Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.93%), Hang Seng Futures +1.14%, ASX SPI 200 (0.56%), S&P Futures +0.01%

May 16 ,2024

  • Synopsis:

    • Asian markets set for a mixed start to Friday trade. Hang Seng futures pointing to positive start after Nasdaq Golden Dragon index rallied 2.5% overnight. Nikkei and ASX futures signaling declines on the open. S&P 500 futures flat after US markets ended slightly lower Thursday. Australian and New Zealand bond yields reversing higher following Treasury curve bear flattening. FX markets steady after dollar rebounded from earlier lows. Crude and Bitcoin came off best levels. Gold little changed.

    • Overnight Fedspeak pushed higher-for-longer message with Mester, Williams and Barkin echoing view more evidence needed inflation is progressing towards 2% target. However, softer US CPI, manufacturing, and retail sales data this week has led market to price in at least two rate cuts this year. Dovish repricing accompanied by a downshift in bond yields and fall in dollar index to a one month low.

    • China property stocks in focus with Bloomberg sources noting regulators to discuss real estate support measures today aimed at clearing excess inventory. Comes after Bloomberg report Wednesday China weighing allowing local governments to buy unsold homes in bid to revive housing market. Hang Seng Mainland Properties index rallied 5% Thursday with developer junk bonds hitting three-year high.

    • China activity data expected to show pick up in industrial production, retail sales and fixed asset investment growth. Comes after PMIs showed manufacturing expanded again in April while services growth slowed, and car sales continued to shrink. Infrastructure investment finding support from CNY1T special bond issuance though property sector beset by falling investment and sales.

  • Pre-open Company News:

    • 1518.JP -- Activist City Index Eleventh raises stake in Mitsui Matsushima Holdings to 14.56% from 11.22%

    • 543330.IN -- Devyani International upgraded to add from reduce at Centrum Broking

    • 601117.CH -- China National Chemical Engineering reports Jan-Apr new contracts CNY150.81B; StreetAccount notes year-ago CNY124.67B

    • 532822.IN -- Vodafone Idea reports Q4 consolidated EPS (INR1.57) vs FactSet (INR1.56) [6 est, (INR1.70)-(1.36)]

    • 600079.CH -- Humanwell Healthcare (Group)'s unit Epic Pharma receives FDA approval for ANDA for Acetazolamide Tablets USP

    • 532155.IN -- GAIL (India) reports Q4 standalone EPS INR3.31 vs FactSet INR4.30 [9 est, INR3.40-4.90]

    • 532777.IN -- Info Edge India reports Q4 (standalone) EPS before items INR17.21 vs year-ago INR15.27

    • 543498.IN -- Motherson Sumi Wiring India reports Q4 EPS INR0.43 vs FactSet INR0.45 [2 est, INR0.40-0.50]

    • 179.HK -- Johnson Electric Holdings reports FY adjusted net income $252.0M vs year-ago $147.9M

    • 002568.CH -- Shanghai Bairun Investment Holding Group terminates proposed private placement announced Aug-23

    • 3309.HK -- C-MER Eye Care Holdings sells entire interest in Belkin Vision for up to $24.4M (HK$182.3M)

    • 532725.IN -- Solar Industries India reports Q4 consolidated EPS INR25.98 vs year-ago INR22.78

    • ^EUPMREADS -- StreetAccount European Reads

    • 500830.IN -- Colgate-Palmolive (India) upgraded to neutral from reduce at YES Securities

    • 517174.IN -- Street Takeaways - Honeywell Automation India Q4 Earnings

  • On Deck:

    • China:

      • Economic:

        • 10:00 CST: Industrial Production Y/Y; consensus +5.5%

        • 10:00 CST: Retail Sales Y/Y; consensus +3.9%

        • 10:00 CST: Fixed Asset Investment Y/Y

        • 10:00 CST: Unemployment Rate

    • Hong Kong:

      • Earnings:

        • Zhejiang Leapmotor Technology (9863.HK)

    • India:

      • Earnings:

        • JSW Steel (500228.IN), GlaxoSmithKline Pharmaceuticals (500660.IN), Zydus Lifesciences (532321.IN), Balkrishna Industries (502355.IN), The Phoenix Mills (503100.IN), Astral (532830.IN), NHPC Ltd (533098.IN), Amber Enterprises India (540902.IN)

    • Malaysia:

      • Economic:

        • 00:00 EST: Current Account; consensus +MYR4.2B

        • 00:00 EST: GDP NSA Y/Y; consensus +3.9%

  • Market Data:

    • Gold (Jun 24): ($2.70) or (0.11%) to $2382.80

    • WTI Crude (Jun 24): +$0.17 or +0.21% to $79.40

    • $-¥: +0.52 or +0.34% to 155.4030

    • $-KRW: (7.34) or (0.54%) to 1346.3400

    • A$-$: (0.00) or (0.25%) to 0.6681

    • $-INR: +0.03 or +0.04% to 83.4949

    • $-CNY: (0.00) or (0.03%) to 7.2170

  • 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