Apr 28 ,2024
Synopsis:
Asian markets set for mixed start to Monday trade. Nikkei and ASX futures pointing to gains on the open while Hang Seng futures a touch weaker. S&P 500 futures up slightly after index broke streak of three straight weekly declines last week. Australian and New Zealand bonds strengthening after Treasury yields fell in wake of Friday's US PCE index. FX markets steady with dollar strongest against yen. Crude pulling back from Friday's highs. Gold flat. Bitcoin swinging lower.
Market concerns continue to center on hawkish repricing of Fed pivot expectations with only one rate cut now being priced in for 2024. Accompanied by ongoing backup in Treasury yields. Sticky inflation concerns fanned further by pickup in US core PCE index, while soft Q1 GDP has driven renewed stagflation discussions. That is playing into thoughts Fed will have no scope to ease at all in 2024.
Yen weakness the other big story after pace of declines accelerated following BOJ's hold decision Friday. Bearish yen positions have risen to record high with currency on cusp of record low against dollar, leaving traders on intervention watch as officials continue to reiterate readiness to act. However, also thoughts intervention more likely in response to disorderly moves rather than hitting a specific level.
In other developments, China industrial profit growth slowed in Q1 with profits shrinking in month of March amid steep declines in mining. Chengdu latest Chinese city to announce relaxation of homebuying restrictions. More reports detailing China's concerns over falling long-term yields. In corporate news, Bloomberg reported Elliot has built large stake in Sumitomo. BHP reportedly considering revised takeover offer for Anglo American.
Pre-open Company News:
600031.CH -- Sany Heavy Industry reports Q1 net income attributable CNY1.58B vs year-ago CNY1.51B
6762.JP -- TDK downgraded to underperform from buy at CLSA
000858.CH -- Wuliangye Yibin reports FY net income attributable CNY30.21B vs FactSet CNY30.28B [22 est, CNY29.37-31.53B]
300498.CH -- Wen's Foodstuff Group reports Q1 net income attributable (CNY1.24B) vs year-ago (CNY2.75B)
603233.CH -- DaShenLin Pharmaceutical Group reports FY net income attributable CNY1.17B vs FactSet CNY1.30B [5 est, CNY1.25-1.35B]
603833.CH -- Oppein Home Group downgraded to hold from buy at HSBC
543066.IN -- SBI Cards & Payment Services downgraded to reduce from hold at HSBC
000703.CH -- Hengyi Petrochemical reports Q1 net income attributable CNY413.7M vs year-ago CNY34.8M
603345.CH -- Anjoy Foods Group upgraded to underperform from sell at CLSA
006400.KS -- StreetAccount Consensus Metrics Preview - Samsung SDI Q1 Earnings
386.HK -- Sinopec (China Petroleum & Chemical) reports Q1 CAS net income attributable CNY18.32B vs year-ago CNY20.10B; FactSet CNY21.20B [1 est]
2162.HK -- Keymed Biosciences announces that the Phase III clinical trial of Stapokibart injection for the treatment of SAR achieved primary endpoints
6993.HK -- Blue Moon Group Holdings upgraded to outperform from hold at Daiwa
BEM.TB -- Bangkok Expressway & Metro Public initiated buy at Maybank Investment Bank
1299.HK -- AIA Group reports Q1 new business results: VONB $1.33B vs year-ago $1.05B; adds $2B to existing $10B share buy-back programme
On Deck:
China:
Earnings:
Yifeng Pharmacy Chain (603939.CH), GF Securities (000776.CH), Ganfeng Lithium Group (002460.CH), Ginlong Technologies (300763.CH), China Aerospace Times Electronics (600879.CH), China National Chemical Engineering (601117.CH), Guotai Junan Securities (601211.CH), Huatai Securities (601688.CH), Everbright Securities (601788.CH), JOINN Laboratories (603127.CH), Shenwan Hongyuan Group (000166.CH), Haier Smart Home (600690.CH), Orient Securities (600958.CH), Beijing United Information Technology (603613.CH), Beijing United Information Technology (603613.CH), Shanghai Flyco Electrical Appliance (603868.CH)
Hong Kong:
Earnings:
Zoomlion Heavy Industry Science & Technology (1157.HK), China Railway Construction (1186.HK), Agricultural Bank of China (1288.HK), China Maple Leaf Educational Systems (1317.HK), People's Insurance Co. (Group) of China (1339.HK), Industrial & Commercial Bank of China (1398.HK), Metallurgical Corp. of China (1618.HK), Postal Savings Bank of China (1658.HK), Tsingtao Brewery (168.HK), Shanghai Junshi Biosciences (1877.HK), COSCO SHIPPING Holdings (1919.HK), China Chunlai Education Group (1969.HK), China Minsheng Banking (1988.HK), China Zheshang Bank (2016.HK), Fosun Pharma (2196.HK), China Vanke (2202.HK), BOC Hong Kong (Holdings) (2388.HK), Shanghai Electric Group (2727.HK), China Railway Group (390.HK), China International Capital (3908.HK), CMOC Group (3993.HK), China Energy Engineering (3996.HK), Guangshen Railway (525.HK), CSC Financial (6066.HK), CanSino Biologics (6185.HK), China Eastern Airlines (670.HK), China Everbright Bank (6818.HK), Flat Glass Group (6865.HK), Yangtze Optical Fibre & Cable Joint Stock (6869.HK), China Galaxy Securities (6881.HK), PetroChina (857.HK), China Construction Bank (939.HK), Sinotrans (598.HK), Dongfang Electric (1072.HK), BYD Co. Ltd. (1211.HK), New China Life Insurance (1336.HK), Guolian Securities (1456.HK), Xinte Energy (1799.HK), China Kepei Education Group (1890.HK), China International Marine Containers (Group) (2039.HK), PICC Property & Casualty (2328.HK), Weichai Power (2338.HK), BYD Electronic (International) (285.HK), COSCO SHIPPING Development (2866.HK), China National Building Material (3323.HK), China Merchants Bank (3968.HK), Asia Cement (China) Holdings (743.HK), China CITIC Bank (998.HK)
South Korea:
Earnings:
Samsung Electro-Mechanics Co. (009150.KS), Doosan Bobcat (241560.KS), Sk Ie Technology Co. (361610.KS), Samsung Electronics (005930.KS), Samsung SDI (006400.KS)
Australia:
Earnings:
Bathurst Resources (BRL.AU), Megaport (MP1.AU), Stockland (SGP.AU), Coles Group (COL.AU), Coronado Global Resources (CRN.AU)
India:
Earnings:
UltraTech Cement (532538.IN), KPIT Technologies (542651.IN), UCO Bank (532505.IN), KFin Technologies (543720.IN)
Singapore:
Earnings:
Wilmar International (F34.SP), Starhill Global REIT (P40U.SP), IREIT Global (UD1U.SP)
Philippines:
Earnings:
Manila Electric (MER.PM)
Market Data:
Gold (Jun 24): +$0.30 or +0.01% to $2347.50
WTI Crude (Jun 24): ($0.50) or (0.60%) to $83.35
$-¥: +0.12 or +0.08% to 158.2390
$-KRW: (0.58) or (0.04%) to 1377.0900
A$-$: (0.00) or (0.08%) to 0.6538
$-INR: +0.00 or +0.00% to 83.4035
$-CNY: (0.00) or (0.02%) to 7.2446
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