Apr 07 ,2024
Synopsis:
Asian markets set for positive start to Monday trade. Futures pointing to opening gains in Japan, Hong Kong and Australia. S&P 500 futures up slightly after strengthening Friday following strong US jobs data. Australian and New Zealand bonds under pressure, tracking Friday's Treasury curve bear flattening. Dollar fluctuating against other currencies. Crude futures gapped lower after rallying last week to highest since Oct-2023. Gold futures also weaker after climbing to record high. Bitcoin flat.
Bond weakness the big story on global markets with yields propelled higher by a hotter-than-expected US payrolls report. Sticky inflation concerns have been fanned by surging oil prices and signs of US economic strength, which corresponded with hawkish-leaning Fedspeak that led markets to dial back 2024 rate cut expectations and price in risk of a delay to easing cycle.
Some attention will be on FX markets following recent dollar-driven volatility that led to another round Japan intervention threats with yen near 152 handle eyed as potential 'red line' for authorities. Yuan also in focus after it traded at bottom end of 2% trading band last week, underscoring lingering downward pressure. Monday's daily midpoint fixing likely to attract scrutiny for indications on authorities' tolerance for further weakness.
Pre-open Company News:
1877.HK -- Junshi Biopharma discloses approval of the new indication application of toripalimab for the first-line treatment of renal cell carcinoma
000963.CH -- Huadong Medicine announces approval of Mirvetuximab Soravtansine Injection clinical trials
603290.CH -- StarPower Semiconductor reports FY net income attributable CNY910.5M vs FactSet CNY923.5M [6 est, CNY901.5-953.8M]
539437.IN -- IDFC First Bank initiated buy at Jefferies
543384.IN -- FSN E-Commerce Ventures guides Q4 NSV and revenue growth to be high twenties y/y
^TTNASIA -- Yellen announces US-China talks on global growth balance:
8766.JP -- Tokio Marine Holdings downgraded to neutral from buy at SBI Securities Japan
541153.IN -- Bandhan Bank downgraded to underperform from buy at Jefferies
6544.JP -- Japan Elevator Service Holdings publishes 2023 sustainability report
047810.KS -- KOREA AEROSPACE INDUSTRIES initiated buy at HI Investment & Securities
2883.HK -- China Oilfield Services' progress announcement on suspension of operations on some drilling platforms
373220.KS -- Quick Take - LG Energy Solution preliminary Q1 earnings
531642.IN -- Marico upgraded to add from reduce at Emkay Research
000625.CH -- Chongqing Changan Automobile reports March vehicle production 254,350 units, +7.2% y/y
3092.JP -- ZOZO Inc downgraded to neutral from overweight at JPMorgan
On Deck:
China:
Economic:
08:00 CST: New Yuan Loans; consensus
08:00 CST: M2 NSA Y/Y; consensus +8.7%
08:00 CST: Loan Growth Y/Y; consensus
Japan:
Earnings:
Welcia Holdings (3141.JP), Create SD Holdings Co. (3148.JP)
Australia:
Economic:
11:30 AEST: Housing Finance SA M/M; consensus
Market Data:
Gold (Jun 24): ($14.90) or (0.64%) to $2330.50
WTI Crude (May 24): ($0.92) or (1.06%) to $85.99
$-¥: +0.05 or +0.04% to 151.6560
$-KRW: (1.00) or (0.07%) to 1350.2700
A$-$: (0.00) or (0.14%) to 0.6570
$-INR: (0.02) or (0.03%) to 83.2968
$-CNY: (0.00) or (0.02%) to 7.2314
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