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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.20%, Hang Seng Futures +0.75%, ASX SPI 200 +0.50%, S&P Futures +0.19%

Apr 03 ,2024

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Nikkei futures pointing to solid opening gains. ASX similarly higher in initial trade. S&P 500 futures flat afterhours following mildly positive offshore session. Greater China markets closed for Qinming Festival. Australian bonds rebounding with curve steepening while New Zealand rates up slightly, coming after Treasuries finished mixed overnight. Dollar index extended retreat following softer US ISM Services. Gold rallied to another record high while crude little changed near late-Oct 2023 high. Bitcoin range bound.

    • Fed Chair Powell reiterated need to wait for more confidence on inflation returning to target before easing, adding recent data has not materially changed overall picture and that Fed still on track for ease at some point this year. Echoed by Fed Governor Kugler, who was positive on disinflation trajectory and noted some rate cuts this this year likely appropriate. Earlier, Atlanta Fed's Bostic repeated his outlook for only one rate cut this year.

    • Softer-than-expected US ISM Services index attributed for stabilization in rates and pullback in dollar following this week's hawkish reaction to hot ISM manufacturing print. Services index also showed prices subcomponent fell to lowest since Mar-2020, contrasting with manufacturing index's price jump. Separate data showed stronger-than-expected ADP payrolls and rising pay growth, lending support to resilient growth/labor market backdrop.

    • PBOC Q1 report repeated pledge to implement prudent policies accurately and effectively and intensify implementation of existing policies. Reiterated intent to boost domestic demand, guide banks to boost lending to manufacturing firms for equipment upgrades and for consumers to trade-in household goods. Central bank officials have previously noted scope for additional RRR cuts, in-line with economist expectations for more liquidity support.

  • Pre-open Company News:

    • 600161.CH -- NMPA approves trial of Tiantan Biological unit's prothrombin complex concentrate for blood coagulator factor deficiencies

    • 600066.CH -- Yutong Bus reports March vehicle sales 3,549 units vs year-ago 2,390 units

    • 373220.KS -- StreetAccount Consensus Metrics Preview - LG Energy Solution Q1 Earnings

    • 300142.CH -- Walvax Biotechnology's phase III immunogenicity bridging clinical trial of RQ3033 vacine meets predetermined endpoints

    • 532488.IN -- Divi's Laboratories initiated accumulate at KRC Research

    • 5168.MK -- Hartalega Holdings upgraded to buy at UOB Kay Hian Securities (timing uncertain)

    • 3692.HK -- Hansoh Pharmaceutical Group receives NMPA approval for clinical trial of HS-10504 tablets for treatment of advanced non-small cell lung cancer

    • 2599.HK -- Shinsun Holdings (Group) reports March attributable contracted sales CNY305M; StreetAccount notes year-ago figure was CNY2.10B

    • 4568.JP -- Daiichi Sankyo doses first patient in REJOICE-Ovarian01 phase 2/3 trial of raludotatug deruxtecan in patients with platinum-resistant ovarian cancer

    • 601198.CH -- Dongxing Securities reports FY net income attributable CNY819.7M vs guidance CNY700.0-900.0M

    • ^IATA.LN -- IATA global air cargo demand (CTK) +11.9% in Feb

    • ^ESG -- StreetAccount ESG Headlines (3-Apr)

    • 6758.JP -- Sony completes up-to-¥200B buyback

    • 548.HK -- Shenzhen Expressway Corp. reports February Shenzhen toll revenue CNY199.3M; StreetAccount notes year-ago figure was CNY332.2M

    • 300142.CH -- Walvax Biotechnology completes 2-4M share buyback announced in Apr 2023

  • On Deck:

    • Japan:

      • Earnings:

        • Kusuri No Aoki Holdings (3549.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Building Approvals SA M/M; consensus +3%

    • Singapore:

      • Economic:

        • 08:00 SST: GDP NSA Y/Y (Preliminary); consensus +2.9%

  • Market Data:

    • Gold (Jun 24): +$5.80 or +0.25% to $2320.80

    • WTI Crude (May 24): +$0.22 or +0.26% to $85.65

    • $-¥: +0.04 or +0.03% to 151.6040

    • $-KRW: (7.40) or (0.55%) to 1344.4300

    • A$-$: +0.00 or +0.75% to 0.6567

    • $-INR: +0.11 or +0.14% to 83.4797

    • $-CNY: +0.00 or +0.01% to 7.2344

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