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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.27%, Hang Seng Futures (0.50%), ASX SPI 200 (0.59%), S&P Futures (0.06%)

May 28 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Nikkei futures pointing to gains while Hang Seng and ASX futures traded lower. S&P 500 futures flat after US indexes finished mixed in uneventful Tuesday trade. Australian and New Zealand yields up sharply, tracking earlier Treasury curve steepening following weak auctions. FX markets steady after yen broke down to its lowest against dollar since early May. Copper and gold continue to push up from recent lows. Crude rallied towards one-month high. Bitcoin range-bound.

    • Australian monthly CPI forecast to show slight deceleration in headline inflation to 3.4% following March's surprise uptick to 3.5%. Futures pricing in ~30% chance of RBA rate cut by year-end, little changed despite another tepid retail sales print on Tuesday. RBA anticipating softer economic growth, though also debated hiking cash rate this month amid pick up in concerns over sticky domestic inflation.

    • More major Chinese cities easing housing curbs with Shanghai, Shenzhen and Guangzhou lowering downpayment requirements and reducing mortgage floor rates. However, positive headline effects have faded with Hang Seng Mainland Properties Index down sharply over recent days. Policy skepticism has largely revolved around local government debt overhang, bank willingness to fund development projects, and weak housing demand in a down market.

  • Pre-open Company News:

    • 590071.IN -- Street Takeaways - Sundaram Finance Q4 Earnings

    • STO.AU -- Santos signs long-term LNG supply contract with Hokkaido Gas

    • 81.HK -- China Overseas Grand Oceans Group acquires remaining 49% stake in two projects in Jiangsu for CNY501.5M

    • 532483.IN -- Canara Bank to consider FY24-25 capital-raising plan at board meeting on 31-May

    • 548.HK -- Shenzhen Expressway Corp. reports April Shenzhen toll revenue CNY324.0M; StreetAccount notes year-ago figure was CNY335.8M

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 2888.TT -- Shin Kong Financial Holding reports Q1 EPS NT$0.20 vs FactSet NT$0.08 [3 est, (NT$0.02)-0.20]

    • 6525.JP -- Kokusai Electric upgraded to buy from neutral at Nomura

    • 9868.HK -- XPeng, Inc. initiated buy at Zhongtai Securities (timing uncertain)

    • 2799.HK -- China CITIC Financial Asset Management sells 60% stake in China Huarong Financial Leasing to CITIC Group for CNY12.00B cash

    • 6682.HK -- Beijing Fourth Paradigm Technology reports Q1 gross profit CNY341M, +21.1% y/y

    • 523395.IN -- 3M India reports Q4 consolidated EPS INR153.44 vs year-ago INR120.48

    • 034020.KS -- Doosan Enerbility clarifies rumors of supplying equipment to NuScale Power

    • 600329.CH -- Tianjin Pharmaceutical Da Ren Tang Group releases sustainability report

    • 9966.HK -- Alphamab Oncology's overall survival result in phase III clinical trial of KN046 misses preset statistical endpoint

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Alibaba Pictures Group (1060.HK), Link REIT (823.HK)

    • Australia:

      • Earnings:

        • Catapult Group International (CAT.AU)

    • New Zealand:

      • Earnings:

        • Fonterra Co-operative Group (FCG.NZ)

    • India:

      • Earnings:

        • Jubilant Pharmova (530019.IN), Emami Ltd (531162.IN), Alkem Laboratories (539523.IN), Bata India (500043.IN), Cummins India (500480.IN), Ipca Laboratories (524494.IN), GMR Airports Infrastructure (532754.IN)

    • Malaysia:

      • Earnings:

        • IHH Healthcare (5225.MK)

    • Singapore:

      • Earnings:

        • Yoma Strategic Holdings (Z59.SP), SATS Ltd. (S58.SP)

  • Market Data:

    • Gold (Jun 24): +$3.80 or +0.16% to $2360.30

    • WTI Crude (Jul 24): +$0.46 or +0.58% to $80.29

    • $-¥: +0.28 or +0.18% to 157.2620

    • $-KRW: (4.77) or (0.35%) to 1362.7600

    • A$-$: +0.00 or +0.26% to 0.6644

    • $-INR: +0.15 or +0.18% to 83.2074

    • $-CNY: +0.00 or +0.01% to 7.2439

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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