May 27 ,2024
Synopsis:
Asian markets set for mixed start to Tuesday trade. Nikkei and ASX futures pointing to flat start while Hang Seng futures higher after semis led gains on Monday. S&P 500 futures marginally higher. Australian and New Zealand bonds little changed. FX markets steady after dollar fell most against euro and sterling. Gold, copper and crude extended gains in offshore session. Bitcoin pulled back from earlier highs.
Quiet session in Europe where focus was on ECB speeches that strengthened expectations of a June rate cut. Markets awaiting potential catalysts from US PCE inflation on Friday, which is expected to show core measure falling to lowest since Dec-2023. Markets will also get first read on China economic activity with official PMIs forecast to show steady pace of manufacturing expansion this month.
Few other developments making headlines. Shanghai latest major city to lower downpayment ratios and floor rates following government announcement of property rescue measures. Politburo meeting Monday emphasized focus on preventing and diffusing financial risks. South Korea-China-Japan leaders summit concluded with China Premier Li praising restart of communications. China set up third and largest phase of "Big Fund" aimed at boosting domestic chip industry.
Pre-open Company News:
601728.CH -- China Telecom initiated buy at China Post Securities (timing uncertain)
Hong Kong stock connect daily turnover
2196.HK -- Shanghai Fosun Pharmaceutical (Group) Co. receives NMPA registration approval for desloratadine oral solution
543526.IN -- Life Insurance Corp. of India reports FY Indian Embedded Value INR7.273T vs year-ago INR5.822T
S51.SP -- Seatrium issues Q1 business update; net order book SG$25.8B
001979.CH -- China Merchants Shekou Industrial Zone to apply for Shenzhen listing of infrastructure REIT of Shenzhen rental homes
F9D.SP -- Boustead Singapore appoints Wong Yu Wei as group chief operating officer
524816.IN -- NATCO Pharma reports Q4 consolidated net income attributable INR3.86B vs FactSet INR3.37B [8 est, INR2.68-4.18B]
603160.CH -- Shenzhen Goodix Technology completes CNY101.1M buyback; total shares repurchased 2.1M
SCC.TB -- The Siam Cement Public provides update on terminal incident at Map Ta Phut Tank; reports 3 discharged injured staff & 2 remaining hospitalized
526371.IN -- NMDC Ltd reports Q4 consolidated EPS INR4.82 vs year-ago INR7.75
6808.HK -- Sun Art Retail Group upgraded to add from hold at CGS International
603882.CH -- Guangzhou Kingmed Diagnostics Group downgraded to neutral from buy at Goldman Sachs
Attention on China, Japan, South Korea summit defaults to geopolitics:
500440.IN -- Hindalco Industries downgraded to add from buy at YES Securities
On Deck:
Australia:
Economic:
11:30 AEST: Retail Sales SA M/M (Preliminary); consensus +0.1%
India:
Earnings:
Prestige Estates Projects (533274.IN), Aditya Birla Fashion & Retail (535755.IN), General Insurance Corporation of India (540755.IN), Aster DM Healthcare (540975.IN), Indian Railway Catering & Tourism (542830.IN)
Malaysia:
Earnings:
CelcomDigi (6947.MK)
Singapore:
Earnings:
Seatrium (S51.SP)
Market Data:
Gold (Jun 24): +$19.00 or +0.81% to $2353.50
WTI Crude (Jul 24): +$0.83 or +1.07% to $78.55
$-¥: (0.07) or (0.05%) to 156.9060
$-KRW: (8.58) or (0.63%) to 1358.9500
A$-$: +0.00 or +0.41% to 0.6654
$-INR: +0.09 or +0.10% to 83.1455
$-CNY: (0.00) or (0.02%) to 7.2420
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