May 23 ,2024
Synopsis:
Asian markets set for negative start to Friday trade. Nikkei, Hang Seng and ASX futures pointing to opening declines of at least 1%. S&P 500 futures marginally higher afterhours after US indexes fell notably Thursday. Australian and New Zealand yields higher after Treasuries came under pressure overnight. FX markets steady after dollar strengthened further against majors. Gold down sharply for a second session. Crude extended pullback. Bitcoin off earlier lows.
Bond yield back up in focus as markets digested stronger-than-expected US PMIs that played into good-news-is-bad-news dynamic. Also seemed to support higher-for-longer messaging pushed by Fed officials and reinforced by hawkish-leaning FOMC minutes. Echoed by Atlanta Fed's Bostic, who said Thursday policy not slowing growth as much as in previous cycles.
Japan nationwide core inflation slowed in-line with to lowest since January, coming after Tokyo core inflation fell sharply in April to below BOJ's 2% target. However, speculation of a rate hike continues with weak yen adding to upside inflation risks. BOJ rhetoric also supporting expectations of another rate hike with Governor Ueda noting Thursday recent data has not impacted economic assessment after Q1 GDP came in below expectations.
Pre-open Company News:
3877.HK -- CSSC (Hong Kong) Shipping chairman Zhong Jian resigns due to retirement, effective today
Hong Kong stock connect daily turnover
M1GU.SP -- Sabana Industrial REIT postpones tomorrow's EGM after Singapore High Court ruling on ESR Group's EGM abeyance application
5168.MK -- Hartalega Holdings upgraded to buy from neutral at MIDF Investment Research
532539.IN -- Uno Minda reports Q4 consolidated EPS INR5.03 vs FactSet INR4.22 [5 est, INR4.10-4.40]
500877.IN -- Apollo Tyres holder Warburg Pincus entity discloses divestment of 22.5M shares
1138.HK -- COSCO SHIPPING Energy Transportation downgraded to hold from buy at HSBC
^ASIAREADS -- StreetAccount Asia Reads
505537.IN -- Zee Entertainment Enterprises seeks $90M (INR7.49B) termination free from Sony under merger cooperation agreement
4911.JP -- Shiseido upgraded to buy from neutral at Mizuho Securities
500875.IN -- ITC Ltd downgraded to outperform from buy at CLSA
539978.IN -- Quess Corp receives income tax refund of INR1.07B for FY2018-19
2162.HK -- Keymed Biosciences Stapokibart injection included in priority review, approval procedures for treatment of chronic rhinosinusitis with nasal polyposis
D01.SP -- DFI Retail Group Holdings Q1 interim management statement: continues to expect FY underlying profit attributable to be $180-220M vs FactSet $206M
002568.CH -- Shanghai Bairun Investment Holding Group discloses chair Liu Xiaodong released from custody
On Deck:
China:
Economic:
08:00 CST: Foreign Direct Investment Y/Y; consensus
Hong Kong:
Earnings:
Tongdao Liepin Group (6100.HK)
New Zealand:
Economic:
10:45 NZST: Trade Balance Goods; consensus
India:
Earnings:
Torrent Pharmaceuticals (500420.IN), Ashok Leyland (500477.IN), NTPC Ltd (532555.IN), Suzlon Energy (532667.IN), Sun TV Network (532733.IN), Sun Pharma Advanced Research (532872.IN), Bosch Ltd (500530.IN), Glenmark Pharmaceuticals (532296.IN), United Spirits (532432.IN), ZF Commercial Vehicle Control Systems India (533023.IN), Affle (India) (542752.IN)
Malaysia:
Economic:
00:00 EST: CPI NSA Y/Y; consensus +2%
Singapore:
Economic:
08:00 SST: GDP NSA Y/Y (Final); consensus +2.7%
Taiwan:
Earnings:
CTBC Financial Holding (2891.TT)
Market Data:
Gold (Jun 24): ($4.80) or (0.21%) to $2332.40
WTI Crude (Jul 24): +$0.04 or +0.05% to $76.91
$-¥: +0.15 or +0.09% to 156.9420
$-KRW: +1.76 or +0.13% to 1367.6600
A$-$: (0.00) or (0.23%) to 0.6603
$-INR: (0.08) or (0.10%) to 83.2869
$-CNY: (0.00) or (0.01%) to 7.2408
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