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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.54%, Hang Seng Futures +0.66%, ASX SPI 200 +0.29%, S&P Futures +0.14%

May 05 ,2024

  • Synopsis:

    • Asia equities poised to open higher Monday. Futures in Hong Kong and Australia traded higher with Japan markets offline until Tuesday and mainland China set to resume trading today. US contracts extended Friday's sharp gains. Tech leads were positive with Nasdaq outperforming S&P 500, SOX up 2.41% and Golden Dragon China index up 1.73%. Treasuries rallied across the curve with yields sharply lower for the week. Dollar index was down 0.3%. Gold finished little changed. Bitcoin futures were up 4.3% and back above $60K. WTI crude settled down 1.1% and logged its worst week in three months.

    • US market strength was mainly attributed to softer than expected nonfarm payrolls and ISM services in a revival of the bad-news-is-good-news theme. Fed repricing brought forward first rate cut to September from November, and two moves anticipated this year. China back in the spotlight as President Xi visits Paris for meetings with Macron and EC chief Ursula. EU last Friday reportedly warned BYD (1211.HK), SAIC (600104.CH) and Geely (175.HK) they have not supplied sufficient information for its anti-subsidy investigation where lack of compliance could lead to tariff hikes. Follows investigation into China's procurement of medical devices, adding to existing probes launched last month into wind turbines and solar panels.

    • China macro uncertainty continues. Mainland press talked up travel activity over Golden Week and Hong Kong observing traffic/spending tracking close to expectations. However, subdued propensity to spend has remained a concern since Lunar New Year, fitting with ongoing sluggish consumer sentiment. Mainland-listed companies' net profits declined in 2023 for the first time in five years and weakness continued in Q1. Attention on economic data remain elevated with monetary and trade reports slated for release later this week and CPI/PPI due Saturday.

    • Main regional event this week set to be tomorrow's RBA meeting. While widely expected to remain on hold, weekend Fed repricing narrative stands to feed through to Australia to some extent after consensus similarly had reduced RBA rate cut expectations this year to one from two as recently as last month. Expectations accompanied by concerns that any efforts at inflation relief from fiscal policy stands to keep rates higher for longer. But Treasurer Chalmers on Sunday announced a smaller than usual upward revision to tax revenues. Former Governor Lowe warned there are still two-way risks to inflation and hence a rate hike remains a possibility.

  • Pre-open Company News:

    • 533150.IN -- Godrej Properties upgraded to overweight from neutral at JPMorgan

    • HSBC downgrades Xinte Energy & Daqo New Energy to reduce from hold

    • 540376.IN -- Avenue Supermarts upgraded to overweight from underweight at JPMorgan

    • 517569.IN -- KEI Industries downgraded to hold from buy at HSBC

    • BofA upgrades ABB India & Siemens to buy from neutral

    • 010130.KS -- Korea Zinc Co. to launch KRW150.00B buyback, to run from 8-May through 8-Nov

    • 603605.CH -- Proya Cosmetics upgraded to buy from outperform at Daiwa

    • 500247.IN -- Kotak Mahindra Bank upgraded to buy from neutral at Nomura

    • 1766.HK -- CRRC Corp. downgraded to equal-weight from overweight at Morgan Stanley

    • 500247.IN -- Kotak Mahindra Bank upgraded to overweight from neutral at JPMorgan

    • StreetAccount Review - India Autos wholesale volumes Apr-24

    • 500114.IN -- Titan downgraded to hold from add at ICICI Securities

    • 017670.KS -- StreetAccount Consensus Metrics Preview - SK Telecom Q1 Earnings

    • 2317.TT -- Hon Hai Precision Industry reports April revenue NT$510.90B, +19.0% y/y

    • 1878.JP -- Quick Take - Daito Trust Construction FY earnings ahead but medium term outlook ambitious

  • On Deck:

    • Australia:

      • Earnings:

        • ANZ Group (ANZ.AU)

    • India:

      • Earnings:

        • Gujarat Fluorochemicals (542812.IN), Lupin Ltd (500257.IN), Indian Bank (532814.IN), Gujarat Gas (539336.IN)

    • Indonesia:

      • Economic:

        • 11:00 SAST: GDP NSA Y/Y; consensus +5.05%

    • Singapore:

      • Earnings:

        • Lendlease Global Commercial REIT (JYEU.SP), PARAGON REIT (SK6U.SP)

    • Philippines:

      • Earnings:

        • International Container Terminal Services (ICT.PM), Semirara Mining & Power (SCC.PM), Wilcon Depot (WLCON.PM)

  • Market Data:

    • Gold (Jun 24): +$1.00 or +0.04% to $2309.60

    • WTI Crude (Jun 24): +$0.42 or +0.54% to $78.53

    • $-¥: +0.35 or +0.23% to 153.4160

    • $-KRW: (1.05) or (0.08%) to 1355.0500

    • A$-$: (0.00) or (0.06%) to 0.6611

    • $-INR: (0.00) or (0.00%) to 83.3804

    • $-CNY: (0.00) or (0.02%) to 7.2362

  • 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:
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