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StreetAccount Summary - Asian Market Preview: Nikkei Futures +1.16%, Hang Seng Futures +0.41%, ASX SPI 200 +0.38%, S&P Futures +0.12%

Jun 17 ,2024

  • Synopsis:

    • Asian markets set for positive start to Tuesday trade. Nikkei, Hang Seng and ASX futures all pointing to opening gains. S&P 500 futures inching higher afterhours. Australian yield curve bear steepening after Treasuries were notably weaker overnight. FX markets steady after dollar pulled back from early May highs. Crude extended rebound, up ~10% from June lows. Gold fluctuating. Bitcoin rebounded from overnight lows.

    • Asian indexes to open on the back of positive offshore leads after US markets logged record highs. Multiple sell-side strategists upgraded year-end S&P 500 price targets, citing tech earnings momentum and related AI tailwinds, disinflation traction, and Fed pivot. Stabilization in French markets also aided sentiment after Le Pen sought to sooth concerns about her party's economic policies and vowed to work with Macron.

    • RBA expected to leave cash rate unchanged at 4.35% while reiterating it won't rule anything in or out on rates. While growth continues to weaken, policy statement expected to emphasize upside inflation risks amid sticky domestic pricing pressures. Market not fully pricing in any rate cut until H1 2025 and economists see risk of another rate hike with August 'live' depending on outcome of Q2 CPI in late July.

    • EU-China trade tensions notched higher after China launched anti-dumping probe into EU pork imports following latter's move to hike tariffs on China EV imports. However, takeaways downplayed significance with pork making up fraction of China's overall imports from EU. Move fits with expectations China's retaliation would be targeted to avoid economic blowback and risk igniting tit-for-tat.

  • Pre-open Company News:

    • 1055.HK -- China Southern Airlines reports May traffic +23.1% y/y

    • +ZSMA -- Zhong Shi International files IPO of indeterminate size; no underwriters listed - F-1

    • +INHI -- Unitrend Entertainment Group files 1.25M share IPO on a firm commitment basis in the range of $4-5 per share through Revere Securities - F-1

    • 4502.JP -- Takeda posts phase III topline results for Soticlestat (TAK-935); two studies missed primary endpoints

    • 9939.HK -- Kintor Pharmaceutical completes first subject enrollment in phase II trial of GT20029

    • 603885.CH -- Juneyao Airlines reports May traffic +19.57% y/y

    • Hong Kong stock connect daily turnover

    • 322.HK -- Tingyi (Cayman Islands) Holding downgraded to hold from buy at HSBC

    • ^ASIAREADS -- StreetAccount Asia Reads

    • +WBTN -- Webtoon Entertainment files amended S-1; to offer 15M shares in the range of $18-21 per share through Goldman Sachs, Morgan Stanley, J.P. Morgan, and Evercore ISI

    • China opens anti-dumping investigation into imported pork and pig by-products from EU

    • 2449.TT -- King Yuan Electronics upgraded to outperform from underperform at Macquarie

    • OVID -- Ovid Therapeutics comments on Takeda's Announcement of Phase 3 Topline Study Results for Soticlestat

    • 002422.CH -- NMPA approves trial of Kelun Pharmaceutical-controlled unit's SKB518 for advanced solid tumors

    • 014680.KS -- Hansol Chemical initiated buy at UBS

  • On Deck:

    • China:

      • Economic:

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

    • Hong Kong:

      • Earnings:

        • Super Hi International Holding (9658.HK)

    • Australia:

      • Economic:

        • 14:30 AEST: RBA Official Cash Rate; consensus +4.4%

  • Market Data:

    • Gold (Aug 24): +$5.70 or +0.24% to $2334.70

    • WTI Crude (Jul 24): +$0.07 or +0.09% to $80.40

    • $-¥: +0.21 or +0.13% to 157.6470

    • $-KRW: (4.32) or (0.31%) to 1378.9500

    • A$-$: +0.00 or +0.01% to 0.6616

    • $-INR: (0.05) or (0.06%) to 83.4979

    • $-CNY: (0.00) or (0.00%) to 7.2550

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