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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.84%), Hang Seng Futures (0.36%), ASX SPI 200 (0.68%), S&P Futures (0.37%)

May 29 ,2024

  • Synopsis:

    • Asian markets set for negative start to Thursday trade. Futures signaling opening declines in Japan, Hong Kong and Australia. S&P and Nasdaq futures extending losses afterhours. Australian and New Zealand bonds under continued pressure with curves steepening. FX markets steady after dollar index neared two-week high. Gold and crude both finished weaker. Bitcoin gravitating near overnight lows.

    • Rate backup continues following another soft Treasury auction, as supply concerns add to hawkish rate repricing following Fed's higher-for-longer messaging and firmer US macro data. Sovereign yields more broadly have risen in recent weeks as hotter-than-expected inflation prints prompt markets to delay expected rate cuts. Inflation concerns also being fanned by resurgent oil prices (crude recently hit one-month high).

    • China markets underperforming with Hang Seng tech stocks near correction territory. Previously outperforming real estate stocks also under pressure with Mainland Properties index down 12% from May highs, corresponding with growing skepticism around effectiveness of latest rescue measures. Weakness not just confined to equities after yuan dropped to six-month low against dollar amid attention on US-China yield gap.

    • EU-China trade frictions a focus following reports European Commission to proceed with tariffs on Chinese EVs (Reuters sources later noted EC to postpone tariff decision until after elections on 9-Jun). Europe's move would follow US and comes after reports noted China readying its own tariffs on imports of cars with large engines. This against backdrop of elevated geopolitical tensions over Taiwan following intensive China drills around island and ahead of second US Congressional delegation to island.

  • Pre-open Company News:

    • 2407.HK -- Gaush Meditech obtains medical device registration certificate for aspheric intraocular lens

    • 002152.CH -- GRG Banking Equipment acquires additional 10% stake in Guangzhou Wuzhou Technology for CNY57.0M

    • 533206.IN -- SJVN Ltd forms 50:50 joint venture with Indian Oil to develop green RTC/renewable projects

    • 1777.HK -- Holders of 82.0% of Fantasia Holdings Group's existing debt instruments have acceded into RSA

    • P34.SP -- Delfi downgraded to hold from buy at DBS Group

    • 543237.IN -- Mazagon Dock Shipbuilders reports (consolidated) Q4 EPS INR32.87 vs year-ago INR16.17

    • 500144.IN -- Finolex Cables delists GDRs from Luxembourg Stock Exchange, effective 28-May

    • 517334.IN -- Samvardhana Motherson International downgraded to sell from outperform at CLSA

    • 1919.HK -- COSCO SHIPPING Holdings general manager Yang Zhijian resigns due to change in work role, effective today

    • S58.SP -- SATS Ltd. reports Q4 core PATMI SG$47.3M vs year-ago SG$7.2M

    • 323.HK -- Maanshan Iron & Steel appoints Jiang Yuxiang as new chairman, effective today

    • 1060.HK -- Alibaba Pictures Group reports FY net income attributable CNY284.8M vs guidance not less than CNY260M

    • 6446.TT -- PharmaEssentia announces BESREMi (Ropeginterferon alfa-2B) demonstrates greatest benefit among cytoreductive therapies in lowering symptomatic burden of Polycythemia Vera (PV); real-world analysis published at ASCO 2024

    • 1066.MK -- RHB Bank upgraded to neutral from reduce at Nomura

    • 539523.IN -- Alkem Laboratories reports Q4 consolidated EPS INR24.55 vs year-ago INR5.94

  • On Deck:

    • Japan:

      • Economic:

        • 09:30 JST: Export NSA Y/Y (Final); consensus +8.3%

        • 09:30 JST: Trade Balance NSA (Final); consensus

        • 09:30 JST: Import NSA Y/Y (Final); consensus +8.3%

    • Australia:

      • Economic:

        • 11:30 AEST: Capital Expenditure Q/Q; consensus

        • 11:30 AEST: Building Approvals SA M/M; consensus +2.3%

      • Earnings:

        • Select Harvests (SHV.AU)

    • India:

      • Earnings:

        • Swan Energy (503310.IN), Apollo Hospitals Enterprise (508869.IN)

    • Malaysia:

      • Earnings:

        • PPB Group (4065.MK)

  • Market Data:

    • Gold (Jun 24): ($4.00) or (0.17%) to $2337.20

    • WTI Crude (Jul 24): +$0.01 or +0.01% to $79.24

    • $-¥: +0.49 or +0.31% to 157.6060

    • $-KRW: +7.02 or +0.51% to 1370.4000

    • A$-$: (0.00) or (0.68%) to 0.6607

    • $-INR: +0.16 or +0.19% to 83.3656

    • $-CNY: +0.00 or +0.05% to 7.2482

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