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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.27%), Hang Seng Futures +0.43%, ASX SPI 200 +0.23%, S&P Futures (0.00%)

Jun 06 ,2024

  • Synopsis:

    • Asian markets set for mixed start to Friday trade. Nikkei futures signaling opening declines while Hang Seng and ASX futures higher. S&P 500 futures flat following lackluster Thursday session. Bonds extending gains with Australian yield curve bull flattening. FX markets steady with dollar slightly weaker against euro and yen. Crude continues to push above this week's lows. Gold near two-week high. Bitcoin eased from earlier highs.

    • RBI expected to leave rates unchanged while retaining hawkish stance on "withdrawal of accommodation." PM Modi's narrower-than-expected election win feeding thoughts RBI eyeing any slippage in fiscal consolidation plans in July budget as it weighs policy outlook. Economists have delayed rate cut calls with RBI's inflation projections seen remaining above 4%. Details on RBI liquidity operations another focus with JPM index inclusion this month expected to fuel inflows.

    • US nonfarm payrolls forecast to show little change in headline employment and an unchanged jobless rate. Average hourly earnings seen ticking higher. Previews see further labor market cooling following recent data showing fall in job openings and ADP payrolls miss. Run of weak US data has renewed concerns about growth outlook and markets back to pricing in two Fed rate cuts by end-2024.

    • China trade data forecast to show pickup in export growth, though largely reflecting base year effects. Lead indicators have been mixed with May manufacturing PMI showing renewed weakness in new export orders amid recent softening in US macro indictors. Import growth forecast to have halved as April activity data revived concerns about domestic demand following Q1 rebound.

    • AI momentum a notable talking point this week after Nvidia became third company with market cap above $3T following Sunday's surprise announcement of next-gen AI chips. Enthusiasm evident elsewhere with TSMC hitting record high following stock buyback announcement and reports of deal with ASML to purchase latest lithography machine. Earnings from other Taiwan semi stocks this week also received favorably.

  • Pre-open Company News:

    • 3301.HK -- Ronshine China Holdings reports May contracted sales CNY543.9M; StreetAccount notes year-ago figure was CNY2.03B

    • ^ASIAREADS -- StreetAccount Asia Reads

    • 2186.HK -- Luye Pharma Group's Japan partner Towa Pharmaceutical files NDA for Rivastigmine Twice Weekly Transdermal Patch in Japan

    • 532461.IN -- Punjab National Bank releases sustainability report

    • 9910.TT -- Feng Tay Enterprise reports May consolidated revenue NT$7.85B, +16.6% y/y

    • 2885.TT -- Yuanta Financial Holding reports May net income NT$2.52B; StreetAccount notes year-ago figure was NT$2.10B

    • 1813.HK -- KWG Group Holdings reports May pre-sales value CNY1.18B, (50.4%) y/y

    • 3690.HK -- Meituan reports Q1 adjusted net income CNY7.49B vs FactSet CNY5.96B

    • 688.HK -- China Overseas Land & Investment reports May contracted property sales CNY19.70B, (32.9%) y/y

    • 500875.IN -- ITC shareholders approve demerger of hotels business

    • 119.HK -- Poly Property Group reports May contracted sales CNY4.6B; StreetAccount notes year-ago CNY5.4B

    • 6683.HK -- Star Plus Legend Holdings forms JV with Digital Domain to develop AI-driven digital rights library

    • 500165.IN -- Kansai Nerolac Paints releases sustainability report

    • Hong Kong stock connect daily turnover

    • 1801.JP -- TAISEI upgraded to 1-outperform from 2-neutral at SMBC Nikko

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Export Y/Y; consensus +5.3%

        • 08:00 CST: Trade Balance NSA; consensus +$71.1B

        • 08:00 CST: Import Y/Y; consensus +4.7%

        • 16:00 CST: FX Reserves; consensus +$3241B

    • Japan:

      • Economic:

        • 08:30 JST: Real Household Income Y/Y; consensus

        • 08:30 JST: Real Household Consumption Expenditure Y/Y; consensus

        • 08:50 JST: FX Reserves M/M; consensus

        • 14:00 JST: Leading Index (Preliminary); consensus

    • Taiwan:

      • Economic:

        • 16:00 TST: Export NSA Y/Y; consensus +8.9%

    • Thailand:

      • Economic:

        • 07:00 SAST: CPI NSA Y/Y; consensus +1.2%

  • Market Data:

    • Gold (Aug 24): +$4.90 or +0.20% to $2395.80

    • WTI Crude (Jul 24): +$0.14 or +0.19% to $75.69

    • $-¥: (0.39) or (0.25%) to 155.6880

    • $-KRW: (5.48) or (0.40%) to 1364.4000

    • A$-$: +0.00 or +0.30% to 0.6667

    • $-INR: (0.02) or (0.02%) to 83.4695

    • $-CNY: (0.00) or (0.05%) to 7.2441

  • 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".

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