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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.05%, Hang Seng Futures +0.40%, ASX SPI 200 +0.88%, S&P Futures +0.25%

Jun 03 ,2024

  • Synopsis:

    • Asian markets set for positive start to Monday trade. Futures signaling opening gains in Japan, Hong Kong and Australia. S&P 500 futures little changed after positive Friday session. Australian yields lower across the curve. FX markets steady after dollar recouped initial losses following US PCE. Gold and copper steady above early May lows. Crude weakening following OPEC+ production decision. Bitcoin flat.

    • Rate backup a focus with yield curves bear steepening amid hawkish Fedspeak and weak Treasury auctions. Markets dialed back ECB rate cut expectations beyond June following hot eurozone CPI print. JGB yields also seeing upward pressure with BOJ rhetoric continuing to lean hawkish. At the same time, yield concerns tempered somewhat by in-line fall in US core PCE inflation, which seemed to provide further support for disinflation narrative.

    • OPEC+ extended 3.66Mbpd output cuts from end-2024 to end-2025. Also agreed to extend voluntary 2.2Mbpd of cuts from end-Jun 2024 to end-Sep 2024 before a 12M phase out. NVDA CEO unexpectedly announced next-gen AI chips from 2026, and plans to target new AI chip every year. Busy weekend of geopolitical news with Taiwan a flashpoint at Shangri-La Dialogue where US and China defense chiefs held first face-to-face talks.

    • Indian election exit polls point to landslide win by ruling BJP with a potential seat tally of 350-400 (vs 2019's 352). Some concerns going in to vote counting (which begins today) of a smaller-than-projected seat margin. However, early reads from exit polls argue markets will receive outcome favorably, aided by potential short covering after India VIX gauge spiked through May. Comes after Indian stocks reclaimed record highs following period of underperformance attributed to election uncertainty.

  • Pre-open Company News:

    • BCRX -- BioCryst presents new real-world evidence showing reductions in attack rates in HAE patients with normal C1-Inhibitor after beginning ORLADEYO (berotralstat) treatment

    • TLX.AU -- Street Takeaways - Telix Pharmaceuticals releases prostate cancer therapy trial results

    • 175.HK -- Geely Automobile Holdings reports May sales volume 120,264 units, +30% y/y

    • 1211.HK -- BYD Co. Ltd. reports May vehicle production volume 344,008 units vs year-ago 246,259 units

    • 688177.CH -- Bio-Thera Solutions presents clinical data for BAT8006 (folate receptor-alpha-ADC) at the 2024 American society of clinical oncology (ASCO) annual meeting

    • 500477.IN -- Ashok Leyland reports May vehicle sales 14,682 units, +12% y/y

    • 3816.MK -- MISC Bhd downgraded to hold from buy at AmInvestment Bank

    • 2096.HK -- Simcere Pharmaceutical Group present phase III clinical trial results of SUVEMCITUG for injection at ASCO meeting

    • 2162.HK -- Keymed Biosciences announces latest results from a Phase I clinical study of CMG901 (AZD0901) at the ASCO annual meeting 2024

    • 5819.MK -- Hong Leong Bank upgraded to buy from outperform at CLSA

    • 9868.HK -- XPeng, Inc. delivers 10,146 vehicles in May, +35% y/y

    • 2162.HK -- Keymed Biosciences reports release of long-term efficacy and safety data of Phase III clinical trial of stapokibart injection in patients with moderate-to-severe atopic dermatitis

    • 068270.KS -- Celltrion receives positive CHMP opinion for modified use of autoimmune disease treatment Remsima SC

    • 005380.KS -- Hyundai Motor America reports May sales of 78,485 units vs year-ago 70,001 units

    • UOB Kay Hian upgrades China Banking sector view to market weight from underweight; asset quality concerns expected to ease

  • On Deck:

    • Hong Kong:

      • Earnings:

        • Sichuan Baicha Baidao (2555.HK), China Harmony Auto Holding (3836.HK)

    • Japan:

      • Earnings:

        • ITO EN (2593.JP)

    • Indonesia:

      • Economic:

        • 11:00 SAST: CPI NSA Y/Y; consensus +3%

  • Market Data:

    • Gold (Aug 24): ($0.30) or (0.01%) to $2345.50

    • WTI Crude (Jul 24): ($0.22) or (0.29%) to $76.77

    • $-¥: (0.05) or (0.03%) to 157.2210

    • $-KRW: (2.92) or (0.21%) to 1380.2100

    • A$-$: +0.00 or +0.11% to 0.6657

    • $-INR: (0.01) or (0.01%) to 83.4509

    • $-CNY: +0.04 or +0.51% to 7.2408

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