), Gogox Holdings (2246.HK), Shanghai MicroPort MedBot (Group) (2252.HK), Sirnaomics (2257.HK), Gushengtang Holdings (2273.HK), Chervon Holdings (2285.HK), YH Entertainment Group (2306.HK), Biocytogen Pharmaceuticals (2315.HK), Concord Healthcare Group Co., Ltd. (2453.HK), Hightide Therapeutics (2511.HK), Citychamp Watch & Jewellery Group (256.HK), China Everbright Environment Group (257.HK), CStone Pharmaceuticals (2616.HK), Genertec Universal Medical Group (2666.HK), CMGE Technology Group (302.HK), Bank of Communications (3328.HK), Shanghai Industrial Holdings (363.HK), Zhongyu Energy Holdings (3633.HK), China Aoyuan Group (3883.HK), Beijing Enterprises Holdings (392.HK), Midea Real Estate Holding (3990.HK), Xiabuxiabu Catering Management (China) Holdings (520.HK), Fufeng Group (546.HK), China Communications Services (552.HK), Shenzhen Investment (604.HK), Country Garden Services Holdings (6098.HK), Graphex Group Limited (6128.HK), Shougang Fushan Resources Group (639.HK), Fosun International (656.HK), Evergrande Property Services Group (6666.HK), China East Education Holdings (667.HK), Star Plus Legend Holdings (6683.HK), Ascentage Pharma (6855.HK), Beijing Capital International Airport (694.HK), Excellence Commercial Property & Facilities Management Gp (6989.HK), Genor Biopharma Holdings (6998.HK), Hopson Development Holdings (754.HK), NetDragon Websoft Holdings (777.HK), IGG Inc (799.HK), China Jinmao Holdings Group (817.HK), China Medical System Holdings (867.HK), Zhongsheng Group Holdings (881.HK), Jinke Smart Services Group (9666.HK), Linmon Media (9857.HK), China Youran Dairy Group (9858.HK), Jenscare Scientific (9877.HK), Huitongda Network (9878.HK)

    • Australia:

      • Earnings:

        • Latin Resources (LRS.AU)

  • Market Data:

    • Gold (Apr 24): +$0.30 or +0.01% to $2177.50

    • WTI Crude (May 24): ($0.38) or (0.47%) to $81.24

    • $-¥: +0.15 or +0.10% to 151.5610

    • $-KRW: +3.46 or +0.26% to 1343.1000

    • A$-$: (0.00) or (0.11%) to 0.6533

    • $-INR: (0.08) or (0.10%) to 83.3454

    • $-CNY: +0.01 or +0.10% to 7.2177

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