Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.97%), Hang Seng Futures closed, ASX SPI 200 (0.07%), S&P Futures +0.32%

May 01 ,2024

  • Synopsis:

    • Asia equities poised to open lower Thursday in light activity over the public holiday in most of the region. Futures in Japan and Australia traded weaker, mirroring US market volatility around the FOMC meeting. Hong Kong, South Korea and Taiwan set to resume trading, while mainland China remains offline for the rest of the week. US futures recovered somewhat after a softer cash close. Tech leads were somewhat mixed -- Big tech names were mostly higher along with Golden Dragon China index, though SOX fell sharply. Japan ADRs skewed to the sell side. Treasuries rallied across the curve. Dollar index was down 0.2%. Gold finished up 0.4%. Bitcoin futures were off 3.0%, pushing farther below $60K. WTI crude finished down 3.6%, settling below $80/barrel for first time since 13-Mar.

    • Fed left rates unchanged as expected and announced larger-than-expected reduction in Treasury runoff caps from $60B to $25B, starting in June. Powell's post-Fed press conference generated a short-lived afternoon boost, with some economists seeing comments as less hawkish than feared. Powell also addressed a couple of the market overhangs in recent days, reiterating patient Fed stance but playing down chances that next move would be a rate hike and pushed back on stagflation fears. No surprises from Treasury QRA with $125B refunding in line with estimates and buybacks to begin this month.

    • Yen volatility again attracted attention overnight, prompted by a brief spike in yen to 153 per dollar from the mid-157 range. Market suspected another round of FX intervention though FX policy chief Kanda again declined to confirm. Separately, press reported LDP considering tax breaks for repatriation of offshore corporate profits into yen as part of the government's mid-year policy blueprint compiled in the summer. Meanwhile, Japan corporate fundamentals improved with almost 70% of TSE Prime Market firms reporting higher profits for the year ended March, though FX uncertainty poses a risk to the outlook.

    • Regional macro calendar features BOJ minutes for the eventful March meeting, which will shed more light on the range of views discussed and set to be scrutinized for additional clues on the policy normalization trajectory. On data, South Korea CPI was marginally softer than expected as core inflation eased to the lowest since December 2021. South Korea PMI and Australia trade on deck though attention overshadowed by upcoming US payrolls with consensus at 230K and unemployment rate expected to remain steady at 3.8%. Preceding ADP payrolls came in above expectations in April with prior month revised up.

  • Pre-open Company News:

    • PSTX -- Astellas and Poseida Therapeutics enter into research collaboration and license agreement to develop novel allogeneic cell therapies in oncology

    • France Apr new passenger car registration +0.4% y/y (comparable working days) to 146,977 vehicles -- PFA

    • 005380.KS -- Hyundai Motor America reports April sales of 68,603 units vs year-ago 70,812 units

    • 9868.HK -- XPeng, Inc. delivers 9,393 vehicles in April, +33% y/y

    • 505200.IN -- Eicher Motors reports April total motorcycle sales (units)

    • ^CNPROP -- China to pause land sales in cities with destocking cycles of over 36 months (30-Apr post-close)

    • 500182.IN -- Hero MotoCorp reports April sales of motorcycles and scooters 533,585 vs StreetAccount 472,822 {7 estimates 450,000-515,000}

    • 175.HK -- Geely Automobile Holdings reports April sales volume 153,267 units, +39% y/y

    • 533278.IN -- Coal India reports April provisional coal production 61.8Mt vs year-ago 57.6Mt

    • 532508.IN -- Jindal Stainless forms stainless steel melt shop joint venture in Indonesia for INR7.16B

    • 543458.IN -- Adani Wilmar reports Q4 consolidated EPS INR1.21 vs year-ago INR0.72

    • 532343.IN -- TVS Motor reports April sales 383,615 units vs StreetAccount 349,967 units {6 estimates 326,500-370,000}

    • 500425.IN -- Ambuja Cements reports Q4 standalone EPS INR2.42 vs year-ago INR2.40

    • 532500.IN -- Maruti Suzuki India reports April sales 168,089 units vs StreetAccount 175,652 units

    • PAAS -- Pan American Silver to sell La Arena to Jinteng Mining for potential $295M

  • On Deck:

    • Japan:

      • Earnings:

        • Sumitomo (8053.JP), Japan Airlines Co. (9201.JP), Daito Trust Construction (1878.JP), Marubeni (8002.JP), Mitsubishi (8058.JP)

    • South Korea:

      • Economic:

        • 08:00 KST: CPI NSA Y/Y; consensus +3%

        • 08:00 KST: CPI M/M; consensus +0.2%

      • Earnings:

        • Doosan Enerbility (034020.KS), SK bioscience Co. (302440.KS), SKC Co. (011790.KS), NAVER (035420.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Trade Balance on Goods; consensus +A$7.7B

        • 11:30 AEST: Building Approvals SA M/M; consensus +3%

      • Earnings:

        • Helloworld Travel (HLO.AU), Macquarie Group (MQG.AU), Woolworths Group (WOW.AU)

    • India:

      • Earnings:

        • CEAT Ltd (500878.IN), KEI Industries (517569.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +3.1%

    • Taiwan:

      • Earnings:

        • Chunghwa Telecom (2412.TT), Nien Made Enterprise Co. (8464.TT)

    • Thailand:

      • Earnings:

        • i-Tail Corp. Public Co. (ITC.TB)

  • Market Data:

    • Gold (Jun 24): +$21.00 or +0.91% to $2332.00

    • WTI Crude (Jun 24): +$0.06 or +0.08% to $79.06

    • $-¥: (2.19) or (1.39%) to 155.5990

    • $-KRW: (9.24) or (0.67%) to 1376.6800

    • A$-$: +0.00 or +0.76% to 0.6522

    • $-INR: (0.09) or (0.10%) to 83.4064

    • $-CNY: (0.00) or (0.02%) to 7.2399

  • 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".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE