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StreetAccount Summary - Asian Market Preview: Nikkei Futures +0.63%, Hang Seng Futures +0.76%, ASX SPI 200 +0.67%, S&P Futures +0.14%

Jun 12 ,2024

  • Synopsis:

    • Asian markets set for positive start to Thursday trade. Futures signaling opening gains in Japan, Hong Kong and Australia. S&P 500 futures up slightly after US indexes strengthened following cooler May CPI print. Australian bond tracking overnight Treasury curve bull steepening. Dollar steady after coming off earlier lows in wake of Fed statement. Crude and gold eased from overnight highs. Bitcoin flat after pulling back from $70K.

    • Markets dialed up Fed rate cut bets following cooler-than-expected US inflation. Futures now pricing ~60% chance of September rate cut vs ~50% prior to data. Notably, markets still pricing in two rate cuts by end-2024 after Fed's median dot now shows projection for just one rate cut (vs three previously). Some slight paring back of September rate cut expectations after Chair Powell stressed data dependency and signaled no rush to ease.

    • Ahead of Friday's BOJ decision, Nikkei top story reported BOJ to discuss tapering JGB purchases from current ~JPY6T per month. Added officials weighing lowering purchase amount in staged manner to avoid triggering volatility. Echoes other preview articles noting expectations of a taper debate at Friday's meeting. Meanwhile, rate hike expectations bunched into July.

    • In terms of data, Australian employment forecast to show slight drop in headline jobs growth and fall in unemployment rate. May RBA minutes noted labor market tighter than consistent with full employment, though April figures appeared to contradict that assessment after jobless rate rose above RBA's H1 forecast. Markets have priced out any further rate hikes and currently pricing in ~50% chance of rate cut in Q1 2025.

  • Pre-open Company News:

    • 2407.HK -- Gaush Meditech to conduct on-market buyback for up to HK$50M, to run from 13-Jun to the next AGM

    • EC discloses provisional conclusions on duties for battery electric vehicles from China

    • UBS upgrades 300347.CH, 603127.CH

    • KDEV.SS -- Karolinska Development's portfolio company Biosergen gets final approval to test lead candidate BSG005 in patients with invasive fungal infection

    • 600845.CH -- Shanghai Baosight Software initiated recommend at Founder Securities (timing uncertain)

    • 000983.CH -- Shanxi Coking Coal Energy Group chairman Zhao Jianze resigns due to work arrangement, effective immediately

    • 600418.CH -- Anhui Jianghuai Automobile Group reports May vehicle production 33K vs year-ago 36K

    • Ministry of Ports, Shipping & Waterways reports April-May traffic at major ports 139Mt vs year-ago 135Mt

    • 8015.JP -- Toyota Tsusho downgraded to neutral from buy at Mizuho Securities

    • 2390.HK -- Zhihu, Inc. reports Q1 adjusted net income (CNY135.7M) vs StreetAccount (CNY150.2M)

    • 500124.IN -- Dr. Reddy's Laboratories licenses exclusive rights to commercialize cyclophosphamide in the US from Ingenus

    • 5233.JP -- Taiheiyo Cement upgraded to buy from neutral at Mizuho Securities

    • 000858.CH -- Wuliangye Yibin controlling holder Wuliangye Group completes on-market acquisition of CNY500.0M of shares

    • 6758.JP -- Sony Pictures acquires Alamo Drafthouse Cinema (earlier)

    • 1033.HK -- Sinopec Oilfield Service chairman Chen Xikun steps down due to expiry of appointment term, effective today

  • On Deck:

    • China:

      • Economic:

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

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

        • 08:00 CST: New Yuan Loans; consensus

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

    • Hong Kong:

      • Earnings:

        • Chow Tai Fook Jewellery Group (1929.HK)

    • Japan:

      • Earnings:

        • Kobe Bussan (3038.JP)

    • Australia:

      • Economic:

        • 11:30 AEST: Unemployment Rate; consensus

        • 11:30 AEST: Employment SA; consensus

  • Market Data:

    • Gold (Aug 24): ($17.80) or (0.76%) to $2337.00

    • WTI Crude (Jul 24): ($0.18) or (0.23%) to $78.32

    • $-¥: (0.34) or (0.21%) to 156.7990

    • $-KRW: (10.05) or (0.73%) to 1368.9700

    • A$-$: +0.01 or +0.76% to 0.6660

    • $-INR: (0.15) or (0.18%) to 83.4620

    • $-CNY: (0.01) or (0.13%) to 7.2381

  • If you would like to receive the Asian Market Preview daily, please search for Asia Pre-Market Updates in Alert Manager.

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