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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.17%), Hang Seng Futures +0.08%, ASX SPI 200 +0.27%, S&P Futures +0.03%

May 21 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Nikkei futures pointing to mild opening declines while Hang Seng futures flat and ASX higher. S&P 500 futures flat following quiet Tuesday session ahead NVDA's earnings and FOMC minutes. Australian bonds little changed following earlier Treasury curve bull flattening. Dollar steady on major crosses. Crude and gold flat after settling lower. Bitcoin drifting up following overnight pullback

    • RBNZ expected to leave OCR unchanged at 5.50%. Attention likely to focus on guidance and whether RBNZ relaxes its stance that rates need to remain restrictive. Updated forecasts will also come under scrutiny with some previews noting potential for RBNZ to bring forward projected timing of first rate cut to late 2024. However, opposing views argue central bank to avoid adopting a more dovish bias given still-elevated domestic inflation.

    • NVDA's earnings the main event on corporate calendar with company expected to deliver another beat and raise (company reports after US market close on Wednesday. Options markets pricing in a smaller implied move around results than recent quarters. Also thoughts that wider market implications could be smaller this quarter with analysts forecasting earnings to comprise smaller proportion of S&P 500's earnings over next 12 months.

    • FOMC minutes due out later on Wednesday. Previews noted potential for hawkish tilt, echoing recent Fedspeak that has pushed a higher-for-longer messaging on rates and argued more evidence is needed inflation is slowing to target. Market median year-end fed funds rate just under 5%, implying ~40 bp of rate cuts this year. Dovish repricing has largely followed string of softer US macro data over past week.

  • Pre-open Company News:

    • 780.HK -- Tongcheng-Elong Holdings reports Q1 adjusted net income CNY558.5M vs StreetAccount CNY538.0M

    • 303.HK -- VTech Holdings reports FY net income attributable $166.6M, +12% vs year-ago $149.2M

    • 600276.CH -- Jiangsu Hengrui's fluzoparib obtains marketing approval for its third indication in maintenance therapy of EOC, FTC and PPC patients

    • 542650.IN -- Metropolis Healthcare reports Q4 consolidated net income attributable INR364.1M vs FactSet INR384.6M [12 est, INR342-423M]

    • 500257.IN -- Lupin Ltd enters $9M settlement agreement with Health Care Service Corporation and Humana on Glumetza litigation case

    • 032640.KS -- LG Uplus downgraded to hold from add at CGS International

    • S68.SP -- Singapore Exchange upgraded to overweight from neutral at JPMorgan

    • 992.HK -- Lenovo Group upgraded to overweight from equal-weight at Morgan Stanley

    • 532822.IN -- Vodafone Idea to place 1.40B-shares with Aditya Birla Group at INR14.87/share, raising INR20.75B

    • 500420.IN -- StreetAccount Consensus Metrics Preview - Torrent Pharmaceuticals Q4 Earnings

    • 9966.HK -- Alphamab Oncology doses first patient in trial of JSKN016 to treat advanced malignant solid tumors

    • 1361.HK -- 361 Degrees International CFO Li Yuen Fai Roger steps down, effective today

    • +INLF -- Inlif Ltd. files for proposed Nasdaq IPO of 2.0M shares expected to price in the range of $4-6/sh through Univest Securities - F-1

    • 5681.MK -- Petronas Dagangan appoints Azureen Azita Abdullah as new COO, effective 1-Jun

    • 5CP.SP -- Silverlake Axis acquires Silverlake entities from controlling shareholder Goh Peng Ooi for MYR23M (SG$6.6M) cash

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Kingsoft (3888.HK), Topsports International Holdings (6110.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Trade Balance NSA (Preliminary); consensus (¥103.4T)

        • 08:50 JST: Export NSA Y/Y (Preliminary); consensus +11%

        • 08:50 JST: Import NSA Y/Y (Preliminary); consensus +7.5%

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +0.6%

    • Australia:

      • Earnings:

        • Nufarm (NUF.AU)

    • New Zealand:

      • Earnings:

        • Eroad (ERD.NZ)

    • India:

      • Earnings:

        • Sun Pharmaceutical Industries (524715.IN), Gujarat Pipavav Port (533248.IN), Petronet LNG (532522.IN), Power Grid Corp. of India (532898.IN), The New India Assurance (540769.IN), Metro Brands (543426.IN)

    • Singapore:

      • Earnings:

        • Singtel (Z74.SP)

  • Market Data:

    • Gold (Jun 24): ($0.50) or (0.02%) to $2425.40

    • WTI Crude (Jun 24): $0.00 or 0.00% to $79.26

    • $-¥: (0.06) or (0.04%) to 156.2070

    • $-KRW: +1.88 or +0.14% to 1363.3400

    • A$-$: (0.00) or (0.01%) to 0.6668

    • $-INR: +0.01 or +0.01% to 83.3173

    • $-CNY: (0.07) or (0.98%) to 7.1631

  • 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
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