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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.85%), Hang Seng Futures 0.00%, ASX SPI 200 (0.69%), S&P Futures +0.13%

Apr 04 ,2024

  • Synopsis:

    • Asian markets set for negative start to Friday trade. Futures pointing to opening losses in Japan as ASX retreats in initial trade. US contracts marginally higher after S&P 500 logged its worst session since mid-Feb. Hang Seng resumes trade while mainland China remains shut for Qingming Festival. Australian and New Zealand yields bull flattening, tracking overnight Treasury rally. Dollar index recovered after falling to two-week low. Crude hit fresh six-month high amid Middle East tensions. Gold flat. Bitcoin rallied though has come off earlier highs.

    • Risk off attributed to ramp in Middle East fighting amid concerns of wider conflict after Iran vowed retaliation for Israel strike on its Syrian embassy. Media reports Iran response could involve strikes inside Israel, forcing latter to respond. Geopolitical tensions have largely been ignored by markets though latest developments have tied into oil's rally to six-month high, which has fanned concerns it will slow pace of disinflation momentum.

    • Latest Fedspeak leaned hawkish. Richmond Fed's Barkin (voter) noted recent inflation data little less encouraging, adding Fed has time before cutting rates. Cleveland Fed's Mester (voter) still believes rate cut this year appropriate but disinflation not as strong as last year. Among the non-voters, Minneapolis Fed's Kashkari said possible no rate cuts this year if inflation progress stalls, while Philadelphia Fed's Harker said inflation too high.

    • BOJ Governor Ueda told Asahi follow-up rate hike will be considered if there is more certainty on achieving inflation target. Ueda's comments come as yen fluctuates just below 152-per dollar handle seen by some as potential intervention level. Ueda repeated yen weakness could factor into rate decision if it fuels import inflation. This week's hawkish Fed rate repricing and accompanying Treasury selloff has focused more attention on US-Japan yield gap that has been blamed for keeping yen under pressure.

  • Pre-open Company News:

    • 6888.MK -- Axiata Group subsidiary to divest 87.5% stake in EDOTCO Investments Singapore for total cash consideration ~$150M (MYR713M)

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 9401.JP -- TBS Holdings to sell investment securities; ¥8.40B extraordinary gain to be recorded in FY25

    • ADCT -- ADC Therapeutics announces updates on LOTIS-7 clinical trial evaluating ZYNLONTA in combination with glofitamab or mosunetuzumab in patients with r/r B-NHL

    • MBS.VN -- MB Securities targets 2024 revenue VND2.79T vs year-ago VND1.83T

    • 500180.IN -- CORRECTION: HDFC Bank reports advances as at 31-Mar INR25.080T, +1.6% q/q vs FactSet INR25.402T

    • 541153.IN -- Bandhan Bank reports total loans and advances (incl. on book, off book, TLTRO and PTC) as at 31-Mar INR1.286T vs quarter-ago INR1.159T

    • Japan January electronics exports ¥927.48B, +7.9% y/y

    • 532187.IN -- IndusInd Bank reports Q4 net advances INR3.429T vs quarter-ago INR3.271T

    • 3289.JP -- Tokyu Fudosan downgraded to 2-neutral from 1-outperform at SMBC Nikko

    • 524715.IN -- FDA approves efficacy supplement for Ilumya (tildrakizumab)

    • AOT.TB -- Airports of Thailand Public Co. initiated outperform at CLSA

    • ^ESG -- StreetAccount ESG Headlines (4-Apr)

    • 7936.JP -- ASICS Corp downgraded to outperform from buy at CLSA

    • C07.SP -- Jardine Cycle & Carriage upgraded to buy from hold at HSBC

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

      • Earnings:

        • YASKAWA Electric (6506.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus

        • 11:30 AEST: Trade Balance on Goods; consensus

    • Singapore:

      • Economic:

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

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus (0.3%)

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +3.7%

  • Market Data:

    • Gold (Jun 24): +$0.60 or +0.03% to $2309.10

    • WTI Crude (May 24): +$0.40 or +0.46% to $86.99

    • $-¥: (0.45) or (0.30%) to 151.2320

    • $-KRW: +3.42 or +0.25% to 1348.9100

    • A$-$: +0.00 or +0.40% to 0.6588

    • $-INR: (0.00) or (0.00%) to 83.4788

    • $-CNY: (0.00) or (0.01%) to 7.2340

  • 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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