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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.21%, Hang Seng Futures 0.00%, ASX SPI 200 (0.15%), S&P Futures (0.15%)

Apr 01 ,2024

  • Synopsis:

    • Asian markets set for a positive start to Tuesday trade. Nikkei futures pointing to gains as Australia and Hong Kong resume trade following Easter long weekend. US contracts down slightly changed following uneventful Monday session. Sharp rise in Australian and New Zealand yields after Treasuries came under notable pressure overnight. FX markets steady with dollar index near highest since Nov-2023. Gold near record high. Crude below strongest levels since Oct-2023. Bitcoin remains range-bound below record high.

    • Yen continues to gravitate just below 152-per dollar handle being eyed as potential intervention trigger. US-Japan yield gap in focus after recent US data prompted dialing back of Fed rate cut expectations. Yen volatility has ebbed over past week, a factor some strategists say diminishes intervention likelihood. However, press have also highlighted how attention on yen levels has overshadowed authorities' stated monitoring of volatility.

    • Overnight attention was on hotter-than-expected US ISM manufacturing index, including jump in prices paid subindex. Data appeared to provide support to bumpy disinflation narrative, leading markets to price in ~65 of Fed rate cuts in 2024 - 10 bp less than Fed's median projection from March. June rate cut now seen as 50/50 probability. Treasury yields rose further amid the hawkish repricing with 10Y seeing its biggest increase mid-Feb.

    • March RBA minutes to be scrutinized for further indications that central bank has dropped its tightening bias, including whether board again debated whether to hike rates at this month's meeting. Recall RBA meeting takeaways focused on dovish shift in policy bias while subsequent weaker-than-expected retail sales and inflation data has led markets to price in ~45 bp easing in 2024 with first rate cut expected in October.

  • Pre-open Company News:

    • 505200.IN -- Eicher Motors reports March total motorcycle sales (units) 75,551 vs StreetAccount 77,959 {6 estimates 76,000-79,000}

    • 9866.HK -- NIO Inc delivers 11,866 vehicles in March, +14.3% y/y

    • +XXC -- Xinxu Copper Industry Technology Limited files $15M IPO on a firm commitment basis through Craft Capital Management and R.F. Lafferty - F-1

    • Goldman Sachs downgrades Yankuang Energy Group H-shares

    • UD2.SP -- Japfa releases sustainability report 2023

    • 532539.IN -- Uno Minda receives communication from Honda Motorcycle & Scooter India about global recall

    • 028050.KS -- Samsung Engineering Co. receives KRW1.232T construction contract from Samsung BioLogics for P5 project

    • 1098.HK -- Road King Infrastructure, China Merchants Expressway extend long stop date for CNY4.41B sale

    • 1258.HK -- China Nonferrous Mining provides new resource estimate for Luanshya Copper Mine, +82% vs 31-Dec

    • 000725.CH -- BOE Technology Group reports FY net income attributable CNY2.55B vs guidance CNY2.30-2.50B and FactSet CNY2.41B [11 est, CNY1.40-4.36B]

    • 533278.IN -- Coal India reports March provisional coal production 88.6Mt vs year-ago 83.5Mt

    • 9868.HK -- XPeng, Inc. delivers 9,026 vehicles in March

    • 505200.IN -- VE Commercial Vehicles reports March total sales 11,242 vehicles vs StreetAccount 10,545 {6 estimates 8,269-12,305}

    • 95.HK -- LVGEM (China) Real Estate Investment CEO Tang Shouchun retires as of 31-Mar

    • 1211.HK -- BYD Co. Ltd. reports March vehicle production volume 296,253 units vs year-ago 209,823 units

  • On Deck:

    • China:

      • Earnings:

        • AVIC Aircraft (000768.CH), Shanghai International Port (Group) (600018.CH), Hubei Xingfa Chemicals Group (600141.CH), Hubei Xingfa Chemicals Group (600141.CH), Universal Scientific Industrial (Shanghai) (601231.CH), Universal Scientific Industrial (Shanghai) (601231.CH), FangDa Carbon New Material (600516.CH), FangDa Carbon New Material (600516.CH)

    • Japan:

      • Earnings:

        • Sugi Holdings (7649.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: CPI M/M; consensus

        • 08:00 KST: CPI NSA Y/Y; consensus +2.9%

  • Market Data:

    • Gold (Jun 24): +$14.10 or +0.62% to $2271.20

    • WTI Crude (May 24): +$0.24 or +0.29% to $83.95

    • $-¥: +0.24 or +0.16% to 151.6110

    • $-KRW: +2.76 or +0.20% to 1353.1700

    • A$-$: (0.00) or (0.42%) to 0.6490

    • $-INR: +0.05 or +0.06% to 83.4413

    • $-CNY: +0.00 or +0.03% to 7.2297

  • 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".

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