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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.64%), Hang Seng Futures +0.05%, ASX SPI 200 (0.54%), S&P Futures (0.01%)

Apr 02 ,2024

  • Synopsis:

    • Asian markets set for negative start to Wednesday trade. Nikkei futures signaling losses on the open as ASX extends opening drop. Hang Seng futures flat. S&P 500 futures unchanged following broad-based declines on US markets overnight. Australian and New Zealand bonds under pressure, tracking earlier Treasury curve bear steepening. FX markets steady after dollar index retreated from mid-Feb highs. Crude at highest level since late October. Gold continues record-setting momentum. Bitcoin flat after falling 5% overnight.

    • Bonds under pressure as market react to hotter-than-expected US ISM manufacturing print and related sticky/bumpy inflation concerns that are also being driven by rallying commodities. Data reinforcing view of strong US growth that diminishes case for rate cuts, particularly given some Fed policymakers have emphasized data dependency and expressed concerns about prematurely cutting rates. Markets pricing in less rate cuts in 2024 than implied by Fed's median dot.

    • Commodity volatility in focus with oil hitting highest since Oct-2023, driven in part by escalation of geopolitical tensions involving major producers Russia and Iran. Gold scaling record highs with haven demand a go-to-excuse amid geopolitical developments, while inflation-hedge buying and central bank demand also mentioned as drivers. At the same time, China slowdown concerns playing out elsewhere with iron ore and steel under pressure amid weaker demand outlook.

    • Presidents Biden and Xi held phone call Tuesday, marking first communication since their meeting in November. Call occurred against backdrop of escalation in tech and trade tensions. Xi took issue with US targeting of Chinese companies though Biden said actions would continue. Restoration of high-level dialogue has put a floor under US-Sino relations, though geopolitics still seen by global investors as a key tail risk.

  • Pre-open Company News:

    • 883.HK -- CNOOC releases ESG report 2023

    • 2362.HK -- DR Congo to renew Jinchuan Group International Resources' mining permit at Musonoi Project to 2039

    • 601888.CH -- China Tourism Group Duty Free appoints executive vice president Chang Zhujun as president, effective today

    • 7733.JP -- Olympus announces FDA clearance of RenaFlex single-use ureteroscope

    • 601888.CH -- China Tourism Group Duty Free chairman Wang Xuan steps down from president position, effective immediately

    • 1813.HK -- KWG Group Holdings reports March pre-sales value CNY1.07B, (72.2%) y/y

    • Italy Mar new passenger car registrations 162,083 units, (3.7%) y/y -- UNRAE

    • 7752.JP -- Ricoh Co. announces sale of eDiscovery Services business to Array, terms undisclosed

    • U9E.SP -- China Everbright Water releases 2023 sustainability report

    • 532720.IN -- Mahindra & Mahindra Financial Services reports March disbursement INR61.00B, +9% y/y

    • 601872.CH -- China Merchants Energy Shipping wins tender from QatarEnergy for long-term transportation agreement for six 174K cubic meter LNG carriers

    • 601158.CH -- Chongqing Water Group reports FY net income attributable CNY1.09B, (43%) vs year-ago CNY1.91B

    • 000961.CH -- Jiangsu Zhongnan Construction reports March contracted sales CNY1.93B, sales area 161K sq m

    • 500188.IN -- Hindustan Zinc reports Q4 mined metal production 299kt, (1%) y/y

  • Market Data:

    • Gold (Jun 24): +$20.30 or +0.89% to $2302.10

    • WTI Crude (May 24): +$0.35 or +0.41% to $85.50

    • $-¥: (0.11) or (0.07%) to 151.5620

    • $-KRW: (2.99) or (0.22%) to 1350.7300

    • A$-$: +0.00 or +0.34% to 0.6514

    • $-INR: (0.03) or (0.04%) to 83.3501

    • $-CNY: +0.00 or +0.02% to 7.2325

  • 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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