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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.36%), Hang Seng Futures (0.45%), ASX SPI 200 +0.26%, S&P Futures +0.05%

Apr 17 ,2024

  • Synopsis:

    • Asian markets set for negative start to Thursday trade. Nikkei and Hang Seng futures signaling mild opening declines while ASX futures marginally higher. S&P 500 futures flat after index logged fourth straight drop for first time since early January. Australian and New Zealand bonds rallying following earlier Treasury curve bull flattening. Dollar index edged back from five-month high though yen remains near troughs, prompting more Japan verbal intervention. Crude sold off with gold also retreating. Bitcoin down to late February lows.

    • Sentiment remains weighed down by hawkish repricing of Fed rate path with futures now only pricing in 1-2 rate cuts in 2024. Comes amid pickup in inflation concerns, reflecting sticky services components and input cost pressures from surging commodity prices. This has been accompanied by increasingly hawkish-leaning Fedspeak with Chair Powell this week conceding uncertainty whether rate cuts will happen this year.

    • US-China trade tensions notched higher after President Biden proposed hiking tariffs on Chinese steel and aluminum to 25% from current 7.5%. Potential for more tariffs with administration launching probe into Chinese shipbuilding, maritime and logistics sectors. USTR Tai also called for decisive action to project local EV sector, again taking aim at China's anti-competitive practices. Meanwhile Congress moving to fast track TikTok 'sale or ban' legislation.

    • Middle East remains on tenterhooks as markets await Israeli response to Iranian missile barrage. Reports noted Israel considered retaliatory strike Monday but decided to postpone for operational reasons. While western nations urging Israeli restraint, PM Netanyahu Israel would make its own decisions. Analysts gaming out possible scenarios for oil, though some thought crude's recent pullback suggests markets discounting likelihood of full-blown conflict.

    • Australian employment data comes after February's unexpected jobs surge was put down to one-off factors. Data forecast to show sharp pullback in headline jobs growth and 0.2 pp uptick in unemployment rate (that would still leave jobless rate tracking below RBA's H1 forecast). Economists have argued RBA rate cuts hinge on material loosening of labor market. Futures have pushed out expected rate cut timing to Mar-2025 from Nov earlier this month.

  • Pre-open Company News:

    • 055550.KS -- StreetAccount Consensus Metrics Preview - Shinhan Financial Q1 Earnings

    • 086790.KS -- StreetAccount Consensus Metrics Preview - Hana Financial Q1 Earnings

    • 493.HK -- GOME Retail's Shanghai listco GOME Telecom Equipment accused of inflating revenue in FY20

    • 2020.HK -- ANTA Sports Products reports Q1 operational update

    • 9868.HK -- XPeng, Inc. releases ESG report

    • 500425.IN -- Adani family infuses INR83.39B into Ambuja Cements, increasing stake by 3.6% to 70.3%

    • EB5.SP -- First Resources responds to Gecko Project's March news report, reiterates no relationship with CAA, NBA/Sulaidy Group; to conduct internal investigation

    • 603019.CH -- Dawning Information Industry confirms FY prelim. results announced on 23-Feb

    • 867.HK -- China Medical System Holdings releases ESG report 2023

    • 4004.JP -- Quick Take - Resonac Holdings FY Guidance revisions

    • 874.HK -- Guangzhou Baiyunshan Pharmaceutical Holdings receives NMPA marketing approval for sildenafil citrate chemical API for treatment of erectile dysfunction

    • 1199.HK -- COSCO SHIPPING Ports releases sustainability report 2023

    • 301219.CH -- Tengyuan Cobalt reports FY net income attributable CNY378.1M vs year-ago CNY274.5M

    • 530019.IN -- Jubilant Cadista to close manufacturing operations of solid dosage formulation facility at Salisbury, Maryland

    • 522.HK -- ASMPT initiated outperform at CLSA

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

    • Hong Kong:

      • Earnings:

        • Pacific Basin Shipping (2343.HK)

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus 3.9%

        • 11:30 AEST: Employment SA; consensus +5K

      • Earnings:

        • Santos (STO.AU), Challenger (CGF.AU), Growthpoint Properties Australia (GOZ.AU)

    • India:

      • Earnings:

        • HDFC Life Insurance (540777.IN)

    • Taiwan:

      • Earnings:

        • Yageo (2327.TT), Taiwan Semiconductor (2330.TT)

  • Market Data:

    • Gold (Jun 24): ($6.70) or (0.28%) to $2381.70

    • WTI Crude (May 24): +$0.09 or +0.11% to $82.78

    • $-¥: (0.42) or (0.27%) to 154.2770

    • $-KRW: (13.08) or (0.94%) to 1376.8700

    • A$-$: +0.00 or +0.58% to 0.6437

    • $-INR: (0.05) or (0.06%) to 83.5951

    • $-CNY: 0.00 or 0.00% to 7.2374

  • 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".

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