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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.87%, Hang Seng Futures +0.08%, ASX SPI 200 +0.49%, S&P Futures (0.03%)

May 06 ,2024

  • Synopsis:

    • Asia equities poised to open firmer Tuesday. Futures in Japan traded sharply higher, followed by moderate gains in Hong Kong and Australia. All markets to resume trading after staggered public holidays in the region. US contracts steadied following sharp gains in the cash session. Tech leads mostly positive as Nasdaq outperformed S&P 500, SOX rose sharply though Golden Dragon China index declined. Japan ADRs were skewed to gains. Treasuries were mixed with curve flattening after last week's rally. Major currencies little changed with dollar index marginally firmer. Gold finished up 1%. Bitcoin futures up 0.1%. WTI crude ended up 0.5%, though well off best levels amid latest potential ceasefire headlines.

    • Overnight market strength was attributed to general follow-through momentum after the Fed offered reassurances that a rate hike is unlikely and subsequent Fedspeak remaining consistent with this message. Rate repricing sees almost two rate cuts back on the cards this year. Earnings growth also tracking well above expectations. However, Middle East uncertainties returned to the fore as Hamas agreed to a Gaza ceasefire proposal but Israel said terms did not meet demands, continuing with strikes in Rafah while negotiations continue.

    • In Asia, FX intervention theme underscored by biggest drop in South Korea FX reserves since September 2022. BOK cited market stabilizing efforts in addition to valuation effects. Japan to release April reserves data Thursday, though confirmation of yen intervention not expected until official data slated for month-end. Mainland China garnering usual attention on holiday activity for timely clues on economic momentum. Total May Day holiday spending surpassed pre-pandemic levels, though estimates of lower per-person consumption continues to restrain optimism. Moreover, a private survey showed average daily home sales during the break tumbled 47% y/y.

    • Main regional event will be today's RBA meeting. Cash rate widely expected to remain unchanged this month, though attention remains concentrated on the forward path. Consensus forecast looks for one 25 bp rate cut this year in November. Stronger than expected CPI and balanced RBA policy stance prompted some discussion of a possible hike, though analysts remain reluctant to adopt this as the main scenario. Some concerns that any additional fiscal inflation relief policies would work to keep rates higher for longer, though federal government has been emphasizing budget constraints ahead of next week's presentation.

  • Pre-open Company News:

    • 500093.IN -- CG Power & Industrial Solutions reports Q4 EPS INR1.53 vs FactSet INR1.50 [3 est, INR1.30-1.79]

    • 532541.IN -- Coforge upgraded to buy from accumulate at Arihant Capital Markets

    • 2315.HK -- Biocytogen Pharmaceuticals enters evaluation and potential licensing agreement with BioCopy for TCR-mimic Antibodies

    • 600905.CH -- China Three Gorges Renewables (Group) downgraded to cautious overweight from overweight at Guotai Junan (timing uncertain)

    • 2607.HK -- NMPA approves drug registration of Shanghai Pharmaceuticals's levosimendan

    • 535.HK -- Gemdale Properties & Investment reports April aggregate contracted sales CNY1.86B; StreetAccount notes year-ago figure was CNY3.09B

    • 600066.CH -- Yutong Bus reports April vehicle sales 4,598 units vs year-ago 2,836 units

    • 542812.IN -- Gujarat Fluorochemicals reports Q4 consolidated EPS INR9.19 vs FactSet INR10.35 [2 est, INR9.00-11.70]

    • 3301.HK -- Ronshine China Holdings reports April contracted sales CNY541.8M; StreetAccount notes year-ago figure was CNY4.34B

    • 539336.IN -- Gujarat Gas appoints Shri Rajesh Sivadasan as CFO, effective immediately

    • 508869.IN -- Apollo Hospitals Enterprise CRO Varun Dubey resigns, effective 30-Jun

    • 603345.CH -- Anjoy Foods Group downgraded to hold from buy at Southwest Securities (timing uncertain)

    • 3738.HK -- Vobile Group reports preliminary Q1 total revenue +26% y/y, monthly recurring revenue +33% y/y

    • BMY -- Bristol Myers Squibb announces FDA accepts application for subcutaneous nivolumab (nivolumab and hyaluronidase)

    • 688012.CH -- Advanced Micro Fabrication Equipment Inc China completes buyback programme for 2.1M shares totaling CNY300.7M

  • On Deck:

    • China:

      • Economic:

        • 16:00 CST: FX Reserves; consensus

    • Hong Kong:

      • Earnings:

        • Budweiser Brewing Co. APAC (1876.HK)

    • Japan:

      • Earnings:

        • Kyowa Kirin (4151.JP), JFE Holdings (5411.JP), Yokogawa Electric (6841.JP), Ricoh Co. (7752.JP), KATITAS (8919.JP), Kawasaki Kisen Kaisha (9107.JP), Maruha Nichiro (1333.JP), Macnica Holdings (3132.JP), NICHIAS (5393.JP), HIROSE ELECTRIC (6806.JP), Nojima (7419.JP), Workman Co. (7564.JP), Nintendo (7974.JP), Kanematsu (8020.JP), Unicharm (8113.JP), Yamada Holdings (9831.JP)

    • South Korea:

      • Earnings:

        • kakaopay (377300.KS), KakaoBank (323410.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus

        • 14:30 AEST: RBA Official Cash Rate; consensus +4.4%

      • Earnings:

        • Goodman Group (GMG.AU), Arcadium Lithium (LTM.AU)

    • India:

      • Earnings:

        • Graphite India (509488.IN), IDFC Ltd (532659.IN), Hero MotoCorp (500182.IN), Kajaria Ceramics (500233.IN), Pidilite Industries (500331.IN), Voltas (500575.IN), SRF Ltd (503806.IN), United Breweries (532478.IN), Indraprastha Gas (532514.IN), PB Fintech (543390.IN)

    • Singapore:

      • Earnings:

        • AIMS APAC REIT (O5RU.SP), Frasers Logistics & Commercial Trust (BUOU.SP)

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.2%

    • Thailand:

      • Earnings:

        • AP (Thailand) Public (AP.TB)

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +4.1%

  • Market Data:

    • Gold (Jun 24): +$2.50 or +0.11% to $2333.70

    • WTI Crude (Jun 24): +$0.45 or +0.57% to $78.93

    • $-¥: +1.13 or +0.74% to 154.1940

    • $-KRW: (2.93) or (0.22%) to 1353.1700

    • A$-$: +0.00 or +0.11% to 0.6622

    • $-INR: +0.09 or +0.11% to 83.4747

    • $-CNY: (0.02) or (0.33%) to 7.2132

  • 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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