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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.76%, Hang Seng Futures (0.16%), ASX SPI 200 +0.46%, S&P Futures +0.04%

May 14 ,2024

  • Synopsis:

    • Asia equities poised for a mostly firmer open Wednesday. Futures in Japan and Australia traded higher while Hong Kong lower. US contracts steady following broad gains overnight. Japan ADRs were skewed to the buy side -- Sony (SONY) rallied sharply in reaction to after-hours earnings -- while Golden Dragon China index fell moderately. Tech leads were positive with Nasdaq outperforming S&P 500 and SOX up 1.68%. Treasuries strengthened across the curve. Dollar index was down 0.2%. Gold finished up 0.7%. Bitcoin futures off 3.1%. WTI crude settled down 1.4%.

    • Market attention was on US PPI though stronger than expected headline was largely shrugged off as components feeding into Fed's preferred PCE deflator moderated. Also, Fed Chair Powell described the results as mixed rather than hot and reiterated that he did not expect the next rate move to be a hike. Broader attention turns to the CPI report, expected to show a marginally softer sequential print with year-ago inflation at a three-year low. Market polling indicated headline effects likely to support risk sentiment than promoting risk aversion, though stagflation concerns remain an overhang as debate continues over potential for gains.

    • In APAC developments, President Biden announced a suite of tariff hikes on Chinese imports consistent with media leaks. Standout was a quadrupling of EV levies to 102.5%. Beijing vowed to take "resolute measures" though without specifying. Australia's federal budget came under scrutiny as a back-to-back surplus expected for the current fiscal year was overshadowed by substantially larger than expected deficits projected in the foreseeable future. Key focus also on government estimates that energy bill relief will reduce headline inflation by ~0.5 ppt for the next fiscal year ending June 2025, taking CPI into the RBA's 2~3% target range by the end of this year.

    • With macro calendar light, Asia peak earnings highlights included Sony's (6758.JP) Q4 earnings beat with JPY250B buyback and 5-for-1 split. Tencent (700.HK) Q1 earnings also topped forecasts, boosted buyback plan to above HK$100B this year, and guided higher dividend. Alibaba (9988.HK) Q4 results missed bearish consensus profit forecasts attributed mainly to equity valuation effects. Also revived plan to upgrade Hong Kong bourse as its primary listing while retaining primary listing in New York. Hon Hai Precision Industry (2317.TT) Q1 EPS and revenues missed while FY guidance was slightly positive.

  • Pre-open Company News:

    • 5CP.SP -- Silverlake Axis reports 9M net income MYR111.9M vs year-ago MYR133.9M

    • 8572.JP -- ACOM Co. reports April receivables outstanding of loan and credit card business ¥1.009T, +9.5% y/y

    • 603893.CH -- Rockchip Electronics deputy GM Huang Xu to sell 4.2M shares in 3 months

    • 700.HK -- Tencent Holdings reports Q1 non-IFRS net income attributable CNY50.27B vs FactSet CNY41.91B [20 est, CNY31-45.17B]

    • Biden administration increases tariffs on Chinese goods

    • 2603.TT -- Evergreen Marine reports Q1 EPS NT$8.14 vs FactSet NT$9.37 [6 est, NT$7.84-11.43]

    • CENTEL.TB -- Central Plaza Hotel Public reports Q1 net income attributable THB755.3M vs FactSet THB667M [3 est, THB636-716M]

    • 337.HK -- Greenland Hong Kong Holdings reports Jan-Apr contracted sales CNY2.87B; StreetAccount notes year-ago figure was CNY4.98B

    • 6415.TT -- Silergy reports Q1 EPS NT$0.20 vs FactSet NT$0.59 [14 est, NT$0.05-1.16]

    • 1952.HK -- Everest Medicines's NEFECON has been commercially launched in China; fulfils first prescription

    • 1093.HK -- CSPC Pharmaceutical Group obtains NMPA generic drug registration approval for Peramivir Injection

    • KCE.TB -- KCE Electronics Public Co. reports Q1 net income attributable THB515.4M, +49% vs year-ago THB345.5

    • 600009.CH -- Shanghai International Airport reports April operational statistics: Pudong takeoffs and landings 42,319, +45.6% y/y

    • THG.F.TB -- Thonburi Healthcare Group Public reports Q1 net income attributable THB6.37B vs year-ago THB211.2M

  • On Deck:

    • Hong Kong:

      • Earnings:

        • ZTO Express (2057.HK)

    • Japan:

      • Earnings:

        • Skylark Holdings (3197.JP), Resonac Holdings (4004.JP), Sumitomo Chemical (4005.JP), Mitsubishi Chemical (4188.JP), Eisai (4523.JP), Nippon Paint Holdings (4612.JP), INFRONEER Holdings (5076.JP), Recruit (6098.JP), JAPAN POST INSURANCE (7181.JP), Japan Post Bank (7182.JP), Asahi Intecc Co. (7747.JP), Mitsubishi UFJ Financial (8306.JP), Mizuho Financial (8411.JP), Mitsubishi HC Capital (8593.JP), Kintetsu Group Holdings (9041.JP), Nisshin Seifun Group (2002.JP), Pressance (3254.JP), Open House Group (3288.JP), Nippon Paper Industries Co. (3863.JP), CHANGE Holdings (3962.JP), Mitsui Chemicals (4183.JP), DIC (4631.JP), Nippon Light Metal Holdings Co. (5703.JP), Japan Post Holdings (6178.JP), Elecom (6750.JP), Ferrotec Holdings (6890.JP), VT Holdings (7593.JP), HOYA Corp (7741.JP), Credit Saison Co. (8253.JP), Sumitomo Mitsui Financial (8316.JP), JACCS Co. (8584.JP), Dai-ichi Life (8750.JP), T&D Holdings (8795.JP), Hikari Tsushin (9435.JP), Sundrug (9989.JP)

    • South Korea:

      • Earnings:

        • Samsung Life Insurance Co. (032830.KS)

    • Australia:

      • Economic:

        • 11:30 AEST: Wage Price Index Y/Y; consensus +4.2%

      • Earnings:

        • Incitec Pivot (IPL.AU)

    • India:

      • Earnings:

        • Honeywell Automation India (517174.IN), Trident (521064.IN), Granules India (532482.IN), Jyothy Labs (532926.IN), Brookfield India Real Estate Trust (543261.IN), LIC Housing Finance (500253.IN), Jindal Stainless (532508.IN), Redington (532805.IN), Indian Energy Exchange (540750.IN), Mankind Pharma (543904.IN)

    • Singapore:

      • Earnings:

        • Golden Agri-Resources (E5H.SP), First Resources (EB5.SP), Singapore Airlines (C6L.SP)

    • Philippines:

      • Earnings:

        • Alliance Global Group (AGI.PM)

  • Market Data:

    • Gold (Jun 24): +$2.60 or +0.11% to $2362.50

    • WTI Crude (Jun 24): +$0.43 or +0.55% to $78.45

    • $-¥: +0.30 or +0.19% to 156.5100

    • $-KRW: (4.44) or (0.33%) to 1362.7500

    • A$-$: +0.00 or +0.18% to 0.6620

    • $-INR: +0.01 or +0.02% to 83.5266

    • $-CNY: (0.00) or (0.01%) to 7.2323

  • 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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