Apr 14 ,2024
Synopsis:
Asian markets set for negative start to Monday trade. Futures pointing to steep opening declines in Japan and Hong Kong. ASX futures also lower. S&P 500 futures gaining following Friday's risk-off session attributed to geopolitical tensions. Australian and New Zealand bonds rallying after Treasuries firmed on Friday. Dollar weakening against FX risk proxies, steady elsewhere. Gold futures have gapped higher while crude little changed. Bitcoin recovering after selling off heavily on weekend in response to Iranian missile strike at Israel.
Markets dealing with fallout from Iranian missile and drone assault against Israel. Nearly all projectiles intercepted by Israel and its allies with no reports of casualties. Iran later said matter concluded, helping to allay concerns of triggering full-blown conflict. Situation remains fluid with Israel vowing to respond, though also reportedly not looking to significantly escalate situation. President Biden also said US would not participate in any attack on Iran.
PBOC expected to leave MLF rate unchanged while rolling over CNY170B of maturing funds. While economists continue to expect additional easing to support economy, yuan depreciation pressures seen limiting scope for policy rate cuts. PBOC still seen favoring reductions to RRR but also thoughts ample liquidity obviates need for near-term injection. However, situation expected to change as expected ramp in sovereign issuance increases pressure to offset impact on liquidity..
Pre-open Company News:
2330.TT -- StreetAccount Consensus Metrics Preview - Taiwan Semiconductor Q1 Earnings
688065.CH -- Cathay Biotech reports preliminary Q1 net income attributable CNY94-115M vs year-ago CNY57.4M
1818.HK -- Zhaojin Mining Industry 132M-share secondary to be priced at HK$13.20/sh through UBS and Huatai International
^TTNASIA -- Middle East tensions intensify after Iran fires barrage of missiles and drones at Israel:
TIE.AU -- Zhaojin Capital declares takeover offer for Tietto Minerals free of defeating conditions
526299.IN -- Mphasis announces strategic collaboration with AWS to launch Gen AI Foundry for financial services
TIE.AU -- Zhaojin Capital increases offer price for Tietto Minerals to A$0.68/sh from A$0.58/sh; declares offer best and final
2379.JP -- DIP Corp upgraded to underperform from sell at CLSA
BNP.FP -- BNP Paribas signs an agreement with the Fosun Group for the repurchase of its stake in ageas
656.HK -- Fosun International announces transaction in relation to the disposal of shares of Ageas
4307.JP -- Nomura Research Institute initiated neutral at Tokai Tokyo
S51.SP -- Seatrium signs non-binding MoU with Shell to explore opportunities in Floating Production Systems
2379.TT -- StreetAccount Consensus Metrics Preview - Realtek Semiconductor Q1 Earnings
AGS.BB -- Ageas acknowledges BNP Paribas as shareholder
1765.HK -- XJ International Holdings Co. releases supplemental announcement in relation to winding-up petition
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Japan:
Economic:
08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +0.6%
13:30 JST: Retail Sales NSA Y/Y (Final); consensus
Earnings:
J. FRONT RETAILING Co. (3086.JP), Toho Co (9602.JP)
Singapore:
Earnings:
Sabana Industrial Real Estate Investment Trust (M1GU.SP)
Philippines:
Earnings:
Emperador (EMI.PM)
Market Data:
Gold (Jun 24): +$0.70 or +0.03% to $2374.80
WTI Crude (May 24): ($0.10) or (0.12%) to $85.56
$-¥: +0.02 or +0.01% to 153.2410
$-KRW: (1.12) or (0.08%) to 1379.6000
A$-$: (0.00) or (0.07%) to 0.6476
$-INR: (0.00) or (0.00%) to 83.6111
$-CNY: (0.00) or (0.02%) to 7.2356
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