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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.80%), Hang Seng Futures +0.21%, ASX SPI 200 (0.05%), S&P Futures +0.11%

Jun 04 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Wednesday trade. Nikkei futures signaling declines on the open while Hang Seng and ASX futures little changed. S&P 500 futures up slightly afterhours. Bond rally continues with Australian and New Zealand yield curves bull flattening. Yen near three-week high against dollar. Crude weakness continues, down to four-month low. Copper fell to one-month low. Gold erased prior session's gain. Bitcoin rose to two-week high.

    • Lot of press discussion on fallout from Indian PM Modi's narrower-than-expected election win, defying exit polls that suggested landslide victory. Modi's BJP fell short of 272-seat majority while BJP-NDA alliance projected to win just 293 seats - well short of 400 Modi had targeted. Indian markets saw big risk-off move on Tuesday with stocks recording biggest fall since Mar-2020 and 10Y yield rising by most in eight months, reflecting doubts about Modi's ability to usher in contentious economic reforms.

    • Treasury yield pullback continues with markets dialing back up Fed rate cut expectations. This has corresponded with a more deeply inverted yield curve. Comes amid pickup in concerns about US growth following recent run of weak data on manufacturing, construction, and job openings. Futures fully pricing in Fed rate cut by November while September odds back above 50%.

    • On macro front, South Korea Q1 GDP revised up in-line with forecasts. Australian Q1 GDP growth forecast to remain unchanged on a q/q basis with exports, construction and consumption among likely drags. No change expected in China Caixin services PMI. RBA Governor Bullock appearing before Senate committee, though mostly reiterating readiness to hike if inflation remains sticky. BOC expected to cut rates by 25 bp later tonight.

    • BOJ policy speculation continues with Bloomberg sources noting officials may discuss tapering JGB purchases as soon as next week's meeting. However, emphasized any action would be gradual. Remarking Tuesday Deputy Governor Himino argued in favor of letting markets set long-term rates. JGB curve has steepened over recent weeks with 10Y yield hitting highest since mid-2011 amid tapering talk and rate hike speculation.

  • Pre-open Company News:

    • 000963.CH -- Huadong Medicine receives NMPA clinical trial approval for HDM2005 for advanced malignant tumors

    • 600588.CH -- Yonyou Network Technology completes CNY600-900M share buyback announced in June 2023

    • 533398.IN -- Muthoot Finance downgraded to hold from buy at B & K Securities

    • 1102.TT -- Asia Cement halts stock trading pending significant information; effective tomorrow

    • CMI -- Accelera by Cummins, Daimler Truck and PACCAR complete battery joint venture transaction to form Amplify Cell Technologies

    • 1023.MK -- CIMB Group Holdings appoints GWB Co-CEO Novan Amirudin as new CEO, effective 1-Jul

    • 500325.IN -- Reliance Industries completes registration of sub-lease deeds for land to develop integrated industrial area in Maharashtra

    • 358.HK -- Jiangxi Copper terminates spin-off, listing of subsidiary Jiangxi JCC Yates Copper Foil

    • BA -- Deutsche Bank follows-up on scheduled 9Air Boeing 737 MAX flight

    • Russia May new car registration 125,501 units excluding alternative supply channels - AEB

    • 4587.JP -- PeptiDream, NCC announces first dosing of 64Cu-PD-32766 in a patient with clear cell renal cell carcinoma

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 9CI.SP -- CapitaLand Investment further increases focus on reducing Scope 3 carbon emissions

    • M44U.SP -- Mapletree Logistics Trust completes divestment of Padi in Malaysia as announced in November 2023

    • TTB.TB -- TMBThanachart Bank Public Co. initiated buy at RHB Research

  • On Deck:

    • Australia:

      • Economic:

        • 11:30 AEST: GDP SAAR Q/Q; consensus +0.8%

        • 11:30 AEST: GDP Y/Y; consensus +1.3%

        • 11:30 AEST: GDP SA Q/Q; consensus +0.3%

    • Philippines:

      • Economic:

        • 09:00 SST: CPI Y/Y; consensus +4%

  • Market Data:

    • Gold (Aug 24): $0.00 or 0.00% to $2347.40

    • WTI Crude (Jul 24): ($0.35) or (0.48%) to $72.90

    • $-¥: (1.03) or (0.66%) to 155.0760

    • $-KRW: (0.20) or (0.01%) to 1371.7100

    • A$-$: (0.00) or (0.54%) to 0.6643

    • $-INR: +0.49 or +0.59% to 83.5860

    • $-CNY: (0.00) or (0.05%) to 7.2388

  • 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.
Please refer to "Terms Of Use".

DEPOSITARY RECEIPTS:
NOT FDIC, STATE OR FEDERAL AGENCY INSURED
MAY LOSE VALUE
NO BANK, STATE OR FEDERAL AGENCY GUARANTEE