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StreetAccount Summary - Asian Market Preview: Nikkei Futures (0.97%), Hang Seng Futures (0.67%), ASX SPI 200 (0.22%), S&P Futures 0.00%

Jun 16 ,2024

  • Synopsis:

    • Asian markets set for negative start to Monday trade. Futures signaling opening declines in Japan, Hong Kong and Australia. S&P 500 futures flat after index capped off another weekly gain. Australian bonds flat early after Treasuries were little changed Friday. Yen resuming declines that followed Friday's BOJ statement and absence of taper details. Muted price action in crude, metals and crypto markets.

    • Markets enter new week facing competing narratives. Renewed US disinflation traction following soft US CPI and PPI drove dovish rate repricing and supported risk assets, while tech continues to outperform on AI momentum. Hawkish change to Fed's dot plot, pickup in concerns about US growth (and deepening yield curve inversion), French political turmoil, US/EU-China tariff fight, and warning China economic activity among bearish talking points.

    • China May activity data on tap with industrial production growth forecast to have slowed while retail sales seen picking up. Little change expected in fixed asset investment growth, though housing metrics forecast to have worsened. Meanwhile, PBOC expected to leave MLF rate unchanged while fully rolling over maturing loans. Comes after May credit data showed M2 money supply growth fell to record low, underscoring mounting calls for a rate cut.

  • Pre-open Company News:

    • 500087.IN -- Cipla Ltd downgraded to hold from buy at BOB Capital Markets

    • 8058.JP -- Mitsubishi downgraded to 2-neutral from 1-outperform at SMBC Nikko

    • Macquarie initiates Huizhou Desay SV Automotive & Ningbo Joyson Electronic with outperform ratings

    • 543320.IN -- Zomato offers clarification on news articles related to acquisition of Paytm's movies and events business

    • 540699.IN -- Dixon Technologies downgraded to add from buy at Axis Capital

    • 001286.CH -- Shaanxi Energy Investment to acquire 51% stake in State Power Investment Corporation (Xinfeng) for CNY38.4M

    • 5411.JP -- JFE Holdings upgraded to buy from neutral at SBI Securities Japan

    • MIRM -- Mirum Pharmaceuticals to host investor call tomorrow, 17-Jun at 08:30 ET regarding Volixibat VANTAGE and VISTAS studies

    • China Ministry of Agriculture: weekly wholesale livestock and poultry prices (7-Jun to 13-Jun)

    • Central banks, China activity data among this week's highlights:

    • Li Auto initiated neutral at JP Morgan

    • 543396.IN -- One 97 Communications (Paytm) offers clarification on ''Zomato in talks to acquire Paytm''s movies, ticketing business''

    • BBL.TB -- Bangkok Bank Public downgraded to neutral from buy at UBS

    • 500520.IN -- Mahindra & Mahindra downgraded to add from buy at Axis Capital

    • Estimated weekend box office revenues in US, Canada $213.0M, +30.1% y/y - Box Office Mojo

  • On Deck:

    • China:

      • Economic:

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

        • 10:00 CST: Industrial Output NSA Y/Y; consensus +6%

        • 10:00 CST: Retail Sales NSA Y/Y; consensus +3%

        • 10:00 CST: Fixed Asset Investment

    • Hong Kong:

      • Earnings:

        • Café de Coral Holdings (341.HK)

    • Japan:

      • Economic:

        • 08:50 JST: Core Machinery Orders ex-Electric Power Companies & Ships SA M/M; consensus +0.8%

        • 13:30 JST: Retail Sales NSA Y/Y (Final); consensus

  • Market Data:

    • Gold (Aug 24): ($6.10) or (0.26%) to $2343.00

    • WTI Crude (Jul 24): ($0.11) or (0.14%) to $78.34

    • $-¥: +0.13 or +0.09% to 157.5690

    • $-KRW: (1.00) or (0.07%) to 1382.2700

    • A$-$: (0.00) or (0.06%) to 0.6611

    • $-INR: +0.00 or +0.00% to 83.5516

    • $-CNY: (0.00) or (0.01%) to 7.2548

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