Apr 18 ,2024
Synopsis:
Asian markets set for negative start to Friday trade. Nikkei, Hang Seng and ASX futures all signaling declines on the open. Nasdaq futures weighed down by 5% afterhours fall in NFLX. Australian and New Zealand bonds under pressure, tracking earlier Treasury yield backup. FX markets steady after dollar rebounded. Gold and crude little changed. Bitcoin came off lows but remains well down for the week.
Echoing prior remarks, BOJ Governor Ueda said rate hike may be warranted if yen's declines significantly push up inflation. Yen intervention speculation continues, though absence of action following currency's drop beyond 152-per dollar has led traders to revise down level that could prompt intervention. Some eyeing 160 or 170-per dollar as next milestone, though accompanied by thoughts velocity of the move likely to be bigger factor in any intervention decision.
Markets continue to pare back Fed easing expectations with future pricing in 1-2 cuts and first now not anticipated until September. Sticky inflation concerns accompanied by hawkish-leaning Fedspeak that is pivoting back to higher for longer messaging. Atlanta Fed's Bostic and NY Fed's Williams echoed 'no rush' mantra with Minneapolis Fed's Kashkari flagging possibility of no cuts at all in 2024. Some talk now also about outside possibility of further tightening.
In other developments, NFLX recorded strong net subs beat but quarterly revenue forecast underwhelmed. Japan nationwide core inflation fell by more than expected. NY Times reported Sony considering joint proposal to acquire Paramount Global. Indian elections begin today with process to last more than six weeks and expected to see PM Modi's BJP win another term.
Pre-open Company News:
1302.HK -- LifeTech Scientific releases sustainability report
2869.HK -- Greentown Service Group initiated buy at Kaiyuan Securities (timing uncertain)
^ESG -- StreetAccount ESG Headlines (18-Apr)
1888.HK -- Kingboard Laminates Holdings releases sustainability report
601699.CH -- Shanxi Lu'an Environmental Energy Development confirms preliminary FY results, as reported on 22-Mar
601668.CH -- China State Construction Engineering Corp. reports FY net income attributable CNY54.26B vs FactSet CNY54.54B [8 est, CNY52.05-58.57B]
1836.HK -- Stella International Holdings reports Q1 revenue $338.4M, +19% vs year-ago $284.6M
540777.IN -- HDFC Life Insurance reports Q4 standalone EPS INR1.91 vs year-ago INR1.68
600309.CH -- Wanhua Chemical Group reports Q1 net income attributable CNY4.16B vs year-ago CNY4.05B; FactSet CNY5.16B [1 est]
603605.CH -- Proya Cosmetics reports Q1 operational data
1171.HK -- Yankuang Energy Group reports Q1 saleable coal production (ten kilotonnes) 3,463 vs year-ago 3,001
532977.IN -- Bajaj Auto reports Q4 standalone EPS INR68.50 vs StreetAccount INR64.97
601668.CH -- China State Construction Engineering Corp. appoints Huang Jie as CFO
2330.TT -- Follow-up: Taiwan Semiconductor guides Q2 revenue $19.6-20.4B vs FactSet $19.08B [28 est, $18.09-19.69B] -conf call
600276.CH -- NMPA approves Jiangsu Hengrui Pharmaceuticals' HRS2398 to clinical trial
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
China Unicom (Hong Kong) (762.HK), China Tower (788.HK)
Japan:
Economic:
08:30 JST: CPI National Y/Y; consensus +2.8%
08:30 JST: CPI Core National Y/Y; consensus
08:30 JST: CPI ex-Fresh Food and Energy; consensus +2.8%
Australia:
Earnings:
BHP Group (BHP.AU), COG Financial Services (COG.AU), Woodside Energy Group (WDS.AU)
New Zealand:
Earnings:
Manawa Energy (MNW.NZ)
India:
Earnings:
HDFC Asset Management (541729.IN)
Singapore:
Earnings:
CapitaLand Integrated Commercial Trust (C38U.SP)
Thailand:
Earnings:
TMBThanachart Bank Public Co. (TTB.TB)
Market Data:
Gold (Jun 24): ($2.40) or (0.10%) to $2395.60
WTI Crude (May 24): ($0.16) or (0.19%) to $82.57
$-¥: +0.23 or +0.15% to 154.6100
$-KRW: (0.40) or (0.03%) to 1379.7100
A$-$: (0.00) or (0.22%) to 0.6421
$-INR: (0.09) or (0.11%) to 83.5450
$-CNY: (0.00) or (0.03%) to 7.2367
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