Mar 27 ,2024
Synopsis:
The Asian Market Preview will not be published on Good Friday 29-Mar. It will resume on 1-Apr.
Asian markets set for positive start to Thursday trade. Nikkei and Hang Seng futures pointing to gains on the open. ASX also higher in initial trade. S&P 500 futures little changed following small cap-led gains on US markets overnight. Australian and New Zealand bonds strengthening, tracking earlier Treasury curve bull flattening. Dollar strengthening after Governor Waller reiterated too soon to cut rates. Crude extending rebound from overnight lows. Gold flat. Bitcoin steady following earlier pull back.
Yen weakness remains a focal point after currency briefly fell to 34-year low against dollar on Wednesday. Yen steadied thereafter as Japan officials stepped up intervention warnings. Finance Minister Suzuki's mention of "decisive steps" was first time he used that phrase since 2022 (before previous intervention). FX chief Kanda also said not ruling out response to disorderly moves. Comments fanned intervention speculation with 152-per dollar handle now eyed as potential trigger point.
Light day on the economic calendar. BOJ March Summary of Opinions to provide more color on deliberations behind last week's stimulus exit. Australian retail sales forecast to show pullback in spending growth following January's outsized increase. Fed Governor Waller's speech got some attention after he repeated his earlier view that there is no rush to cut rates given US economic strength and slowing progress on reducing inflation.
More US-China back-and-forth between over tech after President Xi criticized efforts to curb China's tech ambitions during his meeting with Dutch PM Rutte. Meanwhile, Biden official confirmed to reporters US asking allies to tighten restrictions of chipmaking equipment exports to China. Against this backdrop Xi held meeting with US executives Wednesday in which he again urged American businesses to invest in China. However, still a lot of skepticism meeting will translate to tangible improvement in China FDI.
Pre-open Company News:
1928.HK -- Sands China releases sustainability report
ME8U.SP -- Mapletree Industrial Trust completes divestment of Tanglin Halt Cluster; deal announced on 7-Feb
603712.CH -- TianJin 712 Communication & Broadcasting Co. reports FY net income attributable CNY439.8M, (43%) vs year-ago CNY774.9M
600690.CH -- Haier Smart Home reports FY net income attributable CNY16.60B vs StreetAccount CNY16.73B
H13.SP -- Ho Bee Land releases sustainability report
1282.HK -- Renze Harvest International guides FY net income HK$55.3M vs year-ago (HK537.4M)
2616.HK -- CStone Pharmaceuticals reports FY adjusted net income (CNY330.2M) vs year-ago (CNY760.6M)
546.HK -- Fufeng Group reports FY net income attributable CNY3.14B vs FactSet CNY3.08B [1 est]
1233.HK -- Times China Holdings reports FY net income attributable (CNY4.51B) vs year-ago (CNY9.86B)
Lianlian Digitech's 64.3M-share Hong Kong IPO priced at HK$10.22/share
867.HK -- China Medical System Holdings reports FY adjusted net income CNY2.71B vs FactSet CNY3.23B
2186.HK -- Luye Pharma Group reports FY net income attributable CNY532.6M vs FactSet CNY574.2M [3 est, CNY519.4-622M]
4519.JP -- Chugai Pharmaceutical's FoundationOne approved as a companion diagnostic for Truqap in breast cancers
3328.HK -- Bank of Communications reports FY net income attributable CNY92.73B vs StreetAccount CNY91.37B
1141.HK -- CMBC Capital Holdings reports FY net income attributable (HK$572.3M) vs year-ago (HK$436.6M)
On Deck:
China:
Earnings:
GF Securities (000776.CH), Ganfeng Lithium Group (002460.CH), Asymchem Laboratories (Tianjin) (002821.CH), Hangzhou Tigermed Consulting (300347.CH), JL MAG Rare-Earth (300748.CH), Zhejiang Juhua (600160.CH), China Merchants Securities (600999.CH), Guotai Junan Securities (601211.CH), Huatai Securities (601688.CH), JOINN Laboratories (603127.CH), Qingdao Haier Biomedical (688139.CH), Shenwan Hongyuan Group (000166.CH), Shandong Gold Mining (600547.CH)
Hong Kong:
Earnings:
Everest Medicines (1952.HK), TCL Electronics Holdings (1070.HK), COSCO SHIPPING Energy Transportation (1138.HK), COSCO SHIPPING Ports (1199.HK), Agricultural Bank of China (1288.HK), Livzon Pharmaceutical Group (1513.HK), Metallurgical Corp. of China (1618.HK), Postal Savings Bank of China (1658.HK), CRRC Corp. (1766.HK), China Communications Construction (1800.HK), Shanghai Junshi Biosciences (1877.HK), COSCO SHIPPING Holdings (1919.HK), China Minsheng Banking (1988.HK), Weimob (2013.HK), China Zheshang Bank (2016.HK), China Vanke (2202.HK), Guangzhou Automobile Group (2238.HK), BOC Hong Kong (Holdings) (2388.HK), Shanghai Pharmaceuticals Holding (2607.HK), Shanghai Electric Group (2727.HK), Liaoning Port (2880.HK), Chongqing Rural Commercial Bank (3618.HK), Zhuzhou CRRC Times Electric (3898.HK), China Railway Group (390.HK), China