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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.17%, Hang Seng Futures +0.56%, ASX SPI 200 +0.54%, S&P Futures +0.07%

Jun 05 ,2024

  • Synopsis:

    • Asian markets set for a positive start to Thursday trade. Nikkei, Hang Seng and ASX futures all pointing to opening gains. S&P 500 futures little changed after index logged fourth-straight gain. Bond rally continues with Australian curve bull flattening. Dollar steady on major crosses following range bound Wednesday session. Crude continuing to push up from recent lows. Gold and copper also rebounding from overnight lows. Bitcoin flat after nearing two-week high.

    • Treasury yield downshift continues after ADP private payrolls miss added to signs of slowing US growth (though tempered somewhat by ISM services beat). Treasury 10Y yield down more than 30 bp from late May peak, falling to lowest since early April. While run of soft US data has led markets to dial up Fed rate cut expectations, deepening curve inversion also playing into concerns of recession.

    • On central banking front, ECB widely expected to cut interest rates by 25 bps on Thursday. However, growing thoughts rate cut will be accompanied hawkish guidance indicating preference for a slower easing cycle following upside surprise in May CPI. Overnight, BOC cut rates by 25 bp as expected with Governor Macklem's tone leaning dovish. RBI meets Friday with another hold decision expected and central bank seen retaining hawkish stance.

    • Indian PM Modi won support for a coalition government following talks with other leaders of NDA alliance. Outcome was expected after Modi's BJP lost its majority. Indian benchmarks rose more than 3% Wednesday with India VIX falling 30%. Takeaways from election argued coalition government still conducive to a positive growth outlook, notwithstanding a diminished ability to implement contentious reforms.

  • Pre-open Company News:

    • 9301.JP -- Mitsubishi Logistics upgraded to buy from neutral at Mizuho Securities

    • 600004.CH -- Guangzhou Baiyun International Airport reports May air traffic 41,008 flights, +10.5% y/y

    • 2354.TT -- Foxconn Technology Co. reports May revenue NT$4.22B, (19.5%) y/y

    • 601155.CH -- Seazen Holdings reports May contracted sales CNY4.10B, (41.7%) y/y

    • 300498.CH -- Wen's Foodstuff Group provides May sales update

    • 600183.CH -- Shengyi Technology chairman Liu Shufeng retires

    • 1918.HK -- Sunac China Holdings reports May contracted sales value CNY2.27B; StreetAccount notes year-ago CNY7.79B

    • 500420.IN -- Torrent Pharmaceuticals enters into patent licensing agreement with Takeda Pharmaceuticals to commercialize Vonoprazan in India

    • 2390.HK -- Zhihu, Inc. CTO Li Dahai resigns, effective today

    • 2408.TT -- Nanya Technology reports May revenue NT$3.35B, +45.1% y/y

    • 9966.HK -- Alphamab Oncology signs research, collaboration agreement with ArriVent BioPharma

    • 1605.TT -- Walsin Lihwa reports May revenue NT$15.68B, (11.5%) y/y

    • 532432.IN -- United Spirits initiated add at YES Securities

    • 3900.HK -- Greentown China Holdings reports May self-investment project sales CNY16.2B; StreetAccount notes year-ago CNY12.8B

    • 600276.CH -- NMPA grants breakthrough therapy designation for Hengrui Pharmaceuticals's SHR-A1811

  • On Deck:

    • Japan:

      • Earnings:

        • Sekisui House (1928.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Housing Finance SA M/M; consensus

        • 11:30 AEST: Trade Balance on Goods; consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: CPI NSA Y/Y; consensus +2.1%

  • Market Data:

    • Gold (Aug 24): ($0.70) or (0.03%) to $2374.80

    • WTI Crude (Jul 24): +$0.34 or +0.46% to $74.41

    • $-¥: +0.98 or +0.63% to 155.8760

    • $-KRW: (6.31) or (0.46%) to 1368.1400

    • A$-$: +0.00 or +0.08% to 0.6651

    • $-INR: (0.20) or (0.24%) to 83.3817

    • $-CNY: +0.01 or +0.10% to 7.2467

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