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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.60%), Hang Seng Futures (0.82%), ASX SPI 200 (0.15%), S&P Futures +0.04%

Jun 03 ,2024

  • Synopsis:

    • Asian markets set for a negative start to Tuesday trade. Futures signaling opening declines in Japan, Hong Kong and Korea. S&P 500 futures flat following mixed Monday session. Australian and New Zealand bonds tracking overnight Treasury rally. Dollar dropped further against majors, weakest vs yen. Crude selloff continues, lowest since Feb-2024. Gold rebounded from lows. Bitcoin fading from earlier highs.

    • Renewed concerns over US growth contributing to latest Treasury curve bull flattening after construction and manufacturing data missed and Atlanta FedNow Q2 GDP growth estimate revised down again. Dollar nearing lowest levels since mid-March, as growth concerns lead markets to fully price in Fed rate cut by December and ~50% probability of a September cut.

    • Markets eyeing signs whether China property support measures are working to stabilize real estate market. Data from China Real Estate Information Corp showed pace of declines in new home sales narrowed last month. City-level figures also highlighted pickup in homebuyer interest in development projects at China's major cities after they purchase restrictions were loosened last week.

  • Pre-open Company News:

    • 1475.HK -- Nissin Foods to buy Gaemi Food for KRW48.00B (HK$271.7M) from Sung Gyung Food

    • 4503.JP -- FDA grants orphan drug designation to ASP2138 for the treatment of pancreatic cancer

    • 002608.CH -- CPI Xiexin Binhai to transfer 29% stake in Yancheng Binhai Port project to Jiangsu Guoxin at zero cost

    • M1GU.SP -- Sabana Industrial Real Estate Investment Trust manager notes EGM pursuant to requisition notice 25-Mar not to proceed

    • 4502.JP -- Takeda Pharmaceutical presents positive results from TAK-861 phase 2B trial in NT1 at SLEEP 2024

    • 1093.HK -- CSPC Pharmaceutical's olaparib passes NMPA's consistency evaluation for generic drugs

    • 4527.JP -- Rohto Pharmaceutical, Mitsui & Co to carry out mandatory general offer for remaining 14% stake in Eu Yan Sang International Ltd

    • SMMT -- Summit Therapeutics raises gross proceeds of $200.0M at $9.00/share; expands license territories for Ivonescimab

    • 600763.CH -- Topchoice Medical completes CNY30.0-50.0M buyback

    • 532720.IN -- Mahindra & Mahindra Financial Services reports May disbursement INR44.30B, +7% y/y

    • ^ESG -- StreetAccount ESG Headlines (3-Jun)

    • 540005.IN -- LTIMindtree releases business responsibility and sustainability report

    • 532504.IN -- Navin Fluorine International appoints Nitin Kulkarni as MD, effective 24-Jun

    • 543278.IN -- Kalyan Jewellers India to acquire remaining 15% stake in Candere for INR420.0M cash

    • LEGN -- Legend Biotech shares data on earliest use to date of CARVYKTI in treatment of multiple myeloma and important subgroup analyses at ASCO and EHA 2024

  • On Deck:

    • South Korea:

      • Economic:

        • 08:00 KST: CPI NSA Y/Y; consensus +2.8%

        • 08:00 KST: CPI M/M; consensus +0.1%

    • Australia:

      • Economic:

        • 11:30 AEST: Retail Sales SA M/M (Final); consensus

        • 11:30 AEST: Current Account Balance SA; consensus

  • Market Data:

    • Gold (Aug 24): +$1.60 or +0.07% to $2370.90

    • WTI Crude (Jul 24): ($0.11) or (0.15%) to $74.11

    • $-¥: (1.12) or (0.71%) to 156.1490

    • $-KRW: (12.74) or (0.92%) to 1370.3900

    • A$-$: +0.00 or +0.59% to 0.6689

    • $-INR: (0.36) or (0.44%) to 83.0960

    • $-CNY: +0.04 or +0.51% to 7.2413

  • 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.
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