International Capital (3908.HK), Bank of China (3988.HK), China Energy Engineering (3996.HK), Guangshen Railway (525.HK), Luk Fook Holdings (International) (590.HK), CSC Financial (6066.HK), Qingdao Port International (6198.HK), China Eastern Airlines (670.HK), Haitong Securities (6837.HK), Yangtze Optical Fibre & Cable Joint Stock (6869.HK), China Overseas Land & Investment (688.HK), China Galaxy Securities (6881.HK), China Construction Bank (939.HK), Seazen Group (1030.HK), Dongfang Electric (1072.HK), Brilliance China Automotive Holdings (1114.HK), Golden Solar New Energy Technology Holdings (1121.HK), Jacobio Pharmaceuticals Group (1167.HK), Yankuang Energy Group (1171.HK), Zhuguang Holdings Group (1176.HK), Sino Biopharmaceutical (1177.HK), China Resources Gas Group (1193.HK), 3D Medicines (1244.HK), China Nonferrous Mining (1258.HK), iMotion Automotive Technology (Suzhou) Co. Ltd. (1274.HK), Renze Harvest International (1282.HK), LifeTech Scientific (1302.HK), China Ruyi Holdings (136.HK), China Merchants Port Holdings (144.HK), Shenzhen International Holdings (152.HK), Frontage Holdings (1521.HK), YiChang HEC ChangJiang Pharmaceutical (1558.HK), Tian Lun Gas Holdings (1600.HK), Kaisa Group Holdings (1638.HK), China South City Holdings (1668.HK), JS Global Lifestyle (1691.HK), K. Wah International Holdings (173.HK), S-Enjoy Service Group (1755.HK), Scholar Education Group (1769.HK), Fantasia Holdings Group (1777.HK), Colour Life Services Group (1778.HK), Viva Biotech Holdings (1873.HK), Fire Rock Holdings (1909.HK), Redsun Properties Group (1996.HK), Country Garden Holdings (2007.HK), BBMG Corp (2009.HK), Dexin China Holdings (2019.HK), E-House (China) Enterprise Holdings (2048.HK), Qingdao Ainnovation Technology Group (2121.HK), China Lesso Group Holdings (2128.HK), HBM Holdings (2142.HK), Goldwind Science & Technology Co. (2208.HK), Yonghe Medical Group (2279.HK), Lepu Scientech Medical Technology (2291.HK), Glory Health Industry (2329.HK), Great Wall Motor (2333.HK), Dah Sing Banking Group (2356.HK), XD Inc (2400.HK), Venus Medtech (Hangzhou) (2500.HK), Guoquan Food (Shanghai) Co. (2517.HK), China Pacific Insurance (Group) (2601.HK), CITIC Ltd (267.HK), Zhongliang Holdings Group (2772.HK), Guangzhou R&F Properties (2777.HK), China CITIC Financial Asset Management Co. (2799.HK), COSCO SHIPPING Development (2866.HK), China Shineway Pharmaceutical Group (2877.HK), Ronshine China Holdings (3301.HK), China National Building Material (3323.HK), Lonking Holdings (3339.HK), Greenland Hong Kong Holdings (337.HK), Logan Group (3380.HK), Agile Group Holdings (3383.HK), Legend Holdings (3396.HK), Chinasoft International (354.HK), Keep Inc. (3650.HK), China Harmony Auto Holding (3836.HK), Dah Sing Financial Holdings (440.HK), Sihuan Pharmaceutical Holdings Group (460.HK), United Energy Group (467.HK), Dongfeng Motor Group (489.HK), GOME Retail Holdings (493.HK), Skyfame Realty (Holdings) (59.HK), Zhenro Properties Group (6158.HK), China Feihe (6186.HK), China High Speed Transmission Equipment Group (658.HK), SciClone Pharmaceuticals (Holdings) (6600.HK), New Horizon Health (6606.HK), Flowing Cloud Technology (6610.HK), Global New Material International Holdings (6616.HK), Huaxin Cement (6655.HK), Star CM Holdings (6698.HK), Differ Group Auto (6878.HK), Ganglong China Property Group (6968.HK), Shoucheng Holdings (697.HK), Immunotech Biopharm (6978.HK), Joy Spreader Interactive Technology (6988.HK), Air China (753.HK), Shimao Group Holdings (813.HK), Tianneng Power International (819.HK), MicroPort Scientific (853.HK), Digital China Holdings (861.HK), Shimao Services Holdings (873.HK), CIFI Holdings (Group) (884.HK), LVGEM (China) Real Estate Investment (95.HK), China Bohai Bank (9668.HK), Shiyue Daotian Group (9676.HK), Helens International Holdings (9869.HK), UBTECH Robotics (9880.HK), Dingdang Health Technology Group (9886.HK), ZX, Inc. (9890.HK), Theme International Holdings (990.HK), Kintor Pharmaceutical (9939.HK), Alphamab Oncology (9966.HK), InnoCare Pharma (9969.HK), Central China New Life (9983.HK), Radiance Holdings (Group) (9993.HK), Peijia Medical (9996.HK)
Japan:
Economic:
09:30 JST: Import NSA Y/Y (Final); consensus +0.5%
09:30 JST: Trade Balance NSA (Final); consensus (¥0.4T)
09:30 JST: Export NSA Y/Y (Final); consensus +7.8%
Earnings:
Daito Trust Construction (1878.JP)
Australia:
Economic:
11:00 AEST: Consumer Inflation Expectation; consensus
11:30 AEST: Private Sector Credit M/M; consensus +0.4%
11:30 AEST: Retail Sales SA M/M (Preliminary); consensus
Market Data:
Gold (Jun 24): ($0.60) or (0.03%) to $2212.10
WTI Crude (May 24): +$0.41 or +0.50% to $81.76
$-¥: (0.27) or (0.18%) to 151.2880
$-KRW: +5.42 or +0.40% to 1349.5300
A$-$: (0.00) or (0.16%) to 0.6522
$-INR: +0.00 or +0.00% to 83.3699
$-CNY: +0.01 or +0.11% to 7.2258
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