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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.68%), Hang Seng Futures +1.90%, ASX SPI 200 +0.46%, S&P Futures +0.28%

May 02 ,2024

  • Synopsis:

    • Asia equities poised to open higher Friday. Futures in Hong Kong rose sharply, followed by moderate gains in Australia. Japan heads into Golden Week today with markets closed until next Tuesday. Mainland China remains offline. US contracts extended solid cash session gains. Tech leads broadly positive with Nasdaq notably outperforming S&P 500, SOX sharply higher, while Golden Dragon China index rallied. Treasuries were firmer with curve steepening. Dollar index ended down 0.3%. Gold finished down 0.1%. Bitcoin futures were up 4.0% but still down sharply WTD. WTI crude finished down 0.1%.

    • Strength in big tech was the highlight by the end of the US session as after-hours Apple (AAPL) earnings were better than expected and included dividend hike/buyback. However, revenues still fell on the year, mainly driven by Asia, as iPhone sales missed. Broader support to sentiment generally put down to latest Fed guidance offering reassurance a rate hike is unlikely despite resilient data and elevated inflation. Corporate fundamentals remain supportive with earnings beat metrics solid and 2024 consensus holding steady though reactions to headline surprises skewed to the cautious side.

    • Regional attention on FX remains elevated. BOJ money market estimates pointed to potential intervention operation of ~JPY3T ($19.5B) Thursday following the FOMC meeting. Compares with ~JPY5T Monday. Yen has strengthened back towards Thursday's peak in the 153 range vs dollar after having retraced most of the initial strength. Markets seen to be capitulating under broadening evidence of government participation. Direction also aided by successive declines in Treasury yields. Elsewhere, China Golden Week spending patterns remain on the radar with press noting sharp declines in airfares point to ongoing consumer frugality that was evident during the Lunar New Year.

    • Looking ahead, attention turns to US nonfarm payrolls with consensus looking for 233K, marking the slowest growth since November, while unemployment rate seen steady at 3.8%. Regional macro finishes the week on quiet note with no top-tier economic data on the calendar amid holidays in China and Japan. Asia risk events to come next week featuring RBA meeting Tuesday and China trade/monetary/inflation data slated for later in the week.

  • Pre-open Company News:

    • SGR.AU -- Queensland's Attorney-General clears Chow Tai Fook Enterprises of unsuitability for Star Brisbane Casino project

    • PLC.VN -- Petrolimex Petrochemical reports Q1 net income attributable VND15.32B vs year-ago VND33.25B

    • 500096.IN -- Dabur India reports Q4 consolidated EPS INR1.97 vs FactSet INR2.05 [12 est, INR1.80-2.40]

    • 533278.IN -- Coal India reports Q4 consolidated net income INR86.40B vs FactSet INR79.56B [8 est, INR54.36-109B]

    • PGS.VN -- Southern Gas Trading reports Q1 net income VND28.50B, (14%) vs year-ago VND33.07B

    • TNG.VN -- TNG Investment & Trading reports Q1 net income VND41.88B, (4%) vs year-ago VND43.64B

    • DDG.VN -- Indochine Import Export Investment Industrial reports Q1 net income VND5.01B vs year-ago VND197.9M

    • 532541.IN -- Coforge reports Q4 consolidated basic EPS INR36.21 vs StreetAccount INR44.14

    • 3563.JP -- Food & Life Companies reports April same-store sales +8.1% y/y

    • 012450.KS -- HANWHA AEROSPACE Co. launches aviation engine leasing and trading unit

    • FCEL -- FuelCell, Toyota Motor N.America open first "Tri-gen" system in CA using biogas to produce energy

    • 512599.IN -- Adani Enterprises reports Q4 consolidated EPS cont ops INR3.48 vs year-ago INR6.45

    • 1476.TT -- Eclat Textile VP of finance and accounting Jen-Chieh Roger Lo to retire, effective 15-Jul

    • 532331.IN -- Ajanta Pharma reports Q4 consolidated EPS INR16.09 vs FactSet INR13.27 [3 est, INR11.70-14.40]; board approves buyback

    • 524804.IN -- Aurobindo Pharma subsidiary acquires remaining 52% stake in Purple Bellflower JV for INR119.0M (ZAR26.5M) in cash

  • On Deck:

    • South Korea:

      • Earnings:

        • NAVER (035420.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

    • India:

      • Earnings:

        • Titan (500114.IN), Godrej Properties (533150.IN), Britannia Industries (500825.IN), Carborundum Universal (513375.IN), Adani Green Energy (541450.IN)

    • Singapore:

      • Earnings:

        • Keppel Infrastructure Trust (A7RU.SP), Keppel Infrastructure Trust (A7RU.SP), ARA US Hospitality Trust (XZL.SP)

    • Taiwan:

      • Earnings:

        • Nan Ya Printed Circuit Board (8046.TT)

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus

    • Philippines:

      • Earnings:

        • Robinsons Land (RLC.PM), Universal Robina (URC.PM)

  • Market Data:

    • Gold (Jun 24): +$2.90 or +0.13% to $2312.50

    • WTI Crude (Jun 24): +$0.24 or +0.30% to $79.19

    • $-¥: (1.59) or (1.03%) to 152.9540

    • $-KRW: (9.12) or (0.66%) to 1368.9900

    • A$-$: +0.00 or +0.70% to 0.6570

    • $-INR: (0.00) or (0.00%) to 83.4068

    • $-CNY: (0.00) or (0.03%) to 7.2388

  • 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