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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.01%, Hang Seng Futures (1.04%), ASX SPI 200 0.00%, S&P Futures (0.03%)

Jun 09 ,2024

  • Synopsis:

    • Asia equities poised for a cautious open Monday. Activity set to be light with mainland China, Hong Kong and Taiwan closed for the Dragon Boat Festival, while Australia offline for the King's Birthday. Japan futures were mildly higher while US contracts were little changed following small losses in Friday's main session. Tech leads were negative with Nasdaq underperforming S&P 500 alongside a decline in SOX. US Treasuries fell sharply Friday led by the short end. Dollar steady early Monday with euro starting the week softer amid EU election headlines. Gold finished the week down 2.7%. Bitcoin futures off 1.7%. WTI crude finished little-changed, locking in third straight weekly decline.

    • US market softness was broadly attributed to firmer than expected headline nonfarm payrolls, again dampening Fed rate hike expectations, with policy trajectory accentuated by rate cuts already implemented by ECB, BOC, Riksbank and SNB. Euro was under pressure in Asia after French President Macron called a surprise snap election after exit polls indicated a substantial defeat to far-right parties in the EU elections. Ultraconservative and nationalist parties also won or made significant gains in other countries such as Germany and Italy. Overall, center-left and center-right parties set to maintain majority with EC President von der Leyen's European People's Party projected to finished first.

    • On regional events, Japan revised Q1 GDP due for release Monday and latest consensus polls pointed to a marginally narrower contraction than the first print. But spotlight turns to BOJ meeting at the end of the week amid market speculation of a reduction in JGB purchases in response to yen depreciation, but latest reports only indicated the topic would be discussed and stopped short of declaring any policy change. Elsewhere, China inflation data due Wednesday and monetary data slated for release this week. Australian employment Thursday remains a notable risk event with RBA rate path under debate.

  • Pre-open Company News:

    • 2208.HK -- Goldwind Science & Technology upgraded to buy from hold at UOB Kay Hian Securities

    • 4188.JP -- Mitsubishi Chemical upgraded to neutral from sell at UBS

    • Jefferies downgrades 12.HK, 66.HK

    • 2610.TT -- China Airlines upgraded to buy at SinoPac Securities

    • 500875.IN -- ITC Ltd downgraded to reduce from add at HDFC Securities

    • 542216.IN -- Dalmia Cement to acquire 26% stake in Solarcraft Power India 23 for cash

    • 542652.IN -- Polycab India downgraded to hold from buy at Systematix Institutional Research

    • 3690.HK -- Meituan upgraded to buy from hold at UOB Kay Hian Securities

    • 8001.JP -- ITOCHU initiated A at Iwai Cosmo Securities

    • 9684.JP -- Square Enix Holdings downgraded to neutral from overweight at JPMorgan

    • 3800.HK -- GCL Technology Holdings downgraded to neutral from buy at BoCom International

    • 4452.JP -- Kao downgraded to neutral from buy at Goldman Sachs

    • 5019.JP -- Idemitsu Kosan to sell 20% stake in Idemitsu Electronic Materials (China) to Xi'an Manareco New Materials; terms undisclosed (7-Jun post-Japan close)

    • 6865.HK -- Flat Glass Group downgraded to outperform from buy at Daiwa

    • 5E2.SP -- Seatrium, GE Vernova consortium awarded third contract to build HVDC system for TenneT's Offshore Grid Project in Netherlands

  • On Deck:

    • Japan:

      • Economic:

        • 08:50 JST: GDP SA Q/Q (Final); consensus (0.5%)

        • 08:50 JST: GDP SAAR Q/Q (Final); consensus (2%)

        • 08:50 JST: Bank Loans NSA Y/Y; consensus

        • 08:50 JST: GDP Y/Y (Final); consensus (0.4%)

  • Market Data:

    • Gold (Aug 24): ($9.40) or (0.40%) to $2315.60

    • WTI Crude (Jul 24): ($0.20) or (0.26%) to $75.33

    • $-¥: +0.22 or +0.14% to 156.8330

    • $-KRW: (0.53) or (0.04%) to 1379.0400

    • A$-$: (0.00) or (0.05%) to 0.6579

    • $-INR: (0.00) or (0.00%) to 83.5267

    • $-CNY: (0.00) or (0.01%) to 7.2468

  • 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:
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