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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.97%), Hang Seng Futures (1.07%), ASX SPI 200 (1.20%), S&P Futures (0.27%)

Apr 30 ,2024

  • Synopsis:

    • Asia equities poised to open weaker Wednesday. Futures in Japan, Hong Kong and Australia traded notably lower. Japan ADRs skewed to the sell side. US contracts adding to sharp losses in the cash session. Tech leads lagged as Nasdaq underperformed S&P 500, SOX fell 1.94% and Golden Dragon China index dropped 3.23%. Treasuries fell across the curve. Dollar index rose 0.6%. Gold finished down 2.3%. Bitcoin futures off 4.6%. WTI crude settled down 0.8%, though ended off worst levels.

    • Attention on rates heightening ahead of the upcoming FOMC meeting. No policy change expected but markets awaiting further guidance from Powell following significant erosion in rate cut expectations priced in the market. Higher than expected Q1 ECI added to stubborn inflation signals and led to higher Treasury yields. Macro picture complicated by soft sentiment indicators with Chicago PMI notably weaker and consumer confidence dropping to the lowest in more than 18 months. Earnings a mixed bag ahead of some additional big tech reports this week.

    • China Politburo yesterday announced third plenum to convene in July after an extended delay from its usual timing of Q4 last year. Xinhua indicated discussions to be largely devoted to reforms. No change in macro narrative though Politburo reiterated main challenges including insufficient demand. Also continued to endorse flexible implementation of policy tools including policy rates and RRR. Elsewhere, markets continue to look for confirmation of yen intervention. BOJ liquidity projections point to a net drain of JPY7.56T ($48.2B) today, well beyond the JPY2T estimated by money brokers with two-day settlement reflecting developments from Monday.

    • Asia macro calendar lighter today with regional earnings season in full swing. RBNZ financial stability report noted global inflation easing though warned that new or persistent pressures could mean global rates remain restrictive for longer. Discussions on domestic environment focused on private sector debt vulnerabilities. Q1 unemployment rate was slightly above consensus with employment unexpectedly falling. Next focus on South Korea trade data, expected to show sharp acceleration in export growth in April. Follows notable beat in Q1 GDP though yesterday's March activity data were mostly soft, highlighted by the biggest drop in industrial production in 15 months.

  • Pre-open Company News:

    • 6601.HK -- Cheerwin Group releases ESG report 2023

    • ADVANC.TB -- Advanced Info Service Public reports Q1 net income THB8.45B vs FactSet THB7.05B [5 est, THB6.90-7.22B]

    • 3868.HK -- Xinyi Energy Holdings releases ESG report 2023

    • 1817.HK -- Mulsanne Group Holding releases sustainability report

    • 3931.HK -- CALB Group Co. releases 2023 ESG report

    • 300347.CH -- Hangzhou Tigermed Consulting releases sustainability report

    • StreetAccount Consensus Preview India Automobiles wholesale volumes Apr'24

    • 9501.JP -- Tokyo Electric Power Co. Holdings reports FY net income attributable ¥267.85B vs FactSet ¥254.98B [4 est, ¥218.80-285B]

    • 762.HK -- China Unicom (Hong Kong) releases ESG report

    • UD2.SP -- Japfa reports Q1 core PATMI without forex $13.4M vs year-ago ($37.9M)

    • 603517.CH -- Juewei Food downgraded to overweight from buy at Western Securities (timing uncertain)

    • 6088.HK -- FIT Hon Teng publishes 2023 ESG report

    • 033780.KS -- KT&G Corp upgraded to buy from neutral at UBS

    • 511243.IN -- Cholamandalam Investment & Finance reports Q4 standalone EPS INR12.57 vs FactSet INR11.78 [3 est, INR11.42-12.30]

    • 2329.HK -- Glory Health Industry releases ESG report 2023

  • On Deck:

    • Japan:

      • Earnings:

        • Sojitz (2768.JP), IBIDEN Co. (4062.JP), Taiyo Holdings (4626.JP), Mitsui & Co. (8031.JP)

    • South Korea:

      • Economic:

        • 11:00 KST: Trade Balance NSA; consensus +$2.6B

        • 11:00 KST: Import NSA Y/Y; consensus +6.7%

        • 11:00 KST: Export NSA Y/Y; consensus +14.4%

      • Earnings:

        • HYBE Co. (352820.KS)

    • New Zealand:

      • Economic:

        • 10:45 NZST: HLFS Employment SA Q/Q; consensus

        • 10:45 NZST: HLFS Unemployment Rate; consensus 4.3%

    • India:

      • Earnings:

        • Adani Wilmar (543458.IN)

  • Market Data:

    • Gold (Jun 24): ($0.10) or (0.00%) to $2302.80

    • WTI Crude (Jun 24): ($0.63) or (0.77%) to $81.30

    • $-¥: +1.39 or +0.89% to 157.7240

    • $-KRW: +7.51 or +0.55% to 1382.9000

    • A$-$: (0.01) or (1.38%) to 0.6476

    • $-INR: (0.04) or (0.05%) to 83.4984

    • $-CNY: +0.00 or +0.02% to 7.2407

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