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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.64%), Hang Seng Futures (0.51%), ASX SPI 200 (0.46%), S&P Futures +0.05%

Jun 11 ,2024

  • Synopsis:

    • Asia equities poised to open broadly softer Wednesday. Futures in Japan, Hong Kong and Australia all traded lower. Golden Dragon China index fell sharply, while Japan ADRs skewed to losses led by a selloff in Nomura (NMR). US contracts edging higher following mixed performance in cash session with S&P and Nasdaq renewing record highs. Tech leads generally positive as big names were mostly higher, Nasdaq outperformed S&P 500 and SOX edged higher. Treasuries were firmer across the curve after today's well-received 10Y auction. Dollar index was up 0.1%. Gold finished little changed. Bitcoin futures were down 3.0%, but off worst levels. WTI crude settled up 0.2%.

    • Narrative was on the positive side mostly attributed to Apple's (AAPL) 7% rally to record highs following WWDC, leading strength in Big Tech names. Broader focus now squarely on upcoming US CPI and FOMC meeting. CPI gains seen slowing sequentially with year-ago changes little changed at the headline and core measure edging lower. Consensus largely coalesced on Fed remaining on hold until at least September though keyfocus will be on whether the median dot for 2024 shifts down to two or just one rate cut from the three seen at the March meeting.

    • US-China tech frictions returned to fore on a report the Biden administration mulling further access restrictions on latest chip technology used for AI. Meanwhile, press reported at least half of Japan's chipmaking equipment exports shipped to China for a third straight quarter in Q1. Prompted thoughts this could only be partly driven by last-minute demand as Japan implemented its own China restrictions on cutting edge chipmaking equipment and seen as more of a reflection of orders for less advanced technology falling outside scope of trade curbs. Main regional macro event set to be China inflation data, expected to show a marginal pickup in CPI and narrower declines in PPI.

  • Pre-open Company News:

    • 2207.TT -- Hotai Motor reports May consolidated revenue NT$24.82B, +3.8% y/y

    • EU sector highlights - miners, banks and real estate biggest decliners; retail and chemicals holding up better:

    • 532523.IN -- Biocon appoints Mukesh Kamath as interim CFO, effective immediately

    • 2615.TT -- Wan Hai Lines reports May revenue NT$11.45B, +40.1% y/y

    • 3702.TT -- WPG Holdings reports May revenue NT$67.29B, +25.2% y/y

    • 2609.TT -- Yang Ming Marine Transport reports May revenue NT$16.92B, +46.2% y/y

    • Hong Kong stock connect daily turnover

    • 388.HK -- Hong Kong Exchanges & Clearing May activity

    • 2412.TT -- Chunghwa Telecom reports May revenue NT$18.08B; StreetAccount notes year-ago figure was NT$17.73B

    • 6968.HK -- Ganglong China Property Group reports Jan-May contracted sales CNY2.26B; StreetAccount notes year-ago figure CNY5.60B

    • 603305.CH -- Ningbo Xusheng Group launches CNY2.8B convertible bond issuance due 2030

    • 002568.CH -- Shanghai Bairun Investment Holding Group completes CNY100-200M share buyback announced in Dec 2023

    • 532477.IN -- Union Bank of India board approves to raise up to INR60B through share secondaries

    • 512.HK -- Grand Pharmaceutical Group completes enrolment of first patient in GPN00884 ophthalmic drug trial

    • 2186.HK -- Luye Pharma Group receives NMPA marketing approval for Meibirui (paliperidone palmitate) long-acting injectable antipsychotic

  • On Deck:

    • China:

      • Economic:

        • 08:00 CST: Loan Growth Y/Y; consensus

        • 08:00 CST: Foreign Direct Investment Y/Y; consensus

        • 08:00 CST: New Yuan Loans; consensus

        • 08:00 CST: M2 NSA Y/Y; consensus

        • 09:30 CST: CPI NSA Y/Y; consensus +0.4%

        • 09:30 CST: PPI NSA Y/Y; consensus (1.5%)

    • Japan:

      • Economic:

        • 08:50 JST: Domestic CGPI NSA Y/Y; consensus

    • South Korea:

      • Economic:

        • 08:00 KST: Unemployment Rate; consensus

  • Market Data:

    • Gold (Aug 24): +$6.30 or +0.27% to $2332.90

    • WTI Crude (Jul 24): +$0.29 or +0.37% to $78.19

    • $-¥: +0.12 or +0.07% to 157.1540

    • $-KRW: +0.44 or +0.03% to 1375.1900

    • A$-$: (0.00) or (0.08%) to 0.6607

    • $-INR: +0.11 or +0.13% to 83.5961

    • $-CNY: (0.00) or (0.02%) to 7.2467

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