Jun 13 ,2024
Synopsis:
Asian markets set for negative start to Friday trade. Futures signaling opening declines in Japan, Australia and Hong Kong. S&P 500 futures flat following lackluster Thursday session. Bond market rally continues with Australian curve flattening, coming after Treasuries firmed following strong 30Y auction. FX markets steady after dollar extended rebound from post-CPI lows. Crude extending pulling back. Gold and Bitcoin also well below earlier highs.
BOJ expected to leave policy settings unchanged, but attention will be on whether central bank discusses tapering JGB purchases. Majority of economists anticipate announcement on plans for a gradual taper from current ~JPY6T per month. Pressure for a rate hike has also been building amid prolonged yen weakness, though no move expected today. Previews have noted board may lay groundwork for an expected rate hike in July.
Cooler-than-expected US PPI provided further evidence on disinflation trajectory after CPI also came in below forecasts. Markets now fully pricing in two Fed rate cuts in 2024 even after updated dot plot showed median for just one cut. FOMC takeaways noted less than dovish tone to Chair Powell's remarks, but argued disinflation traction will put Fed in position to ease with September odds above 50%.
Pre-open Company News:
6669.TT -- Wiwynn proposes 8.5-11.0M-share GDR private placement
^ASIAREADS -- StreetAccount Asia Reads
1798.HK -- China Datang Corp. Renewable Power reports May power generation 2,861 GWh, (0.1%) y/y
002603.CH -- NMPA accepts drug registration of Shijiazhuang Yiling Pharmaceutical's Chaihuang Lidan Capsule
6060.HK -- ZhongAn Online P&C Insurance reports 1-Jan to 31-May gross written premiums CNY12.40B
500425.IN -- Ambuja Cements to acquire 100% stake in Penna Cement Industries for INR104.22B EV
9922.HK -- Jiumaojiu International Holdings launches up to HK$200M on-market share buyback under general mandate
1929.HK -- Chow Tai Fook Jewellery Group reports retail sales value growth from 1-Apr to 31-May (20.2%) y/y
2328.HK -- PICC Property & Casualty reports Jan-May total premium income CNY249.12B, +3.1% y/y
5332.JP -- TOTO Ltd upgraded to underperform from sell at CLSA
600521.CH -- Zhejiang Huahai Pharmaceutical receives NMPA drug registration certificate for Epirubicin Hydrochloride Injection
4921.JP -- Kirin responds to media reports regarding bid to take Fancl private at ~30% share price premium
1929.HK -- Clarification: Chow Tai Fook Jewellery Group reports retail sales value growth from 1-Apr to 31-May (20.2%) y/y
UK's CMA publishes responses to issues statement in respect of proposed merger between Vodafone UK and Three UK
6967.JP -- Shinko Electric Industries downgraded to 2-neutral from 1-outperform at SMBC Nikko
On Deck:
China:
Economic:
08:00 CST: Loan Growth Y/Y; consensus
08:00 CST: Foreign Direct Investment Y/Y; consensus
08:00 CST: M2 NSA Y/Y; consensus
08:00 CST: New Yuan Loans; consensus
Japan:
Economic:
12:00 JST: BOJ policy rate; consensus +0.1%
13:30 JST: Industrial Production SA M/M (Final); consensus (0.1%)
Earnings:
Park24 Co. (4666.JP), Mitsui High-tec (6966.JP)
Market Data:
Gold (Aug 24): ($0.70) or (0.03%) to $2317.30
WTI Crude (Jul 24): ($0.83) or (1.06%) to $77.79
$-¥: +0.38 or +0.24% to 157.0960
$-KRW: +3.50 or +0.26% to 1374.5300
A$-$: (0.00) or (0.46%) to 0.6634
$-INR: +0.02 or +0.03% to 83.5472
$-CNY: +0.01 or +0.17% to 7.2516
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