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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.86%, Hang Seng Futures +0.27%, ASX SPI 200 +0.49%, S&P Futures +0.12%

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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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.
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