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
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