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StreetAccount Summary - Asian Market Preview: Nikkei Futures (1.01%), Hang Seng Futures (0.38%), ASX SPI 200 (0.75%), S&P Futures (0.61%)

Apr 24 ,2024

  • Synopsis:

    • Asia equities poised to open softer Thursday. Futures in Japan and Hong Kong traded near session lows. Australia closed for Anzac Day. Markets were weighed down by notable weakness in US contracts in reaction to disappointing Meta guidance after hours. Subsequent underperformance in Nasdaq vs S&P 500 futures apt to overshadow positive tech leads from gains in SOX and Golden Dragon China index. Treasuries were weaker with curve steepening as the 5y auction was met with weak demand. Dollar index up 0.1%. Gold finished down 0.2%. Bitcoin futures down 3.4%. WTI crude settled down 0.7%.

    • Meta (META) guided Q2 revenue at $36.5-39B with midpoint below FactSet consensus $38.25B and flagged higher expenses for the year. Cash session was generally devoid of direction amid a combination of mixed earnings, caution towards macro data that have so far reinforced the higher-for-longer rates theme, as well as the ongoing respite in Middle East escalations. Treasuries also in focus after the 5-year action tailed with some uncertainty about demand for Thursday's 7-year auction before quarterly refunding and FOMC meeting next week. Upcoming US GDP and PCE broadly highlighted as the main risk events.

    • Regional attention remains of FX as yen broke into 155 vs dollar to mark a fresh 34-year low and entering the range expected to prompt MOF intervention. Anticipation growing also after Japan and South Korean officials declared the trilateral finance meeting with US laid the groundwork for a policy response. Pressure to act also mounting with speculative yen shorts remaining large and corporates calling for relief. FX theme pervading into BOJ policy as the MPM begins today. Some thoughts BOJ could be compelled to respond given USD/JPY anchored by wide rate differentials, but latest previews indicate board members would only discuss the topic with policy widely expected to remain unchanged so soon after the March decisions.

  • Pre-open Company News:

    • 4519.JP -- Chugai Pharmaceutical reports Q1 core net income ¥75.96B vs FactSet ¥71.53B

    • 601966.CH -- Shandong Linglong Tyre publishes 2023 ESG report

    • 520.HK -- Xiabuxiabu Catering Management (China) Holdings releases sustainability report

    • 316.HK -- Orient Overseas (International) releases sustainability report

    • 3933.HK -- United Laboratories International's amoxicillin clavulanate potassium passes NMPA's consistency evaluation for generic drugs

    • 603338.CH -- Zhejiang Dingli Machinery reports FY net income attributable CNY1.87B vs FactSet CNY1.80B [9 est, CNY1.56-1.86B]

    • 543243.IN -- Follow-up: Equitas Small Finance Bank reports Q4 Net interest income INR7.86B vs FactSet INR8.15B

    • 540611.IN -- AU Small Finance Bank reports Q4 EPS INR5.52 vs FactSet INR5.68 [4 est, INR5.20-6.20]

    • 921.HK -- Hisense Home Appliances Group Co. releases ESG report 2023

    • 300896.CH -- IMEIK Technology Development reports Q1 net income attributable CNY527.4M vs FactSet CNY539.8M [1 est]

    • 542216.IN -- Dalmia Bharat reports Q4 consolidated EPS INR16.79 vs FactSet INR13.44 [9 est, INR7.47-20.20]

    • 300866.CH -- Anker Innovations Technology reports FY net income attributable CNY1.62B vs FactSet CNY1.66B [8 est, CNY1.60-1.73B]

    • 603456.CH -- Zhejiang Jiuzhou Pharmaceutical reports Q1 net income attributable CNY236.8M vs year-ago CNY280.7M

    • DCRU.SP -- Digital Core REIT Q1 business update: distributable income attributable to unitholders $10.6M vs year-ago $10.9M

    • SCC.TB -- The Siam Cement Public reports Q1 net income attributable THB2.43B vs FactSet THB2.10B [7 est, THB1.70-2.52B]

  • On Deck:

    • China:

      • Earnings:

        • Asymchem Laboratories (Tianjin) (002821.CH), Hangzhou Tigermed Consulting (300347.CH), Pharmaron Beijing (300759.CH), Trina Solar (688599.CH), Shandong Hualu-Hengsheng Chemical (600426.CH)

    • Hong Kong:

      • Earnings:

        • Aluminum Corp. of China (2600.HK), Zhuzhou CRRC Times Electric (3898.HK), ZTE (763.HK), CNOOC (883.HK), China Longyuan Power Group (916.HK), China Suntien Green Energy (956.HK), Guangdong Investment (270.HK)

    • Japan:

      • Economic:

        • 14:00 JST: Leading Index (Final); consensus

      • Earnings:

        • Nomura Real Estate Holdings (3231.JP), Shin-Etsu Chemical (4063.JP), Nomura Research Institute (4307.JP), Astellas Pharma (4503.JP), Daiichi Sankyo (4568.JP), Fuji Electric Co. (6504.JP), Fujitsu (6702.JP), Renesas Electronics (6723.JP), Hino Motors (7205.JP), Daiwa Securities (8601.JP), Hulic Co. (3003.JP), MonotaRO (3064.JP), ZEON Corp (4205.JP), MARUWA (5344.JP), ARE Holdings (5857.JP), DISCO Corp (6146.JP), Anritsu (6754.JP), KEYENCE (6861.JP), Shinko Electric Industries (6967.JP), Koito Manufacturing (7276.JP), Matsui Securities Co. (8628.JP), Monex Group (8698.JP), Tokyo Gas Co. (9531.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: GDP NSA Y/Y (Preliminary); consensus +2.4%

      • Earnings:

        • SK Hynix (000660.KS), POSCO Future M Co. (003670.KS), Hyundai Motor (005380.KS), POSCO (005490.KS), HD Korea Shipbuilding & Offshore Engineering Co. (009540.KS), HANWHA SOLUTIONS (009830.KS), SAMSUNG SDS CO. (018260.KS), Samsung E&A Co. (028050.KS), LG Display (034220.KS), LG H&H (051900.KS), LG Electronics (066570.KS), KB Financial (105560.KS), HD Hyundai Heavy Industries Co. (329180.KS), GS Engineering & Construction (006360.KS), S-Oil Corp (010950.KS), Hyundai Mobis (012330.KS), Samsung Card Co. (029780.KS)

    • India:

      • Earnings:

        • Bajaj Finance (500034.IN), IndusInd Bank (532187.IN), Tata Teleservices (Maharashtra) (532371.IN), Schaeffler India (505790.IN), Coromandel International (506395.IN), Mphasis (526299.IN)

    • Malaysia:

      • Economic:

        • 00:00 EST: CPI NSA Y/Y; consensus +2.1%

    • Singapore:

      • Earnings:

        • Suntec Real Estate Investment Trust (T82U.SP), iFAST Corp. (AIY.SP), Digital Core REIT (DCRU.SP), Mapletree Industrial Trust (ME8U.SP)

    • Thailand:

      • Earnings:

        • PTT Exploration & Production (PTTEP.TB)

  • Market Data:

    • Gold (Jun 24): ($10.50) or (0.45%) to $2327.90

    • WTI Crude (Jun 24): ($0.01) or (0.01%) to $82.80

    • $-¥: +0.43 or +0.28% to 155.2530

    • $-KRW: +0.77 or +0.06% to 1374.5700

    • A$-$: +0.00 or +0.14% to 0.6496

    • $-INR: +0.06 or +0.07% to 83.3387

    • $-CNY: (0.00) or (0.02%) to 7.2445

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