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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.33%), Hang Seng Futures +0.56%, ASX SPI 200 +0.50%, S&P Futures +0.07%

Apr 10 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Futures pointing to opening gains in Australia and Hong Kong, and mild decline in Japan. S&P 500 futures steady following a quiet offshore session ahead of US CPI. Australian and New Zealand bonds rallying after Treasury yields fell across the curve overnight. Dollar index little changed. Gold steady near record high. Crude flat following earlier pull back. Bitcoin down sharply following prior session's rally.

    • US CPI forecast to show moderation in core inflation. Data takes taking on added importance in light of recent concerns about dampened disinflation momentum, hawkish rate repricing and Fed officials voicing caution on rate cut timing. Lot of discussion about potential for post-CPI volatility with traders ramping up bearish Treasury positions while yen shorts remain elevated with 152-handle being eyed as potential intervention level.

    • Several other events on market's radar with March FOMC minutes scrutinized for commentary around SEP after policymakers left unchanged median projection for three rate cuts in 2024. RBNZ expected to leave OCR unchanged but greater interest will surround whether it relaxes its stance that rates need to remain restrictive. BOC also expected to hold with bigger focus on any softening of language that opens door to a June rate cut.

  • Pre-open Company News:

    • 601628.CH -- China Life Insurance reports Jan-Mar premium income of CNY337.6B, +3.2% y/y

    • 2880.TT -- Hua Nan Financial Holdings reports March PBT NT$2.058B; StreetAccount notes year-ago NT$2.30B

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 884.HK -- CIFI Holdings (Group) reports March contracted sales CNY4.18B; StreetAccount notes year-ago CNY8.30B

    • 7267.JP -- Honda Motor completes 27.7M-share buyback for ¥50.00B

    • TQ5.SP -- Frasers Property guides 1H net income attributable to decline significantly y/y

    • 3800.HK -- GCL Technology Holdings initiated recommend at Minsheng Securities (timing uncertain)

    • 601288.CH -- Agricultural Bank of China initiated buy at SWS Research (timing uncertain)

    • 9626.HK -- Bilibili releases sustainability report

    • MBS.VN -- MB Securities reports Q1 NPAT VND182.57B, +51% vs year-ago VND121.23B

    • 11.HK -- Hang Seng Bank to launch up-to-HK$3B buyback, to run between 10-Apr and 9-Sep

    • 9863.HK -- Zhejiang Leapmotor Technology initiated outperform at Haitong Securities (timing uncertain)

    • 300750.CH -- Contemporary Amperex Technology initiated overweight at Great Wall Securities (timing uncertain)

    • 600018.CH -- Shanghai International Port (Group) downgraded to outperform from buy at SWS Research (timing uncertain)

    • 1102.TT -- Asia Cement provides update on earthquake impact; no significant impact on business

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

      • Earnings:

        • Seven & i (3382.JP), AEON Co. (8267.JP), BELLSYSTEM24 Holdings (6183.JP), Kohnan Shoji (7516.JP), Life Corp. (8194.JP)

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus +6.6%

      • Earnings:

        • Nanya Technology (2408.TT)

  • Market Data:

    • Gold (Jun 24): +$8.60 or +0.36% to $2371.00

    • WTI Crude (May 24): +$0.08 or +0.09% to $85.31

    • $-¥: (0.08) or (0.06%) to 151.7110

    • $-KRW: (2.87) or (0.21%) to 1351.7600

    • A$-$: +0.00 or +0.40% to 0.6629

    • $-INR: (0.05) or (0.06%) to 83.2758

    • $-CNY: (0.00) or (0.01%) to 7.2305

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